Eur/USD Big Picture: Weekly Preview (25-29.03.2024)

EurUsd Big Picture - Quantum Strikes
EurUsd Big Picture - Quantum Strikes

Monday, March 25, 2024: The week kicks off with the US housing market in focus. New Home Sales for February are expected to show a significant increase, potentially influencing the USD’s strength. A higher-than-expected result could bolster the USD, applying pressure on the EUR/USD pair.

Tuesday, March 26, 2024: Attention shifts to European consumer sentiment with the release of the GfK Consumer Confidence for April, anticipated to show a slight improvement. In the US, Durable Goods Orders for February will provide insights into manufacturing health. Positive figures could reinforce USD dominance, while disappointments may offer the EUR some respite.

Wednesday, March 27, 2024: The spotlight turns to Eurozone retail sales, with expectations for a rebound in February. Concurrently, the Bank Austria Manufacturing PMI will be scrutinized for signs of industrial strength or weakness. Positive outcomes could lend support to the EUR against the USD.

Thursday, March 28, 2024: Eurozone retail sales and unemployment data will offer further clues about the region’s economic health. In the US, the focus will be on the Q4 GDP Growth Rate, with forecasts suggesting a slowdown from previous quarters. Additionally, jobless claims and consumer sentiment figures will be closely watched. Significant deviations from expectations could lead to volatility in the EUR/USD pair.

Friday, March 29, 2024: The week concludes with critical inflation data from the Eurozone, which could impact the European Central Bank’s monetary policy outlook. In the US, trade balance, personal income, and spending data, along with the Core PCE Price Index, will provide a comprehensive view of the economic landscape. Fed Chair Powell’s speech could also sway market sentiment, particularly if new insights into the Fed’s rate path are revealed.

Overall Outlook: This week presents a packed economic calendar with significant data releases from both the Eurozone and the United States. Traders should prepare for potential volatility in the EUR/USD pair as these figures could influence central bank policies and market sentiment. Key themes to watch include consumer confidence, manufacturing health, retail sales, and inflation rates, which will collectively shape the currency dynamics and trading strategies for the week.