EUR Has Reached an Eight-Week Low: Overview for February 06, 2024

<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/EURUSD_15-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="EUR/USD analysis today" style="margin-bottom: 15px;" decoding="async" loading="lazy" /></div><p>The pressure of expectations weighs on <a href="https://roboforex.com/beginners/info/charts/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR/USD</a>.</p>

<p>On Tuesday, the primary <a href="https://blog.roboforex.com/blog/2020/06/19/how-to-choose-a-currency-pair-for-trading-in-forex/" data-internallinksmanager029f6b8e52c="142" title="Currency Pair">currency pair</a> temporarily halted its decline but remains vulnerable. The current EUR/USD exchange rate is at 1.0744.</p>

<p>The euro is currently at its lowest point since December 8 of the previous year.</p>

<p>The market is still digesting information from the US Federal Reserve, particularly the comments made by Federal Reserve Chair Jerome Powell regarding the timing of <a href="https://blog.roboforex.com/blog/2019/10/22/trading-news-how-to-earn-on-interest-rates/" data-internallinksmanager029f6b8e52c="90" title="Interest rate">interest rate</a> cuts. Following the meeting, Powell mentioned that monetary policymakers are awaiting additional price statistics to form more comprehensive opinions about the weakening <a href="https://blog.roboforex.com/blog/2022/06/30/what-is-inflation-reasons-and-consequences/" data-internallinksmanager029f6b8e52c="220" title="Inflation">inflation</a> trend and its trajectory toward the 2% target.</p>

<p>Powell emphasized the risk of an overly early rate cut, which could disrupt the positive performance of the past six months. He advocates a prudent approach, taking the necessary time to observe and verify if inflation is indeed experiencing a decline.</p>

<p>The next meeting of the Federal Reserve is scheduled for March 19-20, during which the rate is not expected to change. The focal point of attention on this matter has now shifted to May.</p>

<p>Meanwhile, recent statistical data indicates a thriving US economy. The ISM non-manufacturing business activity for January increased to 53.4 points from the previous 50.5 points.</p>

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<a href="https://my.roboforex.com/en/register/">Open Trading Account</a></p><p>The post <a href="https://blog.roboforex.com/blog/2024/02/06/eur-has-reached-an-eight-week-low-overview-for-february-06-2024/">EUR Has Reached an Eight-Week Low: Overview for February 06, 2024</a> appeared first at <a href="https://blog.roboforex.com">R Blog – RoboForex</a>.</p>