EUR/USD Likely to Stay in Tight Range This Week; Danske Advises Sell on Rallies -- Market Talk

Dow Jones02-21

0814 GMT - The euro should stay within a tight range against the dollar this week amid a lack of major market-moving events, Danske Bank Research analysts say, though they maintain a bias to sell EUR/USD on rallies. Federal Reserve minutes at 1900 GMT could "provide interesting insights," say Jens Naervig Pedersen, director for FX and rates strategy at Danske Bank Research, adding that Danske expects a first interest-rate cut in May and two further cuts in 2024. On Thursday, eurozone and U.S. PMI data will be watched for signs of any rebound in global manufacturing. EUR/USD is flat at 1.0812, having hit a two-week high of 1.0841 on Tuesday, according to FactSet. (emese.bartha@wsj.com)

(END) Dow Jones Newswires

February 21, 2024 03:14 ET (08:14 GMT)

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On Thursday, eurozone and U.S. PMI data will be watched for signs of any rebound in global manufacturing. EUR/USD is flat at 1.0812, having hit a two-week high of 1.0841 on Tuesday, according to FactSet. 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