The EUR/USD pair fell to a fresh three-week low of 1.0776 on Thursday but managed to finish the week in the green above the 1.0900 threshold.
Tepid United States data fueled concerns about the country’s economic health. Market players are increasing bets on a Fed 50 bps rate cut in September. EUR/USD turned sharply higher and could test the 1.1000 in the upcoming sessions. Market players had loads to digest throughout the week, but in the end, mounting speculation that the Fed eral Reserve will trim interest rates aggressively and tepid United States data fueling recession fears weighed more.
5 in the previous month, missing expectations of 48.8. The ISM report also showed a concerning uptick in Prices Paid, as the sub-index jumped to 52.9, higher than the 51.8 anticipated. US employment-related data supported the case for rate cuts. The ADP report showed that the private sector added 122K new jobs in July, missing the 150K expected. Also, Initial Jobless Claims for the week ended July 26 unexpectedly rose to 249K, worse than anticipated.
Recommended Fed Inflation Growth
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