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Market Overview
Greenback Loses Momentum, Drops on Friday
The US dollar dropped across the board on Friday and the
dollar index was 0.505 lower during the US session, while the EURUSD pair
surged 0.6% to trade at around 1.1380, negating the immediate bearish trend.
Investors focused on today’s inflation figures from the euro
zone, which came out without any revisions and therefore spurred no volatility
at all. The year-on-year CPI change stayed at 2.2%, whilst the core gauge remained
at 1.1%. The ECB expects the core inflation to rise significantly over the next
quarters, according to Mario Draghi’s words.
Stocks fell sharply on Friday and the US exchanges are about
to open 0.5% lower, while the EU indices were losing nearly 2% as sentiment
worsened notably. Bond yields also dropped and the 10-year was trading at
3.08%, while the 30-year benchmark declined to 3.35%.
The next resistance for the EURUSD stands at 1.14, where the
bearish trend line is seen and afterward near 1.1430, where lows and highs are
converged. On the downside, the key support remains at 1.13.
For the SP500 index, bulls need to defend 2,710 USD for
immediate trend to remain slightly more bullish, while the resistance for today’s
trading could be at 2,740 USD.
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