The EUR/USD pair has maintained its upward momentum, trading near the 1.1130 level. The US Dollar remains under pressure as market participants anticipate a more dovish Federal Reserve stance.
The upcoming Jackson Hole Symposium will be a key event, with investors closely watching Federal Reserve Chair Jerome Powell’s speech for clues about the potential for interest rate cuts. The CME Fedwatch Tool suggests a high probability of a 25 basis point rate cut in September.
Economic Data and Market Sentiment
The recent release of UK wage growth data has provided some support for the Euro, as slower wage increases could ease inflationary pressures and allow for a more gradual approach to monetary policy tightening.
Investors will also be focusing on the release of the Eurozone HCOB PMI data and Q2 Negotiated Wage Rates on Thursday. These data points will provide further insights into the economic conditions in the Eurozone and could influence market sentiment.
Technical Outlook
The EUR/USD pair is exhibiting a bullish trend, with the 20-day and 50-day EMAs offering support. A break above the 1.1140 level could signal a further extension of the uptrend. However, resistance remains at the 1.1200 level.
