Euro Holds Ground for Now but Risks Swirl on Biden NATO Visit. Will EUR/USD Resume Lower?
The Euro has settled into a range ahead of US President Joe Biden’s visit at the NATO summit as geopolitical tensions dominate markets. Can EUR/USD hold on?
The Euro has settled into a range ahead of US President Joe Biden’s visit at the NATO summit as geopolitical tensions dominate markets. Can EUR/USD hold on?
After struggling to find direction during most of the day, U.S. stocks picked up momentum and pushed higher in late trading, driving the S&P 500 and the Nasdaq 100 to their best level since Feb 10.
Fresh developments coming out the US may keep EUR/USD under pressure as the Federal Reserve shows a greater willingness to normalize monetary policy at a faster pace.
The final week of March sees several ‘high’ rated economic releases from the world’s three largest economies.
Short-term interest rates are likely to continue to rise in the near term on soaring inflation and hawkish repricing of Fed policy, paving the way for further SHY weakness.
The Nasdaq 100 Index lacks clear direction during Monday’s session, easing slightly from last week’s robust gains.
The Dax and FTSE Index maintain strength despite rising growth concerns. Shanghai lockdowns dampen outlook but equities hold onto gains.
The Australian Dollar rose versus the Greenback despite market sentiment souring overnight. A damaged Russian pipeline saw oil surge, dragging other commodities higher to the benefit of AUD/USD.
S&P 500 facing resistance at 4600, bias remains a fade on rallies with the Fed growing more hawkish.
The Euro has come under pressure this week as the dollar was bid while EUR/USD continues its long-term downtrend testing key support ones.