EUR/USD tumbles to 1.1180 post-US GDP

Pablo Piovano FXStreet

The selling interest has picked up pace around the single currency on Friday, with EUR/USD now falling to session lows in the 1.1180 area.

EUR/USD weaker on US data

The pair met extra downside pressure after the second revision of the US GDP figures now expects the economy to expand at an annualized 1.2% vs. 0.9% initially forecasted.

Further US data saw durable goods orders contracting less than expected 0.7% in April, while orders excluding the Transportation sector dropped 0.4%, missing consensus for a 0.4% advance.

Later in the session, the final reading of US consumer sentiment tracked by the Reuters/Michigan index is due, with prior surveys seeing a tad correction to 97.5 from 97.7 for the current month.

EUR/USD levels to watch

At the moment, the pair is losing 0.21% at 1.1187 facing the next down barrier at 1.1167 (low May 24) seconded by 1.1073 (76.4% Fibo of 1.1300-1.0339) and finally 1.1036 (20-day sma). On the flip side, a breakout of 1.1250 (high May 25) would open the door to 1.1267 (2017 high May 23) and then 1.1300 (high Nov.9 2016).

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 trims losses, back to 1.1830

EUR/USD manages to regain some composure, leaving behind part of the earlier losses and reclaim the 1.1830 region on Tuesday. In the meantime, the US Dollar’s upside impulse loses some momentum while investors remain cautious ahead of upcoming US data releases, including the FOMC Minutes.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.