EUR/USD has reached its highest since the summer. Economists at Scotiabank believe that the pair could hit the 1.06 region.Test of the low 1.05 area is beckoning
“A test of the low 1.05 area (50% retracement of the 2022 decline) is beckoning.”
“Broader trends are bullish, with the EUR trading above its 200-day MA and finding additional support from bullishly aligned DMI (trend strength) oscillators.”“Further gains to the low 1.06 region are possible.”
EUR/USD renews multi-month highs, closes in on 1.0500
EUR/USD has gathered bullish momentum and reached its highest level in five months near 1.0500. Despite the cautious market mood, the US Dollar stays under constant selling pressure, fueling the pair’s rally. ECB President Lagarde will testify later in the day.
GBP/USD recaptures 1.2100 as US Dollar wilts
GBP/USD is back on the bids above 1.2100 in European trading this Monday. The US Dollar surrenders gains amid increases expectations of smaller Fed rate hikes. The pair capitalizes on stimulus hopes despite fears of major strikes in the UK and covid protests in China.
Gold advances to $1,760 amid broad US Dollar weakness
Gold price has reclaimed $1,750.00 and extended its daily advance beyond $1,760. With the benchmark 10-year US Treasury bond yield holding steady slightly below 3.7%, however, XAU/USD seems to be struggling to gather further bullish momentum.