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4 November 2024,02:06
Trade Of The Day
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* Dollar Dip: The Euro strengthened against the U.S. dollar following Friday’s release of weaker-than-anticipated Nonfarm Payroll data. The U.S. Bureau of Labor Statistics reported that October’s NFP increased by only 12,000, after a downward revision in September’s figure to 223,000 from the initial 254,000, missing the expected 113,000. The Unemployment Rate held steady at 4.1% in October, aligning with forecasts. Additionally, the Euro found support from stronger-than-expected Q3 economic growth and rising inflation in the Eurozone, leading traders to reevaluate the likelihood of a significant rate cut from the European Central Bank (ECB) in December. Preliminary data showed the Eurozone Harmonized Index of Consumer Prices increased to 2.0% year-over-year in October, up from 1.7% and surpassing the forecast of 1.9%, while core inflation remained at 2.7%. Furthermore, Eurozone GDP grew by 0.4% quarter-over-quarter in Q3, doubling Q2 growth and exceeding the 0.2% projection.
* Technical Breakout: EURUSD was traded higher following prior breakout above the previous resistance level 1.08750. MACD which illustrate diminishing bearish momentum signal suggest the pair to likely further extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 1.09550. Conversely, a potential reversal is also to be expected and the price could head back towards 1.08100 after it breach back below the level 1.08750.
Looking ahead, attention now turns to this week’s U.S. presidential election, where Democratic candidate Kamala Harris and Republican nominee Donald Trump are in a tight race across seven key battleground states, with just two days remaining before the vote.
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Stay updated on US and Eurozone data, updates on the U.S. Presidential Election, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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