EUR/USD off highs, near 1.0930 ahead of US GDP

Pablo Piovano FXStreet

The buying interest around the single currency remains well and sound at the end of the week, with EUR/USD now deflating from tops near 1.0950 ahead of the opening bell in the NA session.

EUR/USD looks to US docket

Spot gained around a cent since daily lows in the mid-1.0800s to the vicinity of 1.0950 backed by a renewed and strong offered bias around the greenback, with the US Dollar Index re-testing recent lows near 98.60.

The pair has been also well supported by higher-than-expected inflation figures in the region, as the CPI is seen rising at an annualized 1.9% during April. Core prices are expected to rise 1.2% over the last twelve months, also coming in above estimates.

In the US data front, the first revision of Q1 GDP figures is due seconded by the Chicago PMI, Q1 PCE and the final gauge of April’s Consumer Sentiment.

EUR/USD levels to watch

At the moment, the pair is gaining 0.52% at 1.0930 and a break above 1.0947 (high Apr.28) would target 1.0951 (2017 high Apr.25/26) en route to 1.1000 (psychological handle). On the downside, the immediate support aligns at 1.0850 (low Apr.27) seconded by 1.0833 (200-day sma) and finally 1.0805 (23.6% Fibo of the April rally).

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 looks to stabilize near 1.1600 as focus shifts to US data

EUR/USD is looking to stabilize near 1.1600 in the European session on Wednesday as traders breathe a sigh of relief before the top-tier US ADP jobs and ISM Services PMI data. A pause in the US Dollar uptrend helps the pair's recovery, but surging energy prices due to the Iran war will likely remain a drag.

GBP/USD stays weak near 1.3350 as USD preserves gains

GBP/USD stays in the red below 1.3350 in the European session on Wednesday. Escalating conflict in the Middle East keeps the "flight to safety" theme intact, supporting the US Dollar against the Pound Sterling. Traders will take more cues from the US ADP Employment and ISM Services Purchasing Managers Index reports, which are due later on Wednesday.

Gold retains positive bias amid sustained safe-haven flows and modest USD pullback

Gold maintains its offered tone through the first half of the European session, though it lacks follow-through and remains below the $5,200 mark. Investors remain concerned about a prolonged conflict in the Middle East and its impact on the global economy amid an already uncertain environment.

ADP Employment Report set to signal stronger February jobs growth, little effect on Fed outlook

The Automatic Data Processing (ADP) Research Institute will release its monthly report on private-sector job creation for February on Wednesday. The so-called ADP Employment Change report is expected to show that the United States private sector added 50K new positions in the month, following the 22K gained in January.

Asian stocks fall as South Korea’s KOSPI slumps over 10%

Asian equities drop on Middle East tensions; the MSCI Asia Pacific Index falls up to 4%. South Korea’s KOSPI fell 10.71% near 5,170, with the Korean Won weakened past 1,500 per dollar.

Solana Price Forecast: SOL consolidation near resistance as ETF inflows offer mild support

Solana price is facing slight rejection as it approaches the upper boundary of the consolidation range at around $88 on Wednesday. Institutional demand is strengthening as spot Exchange Traded Funds recorded two consecutive inflows so far this week.