EUR/USD spent the second half of the previous week under strong bearish pressure and closed deep in negative territory in three consecutive days. After losing over 1% on a weekly basis, the pair stages a technical correction and trades above 1.1050 in the European morning on Monday.
The US Dollar (USD) preserved its strength ahead of the weekend as markets paid little to no attention to the Personal Consumption Expenditures (PCE) Price Index figures for July.
The US Bureau of Economic Analysis reported that the annual PCE inflation held steady at 2.5%. Meanwhile, the core PCE Price Index, which excludes volatile food and energy prices, rose 0.2% on a monthly basis, as expected.
Bond and stock markets in the US will remain closed in observance of the Labor Day holiday on Monday. Hence, the trading action is likely to turn subdued in the second half of the day.
The US economic docket will feature ISM Manufacturing PMI for August on Tuesday. Later in the week, investors will have more data releases to assess from the US, including ISM Services PMI and August jobs report.
EUR/USD recovers modestly in the European session on Monday.
Financial markets in the US will remain closed in observance of the Labor Day holiday.
The near-term technical outlook is yet to point to a bullish tilt.
EUR/USD spent the second half of the previous week under strong bearish pressure and closed deep in negative territory in three consecutive days. After losing over 1% on a weekly basis, the pair stages a technical correction and trades above 1.1050 in the European morning on Monday.
The US Dollar (USD) preserved its strength ahead of the weekend as markets paid little to no attention to the Personal Consumption Expenditures (PCE) Price Index figures for July.
The US Bureau of Economic Analysis reported that the annual PCE inflation held steady at 2.5%. Meanwhile, the core PCE Price Index, which excludes volatile food and energy prices, rose 0.2% on a monthly basis, as expected.
Bond and stock markets in the US will remain closed in observance of the Labor Day holiday on Monday. Hence, the trading action is likely to turn subdued in the second half of the day.
The US economic docket will feature ISM Manufacturing PMI for August on Tuesday. Later in the week, investors will have more data releases to assess from the US, including ISM Services PMI and August jobs report.
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