25 November 2024, EUR/USD
EURUSD:
The US Dollar may strengthen as the latest US PMI data reinforces the likelihood that the Fed will slow the pace of rate cuts.
The Euro faced challenges as the latest HCOB PMI data pointed to continued weakness in Eurozone business activity.
EUR/USD recovered from the two-year low of 1.0332 recorded on Friday and traded near 1.0480 during Monday's Asian session. The rebound could be attributed to a correction in the US Dollar (USD) despite strong preliminary S&P Global US Purchasing Managers' Index (PMI) data released in the previous session.
Meanwhile, the US Dollar Index (DXY), which tracks the performance of the USD against six major currencies, slipped to 107.00 after hitting a two-year high of 108.07 on Friday. However, downside risks to the U.S. dollar remain limited as recent economic data has reinforced expectations that the Federal Reserve (Fed) may slow the pace of rate cuts.
The S&P Global US PMI composite index rose to 55.3 in November, indicating the strongest growth in private sector activity since April 2022. The US Services PMI rose to 57.0 from 55.0 in October and well above market expectations of 55.2, marking the sharpest growth in the services sector since March 2022. Meanwhile, the US manufacturing PMI rose to 48.8 from 48.5 in October, matching market forecasts.
Trade recommendation: Watch the level of 1.0480, when fixing below consider Sell positions, when rebounding consider Buy positions.
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