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23 October 2024,02:15
Trade Of The Day
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23 October 2024, 02:15
* Rate Cut Hints: The euro continues to slide against the dollar, reaching new two-month lows as dovish remarks from European Central Bank (ECB) officials and rising U.S. Treasury yields weigh on the currency. ECB member Mario Centeno hinted at potential rate cuts, while ECB President Christine Lagarde stated that disinflation is on track, with inflation targets expected to be met by 2025. She stressed, however, that interest rates will remain high as needed. Other ECB officials, like Francois Villeroy and Olli Rehn, highlighted weaker growth prospects and declining inflation pressures. Meanwhile, U.S. 10-year Treasury yields rose slightly to 4.20%, further boosting the dollar.
* Technical Breakout: : Recent breakout below the previous support level 1.08100 with MACD illustrating bearish momentum suggest the pair to likely further extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 1.07450. Conversely, a potential reversal is also to be expected and the price could head back towards 1.08750.
With the absence of significant Eurozone data, investors are shifting their attention to upcoming U.S. economic releases this week. Key reports include Manufacturing PMI, Services PMI, and Durable Goods Orders, which are expected to provide further direction for the markets.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and Eurozone data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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22 November 2024, 02:14 Canadian Dollar Falters Amid Strength in the U.S. Dollar
21 November 2024, 02:21 Gold Rises Amid Escalating Russia-Ukraine Tensions
20 November 2024, 02:13 USD/JPY Gains Amid Doubts Over BoJ Rate Moves
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