FXTM information and reviews
FXTM
93%
IronFX information and reviews
IronFX
92%
Libertex information and reviews
Libertex
91%
FXCC information and reviews
FXCC
90%
Markets.com information and reviews
Markets.com
89%
FxPro information and reviews
FxPro
88%

USD Pares Gains Despite Rising Import


15 April 2019

The US dollar closed last week on a bearish note. Economic data on the day saw the release of the monthly import price data.

Monthly import prices advanced 0.6% on the month beating estimates of a 0.4% increase. The gains were spurred by an increase in fuel prices. For March, export prices rose 0.7% once again beating the estimates.

Euro Trades Higher as Industrial Production Rises

The monthly industrial production reports released on Friday saw industrial output falling 0.2% on the month. This was slightly better than the estimates pointing to a 0.5% decline. January’s data was revised higher to show a 1.9% increase compared to the initial reports of a 1.4% increase. Looking ahead today, the German Bundesbank will be releasing its monthly report.

Will EUR/USD Continue to Rise?

The common currency initially pared gains by Friday’s close but price action has since rebounded. The current upside momentum in the EUR/USD will see price potentially testing the main resistance level at 1.1330. A breakout above this resistance will potentially clear the way for a test to 1.1400 level. To the downside, the declines could be limited to the support at 1.12580.

Gold Stays Muted After Thursday’s Declines

The bearish momentum in gold prices took a pause with somewhat muted declines on Friday. Gold price turned slightly bearish on Friday, but the momentum is likely to resume today as price battles a key support level. The rising sentiment in the markets with the hawkish undertones from the Fed has weakened the appetite for gold.

Will Gold Maintain the Bearish Momentum?

Gold prices will need to clear the support level formed at 1285 region in order to confirm the downside momentum. With the support level having held nearly three times on the past retest, there is scope for the support area to weaken. A close below 1285 on a daily basis could potentially mark the downside correction in gold. The next main target will be at the 1233 handle.

Oil Slips Amid a Volatile Session

Crude oil prices were a bit volatile on Friday. Crude oil prices rose intraday after Libya’s chairman of the National Oil Corporation warned that the civil unrest in the country could hit production. The news sent oil prices higher during the day, but the commodity erased the gains by Friday’s close.

Can Cude Oil Prices Extend the Declines?

Oil prices have managed to close flat on Friday but after today’s open, we could expect to see a modest retracement. The upside remains flat for the moment, but WTI crude oil could test the 64.32 level of resistance once again in the near term. A close below the previous low of 63.34 will confirm the downside. We expect oil prices to test the support at 63.19 initially.


Related

Forex and Cryptocurrency Forecast for September 20-24, 2021
Forex and Cryptocurrency Forecast for September 20-24, 2021

The dollar continues to strengthen, and the EUR/USD pair moves south. Starting on Monday September 13 at 1.1810, it ends the five-day run at 1.1730. The movement...

20 Sep 2021

Gold and Silver looking into the abyss
Gold and Silver looking into the abyss

Strong US data revived bets on an imminent QE rollback from the Fed, supporting the dollar and causing bond yields to rise. The news triggered a more than 2% plunge in gold prices...

17 Sep 2021

Stocks pick up some bid after textbook SP 500 bounce
Stocks pick up some bid after textbook SP 500 bounce

European stock markets were modestly higher on Thursday after a rebound in the US and another dip for Asian equities overnight. Hong Kong down 1.7%...

16 Sep 2021

Stock Futures Trade Lower, Investors Worry About Fed Tapering
Stock Futures Trade Lower, Investors Worry About Fed Tapering

US and European futures are trading lower today, following a retracement in US indices. The Dow Jones Industrial Average fell nearly 290 points, wiping out gains...

15 Sep 2021

Futures in the United States and Europe are up today
Futures in the United States and Europe are up today

Futures in the United States and Europe are up today after the Dow managed to gain nearly 260 points and break its five-day losing streak. Although investors...

14 Sep 2021

Forex and Cryptocurrency Forecast for September 13-17, 2021
Forex and Cryptocurrency Forecast for September 13-17, 2021

The ECB meeting on Thursday 09 September went off as expected with no surprises. The interest rate remained unchanged at 0%. The European regulator...

13 Sep 2021


Editors' Picks

OctaFX information and reviews
OctaFX
86%
HotForex information and reviews
HotForex
85%
XM information and reviews
XM
80%
FXCM information and reviews
FXCM
79%
Vantage FX information and reviews
Vantage FX
78%
Moneta Markets information and reviews
Moneta Markets
77%

© 2006-2021 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.