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Reading: EUR/USD remains stuck at low end below 1.0700 again.
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Gulf Press > Business > Forex > EUR/USD remains stuck at low end below 1.0700 again.
Forex

EUR/USD remains stuck at low end below 1.0700 again.

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Last updated: 2024/06/27 at 12:14 AM
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The EUR/USD pair struggled with the 1.0700 handle as bearish flows continued to keep the Euro pinned on Wednesday. The overall sentiment in the market favored the US Dollar as hopes for rate cuts diminished. This resulted in the Euro slipping to the 1.0680 region after the German GfK Consumer Confidence Survey for July unexpectedly decreased. With no significant data during the American trading session, investors were left pondering the cautious stance taken by the Federal Reserve that saw bets on rate cuts decrease.

On Thursday, key data releases are expected to drive market momentum after a slow start to the week. The pan-EU Business Climate, Consumer Confidence, and Economic Sentiment Indicator data points are scheduled for release during the European market window. In the American trading session, US Durable Goods Orders, revisions to first-quarter GDP, and weekly Initial Jobless Claims will provide further insights into the market.

The market’s confidence in a rate cut from the Federal Open Market Committee (FOMC) on September 18 has decreased, with the probability of a quarter-point rate cut dropping to around 60%. The US Core PCE Price Index inflation is expected to decrease slightly, which could influence the Federal Reserve’s decision-making process regarding rate cuts.

In terms of Euro performance this week, the Euro was the strongest against the New Zealand Dollar. Meanwhile, the Euro remains under pressure against other major currencies, including the US Dollar, the British Pound, the Japanese Yen, the Canadian Dollar, and the Australian Dollar. The Euro’s performance against these currencies will continue to be influenced by economic indicators and data releases.

Technical analysis for the EUR/USD pair shows that intraday action is squeezed between the 200-hour EMA at 1.0722 and a supply zone below 1.0680. A pattern of descending highs suggests a potential decline towards new near-term lows below 1.0660, while a breach of the 200-day EMA at 1.0796 could lead to a bounce back towards the 1.0700 level.

The Euro is the currency for 20 European Union countries in the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar, with an average daily turnover of over $2.2 trillion. The European Central Bank (ECB) in Frankfurt manages monetary policy for the Eurozone, with the primary goal of maintaining price stability. Economic indicators, such as inflation data, GDP, and trade balance, play a significant role in influencing the value of the Euro in the foreign exchange market.

Overall, the performance of the Euro against major currencies like the US Dollar will continue to be influenced by economic data releases, market sentiment, and global geopolitical developments. Traders and investors will closely monitor key data points and central bank decisions to gauge the direction of the Euro in the near term.

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News Room June 27, 2024
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