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29 July 2024,02:30
Trade Of The Day
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29 July 2024, 02:30
* Fed-Fueled: The EUR/USD pair saw modest gains against the dollar as traders maintained expectations for a September interest rate cut by the US Federal Reserve, which weakened the Greenback. Recent US inflation data, reflected in the Personal Consumption Expenditures (PCE) Price Index, showed a slight easing from the previous year in June, supporting the case for a Fed rate cut. US PCE inflation slowed from a 2.6% annual increase in May to 2.5% in June. Financial markets have priced in nearly a 90% chance of a Fed rate cut in September, with additional cuts anticipated in November and December, according to the CME FedWatch Tool.
* Technical Breakout: EURUSD was traded higher following prior breakout above the previous level 1.08600. MACD which illustrate bullish momentum signal suggest the pair likely to extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.09200. Conversely, a potential reversal is also to be expected and the price could head back towards 1.08050 after it breach back below the level 1.08600.
Moving forward, investors will take more cues from further data such as the preliminary Gross Domestic Product (GDP) for the second quarter from Germany and the Eurozone. In the case of stronger-than-expected readings, this could lift the shared currency against the USD.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and Eurozone data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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