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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

EUR/USD: Powell brushes off negative rates

ECB economic bulletin released today ahead of tomorrow’s preliminary GDP, employment data

FOMC Source: Bloomberg

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.

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EURUSD TA Source: IG charts

IG client* and CoT sentiment for EUR/USD

EURUSD sentiment Source: IG charts

EUR/USD Chart with retail and institutional sentiment

EURUSD chart Source: IG charts

*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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