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Euro Forex Market Improves With US Data to Come

by Serge Shlykov

The Euro Forex market is enjoying a rebound as traders take advantage of upcoming US data. EUR/USD has been trading at 1.2386 over the past week, outperforming other major currencies such as GBP and JPY due to anticipation for US GDP figures on Friday morning.

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The “eur/usd forecast 2022” is an article that discusses how the Euro Forex Market has improved with the US Data to come.

Euro Forex Market Improves With US Data to Come

 

  • The euro recovers as the ECB tightens its stance. 
  • Focus on Retail Sales in the United States
  • Wall Street had a strong start to the day.

At the start of this week, the Euro FX market gained some much-needed momentum versus the Dollar. This resurgence has been fueled by rising market sentiment as well as the ECB’s harder rhetoric on inflation. This might bring the ECB’s policy closer to that of the Fed. The big mover of the day for traders will be US retail sales data, but equities have begun the day strongly after a quiet Monday.

Euro Struggles to Recover

On Monday, the Euro gained ground, and this trend has continued today, with the single currency nearing 1.05 versus the US dollar. The currency’s forex traders have experienced little upward movement lately, however this might be changing. As ECB President Christine Lagarde speaks today, all eyes will be on her. The spotlight will most likely be on how she addresses the region’s ongoing inflation problem. 

Some of the positive reasons driving the Euro’s upward movement have been policymakers’ seeming harder stance on fiscal policy. The prevailing belief is that the Central Bank will take a more aggressive hawkish stance, putting it closer to the Federal Reserve. Interest rates are expected to climb 25 basis points by the end of September, according to analysts.

Day’s Key Retail Sales Figures in the United States

The US Retail Sales data collection, which will be issued later today, will be the center of attention. This statistic is likely to rise at a more consistent pace in April, with a 0.7 percent increase predicted. This is somewhat higher than the March figure of 0.5 percent, but it seems to have already been factored into the market. With inflationary pressures being such a sensitive issue, any variation from this amount would very certainly trigger market volatility. 

Industrial output data from the United States is also slated for publication today, and Federal Reserve Chair Jerome Powell will make a speech that traders and forex brokers will be watching for any shifts from the lately more hawkish Powell.

Stocks are expected to continue to rise.

On Wall Street, Monday was another bumpy day, with the main averages tumbling again in what has been a turbulent season. As the opening bell approaches, the markets have moved in a more bullish direction as traders attempt to take advantage of cheaper pricing. 

The Dow Jones has added 400 points in early trading while the S&P 500 and Nasdaq are both up as well, the latter by more than 2%. Both the DJIA and Nasdaq are trying to snap multi-week losing runs with losses mounting since the turn of the year. A number of high-profile stocks have jumped including Citigroup which popped 5% after news of Warren Buffett increasing his stake.

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The “eur/usd signals” is a tool that allows traders to see the difference in the Euro and US Dollar. The tool will use data from the U.S. markets, which has been improving with time.

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