EUR/USD advances further post-US GDP

Pablo Piovano FXStreet

EUR/USD has accelerated its upside on Tuesday, currently testing the area of 1.0610 in the wake of US GDP figures, or fresh daily highs.

EUR/USD bid on US releases

Buyers have quickly steeped in today after advanced US GDP figures showed the economy is expected to expand at an annualized 1.9% during the October-December 2016 period, missing prior surveys.

Further results from the US docket saw the trade deficit coming in at $69.2 billion in January while flash inflation figures tracked by the PCE rose 1.2% QoQ.

Later in the session the S&P/Case-Shiller Index is due followed by the Chicago PMI and CB’s Consumer Confidence, all along with speeches by Philly Fed P.Harker (voter, hawkish) and San Francisco Fed J.Williams (2018 voter, neutral).

EUR/USD levels to watch

At the moment the pair is up 0.15% at 1.0602 facing the initial hurdle at 1.0633 (high Feb.27) followed by 1.0642 (20-day sma) and finally 1.0682 (high Feb.16). On the flip side, a breach of 1.0492 (low Feb.22) would target 1.0452 (low Jan.11) en route to 1.0339 (2017 low Jan.3).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD treads water above 1.1850 amid thin trading

EUR/USD stays defensive but holds 1.1850 amid quiet markets in the European hours on Monday. The US Dollar is struggling for direction due to thin liquidity conditions as US markets are closed in observance of Presidents' Day.

GBP/USD flat lines as traders await key UK and US macro data

GBP/USD kicks off a new week on a subdued note and oscillates in a narrow range near 1.365 in Monday's European trading. The mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold sticks to intraday losses; lacks follow-through

Gold remains depressed through the early European session on Monday, though it has managed to rebound from the daily trough and currently trades around the $5,000 psychological mark. Moreover, a combination of supporting factors warrants some caution for aggressive bearish traders, and before positioning for deeper losses.

Bitcoin, Ethereum and Ripple consolidate within key ranges as selling pressure eases

Bitcoin and Ethereum prices have been trading sideways within key ranges following the massive correction. Meanwhile, XRP recovers slightly, breaking above the key resistance zone. The top three cryptocurrencies hint at a potential short-term recovery, with momentum indicators showing fading bearish signs.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.