28 March 2024, EUR/USD
Event to watch out for today:
14:30 EET. USD - Number of initial applications for unemployment benefits / Change in GDP volume for the quarter
EURUSD:
EUR - USD continues to lose ground for the third consecutive session on Thursday, falling to 1.0820 during the Asian session. However, the US dollar is showing weakness ahead of the release of the US gross domestic product data for the fourth quarter of 2023.
The US Dollar Index (DXY) is hovering around 104.30, correcting from March highs. US Treasury yields are recovering losses recorded in the previous two sessions, which may support the US Dollar.
Market participants are expecting new guidance from the Federal Reserve (Fed) on the trajectory of interest rates. However, conflicting views from Federal Open Market Committee (FOMC) members regarding monetary policy easing are causing confusion in the market.
Fed Chair Christopher Waller maintains his stance of "no rush" to lower rates, citing solid inflation data. Atlanta Fed President Raphael Bostic holds similar views, expecting only one rate cut this year and cautioning against premature rate cuts that could exacerbate economic turmoil.
European Central Bank (ECB) officials are increasingly talking about a likely interest rate cut in June. Yannis Stoumaras noted on Tuesday that there is a growing consensus within the ECB for a rate cut in June. This view was supported by Madis Muller, who hinted that the ECB is close to the point where a rate cut is possible.
Trading recommendation: Trade with buy orders when the price reaches 1.0840. Sell at the price level of 1.0805.
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