EUR/USD gyrates around 1.1300 ahead of EMU GDP, US CPI

The pair clings to gains near 1.1300 the figure on Wednesday.
The greenback rebounds from sub-97.00 lows.
EMU flash Q3 GDP, US CPI next of relevance in the docket.

Pablo Piovano FXStreet

The European currency is looking to add to Tuesday’s rebound, prompting EUR/USD to return to the 1.1300 neighbourhood.

EUR/USD looks to Brexit, Italy, data

Spot is now struggling to advance further north of the 1.1300 handle, coming under some selling pressure after rebounding from YTD lows near 1.1210 during the first half of the week to overnight tops near 1.1320.

Rising optimism around a potential Brexit deal gave much needed oxygen to the risk-associated space on Tuesday, boosting the Sterling along with the rest of its risk-on peers. Today will be a key day, as PM Theresa May will meet with her cabinet to discuss the draft.

Looking ahead, EMU’s advanced GDP figures for the July-September period are due later ahead of US inflation figures tracked by the CPI.

EUR/USD levels to watch

At the moment, the pair is up 0.01% at 1.1291 facing the next hurdle at 1.1319 (high Nov.14) seconded by 1.1357 (10-day SMA) and then 1.1389 (21-day SMA). On the other hand, a break below 1.1214 (2018 low Nov.12) would target 1.1188 (61.8% Fibo retracement of the 2017-2018 up move) en route to 1.1118 (low Jun.20 2017).

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.

AUD/USD edges higher as hot CPI inflation and hawkish RBA lift rate hike bets

The AUD/USD pair gathers strength to near 0.7035 during the Asian trading hours on Friday. The Australian Dollar edges higher against the US Dollar as hotter Australian CPI inflation data has bolstered expectations of Reserve Bank of Australia rate hikes.

USD/JPY meets support near 157.00

USD/JPY retreats for the third consecutive day on Friday, revisiting the 157.00 region before attempting some recovery as investors continue to assess the latest BoJ meeting, where the central bank left rates unchanged, as widely anticipated.

Gold sinks to fresh yearly lows despite risk-off mood as Fed rate hike bets weigh

Gold slips to fresh year-to-date lows on Friday. The metal struggles despite a risk-off mood across markets, as expectations of further Federal Reserve (Fed) interest rate hikes continue to dominate price action, leaving Gold on track to end the month in negative territory.

Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations

Ripple (XRP) trades around $1.25 on Friday, rising from a short-term support level established at $1.20. This minor upward correction follows a sharp sell-off, triggered amid reports of a hack attack on the Binance exchange that impacted approximately $6.3 billion. The attack drove the broader crypto market on edge, as Binance suspended both deposits and withdrawals to contain the situation.

BoJ recap: A pause for now... but Japan has entered a new inflation phase

The Bank of Japan left its short-term policy rate unchanged at 1.25% but delivered a distinctly hawkish message on the risk of an inflation overshoot. The decision passed by 8-1, with board member Takata dissenting in favour of an increase to 1.5%, while Governor Kazuo Ueda stressed that the Bank would continue adjusting policy as needed.

The 2% inflation target came from a throwaway remark. It now moves trillions

The Federal Reserve's 2% inflation goal grew out of an off-the-cuff remark by a New Zealand politician in 1988. Bond investors still price long-term US debt as if 2% holds, so a change in how the Fed measures inflation would move markets.