Published on October 8, 2024 In the currency market, we experienced a quiet first day of the week yesterday, with the EUR/USD pair trading in a narrow range of just 20 pips between 1.0960 – 1.0980. The pair manages to stay below 1.10 levels after the release of US employment data last Friday, which beat expectations. The market is clearly positioned short euros, which could limit the pair's bullish recovery. Early in the morning we learned about German industrial production for August, which has exceeded expectations to stand at 2.9% compared to the expected 0.8%, which has favored a slight rebound to 1.0987. On the American side, members of the Federal Reserve have been optimistic about the “soft landing” of their economy and the possibility of cutting 25 basis points at the next meeting in November. Of the rest of the currency panel, the pound has started the day at the gates of the 0.84 level after the moderate line comments of the president of the BoE and the political noise in the British country. The Japanese yen reached above 163 against the community currency, although the latest salary publications have favored a slight appreciation of the currency.
EUR/USD starts the week below 1.10
