All Articles Tagged - EURUSD

Daily Market Comment – Yen hits the FX intervention ‘danger zone’

Posted on June 30, 2023 at 8:31 am GMT

Dollar gains ground on solid GDP data, awaits more releases today Yen receives more intervention threats – are markets sleeping on a BoJ shift? Eurozone inflation data coming up, gold drifts, stocks keep winning Dollar rides Fed bets Global markets are set to close the second quarter on a cheerful note, with risk assets flying high and safe haven instruments losing their shine, as a stream of encouraging data releases increasingly convinced investors to unwind bearish bets. Recession concerns have [..]

Technical Analysis – EURUSD gets bearish vibes; 200-EMA in focus

Posted on June 29, 2023 at 2:23 pm GMT

EURUSD remained negatively charged for the second consecutive day on Thursday despite flash German CPI figures arriving slightly higher than analysts anticipated. In the four-hour chart, the pair could not find enough buyers to climb above its 20- and 50-period exponential moving averages (EMAs), reversing south instead to test the 23.6% Fibonacci retracement of the latest upleg at 1.0867. Strikingly, the 200-period EMA, which has been adding a strong footing under the price since mid-June, is within breathing distance at 1.0860. Yet, the worsened [..]

Daily Market Comment – Powell wakes up dollar bulls, Ueda hurts the wounded yen

Posted on June 29, 2023 at 8:21 am GMT

Dollar gains as Powell hints at more than one additional hike BoJ’s Ueda says there is “distance to go” before shifting policy S&P 500 and Dow Jones slide on Powell’s comments Powell sounds hawkish enough to encourage dollar buying At a panel discussion between the heads of the ECB, Fed, BoE and BoJ, ECB President Lagarde cemented expectations for a July hike, but what caught investors’ attention were hawkish comments by Fed Chair Powell. This time, the Fed Chief sounded [..]

Daily Market Comment – Euro rebounds on hawkish ECB rhetoric, yen extends slide

Posted on June 28, 2023 at 8:11 am GMT

Euro rebounds as ECB officials appear in hawkish suits Yen extends slide, despite new intervention warnings Loonie and aussie slide on lower-than-expected CPI data Wall Street gains on upbeat US data ECB hawkish rhetoric boosts the euro The US dollar traded lower against most of the other major currencies on Tuesday, losing the most ground against the euro and gaining only against the Japanese yen and the Canadian dollar. The euro rebounded strongly after ECB policymakers appeared at the central [..]

US core PCE data might fuel sticky inflation fears as dollar stays supported – Forex News Preview

Posted on June 27, 2023 at 12:42 pm GMT

A flurry of second-tier data releases in the United States this week will culminate on Friday with the all-important PCE inflation figures (12:30 GMT). Amid a very mixed picture on economic growth lately, the incoming gauges will be scrutinized closely. But ultimately, without any definitive red flags of an imminent recession, the best policy guide for Federal Reserve officials will be the core PCE price index. The US dollar stands ready to gain from any upbeat data following renewed jitters [..]

Daily Market Comment – Yen takes another knock, tech rally cools off

Posted on June 27, 2023 at 8:27 am GMT

Yen gets hit by another selling wave, retests its multi-year lows Dollar slightly softer ahead of US releases, euro capitalizes Tech stocks encounter some profit-taking, ECB forum begins Japanese yen can’t catch a break It was a relatively quiet trading session in the FX complex on Monday. Investors appeared reluctant to make any big moves with geopolitical tensions simmering, preferring to bide their time until the dust around Russia’s coup attempt settles. Defensive assets such as gold and bonds attracted [..]

Technical Analysis – EURUSD technical picture turns bearish

Posted on June 26, 2023 at 9:40 am GMT

EURUSD is edging lower today as the short-term uptrend that started in early June appears to have halted. The September 28, 2022 upward sloping trendline has acted as strong resistance, pushing EURUSD towards the 50-day simple moving average at 1.0874. The current correction could also be a product of the bearish divergence that has formed between the stochastic oscillator and the recent EURUSD price action. In addition, the remaining momentum indicators appear to be more balanced at this juncture. The [..]

Weekly Technical Analysis – EURUSD, GBPJPY, USDCAD

Posted on June 26, 2023 at 9:30 am GMT

There are no central bank decisions on this week’s agenda, but we do get several data releases that could well affect expectations surrounding monetary policy. The main events this week are likely to be the Eurozone’s preliminary CPIs. Japan’s Tokyo CPIs, and the US core PCE index. So, we will be looking at how EURUSD, GBPJPY and USDCAD may perform. Eurozone CPIs -> EURUSD On Friday, preliminary data from the Eurozone are forecast to show that inflation slowed further in June, something that [..]

Daily Market Comment – Russia avoids civil war, markets barely react

Posted on June 26, 2023 at 8:33 am GMT

Armed mutiny in Russia ends peacefully, yet gold trades quietly Yen remains close to its recent lows despite hawkish BoJ signals Euro loses ground after soft business surveys, stocks drift lower From Russia, with turbulence An armed mutiny in Russia over the weekend concluded without any bloodshed. The Wagner group – a private mercenary army – started to march against Moscow on Saturday. This followed accusations from the group’s leader, Yevgeny Prigozhin, that the Kremlin had attacked his troops fighting [..]

Week Ahead – Euro and bleeding yen brace for inflation tests

Posted on June 23, 2023 at 11:02 am GMT

With all the major central bank decisions behind us, the spotlight next week will turn to a new round of inflation releases. The euro has been riding high this month, but whether it still has some miles left in the tank will depend on what the inflation data spells for ECB policy. Meanwhile, the yen has been demolished and since FX intervention seems unlikely, it might take a serious acceleration in Japanese inflation to stop the bleeding. Can the euro [..]

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