Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Trading news
Back
1 Nov 2023

EUR/USD drops to fresh weekly lows, despite mixed US economic data

  • US economic slowdown and high inflation pressures keep the Federal Reserve focused on price stability.
  • Mixed US employment data and a rally in US bonds contribute to a weaker US Dollar.
  • Lack of new Eurozone data leaves traders relying on Tuesday's figures, justifying ECB's pause on tightening.

The Euro (EUR) extended its losses versus the US Dollar (USD) in the early trading session on Wednesday, even though economic data from the United States (US) portrays the economy is slowing down, but high inflation pressures keep the US Federal Reserve (Fed) under pressure to deliver price stability. The EUR/USD is trading at 1.0540, down 0.32%.

EUR/USD down 0.32% as mixed US data and ECB's pause on the tightening cycle weigh on the Euro

Economic data in the US deteriorated the outlook to the already battered US Dollar. Employment data revealed by Automatic Data Processing (ADP) showed that private hiring advanced more than September’s but missed estimates by a substantial quantity. Later, the US Bureau of Labor Statistics (BLS) announced that job openings rose above estimates and the prior reading figures, with September JOLTs hitting 9.553M, vs. 9.25M foreseen and 9.47M previous data.

Further data showed the US Treasury Department is expected to auction 112 billion, less than the 114 billion estimates by analysts, on its quarterly refunding, triggering a rally in US bonds to the detriment of US yields.

In addition to that, business activity in the manufacturing front is losing steam as the ISM Manufacturing PMI for October dropped below the 50 contraction/expansion threshold for twelve straight months, sponsored by the fall in New Orders, while Manufacturing Prices rose.

On the Eurozone (EU) front, Wednesday's lack of economic data left traders adrift to Tuesday’s EU figures and inflation data, which justified the European Central Bank (ECB) pause on its tightening cycle as inflation dipped below the 3% threshold.

EUR/USD Price Analysis: Technical outlook

The EUR/USD downtrend remains intact, and it could accelerate if the pair achieves a daily close below the bottom trendline of the bearish flag. Once cleared, the next support would be the October 13 swing low of 1.0495, ahead of extending its fall to October’s low of 1.0448. Conversely, if the major remains above the bottom trendline, a test of the 1.0550 mark is on the cards, ahead of 1.0600.

 

Nov 1, 2023

EUR/JPY receding back into 159.00 after rally into record bids

The EUR/JPY tipped into a fifteen-year high of 160.85 on October 31st with the Yen (JPY) continuing to collapse across the broader market as the Bank of Japan (BoJ) continues to waffle on lifting interest rates.
Read more Previous
Nov 1, 2023

AUD/USD holds onto daily gains ahead of Fed decision

In Wednesday's session, the AUD/USD gained momentum and rose to a high of 0.
Read more Next