Having failed to push higher the USD seems to be losing steam. Yesterday, the US Federal Reserve left rates unchanged as widely expected, claiming that the current rate could be considered at an appropriate level. The greenback is showing mixed signs after the event and is now vulnerable for further losses especially against safe-haven currencies like the JPY and CHF.
Trendlines also show that the USD might lose momentum, especially against the EUR. Having defended the 1.1000 support area for now EURUSD might head higher soon. We’d like to buy above resistance at 1.1025 with SL at 1.0990 and TP at 1.1095
Risk Warning: CFDs are complex instruments and come with a high risk of losing your invested capital due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The content of this material and/or any information provided by BDSwiss Group should not be in any way construed, either explicitly or implicitly, directly or indirectly, as investment advice, recommendation or suggestion of an investment strategy with respect to a financial instrument and it is not intended to provide a sufficient basis on which to make investment decisions, in any manner whatsoever. Any information, views or opinions presented in this material have been obtained or derived from sources believed by the BDSwiss Research Department to be reliable, but BDSwiss makes no representation as to their accuracy or completeness. BDSwiss Group accepts no liability for losses arising from the use of this data and information. The data and information contained herein are for background purposes only and do not purport to be full or complete.
Recommended Content
Editors’ Picks
EUR/USD retreats from multi-week highs, holds above 1.0800
After climbing to its highest level in over a month above 1.0850 with the immediate reaction to the April inflation data from the US, EUR/USD erased a portion of its daily gains and declined below this level. The improvement seen in risk mood, however, helps the pair hold its ground.
GBP/USD clings to daily gains above 1.2600
GBP/USD pulled away from the monthly high it set above 1.2650 but managed to stabilize in positive territory above 1.2600. The US Dollar stays under modest bearish pressure as markets assess the underlying details of the inflation report and how they could influence the Fed's rate outlook.
Gold stays above $2,360 after US inflation report
Gold trades modestly higher on the day above $2,360 in the American session. The data from the US showed that annual inflation edged lower to 3.4% in April as expected. The benchmark 10-year US Treasury bond yield stays in the red below 4.4%, allowing XAU/USD to keep its footing.
Ripple’s discounts for institutional clients stir debate among attorneys discussing SEC lawsuit
Ripple price consolidates in a tight range around $0.50 on Wednesday as the Securities and Exchange Commission (SEC) legal battle against payment-remittance firm Ripple intensifies with two key issues in focus this week.
US inflation and Retail Sales data add to pressure on Fed to signal rate cut
The US CPI report for April was mostly in line with expectations. The annual rate for headline price growth fell to 3.4% from 3.5%, while the core rate declined to 3.6% from 3.8%.