- EUR/USD sticks around 1.1000 amid obscurity over a ceasefire between Russia and Ukraine.
- The Ukraine crisis has complicated the job of the ECB ahead of April’s monetary policy.
- The extent of the interest rate hike by the Fed largely banks upon the extent of US NFP.
The EUR/USD pair is auctioning back and forth in a narrow range of 1.0940-1.1440 since the previous week as investors are waiting for the speech from the European Central Board (ECB)’s President Christian Lagarde and the release of the European Union (EU)’s Unemployment Rate, which are due on Wednesday and Thursday respectively.
The speech from the ECB’s Lagarde will provide insights into the likely monetary policy action in April. The ECB policymakers have yet not increased their interest rates, unlike the other World leaders who have already turned their interest rate cycle. The Ukraine crisis amid Russian military activity on Ukrainian land has made the context complicated for the ECB policymakers. Russia’s invasion of Ukraine has raised fears of stagflation in Europe. Its February inflation figure at 5.9% is very much higher than the targeted figure of 2%. Therefore, ECB’s think tank will remain in dilemma whether to elevate the interest rate or to take the bullet itself.
Meanwhile, the US dollar index (DXY) has rebounded sharply after sensing bids near the round level support at 99.00. Investors are eying the US Nonfarm Payrolls (NFP) for building further positions in the mighty greenback. The extent of US NFP is likely to dictate the extent of the interest rate hike by the Federal Reserve (Fed) as any underperformance from the above-mentioned indicator will keep the interest rate hike in 25 basis points (bps) category.
Apart from the ECB’s Lagarde speech and US NFP, the EU’s Unemployment Rate holds significant importance. The inactive labor force rate is likely to trim to 6.7% against the previous print of 6.8%.
|Today last price||1.0983|
|Today Daily Change||0.0003|
|Today Daily Change %||0.03|
|Today daily open||1.098|
|Previous Daily High||1.1|
|Previous Daily Low||1.0945|
|Previous Weekly High||1.107|
|Previous Weekly Low||1.0961|
|Previous Monthly High||1.1495|
|Previous Monthly Low||1.1106|
|Daily Fibonacci 38.2%||1.0966|
|Daily Fibonacci 61.8%||1.0979|
|Daily Pivot Point S1||1.095|
|Daily Pivot Point S2||1.092|
|Daily Pivot Point S3||1.0895|
|Daily Pivot Point R1||1.1005|
|Daily Pivot Point R2||1.1029|
|Daily Pivot Point R3||1.1059|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
EUR/USD closes in on 1.0700 amid broad USD strength
EUR/USD came under renewed bearish pressure in the American session and dropped to its lowest level since late March near 1.0700. Stronger-than-forecast PCE inflation data and hawkish comments from Fed's Mester provide a boost to the US Dollar and weigh on the pair.
GBP/USD loses bullish momentum after US data, falls below 1.2350
GBP/USD has reversed its direction and erased a large portion of its daily gains on Friday after the data from the US showed that the annual core PCE inflation edged higher to 4.7% in April. Although the pair clings to small daily gains below 1.2350, it remains on track to end the third straight week in negative territory.
Gold erases daily gains, holds above $1,940
Gold price turned south and declined to the $1,940 area in the American session on Friday. The benchmark 10-year US Treasury bond yield holds stead above 3.8% after stronger-than-expected core PCE inflation data from the US, not allowing XAU/USD to gain traction.
Ethereum price to outpace Bitcoin price as ETH jumps over key hurdle where BTC fumbles
ETH is working on its recovery after it dipped to a two-week low on Thursday. While Bitcoin price has failed to make a similar move and head back above $26,500, Ethereum is outpacing Bitcoin and has been able to push above $1,800.
Ford Stock: New agreement will give customers access to 12,000 Tesla chargers
Ford (F) stock has advanced about 2.5% early Friday following CEO Chris Farley’s announcement that Ford owners will be able to charge their EVs at Tesla Superchargers beginning in early 2024.