All Articles Tagged - EURUSD

Market Comment – Dollar starts 2024 on strong footing, Friday’s NFP eyed

Posted on January 2, 2024 at 8:59 am GMT

Dollar gains against most of its major counterparts Fed minutes and US jobs data this week’s highlights Euro awaits Eurozone’s preliminary inflation numbers Gold and oil rebound, Asian stocks open the year mixed Dollar traders lock gaze on Fed minutes and NFP data The US dollar began the first trading day of 2024 on a strong footing against its major counterparts, losing some ground only against the aussie and the pound. Following an uneventful final week of 2023, when investors [..]

Technical Analysis – EURUSD fails again at key resistance area

Posted on January 2, 2024 at 7:50 am GMT

EURUSD in the red again today after making a new 5-month high The key resistance area at 1.1032 is playing a key role in this move Momentum indicators signal that the current bullish move has probably ended EURUSD is registering its third straight red candle, after reaching a new 5-month high at 1.1139. However, the busy 1.1032-1.1095 area, which has been making the bulls’ lives difficult since February 2023 with several failed breakout attempts recorded, appears to have played a [..]

Technical Analysis – EURUSD rotates lower from 5-month peak

Posted on December 29, 2023 at 2:06 pm GMT

EURUSD storms to fresh 5-month high before paring some gains Short-term oscillators suggest abating positive momentum Too early to call for a sustained correction EURUSD has been staging a solid recovery from its 2023 bottom of 1.0447 in early October, posting a fresh five-month high of 1.1138 on Thursday. However, the pair surrendered some of its gains as the advance started to look overstretched. Considering that both the RSI and stochastics are showing signs of fading positive momentum, the price could slide [..]

Market Comment – Dollar stops bleeding, oil slides as 2023 concludes

Posted on December 29, 2023 at 9:39 am GMT

Dollar mounts comeback, helped by solid labor market data Oil prices resume downtrend as supply concerns resurface Mind the gap – scarcity of liquidity in markets can fuel volatility Dollar shows signs of life The US dollar is set to close the year with losses of around 3% against a basket of major currencies, as market participants continue to wager that the Federal Reserve will slash interest rates with a heavy hand in 2024. Markets are pricing in six rate [..]

Week Ahead – US jobs report and Eurozone inflation to kickstart the New Year

Posted on December 29, 2023 at 8:47 am GMT

NFP report and Eurozone CPI will be the week’s focal point on Friday FOMC minutes and ISM PMIs will also be crucial for the US dollar Canadian employment and Chinese PMIs might attract attention too Rate cut bets in overdrive It’s been one big rollercoaster ride for the US dollar in 2023, as hopes of a Fed pivot were repeatedly dented by surprisingly strong economic data, which more often than not, has come from the robust performance of the American [..]

Market Comment – Gold and equities shine bright in thin trading

Posted on December 28, 2023 at 10:15 am GMT

Gold closes at its highest level ever as US yields keep falling Shares on Wall Street also hit record highs, fueled by rate cut bets Dollar retreats across the board, boosting the euro and yen Gold rides higher on Fed bets Global markets continue to trade on the notion that major central banks, spearheaded by the Fed, will launch a powerful easing cycle next year. This theme has dominated trading activity in recent weeks as investors ramped up bets that [..]

Market Comment – Stocks flirt with record highs as rate cut bets run wild

Posted on December 27, 2023 at 10:07 am GMT

Softer-than-expected PCE inflation boosts early rate cut hopes Global shares rise after S&P 500 comes within a whisker of its all-time high Yen slips as BoJ hints at no imminent policy change, dollar muted on depressed yields Stocks get another gift from Santa Equities look set to end the year in buoyant form as the disinflation theme continues to fuel the rally in global risk assets. Shares on Wall Street extended their year-to-date gains on Tuesday after the final major [..]

Technical Analysis – EURUSD edges higher, tests key resistance area

Posted on December 27, 2023 at 8:19 am GMT

EURUSD edges higher again today, makes higher high It tests the resistance set by a key area, north of 1.1032 Momentum indicators support the current bullish move EURUSD is trying to record its fourth consecutive green candle as it has entered the 1.1032-1.1095 area. This is a key resistance area, which has been making the bulls’ lives difficult since February 2023 with a number of failed breakout attempts recorded. EURUSD has also recorded a higher high, above the recent local [..]

Week Ahead – Markets wind down for holidays, mind the liquidity gap

Posted on December 22, 2023 at 10:30 am GMT

Quiet week ahead as FX markets enter holiday season Spotlight will fall mostly on some Japanese releases Most importantly, liquidity will be in short supply Yen awaits Bank of Japan signals Another devastating year for the Japanese currency is coming to an end. Despite mounting a comeback in recent months, the yen is still on track to close the year with losses of around 8% against the US dollar, mostly because of the Bank of Japan’s refusal to raise [..]

Technical Analysis – EURUSD rangebound after forming a double top

Posted on December 21, 2023 at 9:38 am GMT

EURUSD gets rejected a tad below its recent 4-month peak A failure to claim that level could validate a double top structure Momentum indicators lose steam but remain positive EURUSD experienced a solid correction from its recent four-month high of 1.1016, but the pair managed to erase most of it, following a decisive break above the 200-day simple moving average (SMA). However, the rebound faltered just shy of the latest peak, underscoring the case of a double top structure. Considering that both the RSI and [..]

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