EUR/USD in multi-day tops near 1.1240 on Draghi

Pablo Piovano FXStreet

Fresh buyers now seem to be rushing to the single currency following Draghi’s speech at the ECB Forum, taking EUR/USD to fresh tops around 1.1240.

EUR/USD bid on upbeat Draghi

Spot met fresh buying interest in response to the upbeat comments by President Mario Draghi at the ECB Forum on central banking in Portugal.

Draghi argued that reflationary forces are now present in the region, while economic growth is seen above trend and well distributed across the bloc. Draghi also suggested the central bank could change policy although the stance should remain the same.

Measured by the US Dollar Index (DXY), the greenback plummeted to the 96.70 region in response to Draghi’s speech, taking the downside to 2-week lows.

EUR/USD levels to watch

At the moment, the pair is gaining 0.54% at 1.1243 facing the next up barrier at 1.1296 (2017 high Jun.14) and then 1.1300 (high Nov.9). On the other hand, a breakdown of 1.1130 (low Jun.15) would target 1.1108 (low May 30) en route to 1.1073 (76.4% Fibo of 1.1300-1.0339).

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 eases marginally, back to 1.1800

EUR/USD navigates a narrow range on Thursday, hovering around the 1.1800 neighbourhood in a context of humble gains in the US Dollar. The pair’s lacklustre performance come amid the unabated trade uncertainty, geopolitical tensions in the Middle East and the cautious tone from the ECB’s Lagarde.

GBP/USD retreats from tops, approaching 1.3540

GBP/USD partially sets aside Wednesday’s strong advance and recedes to the 1.3540 region on Thursday. Cable’s modest retracement follows the equally acceptable gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold clings to gains just below $5,200, focus on geopolitics

Gold is edging modestly higher on Thursday, adding to Wednesday’s uptick and holding just below the $5,200 mark per troy ounce against the backdrop of modest gains in the US Dollar. In the meantime, attention is turning to the geopolitical scenario following US-Iran nuclear talks.