Euro (EUR/USD) Nudges Higher Ahead Of US Nfps And The French Election Outcome

Date

7/3/2024 5:24:06 AM

(MENAFN- DailyFX) ) Nudges Higher Ahead of US NFPs and the French Election Outcome Skip to Conten

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09:30:00 Medium 10-Year Bund Auction () Actual Forecast Previous Revised 2.60%
10:00:00 Medium Consumer Confidence (May) Actual Forecast Previous Revised 84.5
11:00:00 Medium MBA Mortgage Applications (Jun/28) Actual Forecast Previous Revised 0.8%

11:00:00 Medium Fed Williams Speech () Actual Forecast Previous Revised

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Host: Duration: min 09:18:27 widgets/economicCalendar._abbr () Actual Forecast Previous Revised EUR/USD Bullish
1h Last updated: Jul 3, 2024
Long Short
Note: Low and High figures are for the trading day.
Data provided by News Euro (EUR/USD) Nudges Higher Ahead of US NFPs and the French Election Outcome 2024-07-03 08:15:12 US Dollar Sentiment Latest – EUR/USD, USD/JPY, and GBP/USD 2024-07-02 15:03:18 Oil - US Crude Mixed

1h Last updated: Jul 3, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News US Crude Oil Starts July With Gains As Markets Look to Increased Summer Demand 2024-07-01 11:00:35 Crude Oil Q3 Technical Forecast: Narrowing Price Action May Keep Oil Within a Tighter Range in Q3 2024-06-29 18:00:00 Wall Street Bullish

1h Last updated: Jul 3, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Dow remains contained, while Nasdaq 100 edges up and Nikkei 225 retakes 40,000 2024-07-02 13:00:38 Dow holds above 39,000 and Nasdaq 100 stabilises, while Nikkei 225 aims to push higher 2024-06-27 12:00:46 Gold Bullish

1h Last updated: Jul 3, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Gold (XAU/USD) Latest – Will Fed Chair Powell Help to Break the Precious Metal's Range? 2024-07-02 08:11:15 Gold, Silver Q3 Technical Forecast: Gold's Range intact, Longer-Term Silver Uptrend Under Threat 2024-06-30 08:00:31 GBP/USD Mixed

1h Last updated: Jul 3, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News US Dollar Sentiment Latest – EUR/USD, USD/JPY, and GBP/USD 2024-07-02 15:03:18 British Pound (GBP) Slips But Ranges Hold Into Major US News Flow 2024-07-02 11:00:21 USD/JPY Bearish

1h Last updated: Jul 3, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News US Dollar Sentiment Latest – EUR/USD, USD/JPY, and GBP/USD 2024-07-02 15:03:18 USD/JPY and GBP/JPY - Sentiment Analysis and Charts 2024-07-01 18:00:00 More View More

🇬🇧 S&P Global Services PMI Final (Jun) Actual: 52.1 Expected: 51.2 Previous: 52.9
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Euro (EUR/USD) Analysis and Charts
French 10-year Bond Yield
EUR/USD Daily Price Chart
Euro (EUR/USD) Analysis and Charts

French bond yields remain near multi-month highs
Euro on hold ahead of high impact events

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The Eurozone economy continued to grow at the end of the second quarter, although momentum was lost as the expansion cooled to a three-month low, according to the latest HCOB Eurozone Composite PMI. The latest survey data highlighted a cooling of price pressures across the euro area. Rates of increase in input costs and output prices cooled to five- and eight-month lows, respectively, but remained above the pre-pandemic trends.
Commenting on the PMI data, Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank (HCOB), said:“Growth in the Eurozone can be attributed fully to the service sector. While the manufacturing sector weakened considerably in June, activity growth in the services sector continued to be nearly as robust as the month before. Considering the upward revision versus the preliminary flash PMI figures, the chances are good that service providers will remain the decisive force keeping overall economic growth in positive territory over the rest of the year."

For all market-moving data releases and events, see the DailyFX Economic Calendar
Euro traders are waiting for the outcome of the second round of the French election this Sunday. The National Rally (RN) continues to lead the polls but remains unlikely to get the 289 seats needed for an absolute majority. At the start of the week, the RN party was seen securing 280 seats and this seems unlikely to change as various centrists and left-wing parties band together to stop an RN majority. This would lead to a very uneasy alliance that would see French government bond yields move ever higher.
French 10-year Bond Yield
Euro traders will also be on guard for Friday's US Jobs Report (NFPs ), a known market mover and driver of short-term volatility. A multi-month sequence of lower highs and lower lows remains in place and for this pattern to continue, EUR/USD needs to trade below 1.0600. Short-term resistance is seen at 1.0800 with support at 1.0665.
Recommended by Nick Cawley How to Trade EUR/USD Get My Guide EUR/USD Daily Price Chart
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Retail trader data show 50.44% of traders are net-long with the ratio of traders long to short at 1.02 to 1.The number of traders net-long is 4.57% lower than yesterday and 17.19% lower than last week, while the number of traders net-short is 8.71% higher than yesterday and 16.30% higher than last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EUR/USD prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current EUR/USD price trend may soon reverse higher despite the fact traders remain net-long.
EUR/USD Bullish Data provided by

of clients are net long. of clients are net short.

Change in	Longs	Shorts	OI
Daily	-6%	7%	0%
Weekly	-16%	17%	-3%

What does it mean for price action? Get My Guide

What is your view on the EURO – bullish or bearish?? You can let us know via the form at the end of this piece or contact the author via Twitter @nickcawley1 .

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