EUR/USD extends slide, hits 6-day lows

Broad USD-strength weighs on EUR/USD that falls below 1.1700.
Euro having the worst day against US dollar since June 27.

Matías Salord FXStreet

The EUR/USD pair dropped further and broke below 1.1700. It bottomed at 1.1670, the lowest level since last Thursday. From day’s top lost 90 pips and the negative tone remains intact. As of writing, the pair trades at 1.1680/85, down for the second-day in-a-row and having the worst performance since the beginning of the month.

The greenback reached fresh highs across the board during the US session. DXY Futures broke above 94.15/20 and hit 94.41, the highest level in a week, extending the recovery from 93.39 (Jul 9 low).

US Dollar gains appear to be supported by data released today (higher-than-expected US PPI ahead of tomorrow’s CPI), EM concerns and comments from Fed’s Evans supporting more rate hikes.

EUR/USD Levels to watch

The negative tone around the pair intensified during the US session with the consolidation under 1.1700. It found support around the 1.1670 area. A break lower could lead to further losses. The next strong short-term support could be seen at 1.1630 (Jun 23 & Jul 3 low) and below attention would turn to 1.1600.

The euro needs to regain 1.1700 in order to ease the bearish pressure. Above resistance levels might be seen at 1.1725 and 1.1755/60.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

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.