29 October 2024, EUR/USD
An event to watch out for today:
16:00 EET. USD - CB Consumer Confidence
EURUSD:
The Euro-dollar pair is holding near 1.0810 amid consolidation in the US Dollar (USD) at the start of the Asian session on Tuesday. Growing expectations of a slowdown in the pace of rate cuts by the US Federal Reserve (Fed) are likely to support the US Dollar in the near term. Nevertheless, market participants will be focused on key US economic data this week, including third-quarter (Q3) gross domestic product (GDP), ISM manufacturing PMI, inflation and employment.
Meanwhile, traders will be keeping a close eye on the U.S. presidential election on November 5. According to polling website FiveThirtyEight, the probability of Trump winning the election has risen to 52% compared to 48% for Vice President Kamala Harris. The uncertainty surrounding this key event could cause safe-haven currencies such as the US Dollar to rise against the Euro (EUR).
European Central Bank (ECB) policymakers have taken different views on monetary policy in previous days. Belgian central bank governor Pierre Wunsch said on Monday that there was no need for the central bank to cut interest rates faster and it could even live with a small cut. ECB chief Wunsch's less dovish comments helped limit the common currency's losses. However, Portugal's central bank governor Mario Centeno said a 50 basis points (bps) rate cut should be an option to be considered in December.
Trading recommendation: Watch the level of 1.0800, priority on Sell.
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