All Articles Tagged - EURUSD

Technical Analysis – EURUSD hovers around 1.1300 with weak momentum

Posted on December 3, 2021 at 12:43 pm GMT

EURUSD is neutral in the very short-term picture after the rejection from the 1.1387 resistance, remaining below the strong 20-day simple moving average (SMA). The short-term oscillators reflect an increase in the positive momentum. The MACD, in the negative area, has moved above its red trigger line, while the RSI is pointing slightly up despite hovering below its 50 neutral mark. To the upside, the important resistance region from the 20-day SMA at 1.1345 to the 1.1387 hurdle could prove difficult to overrun. Conquering this, the 23.6% Fibonacci retracement level [..]

Daily Market Comment – Choppy markets brace for nonfarm payrolls

Posted on December 3, 2021 at 10:10 am GMT

US jobs report could decide whether Fed pulls the QE handbrake Euro trades heavy after German restrictions, commodity FX bleeds Oil bounces even without OPEC support, gold grinds lower Nonfarm payrolls coming up The US employment report for November will dominate trading in financial markets today as investors grapple with whether the Fed will speed up the tapering process. Nonfarm payrolls are projected to clock in at 550k, pushing the unemployment rate down one tick to 4.5%. Wage growth is [..]

US Open Note – Omicron variant continues to cast a shadow over markets

Posted on December 2, 2021 at 2:28 pm GMT

Dollar edges lower ahead of US jobs report The US dollar was trading without a clear direction on Thursday, as the markets continue to digest Fed Chair Jerome Powell’s hawkish shift and recent Omicron variant developments. Further hawkish remarks from Cleveland Fed President Loretta Mester, who is an FOMC voter next year, were unable to boost the dollar. All eyes will fall on the upcoming jobs report set to be released on Friday. Positive data could encourage traders’ speculation over [..]

Daily Market Comment – Stocks under pressure, oil awaits OPEC decision

Posted on December 2, 2021 at 9:59 am GMT

Wall Street takes another hit as Omicron spreads, Fed can’t help FX market generally quiet, albeit with a hint of risk aversion With oil prices plunging, traders look to OPEC for assistance Equities drift lower Another wave of selling hit Wall Street on Wednesday. What started out as a strong session for stock markets ultimately turned around, with the major indices closing deeply in the red. There was no clear catalyst behind this sudden reversal, although many point the finger [..]

Technical Analysis – EURUSD consolidates around 1.1300; still bearish in medium-term

Posted on December 2, 2021 at 8:13 am GMT

EURUSD is consolidating around 1.1300, keeping its footing below the strong 23.6% Fibonacci retracement level of the down leg from 1.1908 to 1.1185 at 1.1355. Trend signals remain negative as the price continues to trade below its long-term simple moving averages (SMAs) and within the Ichimoku cloud, which proved to be a tough support area. As regards the market momentum, the RSI is weakening in the positive region, while the MACD is falling below its trigger line. In the event the bulls [..]

US nonfarm payrolls take center stage after Powell’s hawkishness – Forex News Preview

Posted on December 1, 2021 at 4:37 pm GMT

Having locked in a second nomination as Fed chief, Jerome Powell surprisingly addressed the need for a faster taper of bond purchases during his testimony before the Senate’s Banking Committee on Tuesday as transitory inflation is now viewed as something more persistent. Even more surprising, however, was the dollar’s reaction, which barely capitalized on the headlines, but the bulls have not completely lost their nerves as Friday’s US jobs data could provide another opportunity for a rebound. Powell switches to the hawkish side The Fed had [..]

US Open Note – Powell’s hawkish transition unable to boost the dollar

Posted on December 1, 2021 at 2:26 pm GMT

Powell signals faster tapering Global markets were struck by Fed Chair Jerome Powell’s hawkish tone during his testimony before the Senate Banking Committee on Tuesday. Powell stated that inflation could no longer be characterized as transitory, indicating that his central bank will consider speeding up its tapering process during the upcoming FOMC meeting in December. Terminating the Quantitative Easing programme faster than planned could be interpreted as an early rate hike signal since the Fed has made clear that it [..]

Daily Market Comment – Fed chief signals faster taper, dollar not impressed

Posted on December 1, 2021 at 9:42 am GMT

Fed Chair Powell says appropriate to consider accelerating taper process Dollar spikes higher but cannot sustain gains, stocks close lower Heavy dose of economic data releases today, OPEC begins meeting Powell turns hawkish The Chairman of the Federal Reserve dropped a bombshell on global markets yesterday by signaling his central bank will consider accelerating the pace at which it withdraws liquidity from the financial system. Testifying before the US Senate, Powell stressed that inflation risks have intensified and that incoming [..]

US Open Note – Dollar weakens as risk aversion grows

Posted on November 30, 2021 at 2:19 pm GMT

Fed Chair Powell to draw focus; Chicago PMI and consumer confidence eyed Market sentiment has weakened, and the greenback has taken a hit as concerns regarding the omicron variant have resurfaced. Disappointing comments from the CEO of Moderna on the efficacy of current vaccines along with concerns from the Fed Chair Powell seem to be the culprits. Federal Reserve Chair Powell mentioned that the omicron variant brings with it uncertainty around inflation and thus could upset growth prospects. The strain [..]

Daily Market Comment – Virus worries keep markets on edge

Posted on November 30, 2021 at 9:50 am GMT

Concerns around vaccine efficacy spark another round of volatility Riskier currencies, stocks, and crude oil erase yesterday’s rebound Yen and franc shine as yields edge lower, Powell testimony in focus Moderna CEO warns about vaccines The chief executive of Moderna struck fear into financial markets on Tuesday after he warned that existing vaccines probably won’t be very effective against the new Omicron variant. His comments shouldn’t have been very surprising considering that the entire scientific community has been saying this [..]

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