Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FWirePro: EURUSD hits 4- week low on trade escalation, markets eye European election

EURUSD hits 4-week low at 1.11291 on account of US-Sino trade tension and Brexit uncertainty.US -China 11th round of talks happened on May 5th in Washington but ended with no trade deal. US imposed further tariffs to Chinese products from 10% to 25%. and to counter this China increased tariff of 5000 US products. In previous week US President blacklisted Chinese telecom major Huawei. So ongoing escalation in trade war is supporting safe haven like US. Fed has clearly mentioned in yesterday minutes that there is no plan for rate cut this year. The Fed’s stance boosts USD.Germany flash PMI services and manufacturing data came slightly weaker than expected. European parliament elections voting starts today and results will be published on Sunday.Any chance of Populist coming to power will have negative impact on Euro.It is currently trading around 1.11369.

 

US 10 year and German bund spread is narrowing from 258 basis point to 246 basis point. On the higher side, any convincing close above 1.1180 confirms minor bullishness and a jump till 1.12240/1.12650 is possible. Any break above 1.12650 confirms major bullishness.the minor resistance is around 1.1160

 

The near term support is around 1.1100 and any violation below targets 1.1070/1.1050.

 

It is good to sell on rallies around 1.1178-80 with SL around 1.12240 for the TP of 1.1100/1.1070.

 

 

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

July 2 15:00 UTC Released

DKCurrency Reserves

Actual

449.6 Stale

Forecast

Previous

451.7 Stale

July 2 13:45 UTC Released

USISM NY Biz Conditions

Actual

50 %

Forecast

Previous

48.6 %

January 31 00:00 UTC 819247819247m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 819247819247m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 831067831067m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 819247819247m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 831067831067m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 819247819247m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 819247819247m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 819247819247m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.