EUR/USD flirts with highs near 1.0680 ahead of PMIs

Dhwani Mehta FXStreet

The bulls take a breather over the last hours, stalling the Asian recovery in EUR/USD from just ahead of the mid-point of 1.06 handle. The upside consolidation phase seen in the spot is largely on the back of stalled corrective slide in the greenback versus its main peers.

The greenback extended its Friday’s corrective slide earlier on the day, providing extra legs to the ongoing recovery in EUR/USD. The major benefited from downbeat data released out of the US on Friday, showing a slight dip in the Core PCE price index, while the personal spending and consumer sentiment data came in below estimates.

Focus now shifts towards the key US NFP report due later this week for fresh direction on the pair. In the meantime, markets look forward to the manufacturing PMI reports lined up for release from both continents later today.

EUR/USD Technical Levels

Franco Shao at ForexCycle.com explains, “EURUSD’s downward movement from 1.0905 extended to as low as 1.0650. Near term resistance is at 1.0705, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.0600 area. On the upside, a break of 1.0705 resistance will indicate that correction for the downward movement is underway, then the pair would rebound to 1.0750 – 1.0800 area.”

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bullish	Neutral	Low
1H	Bearish	Neutral	Expanding
4H	Bullish	Neutral	Low
1D	Bullish	Neutral	Low
1W	Bearish	Neutral	Low
Updated Apr 3, 04:30 GMT

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

AUD/USD holds above 0.6900, three-month low as traders await US NFP report

AUD/USD struggles to register any meaningful recovery, trading above 0.6900 during the Asian session on Friday, near its lowest level since early July. The US Dollar sits near a one-and-a-half-year peak as oil-driven inflationary concerns counter reduced bets for an October Fed rate hike and the overnight pullback in US bond yields. Moreover, geopolitical risks support the safe-haven buck and weigh on the Aussie as traders now look to the US NFP report for a fresh impetus.

USD/JPY flatlines near 158.00 after hot Tokyo CPI; US NFP awaited

USD/JPY consolidates near 158.00, the top end of its weekly range during the Asian session on Friday, moving little after hotter-than-expected Tokyo CPI, which backs the case for more BoJ rate hikes. Meanwhile, the US Dollar retains a bullish undertone near a one-and-a-half-year top amid oil-driven inflation fears and geopolitical uncertainties. This, in turn, supports the currency pair, though intervention fears cap the upside as traders keenly await the US NFP report.

Gold remains confined in a range above $4,150; looks to US NFP for fresh impetus

Gold edges lower in a multi-day-old range during the Asian session on Friday as traders await the US NFP report for more cues about the Fed's policy path. The outlook will drive the US Dollar and the non-yielding bullion. Meanwhile, oil-driven inflation fears offset the overnight pullback in US bond yields, helping the USD to stand firm near a one-and-a-half-year high amid the US-Iran standoff. This, in turn, is seen as weighing on XAU/USD.

Near Protocol slides below $5.00 after Near Intents $4M exploit

Near Protocol (NEAR) uptrend has been cut short, as the price slides below $5.00 on Thursday. The correction comes after an exploit on the network’s Near Intents services, which affected deposits and withdrawals across 11 crypto networks. NEAR is currently trading at $4.88, below the daily high of $5.54, while falling momentum indicators suggest that sellers are gaining the upper hand.

Markets are pricing a Fed pause. The jobs data says the hike is still coming

The market has rapidly changed its mind about the Fed. Only a week ago, investors saw an October interest-rate hike as the most likely outcome. However, softer inflation and cautious comments from policymakers have since turned a pause into the dominant scenario.

Markets are pricing a Fed pause. The jobs data says the hike is still coming

The market has rapidly changed its mind about the Federal Reserve (Fed). Only a week ago, investors saw an October interest-rate hike as the most likely outcome. However, softer inflation and cautious comments from policymakers have since turned a pause into the dominant scenario. Yet beneath that dramatic repricing, the US economy is sending a considerably less dovish message.