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22 Aug 2019

EUR/USD holds in range, hovering slightly below 1.1100

  • US data weight on US dollar, helping EUR/USD remain above 1.1060. 
  • Attention now turns to Fed’s Powell speech on Friday. 

The EUR/USD pair dropped toward the 1.1060 critical short-term support but managed to hold on top and rose back to the 1.1100 area but it was unable to rise back on top. It was trading at 1.1085, flat for the day. 

EUR/USD unchanged on a busy day 

Earlier today the Euro peaked at 1.1112, following the release of better-than-expected advanced PMIs from the Eurozone. Later, the European Central Bank published the minutes from its latest policy meeting. According to the document, the ECB sees the slowdown likely to last longer than initially estimated. The minutes were ignored by market participants. Reuters recently reported the German central bank sees no need for fiscal stimulus by the government at the moment.

EUR/USD failed to hold above 1.1100 and pulled back. It bottomed at 1.1063, slightly above the 1.1060 critical support area. From the lows bounced to the upside, boosted by a weaker-than-expected PMI reading form the US. The data add to evidence about a slowdown. Around the same time, US President Trump argued via Twitter that the economy is doing really well and again criticized the Federal Reserve’s policy. 

Two Fed officials (George and Harker) signaled they don’t want more interest rate cuts at the moments. Those comments could have contributed to the rebound in US yields. The 10-year stands at 1.61%, the highest since Monday. The DXY is falling 0.12% and continues to trade in the range of the last four days. 

Despite all the reports, EUR/USD is flat compared to yesterday’s close and continues to move in a range between 1.1060 and 1.1115 consolidating. The next critical event is on Friday: Fed’s Powell will speak from Jackson Hole. 

More levels 

 

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