Daily summary: EURUSD at this year high after US disinflational data

6:52 PM 13 April 2023
  • The dollar in retreat after better-than-expected PPI inflation data from the US
  • US Dollar Index (USDIDX) felt to lowest level from April 2022, near 100,5 points zone
  • The EURUSD exchange rate went above the 1.1050 level, setting new this year highs
  • The headline manufacturing inflation reading fell from 4.6% y/y to 2.7% y/y on expectations of a drop to 3.0% y/y.
  • Currencies from Australia and Ne Zaeland fared best on Thursday, with the AUD dollar supported by a strong labor market report in Australia;
  • The European stock market session ended on a positive note, with the CAC40 adding 1.13%, the FTSE100 up 0.24% and the DAX ending the day just 0.16% higher;
  • Wall Street is seeing better sentiment, with the Nasdaq leading the gains, gaining 1.79%, and the S&P500 rising 0.97% although financial sector companies and banks against the benchmark are doing relatively poorly ahead of tomorrow's financial results;
  • Palladium is moving in tandem with other glassy metals today, which have strengthened mainly due to USD weakness. Palladium gains more than 4%, as does Platinum, while Gold strengthens 1.4% and Silver adds less than 2%;
  • WTI crude oil failed to break above the $83 level and is trading below the bar today. Nevertheless, the key support on OIL.WTI in the short term appears to be the zone at the $82 level; as long as it is not broken, the upward movement may continue.
  • Cryptocurrencies are doing very well with Bitcoin close to yearly highs and Ethereum breaking through the $2,000 level after US data and the implementation of the Shanghai hard fork


Looking technically at the chart, PALLADIUM price is approaching key short-term resistance at $1578, which penetrates from the upper limit of the local 1:1 pattern, as well as previous price reactions. In the event of an upward breakout, an upward movement toward $1730 could be triggered. Source: xStation5

Share:
Back

Join over 1 600 000 XTB Group Clients from around the world

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits