- Euro recovery fails ahead of 1.0700 and ECB policymakers point to a June rate cut.
- In the US, strong employment levels and some hawkish comments by Fed’s Williams have provided a fresh boost to the USD.
- The EUR/USD remains vulnerable, dangerously close to the mid-term low at 1.0600.
The Euro recovery has been capped a few pips shy of the 1.0700 area, and the pair pulled lower on Thursday, to hit intra-day lows at 1.0645. The dovish comments by ECB policymakers and strong US data endorsing the Fed’s “higher for longer” outlook have weighed the common currency.
Earlier today ECB’s Vice-President Francoise Villeroy, affirmed that, barring a major surprise the bank will cut rates in June. These words have been echoed by the Governor of the Austrian central bank and notorious hawk, Robert Holzmann.
US data confirms the strong economic outlook
In the US, macroeconomic data has endorsed the picture of a strong economy with a tight labour market. Jobless claims remain steady at relatively low levels while a manufacturing activity gauge has reached its best reading in two years.
Beyond that, the New York Fed President, John Williams has reiterated that there is not an urgency to lower interest rates, which has sent US yields and the US Dollar up from intra-day lows.
The near-term bias remains neutral, with the pair unable to put a significant distance from five-month lows. 1.0700 is the immediate resistance, followed by 1.0730 and 1.0755. Support levels are 1.0605 and 1.0553.
News & Analyses
FTSE 100, DAX 40 and S&P 500 Advances Take a Breather
Nvidia’s Q2 Earnings Preview: The Fight to Stay on Top
XAU/USD Tests All-Time High, Silver Bulls Reemerge
FTSE 100, DAX 40 and S&P 500 Extend Rallies
Gold (XAU/USD) – Repeated Attempts at a Fresh All-Time High, US Retail Sales Weigh
Nasdaq 100, Dow and Nikkei 225 Continue to Head Higher
UK Growth Continues to Show Signs of Recovery Despite Stagnant June Print
EUR/USD retreats to 1.0645 lows following dovish comments from ECB members
The Euro recovery has been capped a few pips shy of the 1.0700 area, and the pair pulled lower on Thursday, to hit intra-day lows at 1.0645. The dovish comments by ECB policymakers and strong US data endorsing the Fed’s “higher for longer” outlook have weighed the common currency.
Earlier today ECB’s Vice-President Francoise Villeroy, affirmed that, barring a major surprise the bank will cut rates in June. These words have been echoed by the Governor of the Austrian central bank and notorious hawk, Robert Holzmann.
US data confirms the strong economic outlook
In the US, macroeconomic data has endorsed the picture of a strong economy with a tight labour market. Jobless claims remain steady at relatively low levels while a manufacturing activity gauge has reached its best reading in two years.
Beyond that, the New York Fed President, John Williams has reiterated that there is not an urgency to lower interest rates, which has sent US yields and the US Dollar up from intra-day lows.
The near-term bias remains neutral, with the pair unable to put a significant distance from five-month lows. 1.0700 is the immediate resistance, followed by 1.0730 and 1.0755. Support levels are 1.0605 and 1.0553.
Source link
USD/CAD remains subdued near 1.4350 due to reduced US trade concerns
BTC & ETH rebound, XRP rallies ahead of CPI data
GBP/USD trades with mild negative bias around 1.2200 ahead of UK/US inflation data
Australian Dollar extends gains amid improved market sentiment, higher commodity prices
XRP poised for a rise as Ripple donates over $100,000 to California wildfire relief efforts
Japanese Yen hangs near multi-month low against USD; bears have the upper hand
Crypto News
SOL flashes 2.8B bearish trend amid hawkish Fed fears
Crypto and AI tokens hit hard as Bitcoin slips below $90,000
Bitcoin Forecast Forecast: BTC falls below $92,000 as exchanges show overheating conditions
Why are altcoins SOL and ADA crashing?
Here is why ONDO could face further pullbacks
BTC and ETH show weakness while XRP remains strong
Bitcoin retakes $95K, Binance lists ChainGPT, Kenya moves to legalize digital assets
News & Analyses Analyses
USD/CAD remains subdued near 1.4350 due to reduced US trade concerns
...
BTC & ETH rebound, XRP rallies ahead of CPI data
...
GBP/USD trades with mild negative bias around 1.2200 ahead of UK/US inflation data
...
Australian Dollar extends gains amid improved market sentiment, higher commodity prices
...
XRP poised for a rise as Ripple donates over $100,000 to California wildfire relief efforts
...