The pair EUR/USD fell sharply on Friday and hit its lowest level in two weeks as the market’s mood worsened amid increasing global recession fear. The euro also took a hard hit after June’s core inflation data in the eurozone came in higher than expected. Following a recovery attempt during the European session, which reached an intra-day high of 1.0485, the...
The US Dollar Index, which measures the value of the dollar versus a basket of currencies, turned lower and fell sharply during the New York session, pulling back from a two-week high of 105.55 to a low of 104.64. The DXY is trimming weekly gains after two daily advances in a row as the dollar weakened across the board following US data and amid month-end...
Gold prices seesaw between small gains and losses on Wednesday as investors assessed weaker-than-expected US GDP data and hawkish comments from Fed Chairman. The spot, XAU/USD, is currently trading at the $1,820 area, having hit a low of $1,812 earlier on the day and a high of $1,833 an ounce as the knee-jerk reaction to US GDP data. Data showed that the...
The EUR/USD pair came under pressure on Tuesday and trimmed Friday and Monday’s gains as the greenback strengthened across the board with lingering recession fears weighing on the market’s mood. The euro got an early boost after European Central Bank President Christine Lagarde at the ECB Forum on Central Banking reiterated that the bank intends to raise rates by...
The EUR/USD pair pushed higher on Monday and closed with gains for the second session in a row as the greenback weakened across the board. The pair reached a daily high of 1.0614 but failed to consolidate above 1.0600 and pulled back during the New York session. At the time of writing, the EUR/USD is trading around 1.0580, up 0.25% on the day. The euro moved...
The EUR/USD pair moved slightly higher on Friday, helped by a softer greenback across the board. The pair remains on track to post its first weekly gain after three consecutive losses. Still, the shared currency is having a hard time finding buyers after disappointing PMI data from the European Union and Germany revived concerns over a recession in Europe. ...
Crude oil prices slumped on Wednesday, with both the U.S. and the U.K. benchmarks losing more than 4% amid growing global recession fears. Prices managed to stabilize on Thursday but remain on the defensive, having pulled sharply from three-month highs struck earlier this month. Investors continue to assess how much of the new “normal” monetary policies major...
The EUR/USD pair is rising for the third day in a row on Wednesday with the greenback softer across the board as Fed Chair Jerome Powell testifies before the U.S. Congress. The EUR/USD pair has climbed to a 12-day high of 1.0605, but found resistance at the 20-day SMA and pulled back below the 1.0600 psychological level during the New York session. The Federal...
Gold prices seesaw between small gains and losses on Tuesday as U.S. investors return from a long weekend. The spot, XAU/USD, is currently trading at the $1,835-40 area, virtually unchanged on the day, following last week’s 1.7% loss. The yellow metal has managed to stabilize but remains on the defensive as U.S. Treasury yields continue to trade at multi-year...
The EUR/USD pair advances slightly at the weekly opening in the absence of relevant economic data and showing limited reaction to the statements of several members of the European Central Bank Governing Council, including president Christine Lagarde. At the time of writing, EUR/USD is trading around 1.0515-20, 0.2% above its opening price, having hit an intraday...
The EUR/USD pair snapped a three-day gain streak as U.S. Treasury yields lifted the dollar on Friday. At time of writing, the pair trades at 1.0483, 0.66% below its opening price, erasing most of Thursday's gains that saw the pair hit a weekly high of 1.0601. Furthermore, the EUR/USD is on track to close its third consecutive week with losses. The yield on the...
The EUR/USD pair oscillated sharply on Wednesday following the Federal Reserve monetary policy announcement. The Federal Reserve decided to raise rates by 75 basis points taking the federal fund range to 1.5%-1.75%, being the highest increase since 1994. Besides, the dot plot showed the median rate expected by the end of 2022 was 3.4%, paving the way for at least...
Gold prices slumped on Tuesday, extending losses into a second day, as U.S. Treasury yields continued to push higher ahead of the Federal Reserve decision. The yellow metal (XAU/USD) fell to a low of $1,805 an ounce during the New York session despite the risk-averse environment as investors increase their bets that the Fed could “surprise” with a higher than...
The EUR/USD is falling sharply for the third day in a row on Monday, having hit its lowest level in a month at 1.0403 as the dollar rallies across the board amid higher U.S. yields. U.S. Treasury yields climbed to their highest levels in over a decade on Monday, while part of the curve inverted, in the aftermath of U.S. Consumer Price Index data. The 10-year rate...
The EUR/USD pair fell sharply on Friday, recording its second daily loss in a row against a backdrop of risk aversion following the release of U.S. inflation data. The EUR/USD hit its lowest level in three weeks at 1.0505 and is on track to record its second straight weekly fall. The U.S. Consumer Price Index grew at its fastest pace in 40 years in May, with...
The EUR/USD pair is losing ground on Thursday, following the European Central Bank monetary policy announcement. After hitting a nine-day high of 1.0773, the EUR/USD turned lower and dropped to its lowest in over two weeks at 1.0615 as investors assess the ECB outcome. The ECB announced the end of its monetary stimulus program at the beginning of July and hinted...
The barrel of Western Texas Intermediate (WTI) crude reached its highest level in three months above $123 and recorded a 2.3% gain on Wednesday following the release of U.S. crude inventories data by the Energy Information Administration. The barrel of Brent rose past $124 per barrel and scored a daily gain of 2.5%. On the supply side, EIA data showed that U.S....
The EUR/USD pair is treading water around 1.0700 as it struggles to hold above the psychological mark while the greenback recovers strength. The pair fell to a daily low of 1.0651 but managed to bounce back to the 1.0710 area at the beginning of the New York session. The U.S. dollar advanced earlier on the day underpinned by Treasury yields’ rise. However, as...