EUR/USD comes under pressure once again near 1.0150.The 1.0370/80 band caps the upside for the time being.EUR/USD returns to the lower end of the weekly range near 1.0150 and fades at the same time Tuesday’s shy advance.
While below the 1.0370/80 band, a region where the August high and the 6-month resistance line converge, the pair is expected to remain under downside pressure. That said, the lower end of the recent range in the 1.0100 zone should hold the downside ahead of a potential challenge of the psychological parity level.
In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.0873.
EUR/USD falls below 1.0150 after US data
EUR/USD has extended its slide and declined to a fresh daily low below 1.0150 on Wednesday. The data from the US showed that Retail Sales Excluding Autos rose 0.4% in July, compared to market expectation for a decrease of 0.1%, helping the USD gather strength.
GBP/USD extends slide toward 1.2050 on renewed dollar strength
GBP/USD lost its traction after having recovered above 1.2100 in the early European session and started to edge lower toward 1.2050. The risk-averse market environment and rising US yields provide a boost to the dollar as focus shifts to FOMC July meeting minutes.
Gold slumps below $1,770 amid surging US yields
Gold came under renewed bearish pressure and dropped to its lowest level in nearly two weeks below $1,770. Surging UK gilt yields after hot UK inflation data triggered a leg higher in US T-bond yields on Wednesday, weighing heavily on XAU/USD.