EUR/USD off highs, back below 1.1600 post-ISM

EUR/USD runs out of steam just past 1.1600.
EMU flash September CPI came at 3.4%, Core CPI at 1.9%.
US ISM Manufacturing improves to 61.1 in September.

Pablo Piovano FXStreet

The single currency gives away some gains and motivates EUR/USD to return to the sub-1.1600 area at the end of the week.

EUR/USD recedes from tops on upbeat ISM

The daily recovery in EUR/USD falters ahead of 1.1610 on Friday after the greenback looks to claw back some ground following the better-than-expected ISM Manufacturing and U-Mich results.

In addition, yields of the US 10-year reference note came back to life ad now flirt once again with the 1.50% level in the wake of the ISM and U-Mich releases. In Germany, the 10-year Bund yields plummet to the -0.23% region.

In the docket then, the ISM Manufacturing surprised to the upside and improved to 61.1 during last month. In the same direction, the final Consumer Sentiment print rose to 72.8 (from 70.3) during the same period. Finally, Markit’s Manufacturing PMI bettered estimates at 60.7 although move a tad lower from August’s 61.1.

EUR/USD levels to watch

So far, spot is gaining 0.21% at 1.1598 and faces the next up barrier at 1.1674 (10-day SMA) followed by 1.1755 (weekly high Sep.22) and finally 1.1770 (55-day SMA). On the other hand, a break below 1.1562 (2021 low Sep.30) would target 1.1500 (round level) en route to 1.1495 (high Mar.9 2020).

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 stays offered, sinks below 1.1700

EUR/USD leaves behind two daily advances in a row, facing renewed selling pressure and returning to the sub-1.1700 region in response to the late rebound in the US Dollar ahead of the opening bell in Asia. On Thursday, market participants are expected to closely follow the US weekly report on the labour market, GDP prints and the PCE data.

GBP/USD looks vacillating around 1.3430

GBP/USD is alternating gains with losses midweek, pushing back towards the 1.3430 area after bottoming out near the 1.3400 support. The modest recovery in Cable comes as the US Dollar advances modestly following President Trump’s comments at the World Economic Forum.

Gold slumps below $4,800 as Trump backs off European tariff threat

Gold price trimmed gains to near $4,790 during the early Asian session on Thursday. The precious metal retreats from a record high of $4,888 after US President Donald Trump backs off the European tariff threat and announces a framework Greenland deal.

Ethereum short bets increase as funding rates flip negative

Ethereum fell further on Tuesday, registering a 3.8% decline over the past 24 hours and stretching its weekly loss to about 14%. The sustained decline aligns with the broader crypto market, which is facing immense risk-off pressure amid ongoing geopolitical tensions in Greenland.

TACO Wednesday and the great market exhale

Markets did not so much trade on Wednesday as they collectively unclenched. After a bruising bout of headline-induced indigestion, every major asset class caught a bid at once. Stocks up. Bonds up. Gold up, then cooling. Crypto rebounding. Crude firming. Even the dollar found its feet.

Monero risks extending correction as market structure weakens

Monero (XMR) is extending its downtrend, below the $500 level at the time of writing on Wednesday, as sellers remain dominant during the American session. XMR has declined by approximately 38% from a recent high of $800, reached last Wednesday.