10 July 2024, EUR/USD
Event to pay attention to today:
17:00 GMT+3. USD - Federal Reserve Chairman Jerome Powell Speaks
EURUSD:
The EUR/USD continues to hold close to 1.0800, despite market expectations for Federal Reserve (Fed) Chairman Jerome Powell's testimony before the US Congress on Tuesday failing to materialise. Despite nodding its head in favour of improving inflation figures, the Fed is still maintaining a cautious stance, which has knocked the rug out from under the feet of markets that have spun in anticipation of a change of tone from Fed policymakers.
Traders are preparing for the release of key US inflation data later this week. Several Fed speakers and a second round of testimony from Fed Chair Powell are scheduled for Wednesday.
The US Consumer Price Index (CPI) data, due for release on Thursday, will be a key driver of market volumes in the second half of the trading week. Investors seeking rate cuts will be hoping for a fall in CPI inflation. However, average forecasting models indicate that annual core CPI for the year ending June will remain at 3.4% y/y, with core CPI inflation expected to rise to 0.1% m/m in June from the previous flat print of 0.0%.
Further data releases on Thursday include initial jobless claims for the week ending 5 July, which are forecast to fall to 236k from the previous 238k.
Finally, German inflation data will be released early Thursday, but inflation is expected to remain flat at 2.5 per cent year-on-year in June.
Trade recommendation: Trading predominantly Buy orders from the current price level.
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