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 Hits 2023 Lows, ECB’s Focus on Inflation, and USD Strength Dominates Markets
The EUR/USD has experienced a seven-day decline, plummeting to its lowest point since January, falling below 1.0500. The prevailing market sentiment is bearish, with no correction in sight, and the European Central Bank (ECB) closely watching upcoming inflation data from Spain and Germany. ECB members’ comments have had minimal impact, as the bank awaits crucial inflation figures this week. Spain expects a rebound in consumer inflation, while Germany anticipates a sharp decline in CPI. The US Dollar continues to strengthen, reaching new highs with the US Dollar Index nearing 107.00. Despite declining equities, US Treasury yields remain high, and economic data, including Durable Goods Orders and Jobless Claims, is closely monitored.
According to technical analysis, the EUR/USD moved lower on Wednesday 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 24, indicating a bearish bias for the EUR/USD.
Resistance: 1.0547, 1.0605
Support: 1.0488, 1.0440
XAU/USD Slumps Below $1,880 as Dollar Surges Amidst U.S. Funding and Rate Hike Concerns
Spot Gold’s decline deepened as it slipped below the $1,880 threshold, driven by a strengthening U.S. Dollar in a risk-averse climate, while financial markets closely monitored developments in the United States, where a federal shutdown loomed due to political disagreements over funding. Simultaneously, global stock markets extended their bearish trends on concerns that central banks might prolong higher interest rates, elevating the risk of economic downturns. Government bond yields spiked, with the 10-year Treasury note hitting a 15-year high at 4.59%, and the 2-year note offering 5.11%, nearing levels not seen since the Federal Reserve’s monetary policy announcement.
According to technical analysis, XAU/USD moved lower on Wednesday, 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 15, signifying a bearish bias for the XAU/USD pair.
Resistance: $1,885, $1,902
Support: $1,866, $1,846
Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.
