News

EUR/USD up smalls above 1.1700 ahead of ECB minutes

  • The pair rebounds from multi-year lows at 1.1675 on Wednesday.
  • The greenback recedes from 2018 peaks near 94.20.
  • ECB minutes next of relevance later in the session.

After bottoming out in the 1.1680/75 band on Wednesday, EUR/USD met some buying interest and has now managed to regain the 1.1700 mark and above.

EUR/USD now looks to ECB

The pair trades with decent gains during the second half of the week, although it is still submerged into the broader bearish picture that saw a drop to fresh multi-month lows near 1.1675 yesterday.

The greenback is now a tad offered around the 93.80 region after recording tops near 94.20 on Wednesday, levels last seen in mid-December 2017.

Spot paid little attention to the release of the FOMC minutes on Wednesday, where the Committee noted that a temporary overshooting of the Fed’s inflation target would be in line with the symmetric inflation objective.

In the data space, German Q1 GDP figures showed the economy expanded 0.3% inter-quarter and 1.6% YoY, matching estimates. Later in the day, the ECB will publish its minutes from the April meeting, although it is worth recalling that President Draghi noted during his press conference that the Council did not discuss monetary policy, so the impact on FX could be limited.

Across the pond, the usual weekly report on the US labour market is due along with Existing Home Sales and the speech by NY Fed W.Dudley (permanent voter, centrist).

EUR/USD levels to watch

At the moment, the pair is up 0.08% at 1.1705 facing the next up barrier at 1.1829 (high May 22) seconded by 1.1808 (10-day sma) and finally 1.1897 (21-day sma). On the flip side, a break below 1.1676 (2018 low May 23) would target 1.1668 (low Oct.8 2017) en route to 1.1659 (monthly low Oct. 27 2017).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.