- EUR/USD continues to trade sideways above the round-level support of 1.0900. The major currency pair remains in a tight range from the last week amid absence of Eurozone top-tier economic data. This week, the Eurozone economic calendar will report the revised estimates of flash Q2 Gross Domestic Product (GDP) and preliminary Employment Change data, which will be published on Wednesday.
- According to the expectations, the Eurozone economy expanded by 0.3% on quarter, in line with flash figures and the growth rate recorded in the first quarter of this year. Meanwhile, the Employment Change, a percentage measure that shows an increase in fresh payrolls, is expected to rise at a slower pace of 0.2% from the prior release of 0.3%.
- Strong GDP and employment numbers are favorable for the Euro (EUR) as they reduce the chances of further policy easing by the European Central Bank (ECB). The ECB has already pivoted to policy normalization and investors look for cues that could suggest how far the central bank will take its key borrowing rates down.
- Currently, financial markets expect that the ECB will cut interest-rate cuts two more times this year Last week, Finnish ECB policymaker Olli Rehn said, “Rate cuts would help the eurozone economy recover, in particular the "fragile" industrial growth and subdued investments,” Reuters reported
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