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French Industry Minister: (Speaking of Trumps tariffs) Europe must show strength and not be naive.Frances industry minister reiterated that Europe would respond in a measured way to possible tariffs imposed by Trump.Futures news on April 2: 1. The trading volume of WTI crude oil futures was 958,249 lots, a decrease of 3,523 lots from the previous trading day. The open interest was 1,836,896 lots, a decrease of 2,747 lots from the previous trading day. 2. The trading volume of Brent crude oil futures was 183,942 lots, an increase of 28,118 lots from the previous trading day. The open interest was 188,972 lots, an increase of 199 lots from the previous trading day. 3. The trading volume of natural gas futures was 413,837 lots, a decrease of 48,458 lots from the previous trading day. The open interest was 1,636,177 lots, an increase of 11,561 lots from the previous trading day.Futures April 2, Economies.com analysts latest view today: Brent crude oil futures prices fell as it tried to release the overbought saturation in the stochastic indicator and a negative signal appeared. At the same time, prices are accumulating positive momentum, ready to rebound and rise again. In the short term, the upward correction trend dominates, and prices are trading along the trend line.Futures News, April 2, Economies.com analysts latest views today: US WTI crude oil futures prices fell slightly due to profit-taking, while trying to accumulate positive momentum to rebound again. In the short term, the upward correction trend dominates, and the stochastic indicator has reached an oversold level, suggesting a positive divergence, which will strengthen the upward momentum.

Prior to the Release of EU/US PMIs, EUR/USD Pares Its Largest Daily Drop in Three Weeks to Approximately 1.0650

Daniel Rogers

Dec 16, 2022 12:04

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Early Friday morning, EUR/USD demonstrates minor gains near 1.0640 as it retests the intraday high. As a result, the primary currency pair consolidates the steepest daily fall in three weeks while reversing the previous day's retreat from the highest levels in six months prior to the release of important European and American economic data.

 

The aggressive rate hike of 0.50% by the European Central Bank (ECB) propelled the EUR/USD pair to a fresh multi-day high of 1.0736 on Thursday evening. However, predictions of a recession bolstered demand for the US Dollar as a safe-haven currency, submerging the quotation.

 

In spite of this, the ECB's announcement of a 50 basis point (bps) rate increase met market expectations. However, President Christine Lagarde's comments bolstered the optimistic outlook, as she noted, "Information indicates 50 basis points at the next meeting, probably also at the next meeting, and thereafter." In addition, the ECB announced its intention to discontinue the Asset Purchase Program (APP) via gradual Quantitative Tightening (QT).

 

It should be noted that the typically hawkish rate announcements from the major central banks coupled fears of rising inflation and the energy crisis to amplify recession concerns, allowing the US Dollar to enjoy its role as a safe-haven currency despite contradictory facts.

 

In November, US Retail Sales came in at -0.6% month-over-month, compared to 0.1% expected and 1.3% prior. In addition, manufacturing survey findings from the Philadelphia Fed and the New York Fed were dismal for the relevant month, while Industrial Production declined in November and Jobless Claims decreased for the week ending December 9.

 

In response, Wall Street benchmarks fell and US Treasury bond yields increased, allowing the US Dollar Index (DXY) to notch its highest daily gains in 10 weeks. As traders await the first readings of December activity statistics for Germany, the Euro Area, and the United States, S&P 500 Futures and US Treasury bond yields have been flat as of late. The final inflation figures for the Eurozone will also be vital to track.