In the EUR / USD pair, profit taking from long positions is observed

On Thursday, April 8, trading in the euro ended with growth. The euro rose in price against the US dollar by 0.53%, to 1.1913. Buying resumed at the beginning of the European session with the euro / pound pair and the price of 10-year Treasury bonds rising. By the close of the European session, the price rose to 1.1927, while the British pound fell to 1.3723.

The minutes of the last meeting of the US Federal Reserve assured investors that interest rates will remain low until 2023, which led to a weakening of the dollar and a drop in the yield on US bonds to 1.614%.

Scheduled statistics (GMT + 3)

  • The Bank of England quarterly bulletin will be released in Britain at 15:00.
  • At 15:30, Canada will report on the change in the unemployment rate and the number of people employed in March. US is to publish producer price index for March.
  • At 20:00 Baker Hughes releases a report on the number of active oil rigs.

Current situation

At the auctions in Asia, the main currencies all went into negative territory. The most losers are the New Zealand dollar (-0.55%) and the Australian dollar (-0.78%). The withdrawal from risky assets caused a sharp rise in the yield on 10-year bonds to 1.65% (+ 2.52%). At the moment, the change in the mood of market participants before the weekend is unknown.

In the euro / dollar pair, there is a profit taking from long positions. The euro exchange rate fell to 1.1885 (-0.22%). Sellers met resistance at 1.1887 (balance line), however, given the fact that buyers began to discount it in the euro crosses, there is a high probability that the fall of the euro / dollar pair will accelerate to 1.1870 (45th degree).

The economic calendar for the single currency is empty for today. The direction of the DXY dollar index will be determined by the dynamics of the yield on Treasury bonds and the euro crosses. On the hourly TF, the Stochastic Oscillator is in the buy zone. Buyers have a five o’clock window to recover. The longer the price stays at 1.1890, the more likely it is to see the rate at 1.1845 on Friday (04/09) or Monday (04/12). The euro chart also contains a line chart of 10-year US bonds.

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