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EUR/USD: Likely to trade between 1.0360 and 1.0430 - UOB Group
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EUR/USD: Likely to trade between 1.0360 and 1.0430 - UOB Group
New
2025.02.06 17:34
2025.02.06 17:34
2025.02.06 17:34
Instead of continuing to rise, Euro (EUR) is likely to trade between 1.0360 and 1.0430. In the longer run, outlook is unclear; EUR could trade in a broad range of 1.0250/1.0490 for the time being, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Outlook for Euro is unclear for now
24-HOUR VIEW: "We indicated yesterday that EUR 'could continue to rise, but any advance is unlikely to break clearly above 1.0425.' We added, 'the major resistance at 1.0490 is unlikely to come into view.' The anticipated advance exceeded our expectations as EUR rose briefly to 1.0442 before pulling back to close at 1.0402 (+0.24%). The pullback in overbought conditions and slowing momentum suggest that instead of continuing to rise, EUR is likely to trade between 1.0360 and 1.0430 today."
1-3 WEEKS VIEW: "We continue to hold the same view as yesterday (05 Feb, spot at 1.0375). As pointed out, "the outlook is unclear for now, and EUR could trade in a broad range of 1.0250/1.0490 for the time being."
Last updated
: 2025.02.06
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US Dollar bounces off support after softening stance from President Trump
The US Dollar Index (DXY), which tracks the performance of the US Dollar against six major currencies, ticks up in the European trading session on Thursday, trading slightly below 108.00 at the time of writing.
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2025.02.06 20:36Markets price-in a BOJ policy rate of 0.75% by year-end - BBH
JPY is outperforming. Bank of Japan (BOJ) policy board member Naoki Tamura argued for a faster normalization cycle, BBH FX analysts note.
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2025.02.06 20:32USD/CNH: To trade in a range between 7.2650 and 7.3050 - UOB Group
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2025.02.06 20:29Gold hits another fresh record - ING
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2025.02.06 20:15GBP: Sterling could hand back recent gains - ING
The Bank Of England's (BoE) trade-weighted sterling index has rallied 1.7% since the middle of January. The recovery from the gilt-triggered January sell-off has undoubtedly been helped by the rally in US Treasuries.
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2025.02.06 19:45NZD/USD: Has a chance to edge above 0.5705 before levelling off - UOB Group
New Zealand Dollar (NZD) could edge above 0.5705 before levelling off; the next resistance at 0.5725 is unlikely to come under threat. In the longer run, there has been a tentative buildup in momentum; NZD could rise gradually to 0.5725, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
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2025.02.06 19:43AUD/USD: Can edge higher and test 0.6310 - UOB Group
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2025.02.06 19:42EUR/USD declines as US Dollar gains ground ahead of US NFP
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2025.02.06 19:41Disclaimer:
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