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 Faces Downward Pressure Amid Economic Indicator Discrepancies
The EUR/USD pair experienced a decline early Friday, pressured by disappointing sentiment indicators from Europe and a significant disparity in US GDP figures that maintained the currency pair’s position within a familiar range midweek. With a packed schedule, Thursday’s focus shifts to German Retail Sales and CPI data, alongside the US Personal Consumption Expenditure (PCE) Price Index inflation figures. The week will conclude with Friday’s release of the pan-European Harmonized Index of Consumer Prices (HICP) inflation data and the US ISM Manufacturing PMI for February, providing critical insights into economic health and potential currency movement directions.
On Wednesday, the EUR/USD moved slightly lower and was able to reach the lower band of the Bollinger Bands. Currently, the price is moving just below the middle band, suggesting a potential upward movement to reach above the middle band. Notably, the Relative Strength Index (RSI) maintains its position at 51, signaling a neutral outlook for this currency pair.
Resistance: 1.0858, 1.0896
Support: 1.0823, 1.0783
XAU/USD Steady Amid Economic Expansion and Fed Remarks
Gold prices remained stable near $2,030 on Wednesday, achieving a modest increase of 0.17% as the US economy showed signs of expansion according to the latest BEA report. Despite the US GDP for the last quarter of 2023 slightly missing expectations and mixed retail and wholesale inventory data, a fall in US Treasury bond yields has supported gold prices, keeping them near monthly and weekly highs, just below the 50-day SMA. Meanwhile, comments from Federal Reserve Regional Presidents, Susan Collins and John Williams, about potentially easing policy later in the year while still not meeting the core inflation goal of 2%, have influenced market sentiment, alongside a cautious Wall Street trading mostly in the red.
On Wednesday, XAU/USD moved slightly higher to reach the upper band of the Bollinger Bands. Currently, the price is moving just below the upper band, suggesting a potential higher movement to reach above the upper band and reach the resistance level. The Relative Strength Index (RSI) stands at 57, signaling a neutral but bullish outlook for this pair.
Resistance: $2,042, $2,056
Support: $2,030, $2,017
Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.
