29 August 2024, EUR/USD
Event to watch out for today:
15:30 GMT+3. USD - GDP volume change for the quarter
EURUSD:
EUR/USD trimmed recent gains on Wednesday, sliding lower after hitting new highs for the year as expectations of a rate cut by the Federal Reserve (Fed) in September keep risk appetite in the broad market under a ceiling.
There is little of interest on the economic calendar for the middle of the trading week, but Thursday will see the release of US Gross Domestic Product (GDP) data, which will be closely watched. Little movement is expected, however, as markets generally estimate second quarter GDP growth at an annualized rate of 2.8%.
Friday's data promises to plunge markets into a trance of boredom with the release of the fresh Harmonized Index of Consumer Prices (HICP) inflation figure for the EU at the start of the European session. EU core HICP inflation is expected to continue to decline across the board. It is forecast to be 2.8% y/y in August, down from the previous reading of 2.9%.
US Personal Consumption Expenditures (PCE) price index inflation, due on Friday, remains the key reading of the week and investors are shuffling their feet waiting for signs that inflation will continue to fall, or at least not rise fast enough for the Federal Reserve (Fed) to get on the rails for the much-anticipated rate cut on September 18.
Trading recommendation: Trade predominantly with Sell orders from the current price level
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