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August 13th - According to foreign media reports, South Korea has raised the ceiling on household debt growth and pledged to increase housing supply in the Seoul metropolitan area, further intensifying efforts to curb the continued rise in the real estate market. Soaring housing prices have gradually become a political burden for President Lee Jae-myung. According to a joint statement released by the South Korean government on Thursday, the government plans to supply more than 230,000 housing units in the Seoul metropolitan area, including 100,000 units to be built in newly designated areas. This is a further increase on top of existing targets. Previously, the South Korean government had set a target to start construction on 1.35 million housing units in the Seoul metropolitan area between 2026 and 2030. The latest measures are a further step up from the supply-side policies announced last September. At that time, a prolonged slump in the construction industry raised concerns that a shortage of new housing supply would continue to drive up housing prices and make it more difficult for young families to afford a home.August 13th - The price adjustment window for refined oil products will reopen at 24:00 on August 14th (this Saturday at midnight). According to industry information from Longzhong Information, due to the downward fluctuation of international crude oil prices during the cycle, the domestic refined oil price will decrease by approximately 0.15 yuan/liter, marking the fifth price reduction this year. Based on a 70-liter fuel tank, private car owners will save about 11 yuan when filling up.The Reserve Bank of New Zealand surveyed that the average two-year inflation expectation for New Zealand in the third quarter was 2.34%.A survey by the Reserve Bank of New Zealand indicates that the average one-year inflation expectation in New Zealand for the third quarter is 2.6%.According to Mongolian media reports on August 13th, the Mongolian Emergency Command Center for Enhancing Fuel Supply and Security held a routine meeting on August 12th. The Minister of Industry and Mineral Resources emergency trip this week has yielded initial results. In August, Mongolia will import 50,000 tons of AI-92 gasoline from Russia, purchase an additional 15,000 tons of Euro 5 standard fuel, and agree to import an additional 25,000 tons of AI-92 gasoline and 5,000 tons of aviation fuel. A contract has also been signed with China to purchase 3,000 tons of aviation kerosene; the first batch of 1,000 tons has been received, and the remaining 2,000 tons will arrive soon. Simultaneously, a contract has been signed with South Korea to purchase Euro 5 standard fuel. This fully meets Mongolias August consumption needs and reserves. As of the time of this report, Mongolian mine production is stable, short- and medium-term shipments are good, fuel availability has increased to 30 days, and short-term freight rates have increased slightly by 80-85 yuan/ton.

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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