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On May 23, U.S. Director of National Intelligence Tulcie Gabbard announced on social media on May 22 that she had submitted her resignation to President Trump that day to care for her husband, who is battling cancer. U.S. media reports indicate that Gabbard was effectively "forced out" by the White House. In her resignation letter, Gabbard stated that her husband had recently been diagnosed with "an extremely rare form of bone cancer," and her resignation would take effect on June 30. Trump announced on social media that day that Deputy Director of National Intelligence Aaron Lucas would serve as acting Director of National Intelligence. According to multiple U.S. media reports, Gabbard had been marginalized within the White Houses national security decision-making system, and in recent months, Trump had expressed considerable dissatisfaction with her and considered replacements. Gabbard has long opposed U.S. government military intervention abroad and disagreed with Trump on the Iranian nuclear issue. After the U.S. and Israel launched a large-scale military operation against Iran in late February, she testified before Congress that Iran had not attempted to rebuild its nuclear program and refused to confirm that Iran posed an imminent threat as the U.S. claimed.According to the U.S. Commodity Futures Trading Commission (CFTC), in the week ending May 19, crude oil speculators increased their net long positions in WTI crude oil by 15,017 contracts, reaching 110,348 contracts.Hang Seng Index futures closed down 0.49% at 25,430 points in overnight trading, a discount of 176 points.The U.S. Treasury Department reported that foreign investors purchased $5.629 billion in 3-year Treasury securities in the latest bi-weekly reporting period, down from $6.834 billion in the previous month; $6.230 billion in 10-year Treasury securities, up from $5.789 billion in the previous month; and $2.767 billion in 30-year bonds, up from $2.313 billion in the previous month.The U.S. Treasury Department reported that investment funds purchased $29.332 billion in 10-year Treasury securities in the latest bi-weekly reporting period, up from $28.103 billion in the previous month; $18.340 billion in 30-year bonds, up from $16.415 billion in the previous month; and $41.636 billion in 3-year Treasury securities, down from $42.810 billion in the previous month.

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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