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Market News EUR/USD Falls To 1.0780 Prior To Eurozone PMI And German Trade Balance Data

EUR/USD Falls To 1.0780 Prior To Eurozone PMI And German Trade Balance Data

The EUR/USD pair trades poorer near 1.0772 due to the strengthening USD. As of now, a March rate cut is premature, according to Fed Chair Powell, because inflation cannot return to 2% in a sustainable manner. US Nonfarm Payrolls for January were 353,000, exceeding market expectations of $180,000; unemployment remained unchanged; and wages increased.

TOP1 Markets Analyst
2024-02-05
9806

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Beginning Monday morning in Asia, the EUR/USD pair is confronted with selling pressure above the mid-1.0700s. The US Dollar Index (DXY) increases marginally following the postponement of interest rate decreases by Federal Reserve (Fed) Chair Jerome Powell. Presently, the primary pair is trading near 1.0772, a decrease of 0.19% on the day.

 

Jerome Powell, chairman of the Federal Reserve, stated late on Sunday that a March rate cut is premature because the FOMC will not have sufficient assurance that inflation will return to 2% in a sustainable manner by then. Powell further expressed that policymakers deem it suitable to reduce interest rates this year, but advised caution regarding the potential for rates to decline beginning in spring. At its March meeting, the US central bank will deliberate on the optimal moment to reduce the rate of quantitative tightening.

 

The US Bureau of Labor Statistics reported on Friday that Nonfarm Payrolls (NFP) increased by 353,000 in January, surpassing expectations of an 185,0 increase as reported in the previous reading. In the interim, the unemployment rate remained constant at 3.7%. In conclusion, wage growth is strengthening, as measured by Average Hourly Earnings, which increased by 4.5% year-over-year in January from 4.4% in December.

 

On the other hand, Boris Vujcic, a member of the Governing Council of the European Central Bank (ECB), stated on Sunday that before reducing interest rates, the central bank must ensure that wages have no second-round effects on inflation.

 

The German Trade Balance and the January HCOB Composite PMI from Germany, the Eurozone, and Spain will be closely monitored by investors. Due on the US docket will be the ISM Services PMI.

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