Spreads
Spreads
Spreads
Spreads
Spreads
Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.
EUR/USD Decline Continues Amid Strengthening US Dollar and Risk Aversion
The EUR/USD pair faced continued declines and struggled to maintain levels above 1.0600, primarily driven by the robust performance of the US Dollar in various markets. The US Dollar index achieved its highest daily close in months, surpassing 106.10, supported by elevated US yields. Despite weaker-than-expected US economic data, the dollar remained resilient. Wall Street experienced a decline in equity prices, further bolstering the Dollar’s surge. Upcoming reports on German and Spanish inflation data, as well as the Core Personal Consumption Expenditure Index from the US, are eagerly anticipated by market participants as potential market movers.
According to technical analysis, the EUR/USD moved lower on Tuesday and created downward pressure on the lower band of the Bollinger Bands. This movement suggests the possibility of further losses in EUR/USD. The Relative Strength Index (RSI) is currently at 32, indicating a bearish bias for the EUR/USD.
Resistance: 1.0588, 1.0620
Support: 1.0541, 1.0517
XAU/USD Dive as US Dollar Soars Amidst Growing Economic Concerns
In a sharp decline, spot gold (XAU/USD) fell to $1,900.83, marking its lowest point in nearly two weeks. This slide was driven by a surge in the US Dollar, triggered by mounting apprehension in the financial markets due to central banks’ commitment to keeping rates higher for longer and disappointing economic data from the United States. The US CB Consumer Confidence Index extended its decline, indicating potential recession signs, while New Home Sales saw a substantial drop. Federal Reserve Bank President Neel Kashkari’s remarks added to the uncertainty, with investors worried about prolonged monetary tightening. This confluence of factors kept gold at the lower end of its monthly range, while Wall Street experienced a sell-off and 10-year Treasury note yields reached levels not seen since 2007.
According to technical analysis, XAU/USD moved lower on Tuesday, creating downward pressure on the lower band of the Bollinger Bands. Currently, the price is hovering just above the lower band, suggesting a potential further decline for XAU/USD. The Relative Strength Index (RSI) is currently at 27, signifying a bearish bias for the XAU/USD pair.
Resistance: $1,908, $1,915
Support: $1,893, $1,885
Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.
