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EUR/USD Steady Pre-US Inflation; Nasdaq Hits Record on Powell's Comments; Gold Rises with Yield Decline

By Research Team Wednesday, May 15, 2024
EUR/USD

    • 11.30amD1
    • High1.0825
    • Low1.0766
    • Close1.0819

EUR/USD is trading at 1.0827, 0.28% up since previous day close. The foreign exchange market appears to be turning bearish on the U.S. dollar, according to Bank of America (NYSE: BAC) Securities, suggesting the EUR/USD pair is on the verge of a bullish breakout. Over the past week, option skews have broadly moved for USD puts, the bank said in a note dated May 13, with Europe-based investors fully unwinding long USD positions from the past month. On technical ground this pair currently trades above 100 days moving average. Chances of sell side positions are very low right now and it may continue with its bullish momentum.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.0836
R2 1.0788
R1 1.07868
Turnaround 1.077
S1 1.07596
S2 1.072
S3 1.0689
By Research Team Wednesday, May 15, 2024
US100

    • 11.35amD1
    • High18081
    • Low18327
    • Close18327

US100 is trading at 18,340, 0.69% up since previous day close. The Nasdaq scored a record closing high on Tuesday and the S&P 500 and the Dow also advanced as Federal Reserve Chair Jerome Powell reassured investors while they digested Tuesday’s data and waited for Wednesday’s crucial consumer inflation report. U.S. producer prices increased more than expected in April as the cost of services and goods rose sharply, leading traders to pare back bets of a first rate cut in September. On technical ground Nasdaq continued its bullish momentum since more than a week. Next resistance level is at 18,507 on daily basis.

 

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 18600
R2 18500
R1 18340
Turnaround 18300
S1 18070
S2 17800
S3 17600
By Research Team Wednesday, May 15, 2024
GOLD

    • 11.40amD1
    • High2359.7
    • Low2334.94
    • Close2358.23

XAU/USD is trading at 2357, 0.95%, up since previous day close. Gold rose past $2,355 per ounce on Wednesday, as investors digested fresh PPI data while waiting for the CPI figures. Producer prices rose higher than expected in April, but the March reading was revised sharply lower, which offered investors some relief. However, Fed Chair Powell reiterated on Tuesday that inflation is decreasing more slowly than anticipated, which will keep the central bank on hold for a prolonged period. Higher rates decrease the appeal of gold, yet increasing price pressures boost its attractiveness as a hedge against inflation.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2390
R2 2387
R1 2366
Turnaround 2368
S1 2338.86
S2 2305
S3 2300
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