25 April 2024, EUR/USD
Event to watch out for today:
15:30 GMT+3. USD - GDP volume change for the quarter
EURUSD:
The Euro-dollar pair is holding near the psychological 1.0700 level on Thursday during the early Asian session. The moderate rise in the major pair is supported by the weakening US dollar (USD). Later in the day, the preliminary US gross domestic product (GDP) growth figure will be released.
On Wednesday, the U.S. Commerce Department reported that orders for durable goods in the U.S. rose 2.6% in March from the previous reading of 0.7%, beating the estimate of 2.5%. Core goods, excluding transportation, rose 0.2% for the month, falling short of the 0.3% forecast.
The release of US GDP for the first quarter could provide an indication of how strongly the economy is growing and point to the Fed's next move. If the report shows stronger-than-expected data, it could spark speculation that the Fed will postpone the rate-cutting cycle and strengthen the US dollar. Markets have estimated a nearly 70% chance that the U.S. Federal Reserve (Fed) will cut the benchmark rate in September.
On the other hand, European Central Bank (ECB) policymakers are sticking to their plans to cut interest rates this year, even though elevated U.S. inflation could delay the Fed's move to looser policy. ECB President Christine Lagarde suggested that the central bank may cut the deposit rate from a record high of 4% in June, but is keeping options open on how to proceed.
Trading recommendation: Watch the level of 1.0700. If it bounces back, take Buy positions, if it stays below - Sell.
FreshForex offers a wonderful 300% bonus on every deposit of $100 or more, giving you the opportunity to increase your trading volumes!
en 
id 
ar 
ru 
vn 
es 
pt 
th 
kz 
ua 
tj 
uz 
az 