All Articles Tagged - EURUSD

Technical Analysis – EURUSD recovery might have run out of gas

Posted on June 22, 2023 at 1:38 pm GMT

EURUSD is edging lower today as the short-term uptrend that started in early June appears to have temporarily halted. The bulls are obviously keen for a retest of the April 26, 2023 high of 1.1095 with the current price action potentially offering them the chance for a breather. Nevertheless, a sizeable move has been recorded over the past three weeks, almost entirely cancelling out the May downleg that pushed EURUSD to 1.0634. The momentum indicators appear to be siding with [..]

Eurozone flash PMI figures to test recession fears – Forex News Preview

Posted on June 21, 2023 at 12:50 pm GMT

The eurozone economy contracted during the past two quarters albeit mildly, entering a technical recession. Traders will look to see whether the negligible downturn has worsened when flash S&P Global PMI figures for the month of June arrive on Friday at 08:00 GMT. Forecasts point to another disappointing report, which the euro might not like. Nevertheless, the currency may suffer only minor damage as traders may wait for more evidence before they see a hard landing on the horizon. ECB [..]

Daily Market Comment – China concerns hit sentiment; dollar looks to Powell & Co. for direction

Posted on June 20, 2023 at 9:19 am GMT

China rate cut unable to lift market mood as doubts grow about economy Wall Street futures struggle ahead of Powell testimony, dollar drifts sideways Yen’s freefall pauses, pound softer ahead of CPI data, aussie slides on RBA minutes China stimulus: too little too late? Equity markets were mostly on the backfoot again on Tuesday as an expected rate cut in China failed to ease concerns about the flagging economy while constantly shifting rate hike expectations elsewhere added to investors’ apprehension. [..]

Weekly Technical Analysis – GBPUSD, EURUSD, USDCHF

Posted on June 19, 2023 at 10:56 am GMT

The Bank of England (BoE) and the Swiss National Bank (SNB) will feature in the next series of central bank meetings on Thursday. Investors are speculating that some policymakers might debate a bolder half-point rate hike, with the talks likely being more intense within the SNB. Meanwhile in the eurozone, Friday’s preliminary business PMI figures could be important to watch amid a cracking economic backdrop. Bank of England policy announcement –> GBP/USD The British pound surged to its highest level [..]

Daily Market Comment – Stocks slip, dollar steadies as rate hikes, a rate cut and Powell awaited

Posted on June 19, 2023 at 9:12 am GMT

Equities start week on the backfoot amid uncertainties; can Powell change the mood? China steps up effort to boost economy but Asian stocks unimpressed Pound shines ahead of BoE decision, SNB coming up too, dollar crawls off lows Cautious tone as Fed doubts take over Another busy week has gotten underway as markets are hoping to decipher more about the Fed policy path from Chair Jerome Powell’s Congressional hearings than they did from last week’s meeting. Powell is due to [..]

Technical Analysis – EURUSD slices through 50-day SMA but advance pauses

Posted on June 19, 2023 at 8:20 am GMT

EURUSD had been experiencing a downside correction after peaking at the 13-month high of 1.1094. However, the pair has been regaining ground since it found its feet at the May low of 1.0633, crossing above its 50-day simple moving average (SMA) before its rebound stalled at the upper end of the Ichimoku cloud. The momentum indicators currently suggest that near-term risks are tilted to the upside. Specifically, the RSI has flatlined above its 50-neutral mark, while the MACD histogram jumped above [..]

Week Ahead – Can the BoE and SNB hike by 50bps? Flash PMIs incoming

Posted on June 16, 2023 at 12:09 pm GMT

The central bank theme will continue in the coming week with the Bank of England and Swiss National Bank next to announce their interest rate decisions. Both are expected to raise their policy rates but is there room for hawkish surprises? The flash PMIs for June will also be on investors’ radar as some regions such as the Eurozone grapple with a recession. Inflation data will be the highlight in Japan but it’s looking like a quieter period in the [..]

Daily Market Comment – Dollar falls on soft data, euro rallies after ECB

Posted on June 16, 2023 at 8:20 am GMT

Investors defy Fed, expecting rates to peak soon ECB appears hawkish, lifts the euro BoJ maintains loose policy, hurts the yen Wall Street rallies on hopes Fed hiking cycle is ending Dollar slides as traders believe rate peak is near The US dollar traded lower against all but one of the other major currencies on Thursday, with the aussie and the euro taking the lead. The only currency against which the greenback gained some ground was the yen. Despite the [..]

Technical Analysis – EURUSD kickstarts a bullish party after ECB

Posted on June 15, 2023 at 3:16 pm GMT

EURUSD skyrocketed to 1.0920 on headlines the ECB is not thinking of pausing rate hikes after raising interest rates to a 22-year high on Thursday as expected. The pair is experiencing one of its best daily sessions since the start of the year, but the bulls will need to reclaim the September support-turned-resistance trendline, which is currently under examination, in order to stay in power during the coming sessions. The 61.8% Fibonacci retracement of the latest downleg in the four-hour chart [..]

Daily Market Comment – Fed sounds hawkish but traders don’t buy it, ECB next

Posted on June 15, 2023 at 8:30 am GMT

Fed holds rates steady but signals 2 more rate hikes this year Yet investors were not convinced, dollar weakens, stocks jump ECB decision in focus today, BoJ will follow early on Friday Fed surprises, markets skeptical As widely anticipated, the Federal Reserve hit pause on its tightening campaign yesterday, keeping interest rates unchanged. Nevertheless, the FOMC added a hawkish twist to the decision by signalling two additional rate increases for this year in its ‘dot plot’ of rate projections, helping [..]

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