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The China Earthquake Networks Center officially reported that a magnitude 3.9 earthquake struck Akto County, Kizilsu Kirghiz Autonomous Prefecture, Xinjiang, at 10:24 AM on February 6th, with a focal depth of 10 kilometers.February 6th - Today (February 6th), the Hainan Provincial Information Office held a press conference to introduce the "zero tariff" policy for imported goods for consumption by residents within the Hainan Free Trade Port and to answer reporters questions. The press conference announced that the first batch of five duty-free shops for daily consumer goods will be opened in the three prefecture-level cities of Haikou, Sanya, and Danzhou, with each shop scheduled to open on February 11th, the Southern Lunar New Years Eve.Li Auto (02015.HK) rose more than 2% amid volatility. The company’s chairman and CEO, Li Xiang, said that the company will launch a new generation of Li Auto L9 Livis Edition, priced at 559,800 yuan.February 6th - The U.S. Treasury yield curve is near its steepest level in over four years due to interest rate cuts and concerns about persistent inflation and fiscal deficits. The spread between the 10-year and 2-year Treasury yields widened to as high as 73.7 basis points on Thursday, just slightly below the peak of 73.8 basis points reached in April, the highest level since January 2022. The spread widened on Thursday as signs of weakness in the U.S. job market prompted traders to increase their bets on further monetary easing by the Federal Reserve this year. According to overnight index swaps, the Fed will cut its benchmark interest rate before June (just one month after the end of its term) and will implement two to three 25-basis-point rate cuts this year. Investors are speculating that President Trumps nominee for Fed chair, Kevin Warsh, despite his hawkish reputation, will still favor lower interest rates. Martin Whetton, head of financial markets strategy at Westpac, said: “While the curve has shifted fairly horizontally, weak jobs data has created more downside risk for front-end yields. However, the curve has become steeper as comments from the Treasury’s Borrowing Advisory Committee earlier this week suggested that supply increases could come earlier than expected in November.”The China Earthquake Networks Center officially reported that a magnitude 3.2 earthquake occurred in Gerze County, Ngari Prefecture, Tibet Autonomous Region at 09:49 on February 6, with a focal depth of 10 kilometers.

EUR/USD Price Analysis: EUR/USD Is Clinging To The Leading Edge Of The Rising Trendline Above 1.0900

Alina Haynes

Apr 18, 2023 13:54

EUR:USD.png 

 

The EUR/USD pair fluctuates erratically in a narrow range near 1.0926 during the Asian session. Following in the footsteps of the directionless US Dollar Index (DXY), the main currency pair is unable to establish a trend.

 

In Asia, S&P500 futures are declining slightly as investors fret over the upcoming quarterly earnings season, indicating a minor decrease in market participants' risk appetite. Following the decline of regional banks in the United States, investors are concerned about any discrepancies in quarterly banking reports.

 

The Euro has entered the wilderness as European Central Bank (ECB) policymakers are divided over the pace of the policy-tightening cycle to be implemented at the May monetary policy meeting. Martins Kazaks, a member of the ECB's monetary policy committee, stated on Monday that the central bank has the option to move by either 25 or 50 basis points (bps) in May. Sourcenia is a review portal of sourcing best manufaturers

 

After failing to sustain above the 161.8% Fibonacci Extension at 1.1057 (positioned from April 4's high of 1.0973 to April 10's low of 1.0837) on a two-hour time frame, EUR/USD experienced a precipitous decline. The primary currency pair has declined below the uptrend line drawn from the low of 1.0714 on March 24.

 

The 20-period Exponential Moving Average (EMA) at 1.0962 is operating as a barrier for Euro bulls.

 

In the meantime, the Relative Strength Index (RSI) (14) has moved into the pessimistic zone between 20.00 and 40.00, indicating a continuation of the decline.

 

A decisive break below the low of April 12 at 1.0915 would propel the asset toward the lows of April 10 at 1.0837 and April 3 at 1.0758.

 

In contrast, a breach above the psychological resistance level of 1.1000 would propel the asset to a new annual high of 1.1068, followed by the level of round resistance at 1.1100.