EUR/USD: 2Q GDP but US Payrolls may matter more – OCBC

The Euro (EUR) continued to inch higher amid broad USD softness, OCBC Frances Cheung and Christopher Wong note.

NFP may move EUR/USD

“Pair was last seen at 1.1110. Bearish momentum on daily chart shows signs of fading while RSI rose slightly. US data risk matters and as such USD moves will dictate direction. Resistance at 1.12 (recent high) and 1.1280 (2023 high).”

“Support at 1.1026 (recent low), 1.10, 1.0930 (61.8% fibo retracement of 2024 high to low). Today brings GDP (Fri). Underwhelming data print could move the needle for markets to price in a more dovish ECB.”

Sep 6, 2024

CAD: Watch for more jobs weakness – ING

The Bank of Canada delivered a widely expected 25bp rate cut on Wednesday.

Gold extends recovery after weak US private payrolls data

Gold (XAU/USD) trades back inside familiar territory, exchanging hands in the $2,510s on Friday after extending its rebound following the release of more weak jobs’ data from the US on Thursday, this time in the form of private payrolls data, which grew at a slower pace than expected.