Spreads
Spreads
Spreads
Spreads
Spreads
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EUR/USD Sees Limited Movement Amid Quiet Macro Calendar and Mixed Market Sentiment
On Monday, the EUR/USD pair experienced limited investor engagement, ending the day with slight gains in the 1.0780 area, amidst a narrow trading range. The lack of significant macroeconomic data and the closure of US and Canadian markets contributed to the subdued activity. While the US dollar showed general weakness against a backdrop of mixed stock market performances, optimism in some Asian and European stock indexes did not translate into a clear direction for FX traders. The Euro’s muted response followed the Deutsche Bundesbank’s report suggesting a recession in Germany, attributed to weak demand and cautious investment. Looking ahead, a light macroeconomic calendar and anticipation for the Federal Open Market Committee (FOMC) meeting minutes release are likely to influence future trading dynamics, with the market seeking clues on monetary policy amidst recent inflation developments.
On Monday, the EUR/USD moved in consolidation, fluctuating between the middle and upper bands of the Bollinger Bands. Currently, the price is moving slightly above the middle band, suggesting a potential slight upward movement to reach above the upper band. Notably, the Relative Strength Index (RSI) maintains its position at 52, signaling a neutral outlook for this currency pair.
Resistance: 1.0796, 1.0830
Support: 1.0745, 1.0713
XAU/USD Gains Amidst Dollar Weakness and Mixed Market Sentiments
In Monday’s trading session, Gold (XAU/USD) saw an uptick, advancing to $2,023.04 a troy ounce in the first half, driven by a diminishing demand for the US Dollar before settling around $2,016 after the Dollar regained some strength. The broader financial markets experienced subdued volatility, attributed to holidays in Canada and the US, and a light macroeconomic calendar. Despite this, Asian and European markets offered mixed signals, with Chinese stocks gaining post-holiday and the Nikkei 225 nearing record highs before closing lower. European markets ended mixed but close to record levels. The financial landscape is currently absorbing recent US inflation data, which exceeded expectations, reducing the likelihood of an imminent rate cut by the Fed, with markets eagerly awaiting the upcoming FOMC Meeting Minutes for further direction.
On Monday, XAU/USD moved lower after reaching the upper band of the Bollinger Bands. Currently, the price is moving between the upper and middle bands, suggesting a potential downward movement toward the middle band. The Relative Strength Index (RSI) stands at 54, signaling a neutral outlook for this pair.
Resistance: $2,023, $2,038
Support: $2,010, $1,997
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