Events to pay attention to today:
17:00 GMT+3. EUR – ECB President Christine Lagarde Speaks
22:15 GMT+3. EUR – ECB President Christine Lagarde Speaks
EURUSD:
The EUR/USD exchange rate failed to maintain its position on Monday, commencing the new trading week with a downward trajectory as the price reverted to a familiar 12-week low, hovering just above 1.0800. The market is cautious about the future pace of rate cuts, particularly from the Federal Reserve (Fed). The purchasing managers’ activity index (PMI) data, due for release later this week, will provide insight into the state of the global economy in the coming weeks.
European Central Bank (ECB) President Christine Lagarde is scheduled to make several statements this week. The main public appearance will take place on Wednesday, when ECB President Lagarde will speak on Europe’s current financial challenges at the Atlantic Council in Washington, DC.
Global PMI data is due out on Thursday. The EU PMI survey results are eagerly awaited by the markets, with average market forecasts suggesting a slight increase in October’s EU services PMI to 51.6 from September’s 51.4.
Trading recommendation: We follow the level of 1.0800, if it is fixed below we consider Sell positions, if it bounces back we consider Buy positions.
Origin: FreshForex
