EURUSD – Up
Event to pay attention to today:
21:00 EET. USD – FOMC Meeting Minutes
EURUSD:
On Monday, the EUR/USD attempted to consolidate higher levels, retracing back to 1.0500 amid weaker greenback trading in the broad market as investors returned to risk-on sentiment, albeit with limited effect. Please be aware that overall market flows will be limited this week. This is due to the second half of the weekly sessions in the US market being affected by the upcoming Thanksgiving holiday on Thursday and limited market hours on Friday.
The majority of EU data releases are expected to be relatively sparse this week, with the exception of a new round of European Harmonised Index of Consumer Prices (HICP) inflation data, scheduled for release on Friday. Preliminary EU HICP inflation data for November is expected to show an increase on a year-on-year basis, a trend that European Central Bank (ECB) policymakers are seeking to counteract. According to ECB officials, the near-term rise in broad EU inflation figures should not be a cause for concern for investors.
The minutes of the latest Federal Open Market Committee (FOMC) meeting will be released later on Tuesday, providing insight for traders on the Federal Reserve’s (Fed) deliberations on the direction of interest rates going forward. On Wednesday, another update to the Personal Consumption Expenditure Price Index (PCEPI) will be released, which is a key indicator of price growth in the US economy. On Wednesday, the latest figures for US gross domestic product (GDP) growth will be released. The annual core PCEPI inflation rate is forecast to rise from 2.7% to 2.8% in October. US GDP growth in the third quarter is expected to remain at 2.8% quarter-on-quarter.
Trading recommendation: We follow the level of 1.0500, when fixing above it we consider Buy positions, when rebounding we consider Sell positions.
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