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Market News The EUR/USD Pairs Modestly Gains Near 1.1070 As Traders Prepare For The Holiday Season

The EUR/USD Pairs Modestly Gains Near 1.1070 As Traders Prepare For The Holiday Season

The EUR/USD pair trades near 1.1070 with modest gains despite low trading volume. The Euro strengthens against the USD due to the European Central Bank's (ECB) hawkish remarks. A rate reduction by the Federal Reserve (Fed) is anticipated by the markets as early as March of the following year.

TOP1 Markets Analyst

2023-12-29

7826

After retreating from a monthly high of 1.1139 in early Asian trading hours on Friday, the EUR/USD pair posts modest gains. The significant pair is trading at 1.1070 at the time of writing, an increase of 0.04% for the day.

Nevertheless, the European Central Bank's (ECB) hawkish posture provides some support for the Euro (EUR) and drives the EUR/USD pair. In opposition to market anticipations, ECB policymakers emphasized that the central bank's policy choices are data-driven and not contingent on time constraints or market pricing.

The Federal Reserve (Fed), in contrast to the ECB, expressed a more dovish stance, and it is expected by speculators that the US central bank will reduce interest rates in the coming year. The CME FedWatch Tool indicates that the markets have factored in likelihood of a rate cut at the March meeting exceeding 87%.

Initial Jobless Claims in the United States increased by 218,000 for the week ending December 23, compared to 206,000 the week prior, which was below the market forecast of 210,000. The November pending home sales figure for the United States was 0%, which was below the 1.0% forecast.

It is probable that trading will be light on the final trading day of 2023. Friday marks the release of preliminary data for the December Consumer Price Index (CPI) in Spain and the Chicago Purchasing Managers' Index (PMI) for the United States.