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EUROPEAN SESSIONIn the European session, we don’t have much on the agenda other than a couple of low tier releases like the Eurozone Sentix index and the German Current Account balance. None of the data is going to change anything for the ECB or the market, so the reaction will likely be muted. The overnight news of the US Department of Justice subpoenaing the Federal Reserve is the main highlight of the day which caused the US Dollar to weaken across the board and gold to jump to new record highs. The lack of other catalysts might see the current moves extending throughout the day.AMERICAN SESSIONIn the American session, we don’t have anything on the calendar other than the 10 year note auction. The focus has now turned to the US CPI report tomorrow. A Fed rate cut in January is now out of the question following the good US NFP report on Friday where the unemployment rate dropped to 4.4% vs 4.6% prior. The market continues to bet on two rate cuts this year with the first one expected in June. CENTRAL BANK SPEAKERS08:50 GMT/03:50 ET – ECB’s de Guindos (neutral – voter)17:00 GMT/12:00 ET – ECB’s Villeroy (dovish – voter)17:30 GMT/12:30 ET – Fed’s Bostic (hawkish – non voter)17:45 GMT/12:45 ET – Fed’s Barkin (hawkish – non voter)
This article was written by Giuseppe Dellamotta at investinglive.com.
💡 DMK Insight
With minimal data on the agenda, traders should brace for a quiet European session. The Eurozone Sentix index and German Current Account balance are unlikely to stir significant market movement, which means any volatility might stem from external factors or trader sentiment rather than economic indicators. This lack of impactful news could lead to a consolidation phase in the euro, especially if it hovers around key technical levels. Traders should keep an eye on the EUR/USD pair, particularly if it approaches support or resistance levels that could signal a breakout or reversal. Watch for any unexpected geopolitical news or shifts in U.S. market sentiment that could ripple through the forex markets, especially as we head into the U.S. session later today. The real story here is the potential for low liquidity to amplify price swings, so stay alert for any sudden moves despite the quiet calendar.
📮 Takeaway
Monitor the EUR/USD pair closely for potential breakouts around key support or resistance levels, especially given the low-impact data today.
