Event to watch out for today:
14:30 EET. EUR – ECB Monetary Policy Meeting Report
15:30 EET. USD – Unemployment Claims
22:00 EET. USD – Federal Reserve Chairman Jerome Powell Speaks
EURUSD:
The Euro-dollar pair continues to fall for the fifth consecutive day, trading near 1.0550, marking fresh yearly lows in the Asian session on Thursday. The pair’s decline is mainly attributed to the strengthening of the US dollar (USD) caused by Trump’s ‘Trump deals’.
Traders await the release of Eurozone gross domestic product (GDP) data on Thursday. The third-quarter GDP figure is expected to confirm the preliminary estimate of 0.4% quarter-on-quarter growth. Meanwhile, annualized GDP is forecast to grow by a modest 0.9% in the third quarter, reflecting weak economic performance in the region.
In the spotlight will be European Central Bank (ECB) President Christine Lagarde, who is expected to speak at the Choiseul Sovereignty Awards 2024 in Paris, France. Meanwhile, Fed Chairman Jerome Powell will be in the spotlight during a panel discussion on Global Prospects organized by the Federal Reserve Bank of Dallas.
The U.S. Consumer Price Index (CPI) rose 2.6% year-over-year in October, matching market expectations, following a 2.4% increase in the previous month. The monthly CPI remained at 0.2% m/m, as expected. Meanwhile, core CPI, which excludes the more volatile food and energy sectors, met market expectations, remaining at 0.3% MoM and 3.3% YoY.
Trading recommendation: Trade mainly with Sell orders from the current price level.
Origin: FreshForex
