27 February 2024, EUR/USD
Events to pay attention to today:
17:00 USD - Consumer Confidence Indicator
EURUSD:
The US Dollar (USD) trades with a slight negative bias during Tuesday's Asian session and remains within striking distance of the lowest level since February 2 reached last week. During Tuesday's Asian session, EUR/USD is fluctuating around 1.0850 There is uncertainty in the market regarding the future direction of the Dollar-Euro pair. Traders are waiting for the US data.
On Tuesday, the U.S. will release data on durable goods orders, consumer confidence index from the Conference Board and business activity index in the manufacturing sector of Richmond. These will be followed by preliminary US fourth-quarter GDP data on Wednesday and the all-important Personal Consumption Expenditures (PCE) price index on Thursday. This could provide fresh signals on the likely timing of the Fed's interest rate cuts and help determine the next stage of directional movement for the US Dollar.
At the same time, lower US Treasury yields kept bulls on the defensive for the second day in a row. Investors lowered their expectations for a more aggressive easing policy from the Fed after incoming macroeconomic data from the US pointed to stable inflation and a still resilient economy. In addition, the FOMC meeting minutes released last week, as well as comments from several Fed officials, confirmed speculation that the US central bank will keep interest rates higher. This, in turn, favors the dollar bulls.
Trading recommendation: Trade in the narrow channel 1.0815-1.0860 on bounces from the levels
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