EUR/USD around 1.2320 on US ISM

Spot remains parked just above 1.2300 on US ISM.
USD sticks to daily gains above the 90.00 milestone.
US ISM Non-manufacturing surprised to the upside at 59.5.

Pablo Piovano FXStreet

EUR/USD keeps the daily range at the beginning of the week, orbiting around the 1.2300 handle amidst the absence of clear direction.

EUR/USD unchanged on US data

The pair maintained the erratic performance so far today in the 1.2300 neighbourhood, finding good support around 1.2280 while gains appear limited in the 1.2365/70 band.

EUR practically posted no reaction to the better-than-expected US ISM Non-manufacturing, which came in at 59.5 for the month of February vs. 58.9 initially forecasted albeit a tad lower than January’s 59.8.

In the meantime, the unclear political scenario in Italy following the victory of 5-Star Movement (32.5%) has opened the door to a period of rising uncertainty, speculations and negotiations ahead of the formation (or not) of a coalition government.

Looking ahead, the ECB meeting will be the salient event for EUR on Thursday, although market participants expect no significant changes in either the central bank’s statement or Draghi’s presser.

EUR/USD levels to watch

At the moment, the pair is losing 0.02% at 1.2314 with immediate contention emerging at 1.2206 (low Feb.9) seconded by 1.2195 (low Jan.18) and finally 1.2153 (low Mar.1). On the upside, a breakout of 1.2365 (high Mar.5) would target 1.2401 (short-term resistance line) and then 1.2557 (2018 high Feb.18).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.