- The dollar loses moment before improvement in the stock markets and stabilization in the price of commodities.
- The euro among the best of the major European currencies.
- EUR / USD remains above the weekly floor and rebounds, but is still biased downward.
The EUR / USD fell to match Tuesday’s low at 1.1584 and then bounced higher. It exceeded 1.1600 and is trading at 1.1605, in the pre-session of the American session, driven by a stabilization of the dollar and also a rise in the euro crosses. The 1.1585 zone has become a key short-term support, the break of which could lead to a new bearish leg.
The common European currency gained momentum in the last hour, with the EUR / CHF bouncing nearly 30 pips from one-year lows and the EUR / GBP recovering past 0.8450.
The dollar, for its part, remains in positive territory against most of its rivals, although without marking maximums for hours, except against the pound, which is among the weakest. The deterioration in the mood of the financial markets had boosted the dollar. In the last hours there was a rebound in the stock markets and also the yields of the Treasury bonds accelerated a fall, reducing the strength of the dollar.
At 12:30 GMT the report of durable goods orders for September in the US will be published. which is expected shows a drop of around 1%. In turn, the focus will continue to be on what happens with the corporate results of the third quarter, the bond market and the negotiations for the infrastructure package in the US Congress. Thursday will be the day of European Central Bank.
Technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
