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 Holds Near Year-to-Date Lows as Greenback Gains Momentum Amidst Robust US Economic Indicators and Fed Uncertainty
On Thursday, the EUR/USD pair maintained a selling bias, settling around year-to-date lows near 1.0840 before experiencing a slight recovery. The uptrend in the US dollar was fueled by strong labor market results and a rebound in the Philly Fed Manufacturing Index. The USD Index (DXY) retained its bullish stance, supported by comments from Atlanta Fed President R. Bostic, hinting at potential rate cuts before July if inflation slows more rapidly than anticipated. Despite a baseline plan for rate reductions in the third quarter, caution is emphasized to avoid premature cuts. The market currently places a 55% probability of a Fed rate cut in March.
On Thursday, the EUR/USD moved slightly higher, able to reach the middle band of the Bollinger Bands. Currently, the price moving just above the middle band, suggesting a potential upward movement to reach the upper band. Notably, the Relative Strength Index (RSI) maintains its position at 46, signaling a neutral outlook for this currency pair.
Resistance: 1.0954, 1.1000
Support: 1.0863, 1.0814
XAU/USD Stabilizes Above $2,000 Amid Economic Uncertainties and Mixed Data
Gold (XAU/USD) has found a foothold around $2,015 per troy ounce after hitting a multi-week low of $2,001.68 earlier in the week. The precious metal rebounded as market sentiment improved slightly, countering the impact of a positive US Dollar driven by concerns over the housing sector and lackluster growth-related data. Despite initial pessimism from Asian shares, optimism grew on Wall Street with better-than-expected US data, including housing starts, building permits, and lower-than-anticipated jobless claims. Federal Reserve officials provided no fresh insights into future monetary policy, leaving investors navigating a landscape of economic uncertainties.
On Thursday, XAU/USD moved higher and reached the middle band of the Bollinger Bands. Currently, the price moving just below the middle band suggesting a potential upward movement to reach above the middle band. The Relative Strength Index (RSI) stands at 48, signaling a neutral outlook for this pair.
Resistance: $2,035, $2,052
Support: $2,010, $1,993
Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.
