EUR/USD is now expected to trade in a volatile fashion and within the 10870-1.1180 range in the next weeks.Key Quote.24-hour view: “We expected EUR to ‘consolidate and trade between 1.1000 and 1.1100’ yesterday. EUR subsequently popped to 1.1120, dropped to 1.0975 before closing at 1.0983 (-0.83%). The underlying tone appears to have softened and EUR is likely to drift lower. That said, any weakness is expected to face solid support at 1.0935 (minor support is at 1.0975). Resistance is at 1.1045 followed by 1.1075.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (10 Mar, spot 1.1055). As highlighted, the recent multi-week weak phase in EUR has come to an end and EUR could trade in a volatile manner between 1.0870 and 1.1180 for now.”
GBP/USD steadies near 1.3100 after UK data.GBP/USD stays relatively quiet near 1.3100 in the European session on Friday despite the upbeat data releases from the UK. In January, the UK economy grew by 0.8%, surpassing the market expectation of 0.2%, and Industrial Production expanded by 0.7%. Investors stay focused on headlines surrounding the Russia-Ukraine conflict.
EUR/USD battles 1.1000 as softer yields outweigh USD rebound.EUR/USD is consolidating the ECB-led declines around 1.1000 amid the US dollar pullback and a risk-off mood. Rising inflation concerns and prolonged Russia-Ukraine war weigh negatively on the Treasury yields, offering support to the currency pair. In
Gold tests key support below $2,000 as US escalates pressure on Russia.Gold refreshes intraday low around $1,985 as bears attack a two-week-old ascending support line during early Friday morning in Europe. The yellow metal struggles to cheer the risk-off mood as hopes of faster monetary policy normalization direct traders towards the US dollar.