Market news
15.04.2024, 18:01

EUR/USD is testing Friday’s lows at 1.0620 with the US Dollar boosted by strong consumption figures

 

  • The Euro resumes its decline following strong US Retail Sales data
  • The divergence between the ECB and the Fed's rate outlook is expected to weigh on the Euro.
  • Geopolitical concerns are an additional support for the safe-haven USD.

The Euro’s mild upside bias seen during Monday’s European session has been hammered during US trading. The release of better-than-expected US Retail Sales has pushed US Treasury yields to fresh mid-term highs, bringing the US Dollar up with them.

Data released by the US Commerce Department revealed that retail consumption increased by 0.7% in March from 0.9% in February, beating expectations of a 0.3% rise. Excluding autos, total retail and food sales increased 1.1%, their best reading since January 2023.

Fed and ECB’s monetary divergence is weighing on the Euro

These figures highlight the strong US economic outlook and endorse the view that the Fed will have to keep rates at high levels for a longer time. This is underpinning demand for the USD.

The Eurozone context is the polar opposite, with inflation trending lower and the economy stalling. This has prompted the ECB to hint towards interest rate cuts, probably in June, putting the European Central Bank in the pole position for monetary easing and weighing on demand for the Euro.

Beyond that, investors’ concerns about an escalation of the Middle East conflict, as Israel weighs the options to retaliate from Iran’s missile attack is an additional support for the safe-haven US Dollar.

EUR/USD

Overview
Today last price 1.0626
Today Daily Change -0.0020
Today Daily Change % -0.19
Today daily open 1.0646
 
Trends
Daily SMA20 1.0813
Daily SMA50 1.0823
Daily SMA100 1.0867
Daily SMA200 1.083
 
Levels
Previous Daily High 1.0729
Previous Daily Low 1.0622
Previous Weekly High 1.0885
Previous Weekly Low 1.0622
Previous Monthly High 1.0981
Previous Monthly Low 1.0768
Daily Fibonacci 38.2% 1.0663
Daily Fibonacci 61.8% 1.0689
Daily Pivot Point S1 1.0602
Daily Pivot Point S2 1.0559
Daily Pivot Point S3 1.0496
Daily Pivot Point R1 1.0709
Daily Pivot Point R2 1.0773
Daily Pivot Point R3 1.0816

 

 

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location