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The Reserve Bank of Australia will release the minutes of its February monetary policy meeting in ten minutes.February 17th - According to foreign media reports, former Bank of Japan (BOJ) policy board member Seiji Adachi stated that the BOJ is likely to use the abundant new data available in April as an opportunity to raise interest rates, ignoring market speculation about a possible rate hike in March. Adachi said in an interview on Monday, "A March rate hike would be risky because it would be based on expectations rather than confirmation signals. April will provide a large amount of data to confirm improvements in underlying inflation." Adachis view aligns with the growing market expectation that the board, led by Governor Kazuo Ueda, might act in the spring—earlier than most economists predicted after the last rate hike in December. He stated that while there are concerns that Prime Minister Sanae Takaichi might hinder the BOJs policy normalization process, especially after her landslide victory in the election last week, she is unlikely to prevent rate hikes, as such action could be counterproductive. Adachi said, "Sanae Takaichi seems to have become very sensitive to market dynamics. If she tells the BOJ not to raise rates, the potential market reaction would be a depreciation of the yen."A Reuters poll of 29 economists showed that 27 of them believed the Indonesian central bank would keep its 7-day reverse repo rate unchanged at 4.75% on February 19.US President Trump: I will indirectly participate in the Iran negotiations; Iran wants to reach an agreement.February 17th - According to tech journalist Marc Gurman, Apples upcoming iPhone 18 Pro and Pro Max models will "not have major updates." Gurman stated that the iPhone 18 Pro series will only be "minor tweaks to last years iPhone 17 Pro and Pro Max." He likened this upgrade to Apples usual practice of adding an "S" to the name of minor iPhone facelifts. However, the new phones will still include several important internal upgrades, such as a new camera system with a variable aperture, the A20 chip, and a custom C2 baseband chip. Nevertheless, the new Pro models are unlikely to be "the star of Apples iPhone launch event this fall." Instead, Apples first foldable iPhone will be the focus.

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.


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