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 Multi-Month Lows Amid Strong US Dollar and Robust Labor Market Data
The EUR/USD pair reached new multi-month lows, primarily driven by the strength of the US Dollar, supported by positive labor market data. The week ahead features critical economic reports, including ADP employment data and the JOLTS Job Opening report, which has already pushed the 10-year Treasury bond yield to cycle highs. These indicators reflect a robust US economy, and further job data releases, along with expectations of prolonged higher interest rates from the Federal Reserve, are likely to boost the Dollar’s momentum. Meanwhile, in the Eurozone, upcoming reports include Wholesale Inflation, Retail Sales, and HICP PMIs, with market participants closely watching for signs from the European Central Bank.
According to technical analysis, EUR/USD moved in consolidation on Tuesday, currently trading above the lower band, suggesting the potential for a slightly higher movement to the middle band of the Bollinger Bands. The Relative Strength Index (RSI) is at 33, indicating that EUR/USD is still in a bearish bias.
Resistance: 1.0538, 1.0605
Support: 1.0406, 1.0326
XAU/USD Tumbles to 6-Month Low Amid US Rate Hike Fears
On Tuesday, XAU/USD, the gold-to-US Dollar currency pair, plunged to $1,815.19, marking its lowest level since early March, as investors grew increasingly concerned about potential rate hikes in the US. This decline in the pair was triggered by Federal Reserve officials’ comments emphasizing the need for further rate increases to combat persistently high inflation. As investors closely monitored these remarks, XAU/USD experienced a notable sell-off, reflecting growing apprehension about the impact of tighter monetary policy on the precious metal’s value.
According to technical analysis, XAU/USD moved in consolidation on Tuesday, currently the price continues consolidating above the lower band, suggesting potential higher movement for today to reach the middle band of the Bollinger Bands. The Relative Strength Index (RSI) is currently at 23, signifying a bearish bias for the XAU/USD pair.
Resistance: $1,834, $1,858
Support: $1,809, $1,777
Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.
