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 Gains Ground as US Dollar Weakens, Awaiting Jobs Data
The EUR/USD has experienced a two-day climb, nearing the 1.0550 level, driven by a softer US dollar, although the overall trend remains bearish, with future direction dependent on forthcoming US jobs data. Germany’s recent economic indicators reveal a sluggish outlook, reinforcing expectations that the European Central Bank is unlikely to raise interest rates. In the US, despite mixed job market data, a decrease in US yields and a rebound in equities have weakened the Greenback. The upcoming US Nonfarm Payrolls report will be pivotal in determining the EUR/USD’s path, with a strong report poised to reinforce the bearish trend and weak numbers potentially extending the recovery.
Based on technical analysis, the EUR/USD went up on Thursday and managed to reach the upper band of the Bollinger Bands. Right now, the EUR/USD is trading below the upper band, which suggests a chance for a small downward move to reach the middle band of the Bollinger Bands. The Relative Strength Index (RSI) is at 56, indicating that the EUR/USD is currently trying to return to a neutral position.
Resistance: 1.0558, 1.0616
Support: 1.0489, 1.0406
XAU/USD Nears Multi-Month Low as Dollar Corrects Amid Economic Concerns
The XAU/USD pair is trading close to a recent multi-month low of $1,813 per troy ounce, marking its ninth consecutive day of decline. Despite the US Dollar’s correction from multi-month highs, Gold struggles to attract buyers. Concerns over persistent inflationary pressures and a tight labor market persist as investors remain cautious, driven by hawkish comments from Federal Reserve officials and mixed employment sector signals. With the release of the September Nonfarm Payrolls report looming, the stability in US Treasury yields at slightly lower levels is preventing a near-term Dollar rally.
Based on technical analysis, XAU/USD exhibited consolidation on Thursday. It creates a narrow band of the Bollinger Bands. Currently, the price of gold is squeezed by the bands which indicate that the market is still in waiting mode. The Relative Strength Index (RSI) currently stands at 38, signaling a bearish bias for the XAU/USD pair.
Resistance: $1,834, $1,858
Support: $1,809, $1,777
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