All Articles Tagged - EURUSD

Daily Market Comment – Equities turn cautious ahead of Powell after Fed speakers dent risk rally

Posted on January 10, 2023 at 10:38 am GMT

Tech stocks outperform on Wall Street as S&P 500 rebound flounders on hawkish Fed Powell and other central bank heads eyed in first key remarks of 2023 Dollar steadies but euro and gold maintain bullish bias Mood sours as Fed unwilling to defuse recession fears Hopes that a slowing American economy and easing price pressures would assuage the inflation hawks at the Fed were dealt a major blow on Monday, spoiling the post-NFP risk rally. Despite the Fed never having [..]

Technical Analysis – EURUSD jumps higher in ascending channel

Posted on January 9, 2023 at 7:47 am GMT

EURUSD recorded a stunning rally last week, adding more than 2% so far and approaching the 1.0700 psychological mark, holding within the upward sloping channel. The technical indicators suggest that the market could be boosted a little bit more in the short term. The RSI is currently increasing positive momentum above its neutral threshold of 50, while the MACD is gaining ground in the bullish area, remaining beneath its trigger line. Both are hinting that the next move in prices [..]

Week Ahead – US inflation back in focus, UK data to underline recession risks

Posted on January 5, 2023 at 3:26 pm GMT

After a choppy start to the new year, markets will be bracing for the next set of CPI data out of the United States next week amid ongoing unease about Fed policy. Inflation stats are also due out of Australia, while in the United Kingdom, monthly GDP numbers could stoke recession fears yet again. China’s economy will be at the forefront of investors’ minds too as the December economic indicators start rolling in. But a potentially bigger market-moving event is [..]

Daily Market Comment – Dollar dips ahead of NFPs, euro awaits inflation data

Posted on January 5, 2023 at 9:21 am GMT

Fed minutes show officials unwilling to cut rates in 2023 Dollar traders lock gaze on US employment report Eurozone inflation numbers enter the limelight as well Dollar trades lower even as minutes confirm hawkish Fed The US dollar traded lower against all but one of the other major currencies on Wednesday, with the exception being the yen. The currency that gained the most ground was the risk-linked aussie, which may have benefited from news that China allowed the resumption of [..]

Technical Analysis – EURUSD moves sideways, but recent “balance of terror” could end soon

Posted on January 5, 2023 at 8:55 am GMT

EURUSD is currently trading sideways but remains inside a well-respected rectangle since December 13. The beginning of the new trading year does not appear to have unsettled the recent “balance of terror” in the market. The momentum indicators seem to be hypnotized by the current range-trading as the Average Directional Movement Index (ADX) remains below 25 and shows minimal variation lately. Similarly, both the RSI and Stochastic are hovering just below their midpoints. A bearish double top pattern has formed since early December [..]

Nonfarm payrolls to set the tone for US dollar in new year – Forex News Preview

Posted on January 4, 2023 at 1:42 pm GMT

Trading in the new year will fire up with the latest US employment data on Friday. Forecasts point to another solid jobs report, although business surveys warn that the labor market has started to lose steam. As for the dollar, calls about its demise and a bearish trend reversal still seem premature. Dollar wins 2022 – what about 2023? The US dollar rally lost some steam in the final stages of 2022, but nevertheless, the reserve currency still came out [..]

Daily Market Comment – Gold sparkles, stocks hit turbulence ahead of Fed minutes

Posted on January 4, 2023 at 9:39 am GMT

Gold extends win streak, dollar pulls back ahead of US releases Australian dollar pops on rumors China might lift its coal ban Stocks edge lower, losses in Apple and Tesla spearhead retreat Gold storms higher Global markets got off to a nervous start this year. Investors have been loading up on defensive assets such as gold and bonds, while reducing their exposure to riskier plays like tech stocks and crude oil, positioning for what could be a rocky year for [..]

Will Eurozone inflation keep the ECB on track for more 50bps hikes? – Forex News Preview

Posted on January 3, 2023 at 2:22 pm GMT

Following a hawkish ECB in December, market participants may be eagerly awaiting the preliminary Euro area inflation numbers, due out on Friday at 10:00 GMT, as they try to assess whether more 50 basis points worth of rate hikes are indeed warranted. Will the data confirm the ECB’s aggressive stance? And how may the euro react? Appearing in a hawkish suit At its last meeting for 2022, the European Central Bank raised interest rates by 50bps after delivering two consecutive [..]

Technical Analysis – EURUSD awaits more upside as the new year starts

Posted on January 2, 2023 at 3:45 pm GMT

EURUSD started the year with weak momentum, trading quietly inside last Friday’s range around 1.0660. Despite the muted tone in the market, there is a ray of hope that the bullish pattern may soon resume. Particularly, the price has finally edged above the key resistance of 1.0658, which is currently acting as support, reflecting persisting buying interest. In other encouraging signals, the price is still hovering above its exponential moving averages (EMAs), while the RSI, although in flat trajectory, is some [..]

Daily Market Comment – Dollar and equities end 2022 on the back foot

Posted on January 2, 2023 at 9:30 am GMT

Dollar stays pressured even as yields rise ISM PMIs and NFPs on this week’s agenda Wall Street feels the heat of rising yields and recession fears Oil finishes 2022 with gains Investors push yields higher, but not the dollar The US dollar ended the last trading day of 2022 on the back foot against most of the other major currencies, despite US Treasury yields rising further. It rebounded somewhat today. The 10-year yield has been in a recovery mode since [..]

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