09 July 2024, EUR/USD
Events to watch out for today:
17:00 GMT+3. USD - Federal Reserve Chairman Jerome Powell Speaks
EURUSD:
The Dollar-Euro pair continues its winning streak for the sixth day, trading near 1.0830 during Tuesday's Asian session. The Euro continues to rise as investors digest the initial shock of the French election results. An unexpected left-wing alliance pulled ahead, preventing Marine Le Pen's far-right party from dominating the leadership race after a significant defeat in the previous European Parliament elections.
OCBC FX analysts Francis Cheung and Christopher Wong noted that the euro started the week with a slight decline after the unexpected results of the second round of elections. They noted, "The leftist-dominated government was the least expected and raised concerns over potential increases in government spending, which could put further strain on public finances."
The EUR/USD pair is strengthening amid a weaker US Dollar (USD) due to weak US jobs data, leading traders to speculate that the Federal Reserve (Fed) may cut interest rates in September. CME's FedWatch tool shows that betting markets estimate the probability of a rate cut in September at 76.2%, up from 65.5% a week earlier.
On Tuesday, Fed Chairman Jerome Powell may deliver his "Semiannual Monetary Policy Report" to the U.S. Congress. Powell may provide a broad overview of the economy and monetary policy, and his prepared remarks will be released before his speech on Capitol Hill.
Trading recommendation: Trade predominantly with Buy orders from the current price level.
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