All Articles Tagged - EURUSD

Weekly Technical Outlook – Dollar index, USDJPY, EURUSD

Posted on April 22, 2024 at 8:32 am GMT

Will US GDP boost the dollar index? Yen looks steady ahead of BoJ decision Eurozone flash PMIs may halt EURUSD’s bearish actions US GDP –> Dollar index The most significant event of the week is expected to take place on Thursday with the preliminary release of US GDP for the first quarter. The US economy expanded at an annualized rate of 3.4% in the previous quarter. In terms of unexpected outcomes, there is potential for a higher-than-anticipated GDP figure, given that the Atlanta Fed GDPNow model predicts growth of 2.9% versus forecasts 2.4%. On Friday, the [..]

Technical Analysis – EURUSD consolidates after decline pauses

Posted on April 22, 2024 at 8:00 am GMT

EURUSD drops to a fresh 5-month low before paring some losses Oscillators suggest that risks remain tilted to the downside EURUSD came under severe selling pressure in the aftermath of a hotter-than-expected inflation report on April 10, violating its 2024 low of 1.0693. Although the pair managed to find its footing at the five-month bottom of 1.0600, it has so far failed to stage a significant recovery. Should downside pressures persist, the pair might revisit its recent five-month low of 1.0600. [..]

Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview

Posted on April 19, 2024 at 11:01 am GMT

Eurozone appears to be on the mend but ECB still on track to cut in June For the euro, rate outlook beyond June increasingly more important Flash PMI readings for April are due on Tuesday, 08:00 GMT Will PMIs confirm tepid recovery signs? The euro area economy stagnated in the middle of 2023 but narrowly managed to dodge a technical recession, defined as two consecutive quarters of negative growth. The most recent data have been somewhat more upbeat, and the [..]

Market Comment – Safe havens jump as Israel retaliates against Iran

Posted on April 19, 2024 at 8:52 am GMT

Gold, franc, yen and oil spike higher after Israel strikes Iran But gains are pared after retaliatory response seen to be limited Stocks head deeper into the red after disappointing tech earnings Markets on alert as ME tensions re-escalate After days of speculation about a possible retaliatory action, Israel launched strikes on Iranian targets overnight, in direct response to Iran’s missile and drone attack last Saturday. Safe havens rallied as the reports started coming in, with gold briefly climbing above [..]

Supercharged US dollar turns to GDP growth data – Preview

Posted on April 19, 2024 at 7:39 am GMT

Dollar goes on a rampage as traders unwind Fed rate cut bets Risk aversion in stock markets amid Iran tensions helps too Upcoming US releases will decide whether rally can go further Dollar shines bright It’s been a phenomenal year for the US dollar so far. The greenback has gained more than 4% against a basket of currencies, turbocharged by a series of solid economic readings that have forced investors to dial back bets of imminent Fed rate cuts. [..]

Week Ahead – US GDP and BoJ decision on top of next week’s agenda

Posted on April 19, 2024 at 7:10 am GMT

US GDP, core PCE and PMIs the next tests for the dollar Investors await BoJ for guidance about next rate hike EU and UK PMIs, as well as Australian CPIs also on tap Earnings season heats up as tech giants report Will US data throw more Fed rate cuts off the table? The dollar staged a strong recovery the last couple of weeks, with the bulls being encouraged to initiate long positions as soon as the US CPI data revealed [..]

Midweek Technical Look – EURUSD, US 500, WTI

Posted on April 18, 2024 at 9:54 am GMT

EURUSD rebounds off 5-month low near 1.0600; remains beneath symmetrical triangle US 500 index plummets to 2-month low, creating bearish correction WTI crude oil dives for the sixth consecutive day [..]

Market Comment – US dollar on the back foot as nervousness lingers in equity markets

Posted on April 18, 2024 at 7:59 am GMT

Euro edges higher despite continued hawkish commentary from Fed officials Geopolitical developments cast doubt on ECB June rate cut Yen fails to make considerable gains as market looks to Friday’s CPI data Dollar is on the back foot today Euro/dollar is rising today after testing the 1.06 level. The combination of dovish commentary from the ECB and hawkish Fedspeak, which played a key role in the recent dollar outperformance, appears to have lost its market-moving ability today as investors are [..]

Technical Analysis – EURUSD takes a breather after sharp tumble

Posted on April 17, 2024 at 1:21 pm GMT

EURUSD tumbles and breaks out of sideways range Despite the brief pause, the outlook remains negative MACD and RSI detect negative momentum A break below 1.0610 could target 1.0520 EURUSD came under strong selling interest last week following the hotter-than-expected US CPI data, breaking below 1.0725, the lower bound of a sideways range that was containing most of the price action since mid-November. Today, the pair seems to be taking a breather slightly above the 1.0610 barrier, but the short-term [..]

Market continues to price in a plethora of rate cuts for 2024 – Special Report

Posted on April 17, 2024 at 1:03 pm GMT

Market is still in monetary easing mode despite fewer rate cuts priced in across the board Divergent cut expectations for the Fed and the ECB, reflecting economic conditions The ECB and the BoC are seen cutting in July; the RBA might not cut rates this year BoJ is seen hiking again during 2024 The market is digesting both the latest geopolitical developments and the recent rally in oil prices as the countdown to the May 1 Fed meeting has begun. [..]

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