EUR/USD needs to extend gains through 1.1050/1.1060 to show any real technical strength.

EUR/USD pressures support in the low 1.09s again. Economists at Scotiabank analyze the pair’s outlook.EUR may struggle to strengthen significantly

Spreads have moved against the EUR (and broadly in the USD’s favour) in recent weeks, suggesting the EUR may struggle to strengthen significantly, absent other drivers, for now.Trend support off the September 2022 low for EUR/USD at 1.0949 remains under pressure but continues to provide some anchoring for the soft EUR, with the 50 and 100-DMA signals bracketing the trendline at 1.0966 and 1.0931 respectively). EUR needs to extend gains through 1.1050/1.1060 to show any real technical strength in the near term.

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EUR/USD drops below 1.0950 as USD gathers strength

EUR/USD lost its recovery momentum and declined below 1.0950 heading into the American session on Monday. In the absence of high-tier data releases, the cautious market stance helps the US Dollar stay resilient against its rivals and limits the pair’s upside.

EUR/USD News

GBP/USD returns below 1.2700 following earlier rebound

After rising above 1.2700 in the European trading hours, GBP/USD turned south and declined below 1.2680. Souring market mood weighs on the pair on Monday ahead of the key labor market and inflation data releases from the UK later this week.

GBP/USD News

Gold fluctuates in tight range above $1,910

Gold price moves up and down in a tight channel slightly above $1,910 on Monday following the previous week’s decline. As markets keep a close eye on developments in China’s property sector, the 10-year US Treasury bond yield holds steady near 4.1%, limiting XAU/USD’s volatility.