The bullish momentum behind the Euro evaporated on Tuesday, dragging the pair back below the 1.0500 level as traders prepare for the Federal Reserve's (Fed) final interest rate decision in 2024. European data was relatively light this week, forcing Fiber traders to navigate a slew of US data.
The Euro market largely ignored the appearances of several European Central Bank (ECB) officials earlier in the week, and despite December's European PMI figures beating expectations. The pan-EU Services PMI survey figures remained in contraction as concerns over a deepening economic slowdown in Europe continued to unsettle investors and businesses.
The US Retail Sales figures surged higher to 0.7% MoM, sparking slight concerns among investors that perhaps the Fed may not need to pursue an aggressive rate-cutting strategy, especially when taking into account the recent uptick in inflation metrics. Nevertheless, markets are still pricing in a third straight rate cut by the Fed on Wednesday, with a 95% chance of a 25 bps rate cut according to the CME's FedWatch Tool.
Source: FXStreet
The US dollar weakened at the start of the week after tensions between the United States and the European Union escalated over the Greenland issue. Markets assessed that the political conflict, which ...
EUR/USD loses ground for the sixth consecutive day on Wednesday, trading below 1.1730 after peaking above 1.1800 last week. The pair struggles amid a moderate US Dollar (USD) rebound following the rel...
The EUR/USD pair moved steadily around 1.1750 during Wednesday's Asian session. Its movement appeared to be holding up after a sharp drop the previous day from its highest level since September 24th. ...
The euro rebounded above $1.16, reaching its strongest level since mid-November, as investors adopted a cautious stance ahead of key Eurozone and US economic data that could influence interest rate ex...
The EUR/USD pair traded flat on Thursday, trading around 1.1596, as market liquidity thinned during the US Thanksgiving holiday. Despite the limited movement, pressure on the US dollar remained as exp...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...