|Day's Range||1.231 - 1.237|
|52 Week Range||1.0570 - 1.2558|
The U.S. dollar remained lower against a basket of other currencies on Friday as fears of a global trade war kept the greenback down and Trump threatened to veto the spending bill. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.30% to 89.20 as of 9:29 AM ET (13:29 GMT). China promptly retaliated with plans to announce tariffs of its own against the U.S., rising concern among investors of a global trade war.
The current price action suggests investors are responding to the weaker U.S. Dollar, but are still a little tentative about how to play the elevated volatility in the stock market. They can’t seem to figure out if the Euro is a risky assets or a safe-haven asset.
The dollar dropped against most major currencies on Friday, sliding to its lowest level against the yen since the U.S. election in 2016 in a flight to so-called haven assets as the trade rhetoric between ...
The pair dropped slightly lower during the Thursday’s session testing 1.23 level for support and its look likely that the market will move higher from here. The pair has a strong support at the 1.2275 level extending up to 1.21 level. The British Pound initially went higher reaching the 1.42 level after the MPC announcement but rolled over significantly to test the 1.41 region for support.
The EUR/USD pair rolled over during trading on Thursday, reaching down towards the 1.23 level. This market continues to be very choppy, but now the question is whether or not the buyers will come back.
The U.S. dollar was higher against a basket of other currencies on Thursday but struggled for momentum as fears of a potential global trade war surfaced. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.20% to 89.46,as of 12:27 PM ET (16:27 GMT), above its overnight low of 89.04. U.S. President Donald Trump is expected to announce $60 billion on Thursday in tariffs on Chinese imports directed at its technology sector and aimed at curbing the theft of U.S. technology.
Investing.com - The dollar edged higher against a currency basket on Thursday, but struggled to make headway as investors continued to grapple with the direction for Federal Reserve policy and fears over the prospect of a global trade war.
Euro zone businesses rounded off the first quarter of 2018 with their slowest growth in over a year - and much weaker than expected - as new business took another hit from a stubbornly strong euro, a survey showed. The euro zone's economic boom had already paused in February and a Reuters poll earlier this month said growth had peaked, in news that may concern the European Central Bank as it looks to move away from an ultra-loose monetary policy. There is also a risk the slowdown could be widespread as growth rates in Germany and France both eased back this month, according to IHS Markit's Flash Purchasing Managers' surveys, with German business confidence waning.
Paris will overtake London as a centre for LCH's clearing of a core euro-denominated market after Brexit, the UK-based firm said as it seeks to head off French political demands for Britain to be frozen out. Euro clearing has become a political battleground since Britain voted in 2016 to leave the bloc next March. LCH, part of the London Stock Exchange (LSE.L), dominates clearing in euro-denominated instruments such as debt repurchase agreements and interest rate swaps from its base in Britain and increasingly from its French subsidiary.
Jerome Powell’s first meeting as the Fed chairman ended up with a rate hike. However, the fed aims for three rate hikes in the rest of the year. In addition, concerns continue to grow over a trade war as Donald Trump is expected to impose US tariffs on Thursday.
Based on the current price at 1.2323 and the earlier price action, the direction of the EUR/USD the rest of the session will be determined by trader reaction to the uptrending Gann angle at 1.2303.
Congress passed a $1.3T dollar spending bill, in an attempt to avoid another government shutdown. However, it may not be good enough for President Trump. Yahoo Finance’s Alexis Christoforous and Rick Newman examine the story.