The post EUR/USD explores further downside ahead of EU GDP prints appeared on BitcoinEthereumNews.com.

EUR/USD lost grip of the 1.0850 level, poised for further downside. EU GDP data due on Tuesday as Fed rate call looms ahead. US NFP jobs data dump slated for Friday as markets bet on September rate cut. EUR/USD lost control of a near-term bullish recovery, testing into fresh two-week lows near the 1.0800 handle as momentum drains out of the pair ahead of an update to pan-EU Gross Domestic Product (GDP) figures. The Federal Reserve’s (Fed) latest rate call is due on Wednesday, with another round of US Nonfarm Payrolls (NFP) on the books for Friday. Forex Today: Flash GDPs in Europe and US jobs in the spotlight A slew of European data is slated for Tuesday, with both German and pan-EU GDP update figures due during the Europe market session. QoQ German GDP is expected to ease to 0.1% in Q2 compared to the previous print of 0.2%, while annualized pan-EU GDP growth is forecast to increase to 0.6% from the previous 0.4%, though the QoQ figure for the second quarter is expected to tick down to 0.2% from the previous 0.3%. Preliminary EU Harmonized Index of Consumer Prices (HICP) inflation is due on Wednesday, with YoY HICP inflation forecast to tick down to 2.8% from the previous 2.9%. After that, global markets will be pivoting to see the latest outing from the Fed. The Federal Reserve’s upcoming rate call on Wednesday will be closely watched by investors who are hoping for signs that the Fed is gearing up to implement a widely-anticipated rate cut when the Federal Open Market Committee (FOMC) meets again in September. The market is generally expecting a minimum 0.25% rate cut on September 18, with rate markets indicating a 90% likelihood of a 25 basis point reduction and a hopeful 10% chance of…

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Filed under: News - @ July 30, 2024 6:20 am