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Japans overtime pay rose 1.2% year-on-year in November, up from 1.5% in the previous month.Japans November labor cash income rose 0.5% year-on-year, below the expected 2.30% and the previous figure revised from 2.60% to 2.50%.1. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average fell 0.94% to 48,996.08 points, the S&P 500 fell 0.34% to 6,920.93 points, and the Nasdaq Composite rose 0.16% to 23,584.27 points. Caterpillar fell more than 4%, and Nike fell more than 3%, leading the decline in the Dow Jones. The Wind U.S. Tech Big Seven Index rose 0.56%, with Google rising more than 2%, Microsoft rising more than 1%, and Intel rising more than 6%. Most Chinese concept stocks fell, with Melco Resorts & Entertainment falling more than 7% and Full Truck Alliance falling more than 7%. 2. European stock indices closed mixed. The German DAX rose 0.92% to 25,122.26 points, the French CAC40 fell 0.04% to 8,233.92 points, and the UK FTSE 100 fell 0.74% to 10,048.21 points. German stocks rose, benefiting from strong infrastructure investment and the industrial sector. French stocks were dragged down by declines in luxury goods stocks such as Kering and LVMH. UK stocks fell due to a pullback in energy and metal stocks, coupled with expectations that the Bank of England would maintain high interest rates. 3. US Treasury yields were mixed. The 2-year Treasury yield rose 1.45 basis points to 3.470%, the 3-year yield rose 0.28 basis points to 3.525%, the 5-year yield fell 0.52 basis points to 3.703%, the 10-year yield fell 2.16 basis points to 4.147%, and the 30-year yield fell 3.17 basis points to 4.829%. 4. The WTI crude oil futures contract closed down 1.28% at $56.4 per barrel; the Brent crude oil futures contract fell 0.51% to $60.39 per barrel. 5. International precious metals futures generally closed lower. COMEX gold futures fell 0.65% to $4467.1 per ounce, and COMEX silver futures fell 3.77% to $77.98 per ounce. 6. Most London base metals fell. LME tin rose 0.34% to $44650.0 per tonne, LME lead fell 0.60% to $2058.5 per tonne, LME aluminum fell 1.60% to $3083.5 per tonne, LME zinc fell 2.63% to $3160.0 per tonne, LME copper fell 2.93% to $12866.0 per tonne, and LME nickel fell 4.21% to $17655.0 per tonne.According to US financial media Semafor: US Treasury Secretary Bessant, US Commerce Secretary Lutnick, and US Energy Secretary Wright will attend the Davos World Economic Forum together with US President Trump.U.S. Republican Senator Lindsey Graham: Following my meeting with President Trump on Wednesday, I have approved the bipartisan Russia sanctions bill.

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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