EUR: Better eurozone activity numbers aren't helping
The eurozone printed some unexpectedly welcome 1Q24 GDP numbers yesterday. On another day, EUR/USD gains could have proved sustainable. Yet the release of the strong US ECI data dominated.
Most of Europe is closed for the Labour Day holiday today, so FX trading conditions will be very thin and dominated by events on the far side of the Atlantic. We could see EUR/USD trying to rally back to 1.0700 were US ISM manufacturing or the JOLTS data to surprise on the downside, but we would expect EUR/USD to turn back offered ahead of tonight's FOMC.
Anything considered a 'hawkish pivot' by Chair Powell tonight could easily see EUR/USD press 1.0600 amidst a sell-off in equities.
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