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 Climbs to Three-Month High Amid Dollar Strain and ECB Caution
The EUR/USD marked a significant upswing, reaching its highest point in three months, propelled by a weakening US Dollar and a persistent bullish trend. With the Greenback facing continued pressure due to subdued Treasury yields, ECB President Christine Lagarde’s warnings about potential inflation upticks and tepid growth added to the Dollar’s woes. Despite disappointing US New Home Sales data and impending housing figures, the Dollar’s strain persisted, allowing the EUR/USD to soar. Nevertheless, market attention is poised to shift toward contrasting growth trajectories between the US and the Eurozone, posing a potential impact on the current bullish momentum.
On Monday, the EUR/USD moved slightly higher, attempting to reach the upper band of the Bollinger Bands. Currently, the price is hovering just below the upper band, showing potential for consolidation and a possible move toward the middle band. The Relative Strength Index (RSI) remains at 63, indicating a neutral position for the currency pair.
Resistance: 1.0965, 1.1004
Support: 1.0925, 1.0885
XAU/USD Soars to $2,016 Amid Dollar Weakness: Fed Speculation and Market Mood Swings Drive Precious Metal’s Rally
Gold, represented by XAU/USD, surged to $2,016.38 an ounce propelled by broad US Dollar weakness in the initial half of the day, only to taper to $2,010 as Wall Street’s opening prompted a mild dollar rebound. The Greenback’s recovery stemmed from market sentiment shifts and waning near-term seller interest, fueled by speculation that the Federal Reserve has concluded its tightening cycle. Despite intraday stock market declines, the Dollar struggles to sustain a lasting recovery. In the absence of major economic events, the focus shifts to forthcoming inflation updates from Germany, the Eurozone, and the US, particularly the Fed’s favored inflation gauge, the October Personal Consumption Expenditures (PCE) – Price Index, anticipated next Thursday.
On Monday, the XAU/USD moved slightly higher and managed to reach the upper band of the Bollinger Bands. Currently, the price is just below the upper band, indicating potential consolidation and a possible move downward toward the middle band. The Relative Strength Index (RSI) remains at 69, reflecting a neutral position for the pair.
Resistance: $2,021, $2,038
Support: $2,007, $1,988
Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.
