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Euro Gains Amid Stronger Eurozone PMIs, Weakening USD

Written by:

Ezekiel Chew

Last updated on:

August 22, 2024

Economic Activity Shows Mixed Signals in Eurozone

Economic activity in the Eurozone saw an uptick in August, according to the latest HCOB PMIs. However, HCOB chief economist Dr. Cyrus de la Rubia cautions that the underlying fundamentals may not be as robust as they appear.

“It’s a story of two contrasting sectors. The manufacturing sector is still stuck in a recession, while the services sector continues to expand at a reasonable pace. However, with the temporary boost from the Olympics in France fading and declining confidence within the Eurozone’s service industry, it seems likely that the challenges faced by the manufacturing sector will soon start to impact services as well.”

August HCOB PMIs for Euro Area (Source: DailyFX)

Euro Reaches 13-Month High Against Weak US Dollar

The Euro hit a fresh 13-month high against the US dollar on Monday and is close to setting another new high today. The US dollar remains under pressure as the Federal Reserve gears up for a series of anticipated interest rate cuts, expected to begin in September. This Friday, Fed Chair Jerome Powell's speech at the Jackson Hole Symposium could provide the market with more insight into the central bank's current stance and the expected pace of future rate cuts.

Today's EUR/USD price movement is likely to stay within Monday's range of 1.1099-1.1174, with a retest of yesterday’s high being the more probable scenario.

EUR/USD Daily Chart as of August 22nd, 2024 (Source: DailyFX)

About Ezekiel Chew​

Ezekiel Chew, founder and head of training at Asia Forex Mentor, is a renowned forex expert, frequently invited to speak at major industry events. Known for his deep market insights, Ezekiel is one of the top traders committed to supporting the trading community. Making six figures per trade, he also trains traders working in banks, fund management, and prop trading firms.

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Euro Gains Amid Stronger Eurozone PMIs, Weakening USD

Written by:

Updated:

August 22, 2024

Economic Activity Shows Mixed Signals in Eurozone

Economic activity in the Eurozone saw an uptick in August, according to the latest HCOB PMIs. However, HCOB chief economist Dr. Cyrus de la Rubia cautions that the underlying fundamentals may not be as robust as they appear. “It’s a story of two contrasting sectors. The manufacturing sector is still stuck in a recession, while the services sector continues to expand at a reasonable pace. However, with the temporary boost from the Olympics in France fading and declining confidence within the Eurozone’s service industry, it seems likely that the challenges faced by the manufacturing sector will soon start to impact services as well.”
August HCOB PMIs for Euro Area (Source: DailyFX)

Euro Reaches 13-Month High Against Weak US Dollar

The Euro hit a fresh 13-month high against the US dollar on Monday and is close to setting another new high today. The US dollar remains under pressure as the Federal Reserve gears up for a series of anticipated interest rate cuts, expected to begin in September. This Friday, Fed Chair Jerome Powell's speech at the Jackson Hole Symposium could provide the market with more insight into the central bank's current stance and the expected pace of future rate cuts. Today's EUR/USD price movement is likely to stay within Monday's range of 1.1099-1.1174, with a retest of yesterday’s high being the more probable scenario.
EUR/USD Daily Chart as of August 22nd, 2024 (Source: DailyFX)
ezekiel chew asiaforexmentor

About Ezekiel Chew

Ezekiel Chew, founder and head of training at Asia Forex Mentor, is a renowned forex expert, frequently invited to speak at major industry events. Known for his deep market insights, Ezekiel is one of the top traders committed to supporting the trading community. Making six figures per trade, he also trains traders working in banks, fund management, and prop trading firms.

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