Euro Forecast: Euro Picks up after Markets Signal End to US Rate Hikes

EUR/USD was the main beneficiary of the dollar’s massive slide late on Friday after markets reduced the likelihood of another US hike amid slowing jobs data

Markets now find it highly unlikely that we will see another hike, with implied probabilities from Fed funds futures revealing a 4.3% chance of a December hike. For context, just a month ago this figure was just under 40%.shot up in dramatic style late on Friday after NFP data revealed a slowing job market. The pair had tried to build on the recent ascending channel but had breached the underside of the zone on multiple occasions - hinting at a bearish continuation.

Japanese government bonds immediately rose to test the former cap of one percent, pulling back somewhat into the end of the week but remaining elevated.at prior support at 158.00 before consolidating near the weekly high. It must be noted that the morning star pattern provides the strongest signal at the bottom of a downtrend but nevertheless, the candle formation signals a renewal of bullish impetus. The pair broke above the prior high of 159.76 where it is on track to close the week.

Next week is littered with central bank speakers, mainly from the Fed, as they emerge from their media blackout periods. We have already heard from prominent ECB members, who as a whole, insist that financial conditions need to remain tight.

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