Wed, July 24, 2024

Currency Pairs: EUR/USD Adds to Friday’s Highs

Currency Pairs - EURUSD Adds to Friday's Highs - Wibest Broker

At the start of the week, spot trades challenge Friday’s gains in the 1.1170 regions. And followed by mixed results from the first quarter GDP of the U.S.

In the January-March period, the U.S. economy grew an annualized 3.2%, crushing the estimate of 2.2%. But still, investors are still anxious because of the lack of traction in inflation.

In the proximity of the key support at 1.1100 the figure, the spot barely kicked back from last week’s yearly lows. Continuous nervousness ran over the deceleration in the bloc against firm health in the U.S. economy is posed to keep the pair under pressure in the near/medium term.

U.S. Trade

This coming week, the U.S. trade negotiators are supposed to continue its discussion with their Chinese associates in Beijing and in Washington at the beginning of May. This may lead to the potential Xi-Trump summit in June.

On the other hand, ECB’s M3 Money Supply and Private Loans, supported by various gauges of confidence/sentiment in the euro region, are scheduled next. Beyond Atlantic, the PCE and Personal Income/Spending measures March’s inflation which is also due.

EUR/USD

After losing almost 1.0% last week, EUR/USD began the week with gains. Among the currency pairs, the two are trading at 1.162, which rose 0.20% on the day. The U.S. will issue a report on the Core PCE Price Index and Personal Spending for the month of February and March. For March’s Personal Spending, the markets are anticipating an increase of 0.7%.

The pair crashed into lows when the U.S. economic data beamed late in the week. Orders for durable goods rose 2.7%, breaking the estimate of 0.7%. Core durable goods orders, now on their 9-month high, climbed 0.4%.

Currently, EUR/USD rose 0.16% at 1.1157 and a breakout of 1.1174 (High Apr. 26) would aim at 1.1230 en route to 1.1280 (55-day SMA).

However, there is a possibility that the Euro will slip against the U.S. Dollar. This follows the release of the Eurozone’s preliminary Q1 2019 GDP.

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