All Articles Tagged - EURUSD

Technical Analysis – EURUSD battles with 10-week high at 1.2150

Posted on May 10, 2021 at 6:18 am GMT

EURUSD jumped to a fresh ten-week high of 1.2176 earlier today before retreating lower. The price found strong support at the 1.1985 barrier and is holding well above the flat 100-day simple moving average (SMA) and the bullish cross within the 20- and 40-day SMAs. The RSI is sloping slightly down in the positive territory, while the stochastic oscillator is heading north. Immediate resistance to steeper increases could be encountered near the 1.2240 barrier, ahead of the 32-month high of 1.2348 [..]

Weekly Comment – NFP miss crushes USD; can a CPI jump limit the damage?

Posted on May 7, 2021 at 1:42 pm GMT

USD’s attempt to halt its downtrend suffered a major blow after Friday’s massive miss in the nonfarm payrolls estimate. There is still hope for a near-term rebound, however, as inflation and retail sales numbers are coming up next week. EUR has shot above $1.21 after the NFP report but GBP is more cautious. What to watch: The Bank of England surprised markets by announcing it will reduce its weekly bond purchases, although it is keeping its QE size unchanged. GBP [..]

US Open Note – Dollar in tears after huge NFP miss; gold, euro soar

Posted on May 7, 2021 at 1:26 pm GMT

Nonfarm payrolls arrive significantly lower; Fed in focus The US jobs report was the highlight of the day, but the numbers did not come in as investors wished, with US nonfarm payrolls hugely missing the forecast of 978k to clock in at 266k and the unemployment rate disappointingly edging up to 6.1% versus 5.8% expected. March’s employment growth was also notably revised down, raising some doubts about how the hiring process is developing under the reopening phase and a booming [..]

Week Ahead – US and UK data to lead quiet week as dollar can’t make up its mind

Posted on May 7, 2021 at 12:14 pm GMT

After plenty of excitement from central banks and top-tier economic releases in the past couple of weeks, things will take a backseat over the next seven days. The slower news pulse could give way to some sideways action in currency markets as the US dollar fights off selling pressure. A more cautious mood on Wall Street could assist dollar bulls as stocks tend to perform poorly in May. There could be a further boost for the greenback coming in the [..]

Daily Market Comment – Dollar anxious ahead of nonfarm payrolls, equities roar

Posted on May 7, 2021 at 8:12 am GMT

· Dollar at week’s lows ahead of blockbuster US jobs report · Stocks stage a late rally, but it’s a dash to quality · Pound undecided after BoE adjusts QE, gold breaks out Nonfarm payrolls: How much is too much? The spotlight today will fall on the US employment report for April. Nonfarm payrolls are expected to clock in at 978k, with forecasts ranging from 2.1 million to 656k. This period captures the grand reopening of many US states as [..]

US Open Note – Pound temporarily spikes on BoE policy announcement; dollar powerless

Posted on May 6, 2021 at 1:20 pm GMT

Eurozone retail sales accelerate, but caution still needed Developed markets are caught in the middle of the vaccination rollouts and monetary and fiscal stimulus the euphoria and the uncertainties surrounding the immune responses, virus variants, lockdown measures and a premature monetary tightening. In a nutshell, hopes currently are for consumers and businesses to benefit from the massive stimulus as the reopening phase wraps up in several key economies, and indeed the data seem to be reflecting this optimism, with eurozone retail sales for March [..]

Technical Analysis – EURUSD flashes green, aided by positive divergence

Posted on May 6, 2021 at 8:36 am GMT

EURUSD is improving from the 1.2000 mark after a price retracement from the two-month high of 1.2149 found a foothold in the region from 1.1992 to 1.1978, the latter being the 38.2% Fibonacci retracement of the up leg from 1.1703 until 1.2149. The 100- and 200-period simple moving averages (SMAs) are backing advances, while the dipping 50-period SMA is suggesting a dwindling in positive sentiment. The falling Ichimoku lines are promoting the pullback in price. However, this negative momentum is [..]

Daily Market Comment – Equities and dollar cool after ISM data, showtime for BoE

Posted on May 6, 2021 at 8:30 am GMT

· Euro/dollar trapped near $1.20 region, stocks drift after ISM survey · Huge day ahead for British pound, with BoE meeting and local elections · Markets quiet overall as investors mark time until nonfarm payrolls Searching for a narrative Global markets continue to trade without a concrete theme. The economic crisis is slowly fading into the rear-view mirror as the phenomenal government spending impulse meets successful vaccination programs, and central banks remain committed to keeping the financial system flush with [..]

Daily Market Comment – Wall Street trembles as Yellen channels her inner Fed chair

Posted on May 5, 2021 at 8:31 am GMT

· US Treasury Secretary Yellen talks about rate hikes, tech stocks suffer · But turmoil doesn’t spill over into FX, dollar gets only a minor boost · ISM non-manufacturing survey and ADP jobs report coming up Yellen sparks tech selloff Market participants just got a small preview of what could happen when interest rates finally start rising. A wave of selling gripped equity markets yesterday, with the tech sector caught in the eye of the storm after Treasury Secretary and [..]

Daily Market Comment – Dollar choppy, stocks resilient despite ISM miss

Posted on May 4, 2021 at 9:01 am GMT

· Dollar retreats after disappointing ISM report but bounces back · Sterling outperforms as speculation for BoE tapering grows · Gold capitalizes on subdued yields, RBA takes the sidelines Markets in wait-and-see mode after ISM survey The US dollar is still searching for direction. The reserve currency took a hit yesterday in the wake of a softer-than-expected ISM manufacturing survey and another reminder from Fed Chairman Powell that the world’s largest economy isn’t out of the woods yet, only to [..]

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