ONLINE FOREX BROKER
2020-09-15 • Updated
EUR/USD is edging higher amid the broad sell-off of the greenback and the overall risk-on sentiment. Let’s discuss what can stop its rally.
The euro rally has started with the ECB’s statement last week, when the central bank addressed a stronger euro. Today China released upbeat economic indicators: industrial production, retail sales, fixed asset investment, and unemployment rate. All the data were better than analysts expected. Moreover, coronavirus hopes added optimism to the market as well. As a result, the market sentiment improved, which underpinned risker assets and weighed on the safe-haven US dollar.
New virus cases are rising in some parts of Europe, but investors shrug off that news for now. Besides, there is some uncertainty over Brexit as the UK Prime Minister Boris Johnson passed the Internal Market Bill, which violates the previous EU-UK agreement. The worsened relationship between both sides may lead to hard Brexit, which would negatively impact the Eurozone as well as the United Kingdom.
EUR/USD is trading above 50-, 100- and 200-day moving averages, signaling the bullish momentum. The RSI indicator is at quite high levels, but still below 70, which indicates that the euro is not yet overbought. There is a significant resistance of 1.1940, which the pair has failed to break several times. If it manages to cross it, the way towards the key psychological mark of 1.2000 will be open. Support levels are at the lows of September 8 and August 28 at 1.1770 and 1.1700, respectively.
The EU plans to intervene in markets directly to curb rising energy costs, threatening to push the Euro area's economy into a deep recession.
The past two years have seen the biggest swings in oil prices in 14 years, which have baffled markets, investors, and traders due to geopolitical tensions and the shift towards clean energy.
The oil prices rally and world central banks’ dovish monetary policy caused by the Covid-19 pandemic were the main reasons for current inflation growth…
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.
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