EUR/USD: US dollar relatively outperforms as Fed keeps policy largely unchanged
Negative technical bias persists but intraday movement remains rangebound thus far.
EUR/USD Technical analysis, overview, strategies, and levels
Yesterday's focus was on central bank news, whereby the US Federal Reserve opted to keep monetary policy unchanged with a unanimous vote, its key rate remaining within the 1.5-1.75% range. Thereafter, its Chairman Powell stated in the press conference that uncertainties had dropped on the trade front but rising in terms of the recent coronavirus. Other US data showed its trade deficit widening, and pending home sales contracting at its worst rate since 2014. Though we've got some Eurozone data today including preliminary German CPI (Consumer Price Index) figures as well as employment figures from the Eurozone's (EZ) manufacturing powerhouse, US preliminary GDP (Gross Domestic Product) figures will be released towards the US session. The EZ will release its preliminary CPI and GDP figures tomorrow, preceded by a string of data from its countries prior.
IG client* and CoT sentiment for EUR/USD
EUR/USD Chart with retail and institutional sentiment
* The percentage of IG client accounts with positions in this market that are currently long or short. Calculated to the nearest 1%, as of today morning 8am.
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