EUR/USD surpasses 1.1100 post-data, looks to ISM

EUR/USD moves higher post-ADP.
DXY breaks below the 200-day SMA.
US ADP report came in at 67K in November.

Pablo Piovano FXStreet

EUR/USD has accelerated the upside in the wake of poor ADP results and is now trading in multi-week highs just beyond the 1.1100 mark.

EUR/USD now focused on ISM

The pair clinched fresh 4-week highs in levels just shy of 1.1100 the figure on Wednesday following the horrible prints from the US ADP report.

In fact, the ADP showed the US private sector added ‘just’ 67K jobs during last month, coming in well below estimates while the November’s print was also revised a tad lower to 121K (from 125K).

Moving forward, the key ISM Non-Manufacturing for the month of November is due later in the NA session.

What to look for around EUR

The pair has finally broken above the key barrier at 1.1100 the figure amidst the continuous bearish note in the greenback and the comeback of US-China trade tensions. On the more macro view, the slowdown in the region appears far from abated despite some positive results from key fundamentals in Germany and the euro bloc as of late. This does nothing but justify the ‘looser for longer’ monetary stance by the ECB and the cautious/bearish view on the European currency in the medium term.

EUR/USD levels to watch

At the moment, the pair is gaining 0.19% at 1.1102 and faces the next hurdle at 1.1161 (200-day SMA) followed by 1.1179 (monthly high Oct.21) and finally 1.1186 (61.8% Fibo of the 2017-2018 rally). On the other hand, a breakdown of 1.1040 (55-day SMA) would target 1.0989 (monthly low Nov.14) en route to 1.0925 (low Sep.3).

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 flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.