EUR/USD gathers strength around the mid-1.0900s, US, German CPI data eyed


  • EUR/USD kicks off the new week on a positive note around 1.0942 amid the softer US Dollar. 
  • The US economy added 275K jobs in February from 229K in January, above the consensus of 200K. 
  • The Eurozone GDP growth numbers remained mainly unaltered in Q4 2023, allowing it to narrowly skirt the recession.
  • The US and German February CPI inflation data on Tuesday will be a closely watched event. 

The EUR/USD pair holds positive ground around the mid-1.0900s during the early Asian trading hours on Monday. The overall view of the US February Nonfarm Payrolls data on Friday suggested labor market activity in the US remains strong. With the prospect that the Fed will begin the first cut in June, this drags the Greenback lower against the Euro (EUR). The major pair currently trades near 1.0942, gaining 0.06% on the day. 

The US economy added 275K jobs in February from 229K in the previous month, above the consensus of 200K, the US Bureau of Labor Statistics (BLS) reported on Friday. The Unemployment Rate ticked higher to a two-year high of 3.9% in February from 3.7% in January. Finally, wage growth, as measured by Average Hourly Earnings, rose by 4.3% YoY in February versus 4.4% prior. Fed Chair Powell stated in his remarks to the Senate Banking Committee on Friday that more confidence is needed before the central bank is ready to lower the rate, but they’re not far from it.

On the Euro front, the European Central Bank (ECB) kept borrowing costs at record highs last week, as broadly expected. ECB President Lagarde maintained a cautious tone, emphasizing that more evidence was needed before the ECB cut rates. Furthermore, Eurostat showed on Friday that the Eurozone Gross Domestic Product (GDP) for the fourth quarter (Q4) of 2023 was flat MoM and grew 0.1% YoY. 

Moving on, the US and German February CPI inflation data will be due on Tuesday. On Thursday, US Retail Sales will take center stage. These events might help Fed officials consider when it might be appropriate to begin cutting interest rates. Traders will take cues from the data and find trading opportunities around the EUR/USD pair.

 

EUR/USD

Overview
Today last price 1.0942
Today Daily Change 0.0006
Today Daily Change % 0.05
Today daily open 1.0936
 
Trends
Daily SMA20 1.0824
Daily SMA50 1.0856
Daily SMA100 1.0842
Daily SMA200 1.0834
 
Levels
Previous Daily High 1.0981
Previous Daily Low 1.0919
Previous Weekly High 1.0981
Previous Weekly Low 1.0838
Previous Monthly High 1.0898
Previous Monthly Low 1.0695
Daily Fibonacci 38.2% 1.0943
Daily Fibonacci 61.8% 1.0957
Daily Pivot Point S1 1.091
Daily Pivot Point S2 1.0883
Daily Pivot Point S3 1.0847
Daily Pivot Point R1 1.0972
Daily Pivot Point R2 1.1008
Daily Pivot Point R3 1.1034

 

 


 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD holds steady near 1.0900 ahead of Powell speech

EUR/USD holds steady near 1.0900 ahead of Powell speech

EUR/USD fluctuates near 1.0900 after recovering from daily lows and erasing the bearish opening gap. The cautious market stance limits the pair's upside as focus shifts to Fed Chairman Jerome Powell's speech at the Economic Club of Washington.

EUR/USD News

GBP/USD consolidates below 1.3000, eyes on Fed Chairman Powell

GBP/USD consolidates below 1.3000, eyes on Fed Chairman Powell

GBP/USD struggles to build on the previous week's gains and trades below 1.3000 on Monday. Investors refrain from taking large positions ahead of Fed Chairman Powell's speech and allow the pair to stay in its daily range.

GBP/USD News

Gold advances above $2,410 following pullback seen earlier

Gold advances above $2,410 following pullback seen earlier

Gold regains its traction and trades in positive territory slightly above $2,410 after dropping toward $2,400 at the beginning of the week. Investors await Fed Chairman Powell's appearance at the Economic Club of Washington.

Gold News

Bitcoin price sets for a rally following a breakout above the descending trendline

Bitcoin price sets for a rally following a breakout above the descending trendline

On-chain data suggests that miners' selling activity is decreasing, indicating a bullish move ahead. US spot Bitcoin ETFs registered $1.047 billion in inflows last week. Bitcoin Coinbase Premium Gap is increasing, suggesting that whales are intensifying their accumulation.

Read more

Trump assassination attempt boosts his chances of winning November election

Trump assassination attempt boosts his chances of winning November election

Donald Trump got this close to being assassinated this weekend while he was giving a speech in an election rally. He was lucky that the bullet only grazed his ear, but he showed his resilience by demonstrating strength and defiance after being shot.

Read more

Forex MAJORS

Cryptocurrencies

Signatures