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November 7th - The impact of gold on the Thai currency has fallen to its lowest level in nearly two years, suggesting that policymakers efforts to curb the bahts appreciation may finally be starting to pay off. Data shows that the 60-day correlation between the baht and gold fell below 0.43 earlier this week, the lowest level since November 2023. The 30-day and 45-day correlations, reflecting recent volatility, also fell to their lowest levels since February. Thai authorities have been trying to weaken the bahts link to gold by encouraging gold transactions to be settled in US dollars and considering a tax on physical gold transactions. In June 2023, the 60-day correlation between the baht and gold reached 0.8. Officials said this correlation exacerbated the bahts rise to a four-year high in September, putting pressure on exports and tourism. "The risk of potential fiscal or monetary policy measures is a moral deterrent," said Kobsidthi Silpachai, head of capital markets research at Kasikornbank in Bangkok. He believes this "seems to have deterred speculators from participating in gold long and USD/THB short trades."Market news: Google will build a new artificial intelligence data center at a small outpost in the Indian Ocean off the coast of Australia.Apple: Service outage issues for Apple TV and Apple Arcade have been resolved.Japanese Prime Minister Sanae Takaichi: Striving for nominal growth rate to exceed Japanese government bond yield.November 7th, Futures News: Economies.com analysts latest view: Brent crude oil futures fell in the previous trading day as their price continued to trade below the EMA50 index, indicating a dominant short-term downtrend, with the price coinciding with the support line of this trendline. Previously, the Relative Strength Index (RSI) had moved out of oversold territory, exacerbating downward pressure on prices.

The EUR/USD Price Analysis Is Supported By Rebounds From 1.0840-45

Alina Haynes

Apr 11, 2023 14:37

EUR:USD.png 

 

On Tuesday morning, the EUR/USD reaches a new intraday peak near 1.0880 as bulls attempt to regain control following a two-day downtrend. Consequently, the Euro-U.S. dollar pair recovers after the convergence of the 100-day simple moving average and a two-week-long ascending support line.

 

However, the recovery movements of the major currency pair remain elusive unless the quote remains below the 13-day-old horizontal resistance area surrounding 1.0930.

 

A one-week-old descending trend line near 1.0900 is protecting the EUR/USD pair's near-term upside at press time.

 

In the event that the EUR/USD pair maintains strength above 1.0930, the 1.0975 monthly high may serve as the last line of defense for pair sellers before pushing the price to February's high of 1.1033.

 

Alternately, a breach of the 1.0840-45 support confluence would drive the price to the 1.0788 monthly low without hesitation.

 

Future EUR/USD skeptics may be challenged by the 50% and 61.8% Fibonacci retracement levels of the pair's March-April upswing, respectively near 1.0745 and 1.0690.

 

To restore market confidence, supporters of the EUR/USD must surpass 1.0930. The quote remains on the bears' radar despite the fact that 1.0845-40 limits the near-term decline.


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