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 Amid Weaker Dollar and Eager Anticipation of Economic Data
The EUR/USD experienced a rise, finding support around 1.0560, propelled by a weakened US Dollar and declining US yields. This shift was influenced by a decrease in risk aversion, with Wall Street’s equity prices and commodity prices both on the upswing. As market attention turns to impending economic data releases from the US and Euro area, the focus centers on the US Consumer Price Index (CPI) report, with potential implications for interest rate decisions. A positive inflation outcome could strengthen the US Dollar, while a softer reading may boost the EUR/USD pair. Concurrently, Eurostat’s release of employment and growth data, with an expected 0.1% contraction, adds further anticipation, making the upcoming period crucial for EUR/USD dynamics.
According to technical analysis, the EUR/USD moved slightly higher on Monday, reaching above the middle band of the Bollinger Bands. Currently, the EUR/USD is trading just above the middle band, indicating the potential for a consolidating move to try to reach the upper band. The Relative Strength Index (RSI) is at 56, signaling that the EUR/USD is back in a neutral bias.
Resistance: 1.0725, 1.0755
Support: 1.0679, 1.0645
XAU/USD Slide to Near-Month Low as Safe-Haven Appeal Wanes Amid Hawkish Global Policies
XAU/USD continues its decline, reaching $1,918.35, its lowest point in nearly a month. Despite a less optimistic market sentiment, safe-haven assets, particularly Gold, remain unattractive, contributing to the precious metal’s downward trend. Global policymakers maintain a hawkish stance, dispelling speculation of an end to the tightening cycle or potential rate cuts in 2024. Concerns persist about inflationary pressures, as central banks hesitate to raise rates consistently, and tight labor markets hinder economic slowdown. Investors await the release of October inflation figures from the United States on Tuesday for potential insights into future market dynamics.
According to technical analysis, XAU/USD moved slightly higher on Monday and managed to reach the middle band of the Bollinger Bands. Presently, the price of gold is moving just below the middle band, creating the possibility of moving slightly higher above the middle band. The Relative Strength Index (RSI) is currently at 45, indicating that the XAU/USD pair is back in a neutral bias.
Resistance: $1,962, $1,992
Support: $1,945, $1,920
Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.
