EUR/USD stays negative above 1.2300

The pair keeps the negative territory above the 1.2300 handle so far.
The greenback is now bid and looing to regain the 89.80 area.
US 10-year yields extend the drop to 2.81% zone.

Pablo Piovano FXStreet

The selling pressure stays unabated around the European currency during the second half of the week and is now prompting EUR/USD to navigate the 1.2320/15 band.

EUR/USD faltered ahead of 1.2400, looks to EU Summit

Spot is prolonging the choppy trade so far this week, coming down to the low-1.2300s after the earlier bullish attempt run out of legs ahead of the key resistance line off 2018 tops, today in the 1.2380/85 band.

Adding to the weak note surrounding EUR, advanced PMIs in core Euroland for the current month came in below initial estimates along with weaker results from the German IFO for the month of March.

It is worth mentioning that spot gained traction as of late as market participants perceived yesterday’s move on rates by the Federal Reserve as dovish, disappointing expectations of a more aggressive rate path for the current year.

In the US docket, Initial Claims rose 229K WoW, taking the 4-Week Average to 223.75K from 221.50K. Additionally, Markit’s Manufacturing PMI came in at 55.7, a tad below consensus albeit higher than February’s 55.3.

EUR/USD levels to watch

At the moment, the pair is losing 0.16% at 1.2318 facing immediate contention at 1.2241 (low Mar.21) seconded by 1.2206 (low Feb.9) and finally 1.2165 (low Jan.18). On the flip side, a break above 1.2388 (high Mar.22) would aim for 1.2414 (high Mar.14) and then 1.2448 (high Mar.8).

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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 recedes to daily lows near 1.1850

EUR/USD keeps its bearish momentum well in place, slipping back to the area of 1.1850 to hit daily lows on Monday. The pair’s continuation of the leg lower comes amid decent gains in the US Dollar in a context of scarce volatility and thin trade conditions due to the inactivity in the US markets.

GBP/USD resumes the downtrend, back to the low-1.3600s

GBP/USD rapidly leaves behind Friday’s decent advance, refocusing on the downside and retreating to the 1.3630 region at the beginning of the week. In the meantime, the British Pound is expected to remain under the microscope ahead of the release of the key UK labour market report on Tuesday.

Gold looks inconclusive around $5,000

Gold partially fades Friday’s strong recovery, orbiting around the key $5,000 region per troy ounce in a context of humble gains in the Greenback on Monday. Additing to the vacillating mood, trade conditions remain thin amid the observance of the Presidents Day holiday in the US.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.