Greenback Loses Momentum, Drops on Friday
16.11.2018, 14:08

Greenback Loses Momentum, Drops on Friday

The US dollar dropped across the board on Friday and the dollar index was 0.505 lower during the US session, while the EURUSD pair surged 0.6% to trade at around 1.1380, negating the immediate bearish trend.

Investors focused on today’s inflation figures from the euro zone, which came out without any revisions and therefore spurred no volatility at all. The year-on-year CPI change stayed at 2.2%, whilst the core gauge remained at 1.1%. The ECB expects the core inflation to rise significantly over the next quarters, according to Mario Draghi’s words.

Stocks fell sharply on Friday and the US exchanges are about to open 0.5% lower, while the EU indices were losing nearly 2% as sentiment worsened notably. Bond yields also dropped and the 10-year was trading at 3.08%, while the 30-year benchmark declined to 3.35%.

The next resistance for the EURUSD stands at 1.14, where the bearish trend line is seen and afterward near 1.1430, where lows and highs are converged. On the downside, the key support remains at 1.13.

For the SP500 index, bulls need to defend 2,710 USD for immediate trend to remain slightly more bullish, while the resistance for today’s trading could be at 2,740 USD. 


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