EUR/USD: Strong Buy – Focus Currency and Technical Analysis (1-Hour Chart) September 27, 2024
EUR/USD: Strong Buy
The EUR/USD is currently adjusting around 1.1165 following a sharp rise the previous day. The Consumer Price Index (CPI) for France and Spain in September has decreased, raising expectations for the ECB to maintain a “dovish” policy stance. Today, the release of the U.S. Personal Consumption Expenditures (PCE) price index is also anticipated, which could influence the Fed’s future interest rate trajectory.
GBP/USD: Strong Buy
The GBP/USD is currently declining at 1.3385. Although expectations for further rate cuts have increased following the Fed’s 50 basis point rate reduction, investors are taking profits ahead of the U.S. PCE data release. The Bank of England has kept rates on hold, but its response to U.S. policy is under scrutiny.
NZD/USD: Strong Buy
The NZD/USD is testing the 0.6300 level, negating the previous day’s gains. Ahead of the U.S. PCE price index release, the market is assessing the likelihood of the Fed further reducing interest rates this year. Meanwhile, consumer confidence in New Zealand has improved, but it hasn’t significantly impacted the market.
Gold (XAU/USD): Neutral
Gold is trading around 2670.00, with attention focused on the release of the U.S. PCE price index. Expectations for interest rate cuts at the Fed’s meetings in November and December are prevalent, but the scale of these cuts is a key point of interest. Additionally, geopolitical risks in the Middle East are supporting gold demand, and aggressive gold purchases by the People’s Bank of China are also influencing the market.
