EUR/USD: markets turning bullish - Scotiabank

Ross J Burland FXStreet

Analysts at Scotiabank explained that EUR is up modestly vs. the USD and outperforming most of the G10 along with its European currency peers GBP, NOK, and SEK.

Key Quotes:

"Fundamental releases have been limited to stronger than expected German IFO business confidence figures out of Germany."

"Speculative futures positioning (CFTC) remain neutral and risk reversals suggest a continued erosion in the premium for protection against EUR weakness vs. the USD and JPY and a rise in the premium for protection against EUR strength vs. GBP."

"There appear to be no major resistance levels ahead of the midpoint of the 2018 range (1.1928) and the 200 day MA around 1.1950."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.