The primary currency pair remains in equilibrium on Monday. The current EURUSD exchange rate stands at 1.0844.
The USD's position deteriorated earlier due to the release of weaker-than-expected statistics from the US. For example, industrial production declined in February, while employment levels at manufacturing facilities fell to a seven-month low. Construction spending also dropped in January. All this did not augment optimism concerning the situation in the US economy, with interest rates remaining high.
All US statistics are currently being evaluated to seek clues regarding the timing of the first Fed interest rate cut. Strong data gives investors hope for some softening in June, while weak data keeps market participants on edge.
This week, the US will issue many critical macroeconomic reports, including employment data for February. Among other things, average hourly wages are expected to have risen by just 0.2% m/m after growing by 0.6% earlier. This might become a bright driver for the currency market. A slowdown in real wage growth is a substantial argument that inflation is slowing down. This means interest rate cuts are imminent.