EURUSD:Strong NFP but coming CPI may change direction
Mis à jour
Dear Traders,
Following a period of subdued inflation data, EURUSD recently breached the 1.09000 mark. However, Friday's Non-Farm Payroll (NFP) report surpassed expectations, revealing over 272,000 jobs created compared to the anticipated 185,000. Consequently, EURUSD has retraced towards the key uptrend support around the 1.07800 level.
While the NFP figures are significant, it's crucial to recognize that they are just one piece of the puzzle for the Federal Reserve's decision-making process. Another critical aspect will be the forthcoming Consumer Price Index (CPI). Should the CPI data indicate a softer inflationary trend, we anticipate further weakness in the USD, potentially propelling EURUSD upwards from the support zone at 1.07800.
Conversely, if the CPI surprises with higher-than-expected inflation, we may witness a break in the EURUSD downtrend, possibly leading to new lows.
Remember to trade cautiously and stay informed.
Best regards,
Joe
Following a period of subdued inflation data, EURUSD recently breached the 1.09000 mark. However, Friday's Non-Farm Payroll (NFP) report surpassed expectations, revealing over 272,000 jobs created compared to the anticipated 185,000. Consequently, EURUSD has retraced towards the key uptrend support around the 1.07800 level.
While the NFP figures are significant, it's crucial to recognize that they are just one piece of the puzzle for the Federal Reserve's decision-making process. Another critical aspect will be the forthcoming Consumer Price Index (CPI). Should the CPI data indicate a softer inflationary trend, we anticipate further weakness in the USD, potentially propelling EURUSD upwards from the support zone at 1.07800.
Conversely, if the CPI surprises with higher-than-expected inflation, we may witness a break in the EURUSD downtrend, possibly leading to new lows.
Remember to trade cautiously and stay informed.
Best regards,
Joe
Commentaire
EURUSD did break it out the trend, in case of a hot cpi i will look for a potential retrace... otherwise if it's soft i will treat it as a fakeout
Commentaire
eurusd didn't retrace and now is back above the trend. will be now more focused on long opportunities as CPI came soft from both Core and Headlines
Commentaire
Powell noted recent inflation progress without much new insight. Given solid CPI data, a September rate cut seems likely, making USD bearish. i will be watching potential EURUSD reversal from the trend!
Transaction en cours
Soft PPI, perfect for USD Shorts
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