16 April 2024, EUR/USD
Event to watch out for today: 12:00 GMT+3. EUR - Business Sentiment Index from ZEW Institute 15:30 GMT+3. USD - Volume of issued building permits EURUSD: EUR/USD continues to lose ground for the sixth consecutive session, trading near 1.0610 during Asian hours on Tuesday. The appreciation of the US dollar (USD) is weighing on the EUR/USD pair, possibly influenced by rising US Treasury yields. In addition, better-than-expected US retail sales data reinforced expectations that the Federal Reserve (Fed) may maintain higher interest rates for an extended period. Escalating geopolitical tensions in the Middle East prompted investors to rush to the safe-haven US Dollar (USD) as a safe haven. US retail sales (m/m) rose 0.7% in March, exceeding market expectations of 0.3%. The previous reading was revised to 0.9% from 0.6% in February. The retail sales benchmark group rose 1.1% vs. the previous 0.3% increase. Federal Reserve (Fed) Bank of San Francisco President Mary Daly recently said that despite the notable progress in inflation, there is still work to be done. She emphasized that it is important to make sure that inflation is moving toward the target level before taking any action. Daly also emphasized that the economy is showing strong growth, the labor market remains robust, and inflation is currently above target. Trading recommendation: Trade predominantly with Sell orders from the current price level.
We are pleased to announce the cancellation of swaps on all trading accounts for oil contracts until the end of April! Trade oil with no swaps!
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