Euro remains vulnerable. Overview for 07.09.2022
The market major remains depressed. The current quote is 0.9900.
As previously, the euro is affected by the energy crisis unveiling in Europe. While the winter season is coming, this factor will be acquiring more and more significance. On the other hand, the USD is supported by the demand for safe-haven assets from investors who are fleeing from risks worldwide.
Moreover, the market is interested in the dollar because the September meeting of the Fed is close. Most probably, the interest rate will be raised for no less than 50 base points. The main goal of the Fed’s tough monetary policy is control over inflation. As the regulator has mentioned, all measures will do.
Yesterday the US reported an unexpected increase in the PMI in non-production. The ISM in August grew to 56.9 from 56.7 points. However, by Markit, it dropped to 43.7 from 44.1 points.
As for important statistics planned for today, only the Beige Book is expected in the US.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.