EUR/USD dives beneath 1.0750 to 4-week lows around 1.0720s – by christianborjon EURUSD Majors Macroeconomics Technical Analysis
ed for higher interest rates in the United States. Hence, money market futures began to price in higher interest rates, underpinning the US Treasury bond yields and the buck. At the time of typing, the EUR/USD exchanges hands at 1.0730.The EUR/USD lost traction on Friday, as the US Department of Labor revealed that 517K jobs were added to the economy, crushing the 200K expectations and sending the Unemployment Rate dipping towards 3.4% from 3.5%.
Datawise, the European docket reported soft Retail Sales for December, which plunged to -2.7% MoM, vs. a -2.5% contraction expected. Consequently, the YoY rate was -2.8% compared to -2.7% estimates by street analysts. Earlier in the European session, Germany revealed that factory orders improved from December’s 4.4% MoM plunge to 3.2% expansion, smashing estimates of 2%, but annually paced, barely improved to -10.1% vs. -10.2% estimated. In other data, Industrial Production in Germany and Spain will be featured on Tuesday, while Italy will do it on Friday.
On central bank speaking, the ECB’s Robert Holtzmann said, “Monetary policy must continue to show its teeth until we see a credible convergence to our inflation target.” At the same time, Kazaks added that if the incoming data meet the ECB’s current expectations, “rates will be raised by 50 basis points in March.shifted traders’ focus to Tuesday on the US front.
next support would be the 1.0700 psychological level, which, once cleared, would expose the 50-day EMA At 1.0579, followed by the 20-day EMA at 1.0533, ahead of the 1.0500 mark.
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