The EUR/USD pair showed limited movement near 1.0400 on Monday as markets prepared for the upcoming holiday period. Low trading volumes and investor hesitancy contributed to a decreased risk appetite, impacting most asset classes.
EUR/USD traded near 1.0400 on Monday, showing little movement as markets prepared for the midweek holiday. Global markets are expected to be quiet during the New Year’s holiday period. Important economic data releases this week include mid-tier German labor figures and US ISM PMI data. On Monday, EUR/USD dipped below 1.0400 as year-end holiday trading led to low volumes and investors refrained from making significant moves.
This decreased risk appetite impacted most asset classes, pushing them towards the lower end of their recent ranges. German stock markets will be closed on Tuesday and Wednesday for New Year’s Eve and New Year’s Day. The final HCOB Manufacturing PMI data for Germany is expected on Thursday, but it’s unlikely to have a major impact on the Euro. Additionally, German labor statistics, including a projected increase in December’s Unemployment Change to 15K from 7K, will be released on Friday. Key economic data to watch this week is the US ISM PMI figures for December, scheduled for release on Friday. The ISM Manufacturing PMI is forecast to decrease slightly to 48.3 from 48.4. Several Federal Reserve policymakers are expected to speak later in the week, aiming to clarify and reassure the market regarding the Fed’s recent adjustments to anticipated rate cuts in 2024. EUR/USD price forecast As EUR/USD rebounds to the lower end of 1.0400, the recent price floor around 1.0350 becomes critical. The price has gradually declined since the EUR/USD started its downward trend from September highs just above 1.1200. While it hasn’t yet fallen below the mid-November low of 1.0332, EUR/USD is on track to finish in the negative for a fifth consecutive week. Longer-term observers will note that EUR/USD has closed lower in all but two of the last 13 weeks
EUR/USD Forex Holiday Trading Economic Data Federal Reserve
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EUR/USD weakens to near 1.0550 on ECB rate cut betsThe EUR/USD pair trades with a mild negative bias near 1.0550 on Monday during the Asian trading hours.
Read more »
EUR/USD Forecast: Euro could stay in consolidation in near termEUR/USD touched its highest level since mid-November above 1.0600 on Friday but lost its traction to end the week virtually unchanged.
Read more »
EUR/USD Price Forecast: Bearish outlook remains in play near 1.0550, eyes on ECB rate decisionThe EUR/USD pair trades in positive territory around 1.0560 during the early European session on Tuesday.
Read more »
EUR/USD Forecast: Euro defines near-term trading range before next breakoutEUR/USD rose toward 1.0600 on Monday but lost its traction to end the day flat.
Read more »
EUR/USD Price Forecast: Retains negative bias near 1.0500 ahead of ECB’s Lagarde speechThe EUR/USD pair trades in positive territory around 1.0510 during the early European session on Monday.
Read more »
EUR/USD Price Forecast: The bearish outlook remains in play near 1.0500The EUR/USD pair trades with mild gains to near 1.0510 during the Asian session on Tuesday.
Read more »