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3 September 2024,02:40
Trade Of The Day
3 September 2024, 02:40
* Dollar Grab: EUR/USD tilted further into the red as the market continue to digest the U.S inflation on earlier Friday and rate cut expectation from Fed. The Federal Reserve (Fed) is almost certain to start reducing interest rates from the September meeting. However, signs of stickiness in the inflation data has weighed on market expectations for pivoting to policy normalization aggressively. The likelihood of a bigger rate cut is also diminished by the upwardly revised Q2 Gross Domestic Product (GDP) estimates. The US Bureau of Economic Analysis (BEA) reported on Thursday that the pace at which the economy grew in the second quarter was higher than preliminary estimates.
* 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.
Understand how technical analysis can help you in this trading opportunity.
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.
Know how to manage trading risks with risk management strategies.
Stay updated on US data and UK, central bank updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.
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