• Entertainment
  • Finance
  • Marketing
  • Real Estate
  • Technology
  • Social
National Journal Community Of e-Experts
Finance 0

EUR/USD Cannot Really Go Up – Creates A Double-Top Of Sorts

By Kurt Osterberg · On April 17, 2018
  • The EUR/USD is back to the well-known trading range after a short-lived move to the upside. 
  • The disappointing German ZEW figure casts another shadow over euro-zone growth.
  • The technical picture is slightly bullish, but the range may remain the king.
  • The EUR/USD is trading around $1.2380, balanced on the day. However, this does not tell the whole story. The pair made a move to $1.2413, matching a peak from mid-March before retreating. The US Dollar lost ground across the board early in the day, partly in a reaction to Trump. The US President tweeted that China and Russia are devaluing their currencies. This was not only a renewal of the grievances on trade but also a direct aim at foreign exchange and an indirect desire to see a weaker US Dollar.

    This sent the pair higher, but the greenback then began its recovery. The falls accelerated after the German ZEW Economic Sentiment was released. The figure plunged from 5.1 to -8.2 points. The negative number represents pessimism about the economy. It was also worse than -1 expected. Moreover, also the Current Conditions component fell, albeit within expectations: from 90.7 to 87.9 points.

    ZEW leads in its publication but the IFO institute has more influence. Nevertheless, the release joins a long list of shortcoming in euro-area data: both forward-looking figures and hard data show that the peak is already behind us. It may slow the European Central Bank from a quick removal of the monetary stimulus.

    Later today, the US releases housing figures at 12:30 GMT. Building Permits and Housing Starts often offset each other, but if they go in the same direction, the impact could be substantial. At 13:15, Industrial Output is published, but we also have another interesting event.

    John Williams is the President of the San Francisco Fed and the incoming President of the New York Fed, thus a permanent voter. Williams will speak in Madrid and may reiterate the optimistic messages he has conveyed in recent months.

    Print Friendly, PDF & Email

    Share Tweet

    Kurt Osterberg

    You Might Also Like

    • Finance

      STEPN Sneaker NFTs Sell For $100, Previously Worth $1200

    • Finance

      NFT Prices in Free Fall – 5 NFT Collections to Start Buying Today

    • Finance

      5 NFTs Trending on Twitter Going Cheap to Invest in Now

    No Comments

    Leave a reply Cancel reply

    Top Finance

    • 3 Best Large-Cap Blend Mutual Funds For Enticing Returns 3 Best Large-Cap Blend Mutual Funds For Enticing Returns
    • What is Value Chain Analysis? How to Deliver Value & Gain a Competitive Advantage What is Value Chain Analysis? How to Deliver Value & Gain a Competitive Advantage
    • Hedge Funds In The US Hedge Funds In The US
    • 5 Ridiculously Useful Non-Monetary Reward Examples that Improve Employee Engagement 5 Ridiculously Useful Non-Monetary Reward Examples that Improve Employee Engagement
    • Chart: Amazon’s Dominance In Ecommerce Chart: Amazon’s Dominance In Ecommerce

    New Posts

    • STEPN Sneaker NFTs Sell For $100, Previously Worth $1200

      STEPN Sneaker NFTs Sell For $100, Previously Worth $1200

      June 20, 2022
    • NFT Prices in Free Fall – 5 NFT Collections to Start Buying Today

      NFT Prices in Free Fall – 5 NFT Collections to Start Buying Today

      June 20, 2022
    • 5 NFTs Trending on Twitter Going Cheap to Invest in Now

      5 NFTs Trending on Twitter Going Cheap to Invest in Now

      June 20, 2022
    • Bill Gates – ‘NFTs & Crypto Based on Greater Fool Theory’

      Bill Gates – ‘NFTs & Crypto Based on Greater Fool Theory’

      June 20, 2022
    • Actor Seth Green Pays $300,000 to Recover his Stolen BAYC NFT

      Actor Seth Green Pays $300,000 to Recover his Stolen BAYC NFT

      June 20, 2022
    • About
    • Contact Us
    • Privacy & Policy
    • Sitemap
    • Terms of use

    Copyright © 2018-2021 NJCEE. All Rights Reserved.