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EUR/USD Holds Above 1.0800, US Data Awaited; German30 Down on Rate Concerns; Oil Dips Amid Dollar Strength, Inflation Worries

By Research Team Thursday, May 30, 2024
EUR/USD

    • 11.30amD1
    • High1.08595
    • Low1.08
    • Close1.08006

EUR/USD is trading at 1.0804, 0.51% down since previous day close. EUR/USD is recovering ground above 1.0800 in the European session on Thursday. The pair capitalizes on a broad US Dollar retreat, as risk appetite improves. Traders look to top-tier US economic data and Fedspeak for fresh trading incentives. The euro fell against a stronger US dollar and most other major counterparts after German state-level inflation figures were said to indicate that broader euro area inflation could disappoint expectations for a minor uptick for April later this week was quoted 0.12% lower around 1.0838, making the single currency.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.0932
R2 1.0894
R1 1.0859
Turnaround 1.0829
S1 1.0786
S2 1.0763
S3 1.0719
By Research Team Thursday, May 30, 2024
GER30

    • 11.35amD1
    • High18685
    • Low18442
    • Close18560

GER30 is trading at 18490, 0.96% down since previous day close. Gold price is seeing fresh selling near $2,330, extending the previous decline early Thursday. The US Dollar (USD) gains further ground, exerting downside pressure on the Gold price. Markets eagerly look forward to a fresh batch of US economic data and more US Federal Reserve (Fed) policymakers’ speeches for fresh policy cues. Gold price fell into the red for the first time this week, heavily undermined by the market’s growing skepticism that the Fed will cut interest rates more than once in 2024. According to the CME FedWatch Tool, markets are pricing about 53% odds

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 18997.00
R2 18807.00
R1 18650.00
Turnaround 18700.00
S1 18385.00
S2 18250.00
S3 18200.00
By Research Team Thursday, May 30, 2024
WTI

    • 11.40amD1
    • High80.91
    • Low79.27
    • Close79.55

WTI is trading at 79.39, 1.22% down since previous day close. West Texas Intermediate (WTI) crude Oil dipped slightly to around $79.00 per barrel in the Asian trading session on Thursday. Traders keep an eye out for the US crude Oil Stocks Change report from the Energy Information Administration later today. Market projections suggested that US energy firms would draw down 1.9 million barrels of crude from storage in the week ending May 24, following the addition of 1.825 million barrels the week before. In the previous week, the API Weekly Crude Oil Stock indicated a decrease of 6.49 million barrels, contrasting with the 2.48 million barrel.

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Daily Outlook

WTI

Intra Day
Near Day

Technical Levels

R3 81.70
R2 80.73
R1 79.80
Turnaround 79.40
S1 78.92
S2 77.90
S3 76.00
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