04 December 2024, EUR/USD
Event to pay attention to today:
15:15 EET. USD - ADP Non-Farm Employment Change
17:00 EET. USD - ISM Services PMI
EURUSD:
EUR/USD declined again on Tuesday, clinging to 1.0500, while the pair failed to realize a bullish attempt at 1.0600. There are a few EU-centric data releases on Wednesday, but most of them are final data that are unlikely to move markets, with most investors turning their attention to the US Non-Farm Payrolls (NFP) data later in the week.
Early Wednesday will see the final European Union Purchasing Managers' Index (PMI) data for November, but the figures are expected to be unchanged. European Central Bank (ECB) President Christine Lagarde will also appear at the European Parliament where she will testify before the Economic and Monetary Affairs Committee. It is unlikely that the ECB will make any market-important announcements after the question period.
Wednesday will see the release of the US non-farm employment change data from ADP, which is expected to fall to 150k from the previous reading of 233k. The ISM Services Purchasing Managers' Index (PMI) from ISM will also hit investors on Wednesday during the US trading session. The US services PMI survey is expected to fall to 55.5 in November from 56.0 in the previous month.
Federal Reserve (Fed) Chairman Jerome Powell is also expected to speak on Wednesday. The Fed chief will answer questions from the audience during a discussion organized by the New York Times.
Trade recommendation: Watch the level of 1.0530, when fixing below consider Sell positions, when rebounding consider Buy positions.
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