Instrument: EURUSD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1.00390 with take profit at 1.00487
Bearish Preference:
A Sell position is envisaged if price trades below price 1.00169 with take profit at 1.00069
Fundamentals:
1:30pm USD Unemployment Claims
3:00pm USD ISM Manufacturing PMI
Comment:
The U.S. dollar rose in early European trade Thursday on growing expectations of further aggressive interest rate hikes by the Federal Reserve, with the Japanese yen being particularly hard hit. Expectations for a substantial U.S. rate hike at the Federal Reserve meeting later in September are rising on the back of solid economic data, as well as continued hawkish comments from Fed officials. Expectations of another large hike have grown since Fed Chair Jerome Powell declared last week that bringing price pressures down toward their 2% target was the Fed’s “overarching focus.”
Analysis: SCRUM Team
