Market Overview Analysis by Investing.com (Damian Nowiszewski) covering: EUR/USD, US Dollar Index Futures. Read Investing.com (Damian Nowiszewski)'s latest article on Investing.com
Today's focus shifts to US labor data: strong figures could justify the Fed's hawkish stance of maintaining high rates.
In 2024, invest like the big funds from the comfort of your home with our AI-powered ProPicks stock selection tool.It did, however, announce a reduction in the pace of quantitative tightening. This change is unlikely to significantly alter the overall neutral perception of the meeting. With a light data calendar from the US, today's economic releases and the Fed's stance hold the potential to significantly impact the US dollar and major indexes in the short term.It's also important to consider potential revisions to previous months' data, which can significantly alter the market's interpretation of the current readings.
If the demand side continues its upward movement, the bulls will likely target the strong supply zone near 1.0850, which translates to roughly 100 points of upside potential.
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