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March 13 – Job openings and layoffs in the U.S. increased in January, indicating improved demand for labor before recent signs of weakness in the labor market resurfaced. Data released Friday by the Bureau of Labor Statistics showed that job openings rose to 6.95 million from 6.55 million in December, exceeding market expectations. The report also included an annual revision to the job openings data, with downward revisions to the figures for most of 2025. While the slight improvement in job openings in January did not translate into significantly more hiring, consistent with the still relatively fragile labor market conditions. Recent data showing a decline in nonfarm payrolls and a rise in the unemployment rate in February, along with reduced hiring plans by small businesses, have shaken previous assessments that the labor market was stabilizing. The increase in job openings came from multiple sectors, including finance and insurance, healthcare and social assistance, retail trade, and accommodation and food services.Trump: (Regarding the "Save America Act") Leaders must find enough votes.On March 13th, Bank of America stated that the Federal Reserve will have to deal with another supply shock—soaring oil prices. In the Summary of Economic Projections (SEP) released ahead of the Feds March meeting, both overall and core inflation forecasts are likely to be revised upwards. The Bank of America report stated, "If long-term growth expectations are also revised upwards, we expect the median dot plot of long-term interest rates to likely shift slightly upwards." In this scenario, the bank believes Fed Chairman Powell may acknowledge the risks of stagflation while emphasizing a wait-and-see approach.Eurogroup President Pierakakis: In the worst-case scenario, Greeces economic growth rate will remain at 2%. The recent profit caps on fuel and food will not have a fiscal impact on the Greek budget.Eurogroup President Pierracakis: The European economy has the capacity and resilience to absorb such shocks. If high energy prices persist for an extended period, Europe should act swiftly to protect its economy and citizens.

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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