EUR/USD: Powell brushes off negative rates
ECB economic bulletin released today ahead of tomorrow’s preliminary GDP, employment data
EUR/USD Technical analysis, overview, strategies, and levels
What little Eurozone data on offer yesterday showed industrial production contract, and putting attention on US Federal Reserve (Fed) Chair Powell's speech, whereby he brushed off negative interest rates and said more measures were likely needed, adding that the "path ahead is both highly uncertain and subject to downside risks". The US dollar was a relative outperformer, with EUR/USD's price failing staying within yesterday's key pivot points. As for today, we get the ECB's (European Central Bank) economic bulletin, with more market moving preliminary GDP (Gross Domestic Product), employment, and trade data tomorrow. Out of the US, unemployment claims is the main item for today, with retail data tomorrow expected to show big contraction.
IG client* and CoT sentiment for EUR/USD
EUR/USD Chart with retail and institutional sentiment
*The percentage of IG client accounts with positions in this market that are currently long or short. Calculated to the nearest 1%, as of today morning 8am.
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