27 November 2024, EUR/USD
Event to watch out for today:
15:30 EET. USD - Unemployment Claims
EURUSD:
The Euro-dollar pair is holding its ground after recent losses recorded in the previous session and is trading near 1.0480 during Asian hours on Wednesday. Traders are awaiting the release of the Personal Consumption Expenditures (PCE) price index and the quarterly US annualized Gross Domestic Product figure due later in the North American session.
However, the US Dollar (USD) is under pressure amid optimism in the bond market following President-elect Donald Trump's decision to nominate fund manager Scott Bessent, a seasoned Wall Street veteran and fiscal conservative, as US Treasury Secretary.
The latest Federal Open Market Committee (FOMC) meeting minutes from November 7 showed that policymakers are taking a cautious approach to lowering interest rates. While key Federal Reserve (Fed) officials generally agreed that downside risks to employment and inflation have diminished, they noted that rate cuts are unlikely to accelerate until there are significant weaknesses in the labor market and inflationary pressures abate.
U.S. President-elect Donald Trump renewed threats to impose tariffs on China, Mexico and Canada. These developments have dampened market sentiment, put downward pressure on European economies and weighed on the risk-sensitive euro. As a result, EUR/USD is struggling to gain traction amid a challenging external environment.
Trading recommendation: Watch the level of 1.0480, if the level gets higher consider Buy positions, if the level rebounds consider Sell positions.
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