All Articles Tagged - EURUSD

Eurozone CPI & GDP data to test euro’s freefall – Forex News Preview

Posted on July 28, 2023 at 2:43 pm GMT

Eurozone preliminary CPI inflation figures will take centre stage on Monday at 09:00 GMT after the ECB president Christine Lagarde clarified that future policy decisions will be made meeting by meeting based on incoming economic data. Forecasts point to a modest slowdown in inflation, but such a drop may not be enough for investors to push back their rate hike expectations. Meanwhile, the economy is expected to show a slight quarterly contraction in the second quarter. ECB tweaks guidance The [..]

Week Ahead – NFP report to probably steal the limelight from BoE and RBA

Posted on July 28, 2023 at 10:29 am GMT

The Bank of England and Reserve Bank of Australia will wrap up the summer central bank decisions in the coming week, although the US jobs report may attract the most attention. The ISM PMIs will be the other highlights in the United States, while employment numbers are due in Canada and New Zealand too. Over in Europe, the agenda will be dominated by flash inflation and GDP data. Oil will also be in the spotlight as the OPEC+ alliance holds [..]

Daily Market Comment – Yen shines as Bank of Japan loosens yield control

Posted on July 28, 2023 at 8:16 am GMT

Yen shines after BoJ makes ‘stealth’ changes to yield control Dollar also gains, boosted by strong US data and rising yields Euro sinks as ECB refuses to commit to further rate increases Yen recovers after BoJ move Bank of Japan officials loosened their grip on the nation’s bond market on Friday, propelling the yen higher and fueling volatility in global markets. Although at first glance the BoJ kept its official policy settings unchanged, the details of the decision revealed that [..]

Technical Analysis – EURUSD cheers up before ECB rate decision

Posted on July 27, 2023 at 10:37 am GMT

EURUSD jumped into the 1.1100 area ahead of the ECB policy announcement early on Thursday, exiting its bearish channel on the four-hour chart. The 50-period simple moving average (SMA) is currently keeping the bulls busy around 1.1145 and if it proves tough to surpass, the pair could switch into corrective mode. The 61.8% Fibonacci retracement of the latest downfall is adding extra importance to that region, while slightly higher at 1.1170, the resistance line, which links the highs from February and April 2022, could [..]

Daily Market Comment – Dollar slides on Fed, ECB and BoJ enter the limelight

Posted on July 27, 2023 at 7:57 am GMT

Fed Chair Powell appears less hawkish than expected Dollar slides as investors add to their rate cut bets ECB to hike, focus on Lagarde’s remarks BoJ tweak cannot be ruled out Powell disappoints dollar bulls The US dollar traded lower against the majority of the other major currencies on Wednesday and continued sliding during the Asian session today. Responsible for the dollar’s wounds was Fed Chair Powell, who at the press conference following yesterday’s decision, did not appear hawkish enough [..]

Technical Analysis – EURUSD develops within bearish formation

Posted on July 26, 2023 at 3:25 pm GMT

EURUSD attempted a modest recovery earlier today but the 20-period simple moving average (SMA) in the four-hour chart blocked the way higher once again around 1.1080. The RSI has changed course to the upside and the MACD is slowly distancing itself from its red signal line, suggesting that market sentiment is improving. Yet, the indicators have yet to exit the bearish region. Therefore, downside pressures could still emerge, especially if the price stays within the downward-sloping channel and below the [..]

Daily Market Comment – Investors lock gaze on Fed decision

Posted on July 26, 2023 at 7:50 am GMT

Fed expected to hike, spotlight to fall on hints about next moves Euro awaits ECB; aussie slides on inflation slowdown Wall Street gains, awaits Fed and more tech earnings Will the Fed hint at more hikes? The US dollar traded lower against most of the other currencies on Tuesday, but it seems to be stabilizing today as investors may have turned to a more cautious trading strategy ahead of the FOMC decision later today. A 25bps hike is a done [..]

Daily Market Comment – China stimulus promises boost oil prices

Posted on July 25, 2023 at 8:28 am GMT

China pledges more stimulus, lifting oil prices and local stocks Euro licks wounds after disappointing PMIs, antipodeans shine Wall Street advances ahead of Microsoft and Google earnings Stimulus optimism Chinese authorities vowed to roll out more stimulus measures on Monday, spreading cheer in global markets. The world’s second-largest economy has been plagued by a deepening downturn in the manufacturing and real estate sectors, which combined have put the brakes on economic growth, forcing the Politburo into action despite lingering concerns [..]

Weekly Technical Analysis – EURUSD, EURGBP, USDJPY

Posted on July 24, 2023 at 9:59 am GMT

Following a relatively quiet week in terms of economic data and events, the spotlight now turns to three major central banks: The Federal Reserve, the European Central Bank, and the Bank of Japan, which are all deciding on monetary policy on Wednesday, Thursday, and Friday, respectively. Therefore, we will take a look at how EURUSD, EURGBP, and USDJPY may perform. Fed rate decision -> EURUSD On Wednesday, the Fed is widely expected to deliver a 25bps hike. However, investors also [..]

Technical Analysis – EURUSD backs off after new 2023 high

Posted on July 24, 2023 at 9:28 am GMT

EURUSD has been on a downward path since registering on July 18 a new 2023 high, which is also the highest print since February 25, 2022. Seven consecutive red candles reveal the euro bulls’ inability to hold onto the impressive gains recorded during the first half of July. In addition, the convergence of the 50- and 100-day simple moving averages (SMAs) could be seen as a sign that the elevated market volatility is not close to abating soon. In the meantime, the [..]

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