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📊 EURUSD continues to struggle as ECB rate cut looms The euro (EUR) continued to decline for the fifth consecutive day against the U.S. dollar (USD) on Tuesday as traders believe that the European Central Bank (ECB) will pursue a more dovish monetary policy than the Federal Reserve (Fed). 👉 Possible effects for traders The U.S. Dollar Index (DXY) has now reached a two-month high on expectations that the Fed will proceed with only modest interest rate cuts over the next year and a half. Indeed, analysts bet that the dollar's ongoing rise will likely continue due to the lingering uncertainty surrounding global politics and the U.S. election outcome. 'We think the trend for the greenback will remain intact as long as the macro data remains above water. Volatility and the U.S. dollar tend to rise in tandem going into the U.S. election, especially with the rise of (former U.S. President) Trump in betting markets and the 50 basis-point (bps) cut being out of the picture for the Fed, at least in November. This would be the best case for the dollar in the short term', said Boris Kovacevic, global macro strategist at Convera. On the contrary, the ECB will likely have to speed up monetary policy easing as economic conditions deteriorate and inflation falls short of the target. In fact, tomorrow, the ECB is now widely expected to deliver another 25-bps rate cut, a move that seemed unlikely at its last meeting in September. 'If the ECB does not cut in October, the market will think that the central bank is behind the curve and potentially making a policy error', said Deutsche Bank chief European economist Mark Wall. EURUSD was falling slightly during the Asian and early European trading sessions. An important event for EUR is tomorrow's ECB interest rate decision. Therefore, traders may refrain from placing large positions ahead of this event. Christine Lagarde, ECB President, will give a speech today at 6:40 p.m., and her comments might add some volatility to the market. Still, the event is unlikely to move the market significantly before tomorrow's decision and press conference. Fundamentally, the trend in EURUSD will remain bearish as long as the pair is trading below 1.09540. ➡️Sign Up Now ➡️ https://bit.ly/attocta

🔽 USDJPY seems ready to reverse due to BOJ cautious rhetoric USDJPY has been moving sideways within a narrow range of 149.000–150.000 on Tuesday, losing 0.36%. 👉 Possible effects for traders USDJPY retracted towards 149.000 after reaching 150.000 due to investors' reaction to comments made by Seiji Adachi, a Bank of Japan's (BOJ) board member. Adachi stated that conditions were already in place for the normalisation of the monetary policy while emphasising that the central bank should increase interest rates at a 'very moderate' pace. He cautioned that the BOJ should avoid a drastic policy change due to uncertainties regarding the global economic outlook and domestic wage growth. Earlier this month, the Japanese yen (JPY) came under pressure due to dovish signals from BOJ governor Kazuo Ueda and the opposition to further rate hikes from the new prime minister Shigeru Ishiba. The Japanese yen also weakened against the U.S. dollar (USD) amid expectations that the Federal Reserve (Fed) would be more cautious with more interest rate cuts. Recent data suggesting a resilient economy and slightly higher-than-expected inflation in September has led markets to reduce their expectations for aggressive monetary easing by the Fed. According to the CME FedWatch Tool, market participants currently price in approximately 92% chance for a 25-basis-point (bps) reduction in the federal funds rate at the 7 November meeting. The probability of no interest rate change is approximately 6%. Just a month ago, the market expected a 27% likelihood of a larger 50-bps decrease. USDJPY was rising from the 149.000 level during the Asian and early European trading sessions. Today, no significant events that could influence this pair are anticipated. However, tomorrow's U.S. data—Retail Sales and Jobless Claims reports—at 12:30 a.m. UTC could increase volatility in USDJPY. ➡️Sign Up Now ➡️ https://bit.ly/attocta

USDCAD, 15-minute timeframe chart USDCAD retested the support level of 1.37760 👉General outlook USDCAD has been under buying pressure within the last day. The pair moved down to the support level of 1.37760. 👉Possible scenario The best way to use this opportunity is to place a Buy order at 1.37870. Set your stop loss at 1.37676 below the previous low ($1.41 loss for 0.01 lot) and take profit at 1.38064 ($1.41 profit for 0.01 lot). The risk-reward ratio for this order is 1:1. The upcoming news will not influence your orders within the mentioned period.

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🔽 Gold declines on stronger U.S. dollar and hawkish Fed Gold (XAU) fell for the second consecutive day on Monday, pressured by a strengthening U.S. dollar (USD) and a less optimistic Fed monetary policy outlook. 👉 Possible effects for traders Recently, investors have tempered their expectations for the extent of future U.S. rate cuts: stronger-than-expected jobs and consumer inflation reports were offset by rising weekly jobless claims and slowing producer inflation. These mixed signals have been a driving force behind the recent increase in U.S. Treasury bond yields. As a result, the U.S. dollar remains well-supported at nearly a two-month high, creating headwinds for the non-yielding gold. Also, the market readjusted its rate cut expectations and prices in an 88% probability of a 25-basis-point (bps) reduction by the Fed in November. Geopolitical risks arising from the ongoing conflicts in the Middle East could support the safe-haven asset and help prevent significant losses, advising caution for aggressive bearish traders. Additionally, reports suggest that China recently carried out large-scale military drills near Taiwan, deploying a record number of aircraft and, for the first time, involving its coast guard to encircle the island. These global tensions may drive the gold price further, limiting further downside amid the strengthening U.S. dollar and rising bond yields. XAUUSD was falling during the Asian trading hours. Today, traders should focus on the release of the U.S. Empire State Manufacturing Index report at 12:30 p.m. UTC. Higher-than-expected figures may pull XAUUSD lower, below $2,635. However, the medium-term bullish trend in XAUUSD may continue if the figures are lower than the forecast. ➡️Sign Up Now ➡️ https://bit.ly/attocta

🔽 EURUSD weakens further as the bullish trend in the DXY continues The euro (EUR) lost 0.26% against the U.S. dollar (USD) on Monday as the bullish trend in the U.S. Dollar Index (DXY) persisted, pushing the greenback towards a 10-week high. 👉 Possible effects for traders Trading volume was rather low yesterday as Japanese, Canadian, and U.S. banks were closed due to national holidays. Expectations for smaller interest rate cuts by the Federal Reserve (Fed) have supported the dollar in the last few weeks, but that adjustment is unlikely to last very long. ‘I suspect that rate adjustment is almost over, and we're back on the downtrend. But I do think there is still one more gasp. We might trigger stops at $1.09 in the euro or $1.30 in sterling. But I am looking ahead, and the next U.S. jobs data is about 120,000. It's going to be a weak number’, said Marc Chandler, chief market strategist at Bannockburn Global Forex. According to the London Stock Exchange Group, the U.S. rate futures market has priced in an 87% chance of 25-basis-points (bps) cut at the November Fed meeting and a 13% chance of the interest rates staying unchanged within the target range between 4.75% and 5%. Meanwhile, the European Central Bank (ECB) is expected to lower rates this week. Analysts have highlighted that a divergence between the eurozone and the U.S. government bond markets is expected to widen further as the weak European economy adds to the pressure on the ECB to cut interest rates quickly. EURUSD was falling during the Asian and early European trading sessions. Today, German ZEW Economic Sentiment and eurozone Industrial Production data will be published at 9:00 a.m. UTC, revealing the state of the economy. Lower-than-expected figures will extend the bearish trend in EURUSD below 1.08700. Conversely, higher-than-expected results may temporarily pause the bearish trend but are unlikely to reverse it. ➡️Sign Up Now ➡️ https://bit.ly/attocta

🔽 AUDUSD seems ready to drop The Australian dollar (AUD) continued to decline on Monday and lost 0.36% due to sentiment still being weighed down by a lack of stimulus measures from China after weak data. 👉 Possible effects for traders A report by Caixin suggested that China might increase its fiscal stimulus by an additional 6 trillion yuan ($850 billion) over the next three years and provided support for the Australian dollar. The report sparked a rebound in the Australian dollar, New Zealand dollar, and Chinese yuan, noted Commonwealth Bank of Australia's economist Kristina Clifton. She emphasised that these currencies will remain sensitive to further news regarding China's anticipated fiscal stimulus measures. Clifton anticipates that more details will be announced at the National People's Congress meeting later this month, providing additional clarity on the potential impact of the proposed stimulus package on the currencies. In the broader foreign exchange market, the U.S. dollar is getting some due to expectations that the U.S. Federal Reserve (Fed) may choose to reduce interest rates by only 25 basis points (bps) in November. Two Federal Open Market Committee members supported a moderate monetary policy easing. In contrast, the Reserve Bank of Australia (RBA) is expected to reduce its cash rate only in February next year, with only 40% of analysts pricing in a rate cut in December, according to RBAWATCH—a source that tracks market expectations regarding the RBA's monetary policy decisions. AUDUSD has been declining during Asian and early European trading hours. Today, traders should focus on the release of the U.S. Empire State Manufacturing Index at 12:30 p.m. UTC. Higher-than-expected figures may push AUDUSD below 0.67000, while softer data may support the Australian dollar. ➡️Sign Up Now ➡️ https://bit.ly/attocta

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EURUSD, 1-hour timeframe chart EURUSD retested the support level of 1.09050 👉Level explanation EURUSD has been under selling pressure within the last day. The pair moved down to the support level of 1.09050. 👉Possible scenario The best way to use this opportunity is to place a Buy order at 1.09100. Set your stop loss at 1.08900 below the previous low ($2.00 loss for 0.01 lot) and take profit at 1.09300 ($2.00 profit for 0.01 lot). The risk-reward ratio for this order is 1:1. The upcoming news will not influence your orders within the mentioned period. ➡️Sign Up Now ➡️ https://bit.ly/attocta

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Here is the list of the global economic events that are happening around the world impacting the financial market. We keep you ahead of the global cues!📈🌏 Like what you see? Give us a 👍❤️

📊 GBPUSD fluctuates ahead of labour and inflation reports The British pound (GBP) continued to move sideways on Friday, getting little support from data that showed Britain's economy returned to growth in August. 👉 Possible effects for traders The Office for National Statistics (ONS) released data indicating that economic activity increased by 0.2% month-on-month in August, aligning with the expectations of economists surveyed by Reuters. This marks a return to growth after two consecutive months of stagnation, providing some relief for the finance minister, Rachel Reeves, ahead of the upcoming budget for the new Labour government later this month. The data confirmed that the U.K. economy has been slowing in the second half of 2024, which is expected given the strong growth observed in the first six months of the year. Lee Hardman, a senior FX strategist at MUFG, noted that while the data didn't change the overall outlook significantly, it provided confirmation of the current state of the U.K. economy. This week is important for the Bank of England (BOE) as the latest inflation and labour market data are due. These data will be crucial for determining the bank's plans at the upcoming policy meeting in November. Through much of this year, GBP has benefited from expectations that the BOE would reduce interest rates more slowly than the Federal Reserve (Fed) and the European Central Bank (ECB). However, these expectations have shifted, and the recent decline in the GBP against the U.S. dollar (USD) over the past month can be attributed to this change. Markets have lowered their expectations for further rate cuts by the Fed. The central bank governor, Andrew Bailey, said last week that the regulator may become more proactive if inflationary pressures persist. The GBPUSD exchange rate fluctuated within a tight range during the Asian and early European trading hours. The pair is currently awaiting the release of two important economic reports: the U.K. Unemployment Rate tomorrow at 6:00 a.m. UTC and the Consumer Price Index on Wednesday. These data will provide valuable insights for the BOE before the November meeting. ➡️Sign Up Now ➡️ https://bit.ly/attocta