• EUR/USD rises moderately above 1.0800 as investors await an array of macroeconomic data from the US and the Eurozone this week.
• US JOLTS Job Openings are estimated to have declined marginally in September.
• Traders doubt over the size of the ECB’s likely interest rate cut in December.

EUR/USD gains slightly near the round-level figure of 1.0800 in Tuesday’s European session. The major currency pair consolidates as the US Dollar (USD) clings to gains ahead of an array of United States (US) macroeconomic data this week and increasing uncertainty over the US presidential election, which will take place on November 5.

US Personal Consumption Expenditure Price Index (PCE) data for September, flash Q3 Gross Domestic Product (GDP), Nonfarm Payrolls, and ISM Manufacturing Purchasing Managers’ Index (PMI) data for October are lined up for release. The data will be key to influencing market expectations for the Federal Reserve’s (Fed) interest-rate path for the remainder of the year.

Economists expect the US economy to have created half of the jobs it added in September, the Manufacturing PMI to remain below the 50.0 threshold, inflation to have fallen slightly and the GDP to have expanded at a steady pace of 3% on an annualized basis.

Slower job growth would likely support market expectations for Fed interest rate cuts in December. Markets are pricing in a reduction in borrowing rates by 25 basis points (bps) in November and December, according to the CME FedWatch tool.