The Euro rose to 1.0826 as U.S. long-term interest rates fell from the Tokyo session to the European session. However, as U.S. interest rates went back up, the Euro dropped to 1.0769. In the New York session, U.S. JOLTS job openings came in lower than expected, leading to another drop in U.S. long-term rates and causing the dollar to weaken, with the Euro closing back above 1.08.
Last week’s low of 1.0762 was not reached, as buyers stepped in and pushed the Euro up. Today, the release of Germany’s and the Eurozone’s GDP, along with Germany’s CPI, may increase expectations for a rate cut from the European Central Bank (ECB). However, with the U.S. employment report at the end of this week, next week’s FOMC meeting, and the U.S. presidential election approaching, the Euro’s downside seems limited.
Expected EUR/USD range: 1.0850 – 1.0780
Please note that the information above does not guarantee any profit. Make trading decisions based on your own judgment.