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ECB Rate Decision Looms: EUR/USD Holds Steady While Gold Surges on Fed Rate Cut Optimism, Dollar Weakness

By Research Team Thursday, Jun 6, 2024
EUR/USD

    • 11.30amD1
    • High1.0891
    • Low1.0869
    • Close1.0869

EUR/USD is trading at 1.0881, 0.23% down since previous day close. The European Central Bank will announce monetary policy decisions and President Christine Lagarde will speak on the policy outlook in a press conference later in the day. The ECB is widely expected to cut key interest rates by 25 bps following the June policy meeting. Since numerous ECB policymakers clearly communicated that they were intending to lower key rates in June, this decision by itself might not trigger a noticeable market reaction.

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EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.0910
R2 1.0895
R1 1.0886
Turnaround 1.0871
S1 1.0856
S2 1.0847
S3 1.0832
By Research Team Thursday, Jun 6, 2024
GER30

    • 11.35amD1
    • High18644.00
    • Low18467.00
    • Close18643.00

GER30 is trading at 18725, 0.95% up since previous day close. European shares rose on Thursday, boosted by technology stocks as they hit a near 24-year high, while investors geared up for the European Central Bank’s key interest rate decision later in the day.  “We’ve seen comments from Governing Council members giving essentially the green light to a rate cut, and we’ve seen inflation, a little bit higher than expected in the reading last week, but overall still trending towards that 2%,” said Daniela Hathorn, senior market analyst at Capital.com.

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GER30

Intra Day
Near Day

Technical Levels

R3 18770.00
R2 18705.10
R1 18664.90
Turnaround 18600.00
S1 18535.10
S2 18494.90
S3 18430.00
By Research Team Thursday, Jun 6, 2024
GOLD

    • 11.40amD1
    • High2357.00
    • Low2325.00
    • Close2355.00

XAU/USD is trading at 2367.30, 1.22%, up since previous day close. Gold price (XAU/USD) attracts some follow-through buying for the second straight day and climbs to a two-week top, around the $2,375 area during the European session on Thursday. Gold price (XAU/USD) attracts some follow-through buying for the second straight day and climbs to a two-week top, around the $2,375 area during the European session on Thursday. Moreover, the near-term bias remains tilted in favor of bulls in the wake of bets that major central banks will lower borrowing costs to bolster economic activity.

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XAU/USD

Intra Day
Near Day

Technical Levels

R3 2378.47
R2 2366.17
R1 2358.57
Turnaround 2346.27
S1 2333.97
S2 2326.37
S3 2314.07
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