EURUSD faces challenges in its attempt to stage a rebound, hovering close to the 1.0700 mark during Thursday's European session. The European Central Bank (ECB) finds its Board members split on the forthcoming interest rate decision set for September 14.
On the home front, Germany's Industrial Production declined by 0.8% in July. Meanwhile, the eurozone anticipates a revised Gross Domestic Product (GDP) growth rate for the April-June period, projecting a 0.1% inter-quarter expansion and a 0.5% growth over the past twelve months.
EURUSD may discover a supportive range between 1.06669-1.07018, plotted in a purple rectangle. The clarity of this support zone may hinge on the outcome of the US initial jobless claims. Should the results fall below expectations, it could reinforce this zone as a stronghold. Conversely, a meeting or surpassing of forecasts may prompt a downward shift in the currency pair.
Euro Zone Gross Domestic Product for Q2 2023 (QoQ) - Forecast 0.3%, versus 0.3% previous.
Euro Zone Gross Domestic Product for Q2 2023 (YoY) - Forecast 0.6%, versus 0.6% previous.
US Initial Jobless Claims - Forecast 234K, versus 228K previous.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.
