US Core PCE Falls Under Expectation… The US Bureau of Economic Analysis announced on Friday that the Personal Consumption Spending Price Index remained unchanged at 6.2% year-on-year in September. Crucial to the Fed, the Core PCE Price Index rose to 5.1% year-on-year from 4.9% in August, compared to analysts’ forecast of 5.2%. On a […]
Support Level: 0.9940 – 0.9850 – 0.9750 Resistance Level: 1.0100 – 1.0200- 1.0300 EUR/USD EUR/USD accelerates the daily decline from tops near 1.0100, now comes under further downside pressure and prints new daily lows in the vicinity of 0.9960 on Thursday. It settled around 0.9970, still bullish in the daily chart. Indeed, Chairwoman Lagarde emphasized […]
ECB Meeting Fulfilled the Expectations As expected, the European Central Bank (ECB) increased interest rates by 75 basis points, raising the policy rate to 2%. The ECB caught up with the Fed in this regard by increasing interest rates by 75 basis points last month. In its statement, the ECB stated that it would continue […]
Support Level: 1.0000 – 0.9900 – 0.9800 Resistance Level: 1.0100 – 1.0200- 1.0300 EUR/USD The euro is performing a surprising recovery after having appreciated more than 3% on a four-day rally. The common currency has stretched higher on Wednesday’s US session, breaching the previous session top at 1.0050 to reach 1.0085. The US dollar has […]
Dollar Index Drops to 4-Week Low… Data from the US on Tuesday revealed that housing prices fell faster than expected in August and consumer confidence deteriorated in October. While this data is not very market mover, it seems to be an excuse for investors to support the expectations of a less aggressive Fed policy tightening […]
Support Level: 0.9800 – 0.9700 – 0.9630 Resistance Level: 1.0000 – 1.0070- 1.0200 EUR/USD The EUR/USD advances sharply due to a soft US Dollar blamed on the Fed’s pivot narrative surrounding the financial markets. Also, solid US corporate earnings keep investors’ mood positive, despite the ongoing global economic slowdown. At the time of writing, the […]
Germany IFO Business Climate Survey: German Economy to Contract in the Fourth Quarter… According to the data announced by the CBRT, the real sector (manufacturing) confidence index increased by 0.4 points compared to the previous month and became 100.3 in October. When the diffusion indices of the survey questions that make up the index are […]
Support Level: 0.9800 – 0.9700 – 0.9630 Resistance Level: 0.9900 – 1.0000- 1.0080 EUR/USD The EUR/USD makes a U-turn, pairing some of its earlier losses, amidst a critical week for the Euro, with the European Central Bank (ECB) monetary policy meeting on Thursday. The shared currency recovery is due to some US data reporting S&P […]
Leading Manufacturing and Services PMI Figures in the Euro Zone and the UK Indicate the Deepening of the Contraction in the Sectors… In the Eurozone and Germany, the largest economic power in the region, the leading S&P Global Manufacturing and services PMI surveys in October indicated that the situation in both sectors worsened and the […]
Support Level: 0.9700 – 0.9630 – 0.9530 Resistance Level: 0.9875 – 1.0000- 1.0080 EUR/USD The US Dollar tumbled as traders braced for the weekend following a volatile session that initially witnessed the EURUSD hitting its daily lows of around 0.9704. Still, news that the Federal Reserve (Fed) officials will slow the rhythm of rate hikes […]