+84 888161016

24/7 Customer Support

Mon - Sunday: 24/24

Online store always open

Daily Forex News and Watchlist: EUR/USD

October 20, 2022| Forex Market

We got tons of closely-watched reports scheduled today!

Will the releases drag EUR/USD back to its September lows?

Before moving on, ICYMI, yesterday’s watchlist checked out EUR/CAD’s trend pullback ahead of Canada’s CPI release. Be sure to check out if it’s still a valid play!

And now for the headlines that rocked the markets in the last trading sessions:

Fresh Market Headlines & Economic Data:

Canada’s inflation beat 6.8% expectations at 6.9%, boosts chances of 75 bps rate hike

Canada’s producer prices edge up by 0.1% in September

U.S. single-family home starts fall by 4.7% to lowest level in more than two years in September

U.S. building permits up by 1.4% (vs. 0.9% expected) after 8.5% decline in August

U.S. crude oil inventories fell by 1.7 million barrels last week: EIA

Fed’s Beige Book says U.S. economy expanded modestly, notes some easing of price growth

FOMC’s Bullard expects Fed to end its “front-loading” of aggressive rate hikes by early next year

US stocks snap two-day streak, decline as bond yields rise

Japan’s imports, exports balloon on energy costs, cheap yen

Australia jobless rate unchanged at 3.5% in September

PBOC keeps lending rates unchanged in October

Oil prices rise on possible easing in China COVID quarantine measure

Indian rupee hits record low on worries of aggressive U.S. rate hikes

BOJ announces unscheduled bond buying as key yield broke ceiling

US stocks snap two-day streak, decline as bond yields rise

U.S. Philly Fed manufacturing index at 12:30 pm GMT
U.S. initial jobless claims at 12:30 pm GMT
U.S. existing home sales at 2:00 pm GMT
FOMC voting members Jefferson, Cook, and Bowman to give speeches during the U.S. session
New Zealand trade balance at 9:45 pm GMT
Japan’s national core CPI at 11:30 pm GMT

Use our new Currency Heat Map to quickly see a visual overview of the forex market’s price action! 🔥 🗺️

What to Watch: EUR/USD

EUR/USD Daily Forex Chart

EUR/USD Daily Forex Chart

Aside from another round of U.S. corporate earnings releases, we’ll also see closely-watched economic reports today!

The Fed once cited the sentiments component of the Philly Fed manufacturing index when considering inflation trends. The initial jobless claims may support the latest reports pointing to a strong labor market (and higher chances of aggressive rate hikes).

Meanwhile, existing home sales numbers could help tell how hard the housing market has been hit (so far) by the Fed’s rate hikes.

Can EUR/USD extend its downtrend after today’s data releases?

EUR/USD has been showing higher highs and higher lows since last week.

In fact, it’s now trading near the .9800 psychological handle and is pretty close to the top of a descending channel that hasn’t been broken since February.

Numbers that support further rate hikes from the Fed could remind traders of their global growth concerns.

EUR/USD could dip back to last week’s .9700 lows if not the mid-channel support on the chart.

Of course, the dollar can also keep losing pips against the euro until the end of the week.

EUR/USD bulls who are betting on more EUR strength can take advantage of shorter-term upswings and buy EUR/USD until the pair loses its bullish momentum.

Source link

Categories: Trading tips

Get In Touch!

What type of Forex Tool(s) are you interested in ?
How can we reach you ?