Merchants are shopping for the European currencies in the present day!

Will EUR/USD see a longer-term reversal? Or is the pair simply pulling again from its latest sharp losses?

Earlier than shifting on, ICYMI, yesterday’s watchlist checked out NZD/USD’s help zone forward of the RBNZ’s coverage determination. Remember to try if it’s nonetheless play!

And now for the headlines that rocked the markets within the final buying and selling classes:

Recent Market Headlines & Financial Knowledge:

JOLTs U.S. Job Openings: 9.61M (8.6M forecast; 8.92M earlier)

Kevin McCarthy ousted as U.S. Home Speaker in a historic Home Vote

As anticipated, the RBNZ saved its rates of interest regular at 5.50% in October

Spain’s HCOB providers PMI improved from 49.2 to 50.5 in September

Italy’s HCOB providers PMI virtually unchanged, up from 49.8 to 49.9 in September

France’s HCOB providers PMI adjusted from 43.9 to 44.4, nonetheless the quickest decline since November 2020

Germany’s HCOB providers PMI revised larger from 49.8 to 50.3

Eurozone’s HCOB providers PMI adjusted barely larger from 48.4 to 48.7 in September

Value Motion Information

Overlay of NZD Pairs 15-min Chart

The New Zealand greenback encountered a recent batch of sellers in the present day after the Reserve Financial institution of New Zealand saved its rates of interest regular at 5.50% for an additional month in October.

RBNZ’s no-change determination was broadly anticipated nevertheless it looks as if the shortage of extra hawkish remarks impressed a little bit of profit-taking among the many NZD pairs.

It additionally didn’t assist that the Asian and early European session merchants took their cues from the danger aversion and the selloffs from the earlier U.S. session.

As of writing, NZD is weakest towards AUD, GBP, and CHF and is clocking within the least losses towards JPY, USD, and CAD.

Upcoming Potential Catalysts on the Financial Calendar:

U.S. ADP report at 12:15 pm GMT
U.S. ISM providers PMI at 2:00 pm GMT
U.S. crude oil inventories at 2:30 pm GMT
ECB President Lagarde to provide a speech at 4:00 pm GMT
Australia’s commerce steadiness at 12:30 am GMT (Oct 5)

Use our new Foreign money Warmth Map to shortly see a visible overview of the foreign exchange market’s worth motion! 🔥 🗺️

EUR/USD 15-min Foreign exchange Chart by TV

In case you missed it, a spherical of better-than-expected PMI readings from the Eurozone and the U.Ok. are attracting patrons for currencies like EUR, GBP, and CHF.

EUR/USD, particularly, has jumped from its 1.0460 lows to commerce nearer to the 1.0500 psychological deal with.

Are the bulls executed shopping for for the day? Discover that EUR/USD is now buying and selling on the R1 (1.0490) Pivot Level stage within the 15-minute timeframe. That’s about the place the pair discovered help final week!

At this time’s U.S. ADP and ISM providers PMI reviews may present clues on how excessive EUR/USD can fly. The reviews are anticipated to print decrease numbers in comparison with final month’s outcomes.

If the reviews print on the weaker facet, or if merchants pull again a bit from their USD-buying, then EUR/USD could hit larger resistance ranges or make a play for the pattern line resistance.

We could even see an upside breakout if EUR sustains its bullish momentum!

But when EUR/USD encounters resistance round its present ranges, or if the pro-EUR momentum runs out, then EUR/USD may flip decrease and revisit its weekly lows.

Watch this one carefully, errbody!