Euro Hovers At 2-Year High: Market Update
AvaTrade | Jul 24, 2017 08:30AM ET
The euro is holding at a two-year high this morning, 0.1% stronger against the US dollar.
h3 /h3 h3 USD/h3The dollar is hovering at a 13-month low as concerns mount over Russia’s involvement in Donald Trump’s presidential campaign.
The Federal Reserve are due to announce its latest interest rate decision on Wednesday. The central bank is expected to keep interest rates unchanged. If Fed chair Janet Yellen’s statement shows the Fed is positive about the US economy’s future, we could see the dollar lift.
h3 /h3 h3 EURUSD/h3Possible bullish sentiment towards the resistance of $1.168 supported by an upward sloping moving averages curve.
h3The Japanese yen is flat against the dollar, the currency lifted by 0.3% earlier in Monday’s session. This safe-haven asset closed at the highest point since July 16th on Friday.
h3 /h3 h3 USDJPY/h3Possible bullish movement as the RSI hovers below 40.
The Australian dollar jumped 0.1% before the Reserve Bank of Australia gave its interest rate decision last Wednesday. The bank has given a more hawkish outlook lately, supporting the Aussie dollar.
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The currency is up 0.6% this morning.
h3 /h3 h3 AUDUSD/h3The RSI shows the currency pair has been overbought and may tip downwards in the coming hours.
European equities are inching downwards. The DAX 30 is 0.3% weaker, at the three-month low it hit on Friday. Weaker exports in Europe are at the forefront of investor’s minds, thanks to the stronger euro.
US equities are following European sentiment into the red, halting the rally that has pushed the value of stocks to $78 trillion.
h3 Commodities/h3Oil prices are still below $50 before today’s OPEC meeting in Russia. The meeting will focus on the effectiveness of supply-cuts in reducing the global oversupply levels.
Crude oil
Crude oil is trading in a tight range today, waiting for the OPEC meeting to dispense some direction.
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