20 September 2024, EUR/USD
Event to pay attention to today:
18:00 GMT+3. EUR - ECB President Christine Lagarde Speaks
EURUSD:
On Thursday, the EUR/USD reached a high of 1.1150, consolidating at this level. The euro's bullish momentum is largely attributable to a broad market sell-off in the dollar, rather than any specific bullish sentiment towards the euro.
There is a paucity of economic data scheduled for release in Europe this week. The only remaining event of interest to euro traders is a scheduled speech by European Central Bank (ECB) President Christine Lagarde on Friday. However, this event will take place during US market hours. ECB President Lagarde will deliver a speech at the Michel Camdessus Lecture on Central Banking in Washington, DC.
In the US, initial jobless claims for the week ending 13 September fell to 219k, down from the previous week's revised 231k and below the median market forecast of 230k. The latest manufacturing survey from the Philadelphia Fed also exceeded expectations, with the manufacturing conditions index rising to 1.7 from the previous seven-month low of -7.0 and significantly above the anticipated figure of -1.0.
In a speech to the Economic Club of New York, Fed Chairman Jerome Powell sought to reassure markets that the central bank's 50 basis point rate cut this week was not a hasty reaction to deteriorating economic conditions. Instead, he argued that it was an attempt to get ahead of the curve and support the US labour market. Powell effectively proposed that a rate cut of up to 0.5% should be reframed as a 'recalibration'. In response, investors divested themselves of the dollar across the board and redirected capital towards higher-yielding assets.
Trade recommendation: Trading predominantly Buy orders from the current price level.
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 