Euro appears supported around 1.0500 amidst renewed Dollar weakness
The post Euro appears supported around 1.0500 amidst renewed Dollar weakness appeared on BitcoinEthereumNews.com. The Euro keeps the bid bias unchanged against the US Dollar. Stocks in Europe close the session with a decent advance across the board. EUR/USD faces immediate target at the 1.0600 hurdle. The USD Index (DXY) meets initial support around 106.30. German Wholesale Prices rose 0.2% MoM in September. US NY Empire State Manufacturing Index worsens less than expected. The Euro (EUR) begins the new trading week with a favorable start against the US Dollar (USD), spurring EUR/USD to continue its recovery from the 1.0500 area and reclaim the 1.0550 region on Monday. The Greenback, as measured by the USD Index (DXY), retreats markedly from last week’s peaks near 106.80, reflecting an improved market sentiment for risk assets. Meanwhile, the Federal Reserve’s (Fed) ongoing commitment to a more conservative monetary policy stance remains unchanged. Continuing to focus on monetary policy, investors are anticipating that the Fed will maintain its stance of not making any adjustments to interest rates throughout the remainder of the year. At the same time, those in the financial markets are pondering the possibility of the European Central Bank (ECB) putting a halt to policy modifications, even though inflation levels exceed the bank’s target and concerns are growing regarding the potential for a future economic downturn or stagflation in the region. On another front, the speculative community kept trimming their net long positions during the week ended on October 10, this time reaching levels last seen in late October 2022. Market participants continued to factor in the likelihood that the ECB’s hiking cycle might have reached a peak against the persistent view that the Fed could maintain its restrictive stance for a longer period than initially anticipated. On the domestic calendar, Wholesale Prices in Germany rose 0.2% MoM in September and contracted 4.1% over the last twelve months, while the trade surplus in the broader euro bloc…
The post Euro appears supported around 1.0500 amidst renewed Dollar weakness appeared on BitcoinEthereumNews.com.
The Euro keeps the bid bias unchanged against the US Dollar. Stocks in Europe close the session with a decent advance across the board. EUR/USD faces immediate target at the 1.0600 hurdle. The USD Index (DXY) meets initial support around 106.30. German Wholesale Prices rose 0.2% MoM in September. US NY Empire State Manufacturing Index worsens less than expected. The Euro (EUR) begins the new trading week with a favorable start against the US Dollar (USD), spurring EUR/USD to continue its recovery from the 1.0500 area and reclaim the 1.0550 region on Monday. The Greenback, as measured by the USD Index (DXY), retreats markedly from last week’s peaks near 106.80, reflecting an improved market sentiment for risk assets. Meanwhile, the Federal Reserve’s (Fed) ongoing commitment to a more conservative monetary policy stance remains unchanged. Continuing to focus on monetary policy, investors are anticipating that the Fed will maintain its stance of not making any adjustments to interest rates throughout the remainder of the year. At the same time, those in the financial markets are pondering the possibility of the European Central Bank (ECB) putting a halt to policy modifications, even though inflation levels exceed the bank’s target and concerns are growing regarding the potential for a future economic downturn or stagflation in the region. On another front, the speculative community kept trimming their net long positions during the week ended on October 10, this time reaching levels last seen in late October 2022. Market participants continued to factor in the likelihood that the ECB’s hiking cycle might have reached a peak against the persistent view that the Fed could maintain its restrictive stance for a longer period than initially anticipated. On the domestic calendar, Wholesale Prices in Germany rose 0.2% MoM in September and contracted 4.1% over the last twelve months, while the trade surplus in the broader euro bloc…
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