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The Euro is trading higher for the second consecutive day against the British Pound on Friday. The pair found support right below 0.8700 earlier this week, but has managed to pare losses supported by hawkish comments from ECB officials and upbeat Services activity data.The final reading of the Eurozone HCOB PMI, released earlier on the day, revealed that the sector’s activity improved to 51.3 in September from 50.1 in August, These numbers are slightly below the 51.4 seen in the preliminary report, but still the best performance since January, and follow a moderately positive Manufacturing survey on Thursday, to ease concerns…

The softened underlying suggests Pound Sterling (GBP) may retest the 1.3400 level; a continued decline below this level is unlikely. In the longer run, GBP is likely to trade in a range between 1.3360 and 1.3525, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note. GBP is likely to trade in a range24-HOUR VIEW: “Two days ago, GBP rose briefly to 1.3527 and then retreated. Yesterday, we pointed out that ‘the brief advance did not result in any significant increase in upward momentum, and GBP is unlikely to rise much further.’ We were of the view that GBP…

The Pound Sterling (GBP) trades in a tight range around 1.3440 against the US Dollar (USD) during the European trading session on Friday. The GBP/USD pair consolidates as the US Dollar (USD) trades sideways, with investors struggling to find fresh cues regarding the economic outlook in the wake of partial government closure.The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, wobbles around 97.90 at the time of writing.Partial US government shutdown has resulted in halt of key economic data releases, including the Nonfarm Payrolls (NFP) report that was scheduled for this Friday, as a number…

The rupee witnessed range-bound trading in morning deals on Friday and depreciated 5 paise to 88.76 against the US dollar, as the strength of the American currency in the overseas market and a negative trend in domestic equities weighed on investor sentiments. Forex traders said the USD/INR pair is trading in a narrow range as pressure from US policies, trade tensions and global uncertainties dented sentiments further. Moreover, persistent foreign fund outflows and the ongoing US visa fee hike issue dragged down the domestic unit.At the interbank foreign exchange market, the rupee opened at 88.68, then lost ground and touched…

The Australian Dollar (AUD) holds ground against the US Dollar (USD) on Friday after registering losses in the previous session. The AUD/USD pair remains steady following the release of S&P Global Purchasing Managers’ Index (PMI) data.The S&P Global Australia Composite PMI fell to 52.4 in September from 55.5 in August, marking a full year of monthly growth but at the slowest pace since June. Meanwhile, the Services PMI declined to 52.4 from 55.8, signaling continued expansion in the services sector for the 20th straight month, though also at its weakest rate since June.Australia’s Trade Surplus narrowed to 1,825 million month-over-month…

The USD/JPY pair recovers some lost ground near 147.20, snapping the four-day losing streak during the early Asian session on Friday. The potential upside for the pair might be limited as traders continue to assess the impact of a US government shutdown. The US September Nonfarm Payrolls (NFP) report will not be published in light of the ongoing federal shutdown, while the ISM Services PMI and the final S&P Global Services PMI should be published as usual.US government agencies began shutting down after President Donald Trump’s Republican Party failed to agree with opposition Democrats on a way forward on a spending bill. This,…

GBP/USD dives during the North American session as the US government shutdown extends for the second straight day on Thursday, triggering a delay in economic data releases. Meanwhile, the US Dollar (USD) strengthens as traders assess the impact of the shutdown. The pair trades at 1.3424, down 0.38%, at the time of writing.Sterling drops amid lack of US data, hawkish Fed remarks and looming UK fiscal concernsThe mood of the financial markets changed and turned risk-averse as traders began to trade ‘blindly’ without crucial economic data from the US. In the meantime, the Challenger Job Cuts for September showed that…

European Central Bank (ECB) policymaker Martins Kazaks said on Thursday that “current interest rate level is very appropriate.”Additional quotesRates can stay where they are if no further shocks.Uncertainty remains very high.Must retain full freedom of action.Market reactionAt the press time, EUR/USD is up 0.20% on the day at 1.1754. Euro Price Today The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Canadian Dollar. USDEURGBPJPYCADAUDNZDCHFUSD-0.22%-0.18%-0.31%0.02%-0.06%-0.49%-0.19%EUR0.22%0.03%-0.10%0.23%0.15%-0.15%0.02%GBP0.18%-0.03%-0.12%0.16%0.14%-0.17%0.00%JPY0.31%0.10%0.12%0.32%0.25%-0.27%0.16%CAD-0.02%-0.23%-0.16%-0.32%-0.08%-0.35%-0.22%AUD0.06%-0.15%-0.14%-0.25%0.08%-0.37%-0.16%NZD0.49%0.15%0.17%0.27%0.35%0.37%0.34%CHF0.19%-0.02%-0.00%-0.16%0.22%0.16%-0.34% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked…

The US Benchmark West Texas Intermediate is trading at $61.80 per barrel at the time of writing. A mild recovery attempt was capped at $62.30 on Wednesday, and Oil is trading moderately lower on Thursday, drawing closer to the four-month lows of $61.30.Investors’ concerns about the negative consequences of the US government shutdown and expectations that OPEC+ will hike supply again in November have offset the impact of potential sanctions on Russia.News reports from Reuters released earlier this week revealed that the OPEC+ might be considering accelerating supply in November, beyond the 137,000 barrels per day hike approved in October.This…

EUR/JPY may find its primary support at the 50-day EMA at 172.47.The 14-day Relative Strength Index stays below 50, reinforcing the bearish outlook.A rebound back into the ascending channel would restore the bullish bias.EUR/JPY halts its three-day losing streak, trading around 172.60 during the Asian hours on Thursday. The technical analysis of the daily chart indicates a shift from bullish to bearish bias as the currency cross is positioned slightly below the ascending channel pattern. However, a rebound back into the channel would suggest a false breakout, and the broader upward trend remains intact.However, the 14-day Relative Strength Index (RSI)…