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EUR/USD eyes US data after consolidating near 1.1540
The week’s focus includes US ISM Manufacturing, JOLTS job openings, and Friday non-farm payrolls, which could shift expectations for a September Fed rate hike.
EUR/USD starts the week around 1.1540 after a volatile prior period, with attention moving from the Federal Reserve meeting to upcoming US economic data, according to Action Forex. Investors are looking to see whether the figures support a September rate hike, or instead suggest the US economy is cooling.
The calendar is set with China and US business activity indicators on Monday, including the US ISM Manufacturing PMI expected around 53.0 versus 53.3 previously, the outlet said. On Tuesday, JOLTS job openings are forecast to fall to 7.3 million from 7.594 million, and Wednesday’s US ISM Services PMI is expected to rise to 55 from 54.
On Friday, the main catalyst is the US labour market report, with non-farm payrolls forecast to increase by 79,000 and the unemployment rate expected to hold at 4.2%, Action Forex added. The article also notes Germany foreign trade data on Friday, where the surplus is expected to narrow to €11.2 billion from €19.1 billion.
Technically, the outlet says the H4 chart shows EUR/USD consolidating near 1.1533 between 1.1524 and 1.1538, with scenarios depending on whether price breaks higher or lower. It also points to H1 levels where a move toward 1.1480 could be followed by further action, including potential downside toward 1.1400 and beyond if the trend extends.
Latest closeEUR/USD 1.153 ▲0.5%