05 February 2024, EUR/USD
Event to watch out for today:
17:00 EET. USD - ISM Service Sector Business Activity Index
EURUSD:
EUR/USD is facing selling pressure and is trading at 1.0770 in the early hours of Asian trading on Monday. The US Dollar Index (DXY) is rising as Federal Reserve (Fed) Chairman Jerome Powell spoke again about the timing of rate cuts.
Fed Chairman Jerome Powell said that a rate cut in March is too soon, as he does not believe that by then the FOMC will have confidence that inflation will have steadily returned to 2%. Powell added that policymakers believe it is appropriate to cut rates this year, but that it is prudent not to rule out the possibility of a rate cut from the spring. The US central bank will discuss the timing of easing the pace of quantitative tightening at its March meeting.
According to the US Bureau of Labour Statistics data released on Friday, the number of employed in the non-farm sector (NFP) in January increased by 353 thousand people, which exceeded expectations of growth by 185 thousand people compared to the previous figure. Meanwhile, the unemployment rate was unchanged at 3.7%. Finally, wage growth strengthened, with average hourly earnings rising by 4.5 per cent in January compared to the previous figure of 4.4 per cent in December.
European Central Bank (ECB) Governing Council member Boris Vujcic said on Sunday that the central bank needs to make sure there is no second-round effect on inflation from wage growth before cutting interest rates.
Trade recommendation: Trade with buy orders from the price of 1.0800. Sell at the price level below 1.0750
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