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6 Mar 2018

EUR/USD around 1.24 on US data, Fedspeak eyed

  • The pair remains in the upper end of the range near 1.2400.
  • US Factory Orders disappointed markets in January, down 1.4% MoM.
  • FOMC’s voter and dovish member L.Brainard will speak later in the session.

The upbeat tone around the single currency remains well and sound on Tuesday, taking EUR/USD to the upper bound of the range near 1.2400 the figure.

EUR/USD bolstered by risk sentiment

Spot moves further north in the first half of the week and it is currently testing the 1.2400 neighbourhood on the back of a strong pick up in the risk appetite trends following North Korean and tariffs headlines.

In addition, the pair’s upside stays propped up by the lower-than-expected reading from US Factory Orders, contracting at a monthly 1.4% and in turn reverting December’s strong 1.8% gain. In addition, orders excluding Transportation expanded 0.4% MoM.

Ahead in the NA session, the greenback should remain under pressure in light of the speech by FOMC’s permanent voter and (mega) dovish Governor Lael Brainard.

EUR/USD levels to watch

At the moment, the pair is gaining 0.58% at 1.2408 and a break above 1.2415 (short-term resistance line) would target 1.2537 (high Jan.25) en route to 1.2557 (2018 high Feb.18). On the downside, immediate contention emerges at 1.2297 (10-day sma) followed by 1.2272 (low Mar.1) and finally 1.2206 (low Feb.9).

Mar 6, 2018

USD/CAD cautiously bullish – Scotiabank

FX Strategists at Scotiabank remain bullish on the pair and highlight the near term support zone in the 1.2920/1.2900 band. Key Quotes “The broader
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Mar 6, 2018

US Dollar finds some support near 89.50

The US Dollar Index (DXY) remains entrenched into the negative territory today, although it found quite decent support in the vicinity of the 89.50 ar
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