- ADP: US private payrolls increased by 113,000 in October, up from 89,000 in September.
- US Yields Fall After Treasury Return Announcement; the 10-year yield falls to 4.83%.
- The EUR/USD pair consolidates around 1.0550 amid a mixed Dollar awaiting the FOMC decision.
The pair EUR/USD It bottomed at 1.0540, the lowest level in three days, and rebounded to 1.0557 after the release of the ADP employment report and the Treasury refund announcement. Currently, the pair is hovering around 1.0550, maintaining daily losses as markets await the FOMC decision.
The ADP employment report showed private payrolls increasing by 113,000 in October, below the market consensus of 150,000 but above the unrevised figure of 89,000 recorded in September. The report did not cause significant movements in the markets. The ISM Manufacturing PMI will be released on Wednesday at 14:00 GMT.
The US Treasury Department has released its plan for debt auctions, which includes gradually increasing the size of most auctions from November 2023 to January 2024. Treasury yields fell following the announcement, putting pressure on the US Dollar, especially against commodity currencies.
TheDollar Index continues to rise by 0.10%, mainly due to the fall of the EUR/USD pair. The Euro is performing worse this Wednesday, and also falls against the Pound, the Swiss Franc and the Japanese Yen.
Later, the Federal Reserve (Fed) will announce its decision on monetary policy. No changes in interest rates are expected. Following the statement, at 18:00 GMT, Fed President Jerome Powell will hold a press conference.
Levels to monitor
Below the daily lows, the next support for EUR/USD lies at 1.0520, last week’s low, followed by 1.0493 (October 13 low). The short-term trend is bearish. Immediate resistance at 1.0565. For a reversal of the negative bias, the euro would have to break above the 1.0590 zone, surpassing the key simple moving averages (SMA) on the 4-hour chart.
EUR/USD 4 hours
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Technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
