Fundamental analysis of the market for 21.02.2024 EURUSD
Event to pay attention to today:
11:00 EET. EUR - Composite PMI
16:45 EET. USD - Composite PMI
EURUSD:
Event to pay attention to today:
11:00 EET. EUR - Composite PMI
16:45 EET. USD - Composite PMI
EURUSD:
EUR/USD is trading unchanged near 1.0500 during the early Asian session on Friday. However, Trump's tariff threats could put pressure on the euro (EUR) against the US dollar. Later on Friday, the extended manufacturing and HCOB services PMIs for Germany and the euro bloc countries will be released.
Initial jobless claims in the US for the week ended February 15 rose to 219K, up from the previous week's revised 214K (from 213K), the US Department of Labor (DoL) showed on Thursday. The figure was above the market consensus of 215 thousand. The reports did not change expectations that the Federal Reserve (Fed) will maintain a wait-and-see attitude for months to come.
Meanwhile, Trump said Wednesday that he will announce new tariffs within the next month, adding lumber and forest products to previously announced plans to impose duties on imported cars, semiconductors and pharmaceutical products. Trump's latest tariff plans could spark fears of trade tensions, undermining the euro in the near term.
In addition, rising bets on further interest rate cuts by the European Central Bank (ECB) could contribute to the euro's decline. Analysts expect the European Central Bank (ECB) to cut rates by a quarter point at each meeting until mid-2025. This will lead to a deposit rate cut to 2.0%.
Trading recommendation: SELL 1.0500, SL 1.0530, TP 1.0410
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