Advertisement
Advertisement
EUR/USD, GBP/USD, DXY Price Forecast: DXY Hits $103.75; Buy Now?
By:
Key Points:
- The Dollar Index rose to $103.756, driven by optimism in U.S. economic resilience.
- UK Claimant Count Change hit 32.3K, above forecast but below previous, affecting GBP/USD.
- ECB’s rate announcement and press conference will shape EUR/USD market movements today.
In this article:
The Dollar Index (DXY) rose to $103.756, up 0.05%, driven by optimism surrounding U.S. economic resilience. Key figures include U.S. unemployment claims forecasted at 229K and the Philly Fed Manufacturing Index at 2.7, indicating modest growth.
The UK’s latest labor market data shows the Claimant Count Change at 32.3K, higher than the expected 23.4K but lower than the previous 51.9K.
The Average Earnings Index for the past three months remains steady at 5.7%, slightly below the previous 5.9%.
The unemployment rate holds at 4.4%, unchanged from the forecast and previous figures. These mixed signals may impact the GBP/USD trading dynamics in the near term.
Events Ahead
Looking ahead, traders should watch the European Central Bank’s main refinancing rate announcement at 12:15 PM. It is expected to remain at 4.25%. The ECB’s press conference at 12:45 PM will be crucial in providing insights into future monetary policy.
In the U.S., the unemployment claims data and Philly Fed Manufacturing Index will be released at 12:30 PM, followed by the CB Leading Index at 2:00 PM.
These figures will be critical for assessing the U.S. economy’s health and the Dollar Index’s trajectory.
The EUR/USD currently trades at $1.09358, slightly down by 0.05%. Key levels to watch include the pivot point at $1.09242. Immediate resistance levels are identified at $1.09598, $1.09778, and $1.09955, which may cap any upside movement. On the downside, immediate support levels are $1.09059, $1.08752, and $1.08594.
Technical indicators are noteworthy, with the 50-day Exponential Moving Average (EMA) at $1.09029 and the 200-day EMA at $1.08351. These moving averages highlight the current trend dynamics.
A bullish outlook persists above the pivot point of $1.09242. However, a break below this level could trigger a sharp selling trend, leading to further declines.
GBP/USD Technical Forecast
About the Author
Arslan Aliauthor
Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.
Latest news and analysis
Advertisement