Vasilis Tsaprounis
Independent Analyst
The single European currency continues to be under mild pressures and has already lost the level of 1,07 falling so far to 1,0673.
Monday as we expected was an extremely quiet day as due to the holiday in the United States trading was limited to a very tight range with the US dollar gaining slightly towards the end of the day.
The mild dynamic which characterizes the US currency lately continues to be in the foreground and what the dollar did not achieve yesterday it achieved today in the early hours at the opening of the European markets.
The overall market picture remains the same as investors are swayed by the bets that still remain on the table that the US Federal Reserve has not completed its rate hike cycle.
Τhe European central bank's next moves are fully discounted as beyond two hikes in the next two meetings there is nothing else on the table for now. Τhis development makes it difficult for the European currency to develop some momentum again.
Αt the same time, however, as the rhetoric of the officials of the European Central Bank maintains an aggressive tone, I estimate, as I have mentioned in previous articles, that the pressures on the European currency will remain mild and we will not have a price collapse.
Τoday's agenda is focused on the announcement on Consumer confidence in the European and US economy. While let's not forget that Towards the end of the week we have the announcement of data on new jobs in the United States which is expected to increase volatility in the markets.
I will maintain the same reasoning on market's behavior, I avoid being in favor of the US currency when the pair makes new local lows and correspondingly I am in favor of buying the European currency whenever it makes new dips with the aim of short corrections.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
EUR/USD holds steady above 1.0800, looks to post weekly losses
EUR/USD trades marginally higher on the day above 1.0800 after the data from the US showed that Durable Goods Orders declined by 0.8% in September. Nevertheless, the pair remains on track to close the fourth consecutive week in negative territory.
GBP/USD extends recovery to 1.3000 area
GBP/USD extends its recovery and trades at around 1.3000 in the American session on Friday. The US Dollar struggles to gather strength as the market mood remains positive heading into the weekend, allowing the pair to hold its ground.
Gold fluctuates in narrow range below $2,750
Gold stays in a consolidation phase and fluctuates in a relatively tight range below $2,750 on Friday. US Treasury bond yields stabilize in the American session, making it difficult for XAU/USD to gather directional momentum.
Crypto Today: XRP, Bitcoin and Ethereum decline as Ripple files response to SEC appeal
XRP loses over 1.30% as Ripple's executive confirms the filing of an important document in the appeals process in the SEC lawsuit. Bitcoin corrects less than 1% and sustains above $67,500. Ethereum is down nearly 0.20%, holding above the key support level of $2,500.
US elections: The race to the White House tightens
Trump closes in on Harris’s lead in the polls. Neck and neck race spurs market jitters. Outcome still hinges on battleground states.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.