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In a tweetstorm on Tuesday, European Central Bank (ECB) executive board member Isabel Schnabel summarized Sunday’s interview with a German magazine, saying that the rise in price pressures in the Euro area this year is only temporary. The ECB official’s soothing remarks have had no effect on the EURUSD, which is flirting with day lows of 1.1730, down 0.13 percent so far. The key market driver is still the rise in the US dollar.
On Tuesday, DXY is trading at the crucial 93.00 thresholds at the bottom end of its previous range. The next dispute of note in weekly lows around 92.50 (August 13/16) is projected to be met if the corrective downturn continues. The proximity of the 50-day SMA adds to the strength of this support zone (92.47). In the meanwhile, the favorable outlook for the dollar is projected to continue constantly as long as the index trades above the 200-day SMA, which is currently at 91.31.
The New Zealand dollar soared, following a week-long run. The NZD/USD exchange rate is currently at 0.6942, up 0.75 percent on the day. The NZD has risen sharply today after a key RBNZ official stated that the decision not to raise interest rates was primarily due to communication issues. Instead, the central bank is proposing a 50 basis point rate hike.
Look no further than the NZD if you’re looking for a currency with a lot of volatility. Last week, the kiwi fell 3.1 percent, its worst weekly performance since September. However, the New Zealand dollar has recovered this week, jumping 1.7 percent and recouping more than half of last week’s losses.
EURUSD Upward Trend Stalled Around 1.1750
So far on Tuesday, the EURUSD has struggled to get above the 1.1750 level. To get back to last week’s highs in the 1.1800 area, the pair has to break through the 1.1750 zones. Further gains are seen around the July/August peaks around 1.1900, though a rise to this area is unlikely in the immediate term.
For the time being, the EURUSD rebound appears to have struck an early and rather minor stumbling block in the mid-1.1700s. The pair’s current decline followed another rejection from the 1.1880/1.1900 zone, as well as the dollar’s steady march, which is largely supported by tapering/interest rate speculation.
On the euro side of the equation, despite positive outcomes from key fundamentals and persistently high morale in the region, the ECB’s reaffirmed dovish approach (as per its most recent meeting) is projected to keep the spot under pressure.
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