DAILY MARKET OUTLOOK on Major
Update Time: 24 Nov 2017 05:50 GMT
EUR/USD - 1.1849
Euro's rally from this week's low at 1.1714 (Tue) to 1.1856 on the back of Wed's dovish Fed minutes and upbeat EZ data yesterday suggests re-test of November's 1.1861 would be forthcoming soon, break there would extend recent upmove to 1.1880 (October high), however, near term loss of upward momentum is likely to cap price at 1.1909.
On the downside, only a daily close below 1.1813 would prolong recent broad sideways swings and may risk stronger retracement to 1.1768/73 but 1.1714 should remain intact.
The Social Democrats (SPD) have governed in coalition under Merkel since 2013. But leader Martin Schulz said the party must heed the will of voters by going into opposition after achieving its worst result of the postwar period in the Sept. 24 election.
Pressure is growing on the party to revisit his decision, either by agreeing to prop up a conservative-led minority government by not voting against it, or by forming a renewed coalition.
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
USD/JPY holds above 155.50 ahead of BoJ policy announcement
USD/JPY is trading tightly above 155.50, off multi-year highs ahead of the BoJ policy announcement. The Yen draws support from higher Japanese bond yields even as the Tokyo CPI inflation cooled more than expected.
AUD/USD extends gains toward 0.6550 after Australian PPI data
AUD/USD is extending gains toward 0.6550 in Asian trading on Friday. The pair capitalizes on an annual increase in Australian PPI data. Meanwhile, a softer US Dollar and improving market mood also underpin the Aussie ahead of the US PCE inflation data.
Gold price keeps its range around $2,330, awaits US PCE data
Gold price is consolidating Thursday's rebound early Friday. Gold price jumped after US GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the Fed could lower borrowing costs. Focus shifts to US PCE inflation on Friday.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
US economy: Slower growth with stronger inflation
The US Dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.