ECB’s Interest Rate Decision & US PPI The Main Focus Of The Day

Hello Traders,

As we have gone through yesterday’s US CPI data, today the main focus is turned into ECB’s interest rate decision and US’s Jobless Claims & PPI data. Analysts expect that the ECB could potentially cut interest rates by 60 basis points from 4.25% down to 3.65%. Then 15 minutes later we will have the US PPI data. The rate cut for the Euro is a dovish stance thus potentially depreciating the value of the currency. However, if a smaller rate cut will be taken it could also provide a reaction higher in the EURUSD for example.

*Data Provided by investing.com

Traders need to be aware of potential volatility as we head into the releases and the NY Session as the news might counter act with each other creating indecision in term of the path for the EURUSD or US Dollar related pairs as well.

A higher than expected PPI and lower number of Jobless applications can send the USDX higher in value and with a combination of ECB’s interest rate cut the EURUSD might be the one to watch for for a potential move to the downside. Adverse reactions can happen if the data comes the other way. Check out our weekly market outlook and what we saw from the beginning of the week in terms of the markets overall technical analysis and pivot points at: https://blog.royal-fi.com/market-analysis/weekly-market-outlook-september-9th-13th-2024-all-about-us-cpi-ecb-interest-rate-ahead/

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