23 December 2024, EUR/USD
EURUSD:
The EUR/USD pair remains stable after rising in the previous session, trading around the 1.0430 mark during Asian hours on Monday. The pair's rise can be attributed to the decline in the US Dollar (USD) following the release of Personal Consumption Expenditure (PCE) price index data from the United States (US).
The November inflation report showed that the year-on-year core PCE inflation, the Fed's measure of inflation, rose steadily by 2.8%, which was below forecasts of 2.9%. Monthly core inflation rose modestly, up 0.1%, versus a forecast of 0.2% and a previous release of 0.3%.
Also, markets expect with over 90% probability that the Federal Reserve (Fed) will leave interest rates unchanged in January, maintaining the current range of 4.25-4.50%.
On Sunday, US President-elect Donald Trump announced key appointments in his administration. Scott Bessent has been selected to head the Treasury Department, Howard Lutnick will become Secretary of Commerce and Kevin Hassett will head the National Economic Council. In addition, Andrew Ferguson has been selected to chair the Federal Trade Commission and Jacob Helberg has been named Secretary of Economic Growth, Energy and Environment.
In addition, the approval of tax reforms by German lawmakers strengthens the euro as Germany is the largest economy in the eurozone. These reforms will increase household disposable income, boosting consumer demand and stimulating economic growth.
Trade recommendation: Watch the level 1,0450, when fixing above consider Buy positions, when rebounding consider Sell positions.
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