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On September 18, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter asked about the EUs call for the Chinese government to limit its exports of hybrid vehicles to the European market to 15%. What is the Foreign Ministrys comment? Guo Jiakun stated that for specific questions, he suggested inquiring with the relevant Chinese authorities. He emphasized that the essence of China-EU economic and trade relations is mutual benefit and win-win, not a zero-sum competition where one side wins and the other loses. Adhering to open cooperation and resolving economic and trade differences through equal dialogue and consultation is in the common interest of both China and the EU. The development of Chinas electric vehicle industry has provided global consumers with high-quality, cost-effective products and has made a positive contribution to the global green and low-carbon transformation.Bank of Japan Governor Kazuo Ueda: I hope to take preventative measures to avoid taking such drastic action.Bank of Japan Governor Kazuo Ueda: Whether to maintain loose monetary policy after raising interest rates to 1.5% will depend on the economic and financial variables at that time.Bank of Japan Governor Kazuo Ueda: Large or continuous interest rate hikes would mean a high risk of overshooting.On September 18th, European Central Bank (ECB) Governing Council member Kazzaks stated that the ECB may have to raise borrowing costs to levels that suppress economic activity in order to control inflation. He said the energy shock triggered by the Iran war has proven more persistent, and the ECB must do everything possible to prevent high oil and gas prices from spreading to other areas of inflation. He added, "The stronger the economy, the easier it is to raise interest rates." He cited Germanys unexpectedly strong growth in the second quarter. Kazzaks said, "Theres nothing magical about 2.5%. If necessary, we will certainly raise it higher." Kazzaks did not comment on the possible timing but stated that "all meetings are live meetings."

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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