EUR/USD fell from the 1.1650 area to around 1.1625 on Monday (October 27th), but held onto some of its previous gains after touching 1.1580 last week. Market sentiment has improved somewhat due to hopes for a trade truce between the US and China. Negotiators from both countries are reportedly getting closer to an agreement, and the market hopes that US President Donald Trump and Chinese President Xi Jinping can officially "extend the trade truce" when they meet later this week. Hopes that the tariff war won't escalate have made investors a little more willing to take risks, preventing the euro from falling too far.
However, the market is now in wait-and-see mode, as this week is packed with major central bank events. The main focus is clearly on the Fed meeting on Wednesday. Market participants are already anticipating the Fed will cut interest rates by 25 basis points, especially after the latest weak US inflation data. The most anticipated outcome isn't just the interest rate decision, but also comments from Fed Chairman Jerome Powell, as they will provide clues as to whether further rate cuts will be made in December or just one. From the European side, markets are also gearing up for the release of preliminary Eurozone GDP figures for the third quarter and the ECB interest rate decision on Thursday, which could further increase the euro's volatility. (az)
Source: Newsmaker.id
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