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January 5 - On the afternoon of January 5, Chinese President Xi Jinping held talks in Beijing with South Korean President Lee Jae-myung, who was on a state visit to China.On January 5th, gold prices, along with other precious metals, climbed as safe-haven demand surged following the US arrest of Venezuelan President Maduro. Analysts at Saxo Bank in Denmark stated, "Gold and silver rebounded as investors sought refuge after the US action against Venezuela. Trumps statement that the US plans to take over Venezuela further exacerbated governance uncertainty." Last year, driven by Federal Reserve rate cuts, strong central bank demand, increased inflows into exchange-traded funds (ETFs), and investors shifting from sovereign bonds and currencies to hard assets, gold prices rose nearly 65%, marking their strongest annual performance since 1979.On January 5th, the Shanghai Futures Exchange (SHFE) reported the following warehouse receipts and changes: 1. Butadiene rubber futures warehouse receipts: 23,160 tons, an increase of 23,160 tons compared to the previous trading day; 2. Fuel oil futures warehouse receipts: 0 tons, a decrease of 201,390 tons compared to the previous trading day; 3. Tin futures warehouse receipts: 7,345 tons, a decrease of 97 tons compared to the previous trading day; 4. Nickel futures warehouse receipts: 38,424 tons, an increase of 758 tons compared to the previous trading day; 5. Low-sulfur fuel oil warehouse futures warehouse receipts: 55,230 tons, unchanged compared to the previous trading day; 6. Gold futures warehouse receipts: 97,704 kg, unchanged compared to the previous trading day; 7. Natural rubber futures warehouse receipts: 100,690 tons, an increase of 100 tons compared to the previous trading day; 8. Alumina futures warehouse receipts: 156,917 tons, an increase of 156,917 tons compared to the previous trading day; 9. Copper futures warehouse receipts totaled 90,282 tons, an increase of 8,507 tons from the previous trading day; 10. Pulp warehouse futures warehouse receipts totaled 109,576 tons, an increase of 11,089 tons from the previous trading day; 11. Pulp mill warehouse futures warehouse receipts totaled 6,000 tons, unchanged from the previous trading day; 12. Medium-sulfur crude oil futures warehouse receipts totaled 3,464,000 barrels, unchanged from the previous trading day; 13. TSR20 rubber futures warehouse receipts totaled 57,959 tons, unchanged from the previous trading day; 14. Zinc futures warehouse receipts totaled 41,374 tons, a decrease of 1,045 tons from the previous trading day; 15. Stainless steel warehouse futures warehouse receipts totaled 47,393 tons, a decrease of 304 tons from the previous trading day; 16. Rebar warehouse futures warehouse receipts totaled 56,844 tons, unchanged from the previous trading day; 17. International copper futures warehouse receipts totaled 1,053 tons, unchanged from the previous trading day; 18. Aluminum futures warehouse receipts totaled 82,796 tons, an increase of 1,127 tons from the previous trading day; 19. Silver futures warehouse receipts totaled 669,547 kg, a decrease of 22,091 kg from the previous trading day; 20. Lead futures warehouse receipts totaled 13,313 tons, a decrease of 23 tons from the previous trading day; 21. Petroleum asphalt plant warehouse futures warehouse receipts totaled 16,660 tons, unchanged from the previous trading day; 22. Petroleum asphalt warehouse futures warehouse receipts totaled 8,260 tons, unchanged from the previous trading day; 23. Hot-rolled coil futures warehouse receipts totaled 104,588 tons, unchanged from the previous trading day.On January 5th, European oil stocks opened mixed, with prices remaining relatively stable despite uncertainty. Oil prices retreated somewhat after reacting to US intervention in Venezuela, but the short-term oil market landscape appears largely unchanged. Hargreaves Lansdown analyst Matt Britzman wrote in a report, "The real question is the medium-term impact. If sanctions are eased and significant funds flow back into crumbling infrastructure, Venezuela could eventually contribute substantial supply, but this will be a long and gradual process." In individual stocks, Spains Petronas led the gains, rising nearly 2%. Italys Eni rose 0.5%, and Britains Shell edged up 0.2%. However, BP fell 0.4%, and Frances Total Energy declined 0.5%.On January 5th, European indices opened higher as traders turned to defense stocks following the US ouster of Venezuelan President Maduro. Armsmaker Leonardo surged 5.7%, and Rheinmetall jumped 6.4%, driving Italys FTSE MIB index up 0.7% and Germanys DAX index up 0.8%. In Spain, defense technology supplier Indra Systems rose 4.2%, pushing the Spanish IBEX 35 index up 0.55%. French defense company Thales rose 4%, with the countrys blue-chip index following suit, gaining 0.4%. In the UK, despite the turmoil in Venezuela, oil giants performed modestly, with Shell and BP declining slightly; however, strength in mining stocks—including Fresnillos 4.6% gain—pushed Londons FTSE 100 index up 0.4%. Additionally, semiconductor stocks drove the Dutch AEX index up 1.1%.

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

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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.