Rate Cut Fears Weaken The U.S. Dollar’s Counterparts
We wish everyone a good new trading week.
Most important event risk of this week, will be the U.S. NFP data, due for release on Friday.
Rate cuts are in focus and while U.S. economic data continues to support a robust economy, expectations raise that the European Central Bank may even cut interest rates earlier than the Federal Reserve. This exerted some pressure on the euro and British pound against the greenback.
EUR/USD: Lower support zones come in at around 1.07 and 1.0650, while on the topside, the 1.0830 could act as a resistance.
GBP/USD: The pair closed below 1.26, so the next target is seen at 1.25.
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Our trading ideas for today 2/4/24:
EUR/USD
Long @ 1.0765
Short @ 1.0720
GBP/USD
Long @ 1.2570
Short @ 1.2530
DAX® (GER40)
Long @ 18540
Short @ 18440
Settings for all trades today: Entries from 8:00 am UTC, SL 25, TP 40
Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.
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