# EUR/USD extends upside above 1.0850, eyes on Eurozone GDP, Fed rate decision — Octa

> EUR/USD traded near 1.0860 on July 29, 2024, as markets priced a near-certain September Fed rate cut after June US PCE inflation eased to 2.5%. Traders also weighed the chance of another ECB cut.

- Date: 2024-07-29 · published 2024-07-29T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/29487-eur-usd-extends-upside-above-1-0850-eyes-on-eurozone-gdp-fed-rate-decision-octa
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Expectations of Fed easing weaken the dollar, which tends to support dollar-priced commodities such as soybean meal and corn in global markets.

## Read by commodity

- DXY: bearish ▼
- EURUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2024-07-31 | [EUR/USD rises to 1.0830 as Eurozone Inflation accelerates, Fed policy eyed — Octa](https://feedsoft.ai/events/29486-eur-usd-rises-to-1-0830-as-eurozone-inflation-accelerates-fed-policy-eyed-octa.md) | -0.5% | -1.9% |
| DXY | 2021-10-29 | [Euro US Dollar Exchange Rate Jumps On ECB Rate Decision And US GDP](https://feedsoft.ai/events/44756-euro-us-dollar-exchange-rate-jumps-on-ecb-rate-decision-and-us-gdp.md) | +0.8% | +2.8% |
| DXY | 2022-07-29 | [USD/CAD sees a decisive move below 1.2800, US PCE and Canada GDP eyed — Octa](https://feedsoft.ai/events/40718-usd-cad-sees-a-decisive-move-below-1-2800-us-pce-and-canada-gdp-eyed-octa.md) | -0.2% | +0.8% |
| DXY | 2019-06-20 | [Dollar extends losses on Fed rate cut bets](https://feedsoft.ai/events/7441-dollar-extends-losses-on-fed-rate-cut-bets.md) | -1.1% | -0.8% |
| DXY | 2020-11-05 | [Gold Price Analysis: XAU/USD steady near $1,950 after Fed’s decision — Octa](https://feedsoft.ai/events/50079-gold-price-analysis-xau-usd-steady-near-1-950-after-fed-s-decision-octa.md) | -0.8% | -2.9% |
| EURUSD | 2024-07-31 | [EUR/USD rises to 1.0830 as Eurozone Inflation accelerates, Fed policy eyed — Octa](https://feedsoft.ai/events/29486-eur-usd-rises-to-1-0830-as-eurozone-inflation-accelerates-fed-policy-eyed-octa.md) | +1.1% | +3.2% |
| EURUSD | 2021-10-29 | [Euro US Dollar Exchange Rate Jumps On ECB Rate Decision And US GDP](https://feedsoft.ai/events/44756-euro-us-dollar-exchange-rate-jumps-on-ecb-rate-decision-and-us-gdp.md) | -1.2% | -3.6% |
| EURUSD | 2023-06-15 | [European markets live updates: ECB rate decision, Fed rate decision](https://feedsoft.ai/events/35701-european-markets-live-updates-ecb-rate-decision-fed-rate-decision.md) | +0.9% | +3.5% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/1109879/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.