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3 September 2024,02:46
Trade Of The Day
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3 September 2024, 02:46
* Dollar Grab: EUR/USD slipped further into negative territory as the market continued to digest U.S. inflation data from earlier Friday and the Fed’s expected rate cut. The Federal Reserve is highly likely to begin lowering interest rates at the September meeting. However, persistent inflation has tempered expectations for a swift policy normalization. Additionally, the chances of a larger rate cut have decreased following an upward revision of Q2 GDP estimates. The U.S. Bureau of Economic Analysis (BEA) reported on Thursday that the economy grew at a faster pace in the second quarter than initially estimated.
* Technical Breakout: EURUSD was traded lower following recent retracement from its high. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to likely further extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.10300. Conversely, a potential reversal is also to be expected and the price could head back towards 1.11050.
Moving ahead, investors will look towards data such as EU Retail Sales and Gross Domestic Product (GDP) growth figures are due later in the week, on Thursday and Friday, respectively. Additionally, market will also focus on U.S labor data, specifically NonFarm Payroll.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and EU 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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