Spreads
Spreads
Spreads
Spreads
Spreads
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EUR/USD (4 Hours)
In recent trading, the EUR/USD pair experienced a surge to 1.0620, marking its highest level in two weeks, before slightly retracing to the 1.0600 range. This upward movement is fueled by an improved market sentiment and the ongoing correction of the US Dollar, compounded by concerns over geopolitical events. The spotlight now turns to the upcoming US inflation data, particularly the Producer Price Index (PPI) and Consumer Price Index (CPI), as well as the release of the FOMC minutes, which will shed light on the Federal Reserve’s monetary policy expectations. Meanwhile, in Europe, the German Consumer Price Index remains stable, but the sluggish inflation and a pessimistic economic outlook suggest that the European Central Bank is likely done with interest rate hikes.
Based on technical analysis, the EUR/USD went up on Tuesday 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 59, indicating that the EUR/USD is currently trying to return to a neutral position with a bullish bias.
Resistance: 1.0616, 1.0674
Support: 1.0530, 1.0460
XAU/USD Shines as Investors Seek Safety Amid Fed’s Monetary Tightening Hints and Easing Dollar
Spot Gold has extended its weekly rally to $1,865.35 a troy ounce as investors continue to seek safety, while the US Dollar eases following comments from different Federal Reserve (Fed) officials, hinting at no more monetary tightening. Fed Vice Chair Philip Jefferson and Dallas Fed President Lorie Logan noted that higher Treasury yields help tighten financial conditions and could offset the need for additional hikes, while Atlanta Federal Reserve President Raphael Bostic believes the policy rate is sufficiently restrictive to reach the 2% inflation target, despite acknowledging there’s still a long way to go. Meanwhile, tensions in the Middle East have fueled demand for government bonds, resulting in easing yields, making Gold an attractive option for investors.
Based on technical analysis, XAU/USD is consolidating on Tuesday creating a narrow range in the price movement. Currently, the price of gold is moving between the middle and upper bands of the Bollinger Bands. The Relative Strength Index (RSI) currently stands at 65, signaling a bullish bias for the XAU/USD pair.
Resistance: $1,874, $1,887
Support: $1,845, $1,829
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