Baxia Markets
September 07, 2023

EURUSD Struggles for Rebound Amid ECB Uncertainty

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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 Struggles for Rebound Amid ECB Uncertainty

Technical EURUSD

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.

Economic Releases to Watch Today

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.

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