EUR/USD bears on board into the final stretch on Wall Street.
US stocks are sinking ahead of earnings this week and major calendar events such as the ECB, Fed and US NFP.
EUR/USD has been sent onto the backfoot as US stocks slide to fresh session lows led by the tech-focused Nasdaq which is down by more than 1% on Monday. At the time of writing, EUR/USD is losing around 0.2% and dropped from a high of 1.0913 to a low of 1.0839 recently printed.
It's a big week ahead and the markets are squaring up before major events such as the Federal Reserve, European Central Bank and the US nonfarm, Payrolls as the showdown and grand finale. Firstly, the Federal Reserve has been price din by the markets for a 25 basis point hike but they are also factoring in a benchmark rate to peak at 4.93% in June, up from 4.33% now. there are also calls for the central bank to cut it to 4.52% by December. However, some analysts are of the mind that the market is wrong considering how tight the labour market is. Some Fed officials have been pushing back against market calls for a pivot and said that they will need to keep rates in restrictive territory for a period of time in order to bring down inflation.
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