EUR/USD weaker, struggles with 1.1800 on disappointing EZ data

Dhwani Mehta FXStreet

The EUR/USD pair keeps losses and remains within the striking distance of daily lows reached at 1.1792, following the release of downbeat Eurozone industrial production data.

EUR/USD: Focus shifts to US retail sales

EUR/USD’s attempt to take on the recovery above 1.18 handle lost steam, after the Eurozone industrial figures showed a deeper-than expected contraction in the month of June. European Monetary Union Industrial Production s.a. (MoM) came in at -0.6% below forecasts (-0.5%) in June

Moreover, rebounding Treasury yields amid a major turnaround in risk sentiment so far this Monday, also boosts the sentiment around the greenback at the expense of the Euro. The USD index advances +0.23% to hover near daily tops of 93.26 levels.

Attention now turns towards a fresh batch of economic releases due out from both continents later this week, especially with the US retail sales, Eurozone flash GDP and FOMC minutes expected to set the tone for the major in the coming days.

EUR/USD Technical Set-up

Valeria Bednarik, Chief Analyst at FXStreet explains: “The immediate short term support is 1.1780, followed by the 1.1730 region, this last seen as a probable floor for this Monday should the dollar remain strong. The daily high was set at 1.1837, while Friday's high stands at 1.1846, indicating that only beyond this last the pair can gain bullish traction and approach the 1.1900 price zone.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD holds lower ground near 1.1850 ahead of EU/ US data

EUR/USD remains in the negative territory for the fourth successive session, trading around 1.1850 in European trading on Friday. A broadly cautious market environment paired with modest US Dollar demand undermines the pair ahead of the Eurozone GDP second estimate and the critical US CPI data.

GBP/USD keeps losses around 1.3600, awaits US CPI for fresh impetus

GBP/USD holds moderate losses at around 1.3600 in the European session on Friday, though it lacks bearish conviction. The US Dollar remains supported amid softer risk tone and ahead of the US consumer inflation figures due later in the NA session on Friday.

Gold trims intraday gains to $5,000 as US inflation data loom

Gold retreats from the vicinity of the $5,000 psychological mark, though sticks to its modest intraday gains heading into the European session. Traders now look forward to the release of the US consumer inflation figures for more cues about the Fed policy path. The outlook will play a key role in influencing the near-term US Dollar price dynamics and provide some meaningful impetus to the non-yielding bullion.

US CPI data set to show modest inflation cooling as markets price in a more hawkish Fed

The US Bureau of Labor Statistics will publish January’s Consumer Price Index data on Friday, delayed by the brief and partial United States government shutdown. The report is expected to show that inflationary pressures eased modestly but also remained above the Federal Reserve’s 2% target.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Solana Price Forecast: Mixed market sentiment caps recovery

Solana (SOL) is trading at $79 as of Friday, following a correction of over 9% so far this week. On-chain and derivatives data indicates mixed sentiment among traders, further limiting the chances of a price recovery.