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The euro heads to break its losses this week of dwindling hopes Fed's rate cut

Today's market analysis on behalf of Samer Hasn Market Analyst and part of the Research Team at XS.com

 

May 24, 2024 (Investorideas.com Newswire) The euro witnessed gains of 0.32% against the US dollar at 1:00 pm GMT, and the level of 1.08503 is preparing to stop the series of daily losses that it has been exposed to since the beginning of the week, after a series of weekly gains for five weeks in a row.

The euro's gains today came despite the better-than-expected performance of durable goods orders in the US last April and despite the noticeable decrease in the possibilities of the Federal Reserve cutting interest rates in next September and November during the week.

This week witnessed a series of statements and statements from monetary policy officials supportive of the US dollar, as they indicated the economy's ability to continue expansion, in addition to the members of the Fed speaking about their concerns regarding the potential path of inflation and the ability to push it to its target soon.

These inputs have raised the probability that the Fed will keep current rates unchanged from 35% and 22.8% to 50% and 38%, respectively, from a week ago to now, according to CME FedWatch Tool.

While the European Central Bank may be set to cut rates sooner than the Fed, the Eurozone's economic performance and the recovery of growth has continued to support the single currency. This helps the euro face the dollar, which is supported by a relatively wide bond yield gap with other advanced economies, including the euro zone.

As for today's data, durable goods orders grew by 0.7% on a monthly basis in April, but excluding transportation items, the basic reading grew by only 0.4%. However, all durable goods orders from the items, with the exception of the volatile transportation and defense items, and the "other" items, all recorded positive performance, which in the end may be an indication of business confidence in the future of the economy and the feasibility of huge capital spending now.

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