EUR/USD rallies back over 1.08
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EUR/USD reclaimed the 1.0800 handle on Thursday. EU PMI figures came in mixed, giving Euro bulls just enough ammo. US Durable Goods Order and UoM Consumer Inflation Expectations in the barrel for Friday. EUR/USD made a half-hearted recovery on Thursday, rebounding four-tenths of one percent and clawing back north of the 1.0800 handle. Despite a late-week bounce, Fiber remains steeply off of recent highs after declining over 4% top-to-bottom from late September’s peak bids near 1.1200. Pan-European HCOB Purchasing Managers Index (PMI) figures mixed early Thursday, with the EU Manufacturing PMI from October rising to a firmer 45.9 from the previous month’s 45.0, eclipsing the expected 45.1. On the low side, October’s EU Services PMI sank to 51.2, lagging below the previous month’s 51.4 and missing the forecast uptick to 51.6. The Euro’s representation on this week’s economic data docket is functionally wrapped up, with only low-tier data on the offer for Friday. Markets will have to contend with US Durable Goods Orders and an update to 5-year Consumer Inflation Expectations from the University of Michigan (UoM). Headline US Durable Goods Orders in September are expected to contract a full 1.0% MoM, extending the recent downturn after August’s flat-footed 0.0% print. October’s UoM 5-year Consumer Expectations are expected to come in close to their previous print of 3.0%. EUR/USD price forecast The EUR/USD pair continues its corrective movement, having found support just above the 1.0750 level following a sharp decline from the highs near 1.1250 in mid-September. The pair has briefly rebounded from this key support, but remains below both the 50-day EMA (blue line) at 1.0968 and the 200-day EMA (black line) at 1.0896, indicating that the overall trend is still tilted to the downside. The moving averages are sloping downward, confirming bearish momentum in the near term. The…
Filed under: News - @ October 24, 2024 11:22 pm