, though recent hawkish comments from ECB officials have seen an uptick in the number of market participants expecting an additional rate increase.
30 minutes after the ECB rate call there will be a press conference with ECB officials, where investors will be listening closely for any hints about the path forward for the European central bank’s interest rate policy. Thursday also brings US Producer Price Index figures, as well as Retail Sales. The monthly PPI for August is expected to tick upwards, albeit slightly, from 0.3% to 0.4%. Meanwhile, Retail Sales growth is expected to decline to 0.2% from July’s 0.7%. While a positive figure, but a contraction in growth figures could signal a softening economy, and market participants will be keeping a close eye on the print.
The EUR/USD has closed in the red for the past eight consecutive weeks, and buyers will be looking to reverse the pair’s recent rejection from the 100-day SMA, which has gone flat and is threatening to turn bearish. A bearish inversion of the 100-day SMA and 50-day Exponential Moving Average is likewise complicating bidding efforts.
Meanwhile, the MACD on daily candlesticks is showing oversold conditions, though the slow line histogram of the MACD is showing further room for the EUR/USD to stoop even lower in the event a failed bid to re-establish bullish momentum.
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Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »