DAILY MARKET OUTLOOK
Update Time: 26 May 2015 01:53 GMT
EUR/USD - 1.0936
Despite trading narrowly in holiday-thinned North American session on Monday, euro-bearish news on Greek debt repayment which came out earlier in Australia sent the euro lower at Asian open today to a fresh 3-week low of 1.0931.
This is suggesting the recent decline from May's 3-month peak at 1.1467 would pressure price to 1.0900/10 after consolidation, near term 'loss of momentum' should keep euro above dynamic sup at 1.0843 today (being 61.8% r of 1.0457-1.1457).
On the upside, only above 1.1008/10 res would signal a temporary low is made, yield stronger retracement to 1.1040/43 but 1.1062 (previous sup, now res) should remain intact and yield another decline.
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.