OctaFX | OctaFX Forex Broker
Open trading account

Forex: EUR/USD remains below 1.3200, FOMC eyed

FXstreet.com (Barcelona) - The shared currency continues to retrace ground from multi-week highs in the vicinity of 1.3240 on Wednesday, trimming earlier gains on softer-than-expected data from the US economy, ahead of the Fed’s meeting.

“The FOMC decision is unlikely to lead to much reaction… However, the recent string of data has been particularly poor, suggesting a sharp slowdown may be at hand. The Fed's characterization of the labour market is also important. Although the FOMC most likely does not have access to Friday's employment report, it may note that the improvement earlier this year is slowing or even stalling”, assessed the research team at BBH.

EUR/USD is advancing 0.14% at 1.3186 and a surpass of 1.3319 (high Feb.25) would then target 1.3343 (61.8% of Feb-Apr slide) en route to 1.3456 (high Feb.14).
On the flip side, support levels align at 1.3162 (hourly low May 1) followed by 1.3120 (hourly high Apr.30) and finally 1.3052 (MA21d).

Commodities Brief: Gold and oil suffer amid risk aversion

Commodities came under pressure during the New York session, with oil extending losses into a second day, after the US ADP employment report and the ISM manufacturing figures came in worse-than-expected, triggering risk aversion across the board.
Read more Previous

Forex: USD/CHF bounces at 0.9250 and trades back at 0.9280

After falling around 65 pips from the intra-day high at 0.9310, the USD/CHF seems to have found support at the 0.9245 level, where the pair bounced to trade back to 0.9280.
Read more Next
Start livechat