EUR/USD cycled familiar territory on Wednesday after the US Federal Reserve (Fed) held rates as many investors had expected.
EUR/USD churned after Fed rate hold. Investors pivoting to focus on Friday’s US NFP . Quiet Thursday ahead with mid-tier data. EUR/USD cycled familiar territory on Wednesday after the US Fed eral Reserve held rates as many investors had expected. However, market participants were hoping for further signs of impending rate cuts from the US central bank. At current cut, rate markets are anticipating a first and only rate cut for the year in November.
Friday’s US NFP will drive much of the market momentum to close out the trading week, with markets expecting a print of 243K in April versus the previous month’s 303K. Revisions to data will be closely watched as layoffs continue to plague larger sections of the US economy. Investors are also hoping that Average Hourly Earnings MoM in April hold flat at 0.3% as wages continue to be the popular target for broad-market inflation fears.
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