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After a weekend in the US markets, the euro began to retreat

After a weekend in the US markets, the euro began to retreat | 03 September 2024

03 September 2024, EUR/USD

After a weekend in the US markets, the euro began to retreat

An event to look out for today:

17:00 GMT+3. USD - ISM Manufacturing Index

EURUSD:

EUR/USD found thin demand on Monday, starting the new trading week by consolidating above 1.1060. Markets opened on Monday on very low volumes as the US markets were closed due to the Labor Day holiday. Today, the pair is fluctuating below 1.1060.

The week ends with the release of EU retail sales and gross domestic product (GDP) growth data on Thursday and Friday respectively. However, the big news of the trading week will be the US employment data series, which starts on Wednesday with the release of JOLTS job openings for July, which is forecast to remain at 8.1 million for the month.

On Thursday, the ADP US employment figure for August is expected to rise to 145k from 122k in the previous month, but the key document from the US this week will be Friday's Non-Farm Payrolls (NFP) report for August. A healthy 165k is expected to be released in the US, up from 114k in the previous month. Special attention will be paid to the numbers and any historical changes as this is the last round of NFP jobs data before the Federal Reserve (Fed) meets on September 18 to make the expected first salvo in a new cycle of rate cuts.

Trading Recommendation: Watch the level of 1.1030, on a consolidation below we take Sell positions, on a rebound we take Buy positions.

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David Johnson
Analyst of «FreshForex» company
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