EUR/USD fades the spike to 1.1224, back to 1.1200

Euro jumps against the US dollar after on the potential delay from the US to European cars.
Improvement in risk appetite also helping EUR/USD move higher.

Matías Salord FXStreet

The EUR/USD pair rose from levels near daily lows to 1.1224, hitting a fresh daily high. Then pulled back, being unable to hold on top of the key short-term level at 1.1220 and as of writing is hovering around 1.1200, marginally lower for the day but off daily lows.

Earlier today, following the release of mixed US economic data, the pair bottomed at 1.1176, the lowest level since last Thursday. Retail sales in April dropped unexpectedly while industrial production contracted. The data had a limited impact.

The move to the upside in EUR/USD took place after Bloomberg reported that US President Trump was planning to delay tariffs on European car imports for six months. The report also pushed equity prices to the upside. In Wall Street, main stock indexes are in positive territory after opening with losses.

Despite the recovery, EUR/USD remains with a bearish bias, as it was unable to hold on top 1.1220. On the flip side, the area around 1.1165 and 1.1175 is a critical support: a break lower could lead to further losses, exposing the next support at 1.1135/40.

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 weakens toward 1.1600 as firm US data revives the US Dollar

The EUR/USD edged lower on Thursday, down some 0.21% as market sentiment remains risk averse due to the ongoing conflict in the Middle East. This and solid US economic data pushed the pair lower towards the 1.1600 figure ahead of Friday’s session.

GBP/USD drifts lower heading into NFP range

GBP/USD edged lower by 0.2% on Thursday, settling close to 1.3350 in a strained trading session that kept the pair pinned near three-month lows. Price briefly recovered earlier in the day on reports that Iran had indirectly signaled openness to talks with the CIA, but the bounce faded as Israeli officials reportedly advised Washington to disregard the overture.

Gold slumps below $5,100 as US Dollar gains

Gold price tumbles to near $5,085 during the early Asian session on Friday. The precious metal loses ground amid a stronger US Dollar. The US employment report for February will take center stage later on Friday.

NYSE parent Intercontinental Exchange partners with OKX, invests at a $25B valuation

OKX announced an investment from Intercontinental Exchange, raising its valuation to $25 billion, alongside a partnership to expand regulated crypto futures and tokenized equity offerings globally.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.