EUR/USD Weakening as Eurozone PMI Data Disappoints
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EUR/USD Weakening as Eurozone PMI Data Disappoints
The Euro (EUR/USD) is facing a slight weakening trend against the US Dollar (USD) following the release of subdued Purchasing Managers Index (PMI) data for the Eurozone. This has caused EUR/USD to pull back to the 1.0650 region after earlier reaching levels just shy of 1.0700 on Tuesday.
Monetary Policy Outlook
Concerning monetary policy, market participants are anticipating the Federal Reserve (Fed) to maintain its current stance of leaving interest rates unchanged at the November 1 event. This expectation has been reinforced by recent statements from Fed Chair Jerome Powell during his appearance at the Economic Club of New York last week.
European Central Bank (ECB) Uncertainty
Concurrently, investors are pondering the potential of the European Central Bank (ECB) discontinuing its tightening cycle. This consideration arises even as inflation levels have exceeded the bank's target, and concerns have emerged regarding the risk of an economic slowdown or stagflation in the eurozone's economy.
Technical Analysis
Technical analysis reveals the presence of a Gartley pattern, with the 78.6% Fibonacci level touched in the morning, accompanied by a strong rejection. This suggests the possibility of a retracement after the robust bullish rally witnessed on Monday.
In conclusion, the EUR/USD pair is navigating shifting dynamics influenced by economic data and monetary policy expectations. The recent PMI data disappointment has played a role in the Euro's weakening against the US Dollar. As the Fed and ECB policy directions continue to evolve, traders and investors will closely monitor these developments for insights into the currency pair's future movements.
Our preference
Short positions below 1.07400 with targets at 1.0600 & 1.0500 in extension.
The Euro (EUR/USD) is facing a slight weakening trend against the US Dollar (USD) following the release of subdued Purchasing Managers Index (PMI) data for the Eurozone. This has caused EUR/USD to pull back to the 1.0650 region after earlier reaching levels just shy of 1.0700 on Tuesday.
Monetary Policy Outlook
Concerning monetary policy, market participants are anticipating the Federal Reserve (Fed) to maintain its current stance of leaving interest rates unchanged at the November 1 event. This expectation has been reinforced by recent statements from Fed Chair Jerome Powell during his appearance at the Economic Club of New York last week.
European Central Bank (ECB) Uncertainty
Concurrently, investors are pondering the potential of the European Central Bank (ECB) discontinuing its tightening cycle. This consideration arises even as inflation levels have exceeded the bank's target, and concerns have emerged regarding the risk of an economic slowdown or stagflation in the eurozone's economy.
Technical Analysis
Technical analysis reveals the presence of a Gartley pattern, with the 78.6% Fibonacci level touched in the morning, accompanied by a strong rejection. This suggests the possibility of a retracement after the robust bullish rally witnessed on Monday.
In conclusion, the EUR/USD pair is navigating shifting dynamics influenced by economic data and monetary policy expectations. The recent PMI data disappointment has played a role in the Euro's weakening against the US Dollar. As the Fed and ECB policy directions continue to evolve, traders and investors will closely monitor these developments for insights into the currency pair's future movements.
Our preference
Short positions below 1.07400 with targets at 1.0600 & 1.0500 in extension.
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