Forex Analysis by Fawad Razaqzada covering: Euro US Dollar, US Dollar Index Futures. Read Fawad Razaqzada's latest article on Investing.com
pair was a tad higher during the first half of the European session, but just like the previous day the small gains could prove to be short-lived as the
However, traders are now shifting their attention towards the upcoming US presidential election, which could heavily influence the EUR/USD direction in the near term.The US dollar is hovering near a 2.5-month high, as rising treasury yields and expectations for slower Federal Reserve rate cuts boost the greenback. At present, there’s a 90% chance of a 25-basis-point rate cut next month, down from 50% when a larger 50-basis-point cut was anticipated.
As euro traders brace for Thursday’s Eurozone PMI release, the outlook for the EUR/USD remains bearish. A weak performance in the. I say “modestly” because despite the recent selling, the pair remains bang in the middle of the range it has been stuck inside for the best part of about 2 years. The fact that it is now down for the fourth week suggests the more recent trend has been bearish, reflecting the reduced odds of further outsized Fed rate cuts.
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