The EUR is trading flat against the USD. Economists at Scotiabank expect the EUR/USD to head lower towards the 1.05/06 region.EU revises up GDP for 2023
“The EU revised its growth outlook to 0.9% this year (from 0.3%), which puts the Eurozone more or less in line with North American rates of growth.”
“Weakness below support in the low 1.07s last week weakened the EUR’s short-term technical picture at least. But weekly price action turned less supportive at the start of the month and EUR losses below the 55-day MA (now resistance at 1.0690) keep the near-term focus on the downside and towards a retest of the 1.05/1.06 range.”
EUR/USD recovers toward 1.0700 as US Dollar loses strength
EUR/USD has gained traction and climbed toward 1.0700 heading into the American session on Monday. The modest improvement witnessed in risk mood seems to be making it difficult for the US Dollar to preserve its strength and helping the pair edge higher.
GBP/USD rises above 1.2100 as risk flows return
Following a consolidation phase at around 1.2050, GBP/USD gathered bullish momentum and climbed above 1.2100 on Monday. Ahead of this week’s key macroeconomic data releases, the positive shift in risk sentiment provide a boost to the pair.
Gold manages to defend 50 DMA, upside remains capped
Gold price oscillates in a narrow range just above a one-month low and 50-day SMA support. Bets for additional rate hikes by the Federal Reserve act as a headwind for the yellow metal.
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