14 May 2024, EUR/USD
Event to watch out for today:
12:00 GMT+3. EUR - ZEW Economic Sentiment
15:30 GMT+3. USD - Core Producer Price Index
17:00 GMT+3. USD - Federal Reserve Chairman Jerome Powell Speaks
EURUSD:
The Euro-dollar pair found a slight upside potential on Monday, rising from early trading near 1.0770, but the bullish momentum remains limited and the pair is struggling to break above the 1.0800 level. For today, the pair retraced its recent gains recorded in the previous session and traded near 1.0780 during the Asian session. From a technical point of view, the analysis indicates a sideways trend for the pair as it continues to be within a symmetrical triangle.
The final German inflation data is due to be released during the European market session, but the final mid-range inflation data is unlikely to cause volatility in the market unless the inflation figures are adjusted later compared to the preliminary data. European gross domestic product (GDP) growth data for the first quarter is due out on Wednesday, and markets expect GDP growth for the quarter to be unchanged at 0.3%.
According to a survey by the Federal Reserve Bank of New York (FRB), expected U.S. inflation rose in April. According to the FRB of New York's survey of consumer sentiment, U.S. consumers generally expect inflation to accelerate to 3.3% next year. Consumer expectations for one-year inflation rose from 3.0% in March.
Tuesday's U.S. trading session will see the release of U.S. producer price index (PPI) data. Investors expect producer-level inflation to rise to 0.3% m/m in April, up from 0.2% in the previous month.
Trading Recommendation: Watch the level of 1.8000, if the rebound occurs, take Sell orders.
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