EUR/USD Posts Modest Gains Around 1.0770 Ahead Of Eurozone GDP, US Jobless Claims

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  • EUR/USD attracts some buyers amid the risk-on mood.
  • ADP private payrolls came in worse than expected, rising 103K in November vs. 106K prior.
  • Eurozone Retail Sales rose 0.1% MoM in October vs -0.1% prior, below the market consensus of 0.2%.
  • The Eurozone GDP for Q3 and US Jobless Claims will be the highlights on Thursday.

The EUR/USD pair posts modest gains during the early Asian section on Thursday. However, the upside of the pair might be capped on the renewed US Dollar (USD) demand and weaker-than-expected Eurozone data. The major pair currently trades around 1.0770, gaining 0.08% on the day.

The US Dollar Index (DXY) climbs for three straight days despite weaker ADP employment data. On Wednesday, ADP private payrolls rose 103K in November from 106K in October. This figure came in worse than expected. Market players will take more cues from the US employment data this week, including the weekly Jobless Claims and Nonfarm Payroll.

The downbeat Eurozone Retail Sales exert some selling pressure on the Euro (EUR). The figure rose 0.1% MoM in October versus -0.1% in September, below the market consensus of 0.2%. On an annual basis, Eurozone Retail Sales fell from 2.9% to 1.2% in October, worse than the 1.1% drop expected. High interest rates, weak consumer confidence, and fading optimism about the labor market are all combined to dampen private consumption growth.

ECB board member Isabel Schnabel stated last month that rate hikes must remain an option because the last phase of the inflation fight may be the hardest. However, she had shifted her stance after three surprisingly low inflation readings in a row. The markets are aggressively pricing the European Central Bank (ECB) to cut interest rates by 142 basis points (bps) next year, with the first move now seen as soon as March 2024.

Looking ahead, investors await the Eurozone Gross Domestic Product for the third quarter (Q3), which is estimated to remain steady at -0.1% QoQ. On the US docket, the weekly Jobless Claims will be due.
 

EUR/USD

OVERVIEW
Today last price 1.077
Today Daily Change 0.0008
Today Daily Change % 0.07
Today daily open 1.0762

 

TRENDS
Daily SMA20 1.086
Daily SMA50 1.0696
Daily SMA100 1.0771
Daily SMA200 1.0821

 

LEVELS
Previous Daily High 1.0805
Previous Daily Low 1.0759
Previous Weekly High 1.1017
Previous Weekly Low 1.0829
Previous Monthly High 1.1017
Previous Monthly Low 1.0517
Daily Fibonacci 38.2% 1.0776
Daily Fibonacci 61.8% 1.0787
Daily Pivot Point S1 1.0746
Daily Pivot Point S2 1.0729
Daily Pivot Point S3 1.07
Daily Pivot Point R1 1.0792
Daily Pivot Point R2 1.0821
Daily Pivot Point R3 1.0838


More By This Author:

WTI Plunges Below $70.00 In Upbeat U.S. Inventory Report, China’s Economy Concerns
EUR/USD Nudges Up, Approaching 1.0800 As ADP Data Disappoints
EUR/USD Is Approaching Support At 1.0750 With Retail Sales Data On Tap

Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...

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