EURUSD – Up
Event to pay attention to today:
15:30 EET. USD – Retail Sales
EURUSD:
EUR/USD gained weak bullish momentum on Monday and rallied towards the upper boundary of the short-term consolidation just north of 1.0500, albeit with a noticeable lack of confidence. European data is very limited this week, so traders will have to contend with an extensive US data set.
Market participants largely ignored the numerous speeches by European Central Bank (ECB) officials at the start of the new week. Markets are awaiting the Fed’s rate decision on Wednesday. Traders are due to enter the market with European PMI data for December, but the services PMI is still contracting due to fears of a deepening economic slowdown in Europe, which continues to worry investors and businesses.
Markets are awaiting the Fed’s rate decision on Wednesday. Traders should pay close attention to the Fed’s Summary of Economic Projections (SEP) and interest rate forecasts from policymakers.
US PMI data for December presented a mixed picture with the services PMI hitting multi-year highs while the manufacturing PMI fell below the 50.0 mark, indicating contraction. Retail sales data will be released on Tuesday, but may attract limited market attention ahead of the Fed’s final rate decision this year.
Trade recommendation: Watch the level of 1.0490, when fixing below consider Sell positions, when rebounding consider Buy positions.
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