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Market News Amid a Firmer USD, EUR/USD Trades with Modest Losses and Maintains Its Position above 1.0800

Amid a Firmer USD, EUR/USD Trades with Modest Losses and Maintains Its Position above 1.0800

On Monday, EUR/USD nears its lowest point as the USD remains underpinned by the optimistic US NFP. A constructive risk tone could potentially halt the safe-haven dollar and provide assistance to the major. Traders are currently awaiting fresh impetus from the US CPI, FOMC minutes, and ECB meeting.

TOP1 Markets Analyst
2024-04-08
8530

 EUR:USD 2.png

 

On Monday during the Asian session, the EUR/USD pair encounters new supply after failing to capitalize on Friday's modest recovery of approximately 50 pips from below 1.0800 levels. At present, spot prices fluctuate between 1.0825 and 1.0820 and continue to be influenced by the price dynamics of the US Dollar (USD), although the downside appears to be mitigated.

 

The optimistic monthly employment data from the United States, commonly referred to as the Nonfarm Payrolls (NFP) report, revealed that the economy created 303,000 jobs in March, which was more than expected. This compelled investors to reduce their wagers in anticipation of a Federal Reserve (Fed) interest rate cut in June and a total of two rate cuts in 2024. The outlook maintains elevated yields on US Treasury bonds, which is perceived to provide the USD with a tailwind and exert some pressure on the EUR/USD pair.

 

However, a generally optimistic sentiment on the international stock markets, which is supported by the reduction of geopolitical tensions in the Middle East, could potentially restrain the safe-haven Greenback. Additionally, prior to this week's pivotal US releases—the most recent consumer inflation figures and the critical FOMC meeting minutes, which are scheduled for Wednesday—traders may choose to withdraw to the periphery. In conjunction with Thursday's European Central Bank (ECB) meeting, this should give the EUR/USD pair a significant boost.

 

Meanwhile, softer Eurozone consumer inflation data from last week reaffirmed rising expectations for an ECB rate cut in June, which could further weigh on the Euro and keep EUR/USD investors on the defensive. Therefore, a potential selling opportunity may arise from a rebound towards the 100-day Simple Moving Average (SMA), which is situated in the vicinity of 1.0870. The Eurozone Sentix Investor Confidence Index and German Industrial Production and Trade Balance data are currently regarded by traders as sources of motivation.

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