EUR/USD testing highs near 1.1620 ahead of PMIs

The pair extends the breakout of the 1.16 handle.
The greenback loses momentum around 94.70.
Advanced PMIs in Euroland next in tap in the docket.

Pablo Piovano FXStreet

The buying interest around the shared currency is now lifting EUR/USD to fresh tops in the 1.1620/25 band on Friday.

EUR/USD looks to PMIs

Spot managed to regain some lasting upside traction so far, advancing for the second session in a row and backed by the renewed offered bias surrounding the greenback.

In fact, diminishing tensions on the US-China trade front appear to have removed some tailwinds from the recent up move in the buck, allowing spot to prolong the rebound from yesterday’s lows in the boundaries of 1.1500 the figure.

Looking ahead, advanced PMI figures for the current month are next on tap in Euroland, while flash Manufacturing/Services PMI is also due across the pond.

EUR/USD levels to watch

At the moment, the pair is gaining 0.21% at 1.1627 facing the next hurdle at 1.1644 (high Jun.19) seconded by 1.1651 (21-day sma) and finally 1.1671 (10-day sma). On the downside, a breakdown of 1.1509 (low Jun.21) would target 1.1508 (2018 low May 29) en route to 1.1479 (low Jul.20 2017).

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.

GBP/USD off highs, back to 1.3620

GBP/USD remains slightly on the defensive at the end of the week, receding to the low 1.3600s after hitting fresh tops past 1.3670 earlier in the day. Cable’s correction comes after two daily gains in a row and amid a tepid advance in the Greenback, while poor UK data also accompany the downside.

EUR/USD treads water below 1.1700

EUR/USD now trades with modest losses around 1.1670 following another unsuccessful atempt to advance past 1.1700 the figure in a convincing fashion. The pair’s decline follows a maginal rebound in the US Dollar as market participants continue to assess recent US data as well as developments from the US bond market.

Gold trims gains, recedes to the sub-$4,600 area

Gold rapidly leaves behind Thursday’s inconclusive price action and advances markedly on Friday, briefly surpassing the $4,600 mark per troy ounce to hit three-month peaks. Meanwhile, the precious metal’s solid performance comes despite marginal gains in the buck coupled with another day of rising US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP bulls accelerate rally amid rising ETF inflows

The cryptocurrency market remains bullish on Friday, led by Bitcoin’s surge above $77,000. Altcoins, including Ethereum and Ripple, mirror BTC’s positive outlook, trading near $2,400 and $1.35, respectively.

Week ahead – Fed’s Jackson Hole and Nvidia earnings to dictate markets

Kevin Warsh to make his Jackson Hole debut amid confusing messaging. But a major hawkish surprise unlikely after bond market intervention. Nvidia earnings to also determine market direction as stock rally cools.

$20 billion offered, $2 billion taken: Why Treasury doubled its buyback cap

The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.