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EUR/USD Extend Losses: Markets Await Key U.S. and European Data

November 11, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com), a go-to platform for big investing ideas releases market commentary from Joseph Dahrieh, Managing Principal at Tickmill.

The euro-dollar pair extended its downtrend, as market participants await key economic data from both the U.S. and Europe that could shape its near-term trajectory. A cautious mood could follow a volatile week marked by the U.S. elections, with attention now shifting to inflation data and Federal Reserve policy signals.

In the wake of last week's interest rate cut decision, Fed Chair Powell emphasized the Federal Reserve's commitment to data-driven policy decisions, independent of political influence. The upcoming U.S. Consumer Price Index (CPI) report, scheduled for release on Wednesday, is expected to be a critical barometer. Should inflation show signs of moderation, the Fed may continue its rate-cut cycle, potentially exerting further pressure on the dollar. Conversely, persistent inflation could prompt a more hawkish stance from the Fed, strengthening the greenback and extending last week's rally.

In Europe, preliminary data revealed a 0.4% increase in eurozone GDP for the third quarter, representing the strongest growth rate in two years, with Germany's economy also showing modest expansion. At the same time, European yields have declined, as speculation of a potential rate cut by the European Central Bank (ECB) in December has tempered sentiment surrounding the euro.

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