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 Dips Below 1.0900 Amidst Resilient USD Strength: Weekly Insights
Throughout the week, the EUR/USD maintained a bearish trajectory, extending its decline below the 1.0900 mark due to a robust US dollar surge, driven by a resurgence in the USD Index to three-week highs around 102.70/75. Despite a positive German job report, the euro struggled against the dollar’s dominance, remaining susceptible to US economic dynamics. Factors contributing to the dollar’s strength included a recovering US yield curve, lower-than-expected JOLTs Job Openings, and surprising upward movement in the ISM Manufacturing PMI. The absence of new information from the FOMC Minutes, which hinted at a potential slowing of interest rate hikes, coupled with remarks from Richmond Fed’s T. Barkin supporting a soft landing for the US economy, further bolstered the greenback’s position midweek.
On Wednesday, the EUR/USD moved lower creating a lower push to the lower band of the Bollinger Bands. Currently, the price moving slightly above the lower band, suggesting a potential upward movement. Notably, the Relative Strength Index (RSI) maintains its position at 30, signaling a bearish outlook for this currency pair.
Resistance: 1.0980, 1.1068
Support: 1.0892, 1.0814
XAU/USD Slides Amid USD Strength: FOMC Minutes Awaited for Fed’s Rate Cut Signals
XAU/USD experienced a continued decline, hovering near $2,031.20 during the mid-US afternoon as the US Dollar maintained its upward momentum against major currencies. The boost in the USD stemmed from positive US news, including a better-than-expected ISM Manufacturing PMI and steady job openings reported by the BLS. These indicators hint at a stabilizing labor market, influencing the Federal Reserve’s stance. As the market anticipates the FOMC Minutes, expected to offer insights into rate cut discussions and potential timing, traders await cues on the Fed’s trajectory, currently pricing in a potential rate cut by May.
On Wednesday, XAU/USD moved lower and reached the lower band of the Bollinger Bands. Currently, the price moving just above the lower band, suggesting a potential upward movement. The Relative Strength Index (RSI) stands at 37, signaling a bearish outlook for this pair.
Resistance: $2,050, $2,070
Support: $2,030, $2,009
Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.
