EURO Forecast
Good timing to make money with the EUR/USD pair and there are more opportunities in the coming days.
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EURO Forecast
Back on September 10, European Central Bank (ECB) President Christine Lagarde made no mention of the 1.20 level for EUR/USD as being too high for the central bank given its goal of price stability. Instead, she said only that the ECB had discussed the Euro’s appreciation and would monitor the exchange rate carefully. This week EUR/USD outlook turns more bearish after failure to rise above 1.20. Instead, it has dropped back to 1.17, leaving the pair in a weak state technically and a further fall to the downside more likely than a recovery.
As the coming week is a busy one for Eurozone economic data, one possibility is that disappointing numbers will act as a catalyst for a further EUR/USD decline. Two releases in particular could be important: the Eurozone ‘flash’ purchasing managers’ indexes (PMIs) for September, due Wednesday, and the German business climate index for this month, due the next day.
These are among the first September numbers scheduled so should give a good indication of the strength of the Eurozone economy’s recovery from the coronavirus pandemic. Several other releases will also give an idea of how confident consumers and businesses are in the recovery. The ‘flash’ Eurozone consumer confidence figure for September is due Tuesday, followed by GfK’s measure of German consumer confidence Wednesday and French business confidence Thursday.
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