idea for next week.
EUR/USD Weekly Forecast: Could the Federal Reserve pave the way for a September cut?The EUR/USD pair edged lower in the fourth week of July, trading marginally lower in the 1.0850 region ahead of the close. The US Dollar started the week on a strong footing, but the momentum faded following the release of United States (US) first-tier data that helped improve the market’s mood.
Tepid European data
At the same time, Euro buyers had little to cheer. EUR/USD bullish potential was limited by tepid European data reflecting the elevated risk of a recession. According to the Hamburg Commercial Bank (HBOC), the private sector stood near stagnation at the beginning of the third quarter, as the flash Purchasing Managers Indexes (PMIs) came in worse than anticipated. Manufacturing output shrank in July, resulting in the Composite PMI falling to 50.1 from 50.9 in June, its lowest in five months.
Tepid European data
At the same time, Euro buyers had little to cheer. EUR/USD bullish potential was limited by tepid European data reflecting the elevated risk of a recession. According to the Hamburg Commercial Bank (HBOC), the private sector stood near stagnation at the beginning of the third quarter, as the flash Purchasing Managers Indexes (PMIs) came in worse than anticipated. Manufacturing output shrank in July, resulting in the Composite PMI falling to 50.1 from 50.9 in June, its lowest in five months.
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