EUR/USD 1.13829
0.055%
Gold 4044.91
-0.108%
Oil 90.130
-1.042%
USD/JPY 163.817
-0.023%
GBP/USD 1.33214
0.059%
GBP/JPY 218.233
0.052%
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The Peoples Bank of China (PBOC) announced today that it conducted 89 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 89 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.Japanese Finance Minister Satsuki Katayama: I will not comment on specific foreign exchange levels.July 24th - Marcel Thieliant, Chief Economist for Asia at Capital Economics, stated that preliminary Japanese Purchasing Managers Index (PMI) data indicates the countrys economy continues to recover from the impact of energy cost shocks. The Japanese economy remains resilient and still foreshadows a sharp acceleration in inflation. The composite PMI rose slightly to a four-month high of 53.1 in July from 52.8, consistent with a GDP growth rate of approximately 1.5%, above trend. Thieliant added that this improvement is difficult to explain, as both the services and manufacturing PMIs weakened. He believes this may be because Japan is finally beginning to benefit from stronger demand for artificial intelligence-related products.Japanese Finance Minister Satsuki Katayama: The U.S. Treasury Departments foreign exchange report referenced the U.S.-Japan joint statement, which stated that excessive exchange rate volatility is undesirable.On July 24th, futures markets for crude oil opened slightly lower, with the SC crude oil main contracts gains narrowing to 5%, and low-sulfur fuel oil (LU) and fuel oil gains falling below 2%. Huatai Futures believes that geopolitical factors remain the main driver of recent oil price surges, including the renewed closure of the Strait of Hormuz, the shutdown of CPC terminals, and Houthi attacks on Red Sea oil tankers. However, the physical market has been relatively restrained recently. Apart from a significant rebound in the discount for Middle Eastern crude oil, discounts in Europe, West Africa, and Latin America have remained relatively stable without a sharp rise. This differs significantly from the market conditions in March and April of this year. Currently, the physical market is not short of oil, and there has been no panic buying. This is mainly due to sluggish Chinese imports and the fact that other countries import demands are largely met. The nearly 80 million barrels of cargo held up when the Strait of Hormuz reopened also acted as a buffer for the market. Currently, there is a significant divergence between paper and physical markets, indicating that the current upward trend is mainly driven by sentiment rather than fundamentals.

EUR/USD Forex Technical Analysis: Sellers Aiming for 1.0571 - 1.0519

Daniel Rogers

Jun 02, 2022 16:20

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EUR/USD

The Euro remains practically unchanged versus the U.S. Dollar at the start of Thursday's trading day, after falling to its lowest level since May 23 in the previous session. As rising Treasury rates and global inflation concerns boost the U.S. dollar, the single currency moves farther away from a monthly peak established on 30 May.

 

At 04:29 GMT, the EUR/USD exchange rate is 1.0654, up 0.0002, or +0.02%. Wednesday's closing price for the Invesco CurrencyShares Euro Trust ETF (FXE) was $98.61, a decrease of $0.74 or 0.74 percent.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if required, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts provide spreads beginning at 0 pips and commissions of $3.50 every 100k transacted. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any nation or jurisdiction where distribution or use would violate local law or regulation.

Euro Region PMI Slows

In Euro Zone economic news, manufacturing growth in the area slowed last month as manufacturers faced supply shortages, high pricing, and a decline in demand, according to a study indicating that consumers shifted spending to tourism and recreation. In May, Euro Zone inflation reached an all-time high of 8.1%, according to a survey released earlier this week.

 

Chris Williamson, chief business economist at S&P Global, stated, "Euro area manufacturers continue to struggle against the headwinds of supply shortages, increasing inflationary pressures, and decreasing demand amid rising economic uncertainty."

Economic Weakness and Rising Inflation Pose a Major Problem for the ECB

The price movement implies that investors are concerned about inflation and slowing GDP, which might provide challenges for the European Central Bank (ECB) and its intentions to begin raising interest rates in July.

 

The ECB must boost interest rates in order to curb inflation. In addition, the measure might hinder the already declining economic expansion. If the ECB exerts excessive pressure, the Euro Zone economy might collapse excessively and too quickly, leading to a recession. This would make the Euro weaker.

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