The US Dollar remained under pressure throughout the first half of Tuesday, with EUR/USD extending its weekly advance to 1.0929. On the one hand, sto
US Treasury yields stabilized at fresh highs ahead of the Jackson Hole Symposium.The US Dollar remained under pressure throughout the first half of Tuesday, withextending its weekly advance to 1.0929. On the one hand, stock markets rallied, led by a surge in Wall Street’s tech sector, yet on the other, Treasury yields continued to strengthen ahead of the Jackson Hole Symposium and words from central banks’ leaders.
Financial markets are navigating stormy waters these days, as speculative interest is picturing high rates for longer alongside additional, sporadic hikes. At the same time, overall encouraging macroeconomic data supports the hawkish case, as the risk of an economic setback decreases.Meanwhile, China is the primary source of concern, as the world’s second-largest economy struggles to recover its growth status following extended coronavirus-related restrictions.
Ahead of Wall Street’s opening, S&P Global Ratings downgraded ratings for several United States banks, weighing on the market mood. The announcement came a week after Moody’s Investors Service did the same to 10 US lenders and triggered near-term US Dollar demand, withThe macroeconomic calendar remains scarce. The Euro Zone released the June Current Account, which posted a seasonally adjusted surplus of €35.84 billion, beating expectations.
Technical readings in the 4-hour chart favor a bearish continuation. The pair is pressuring a directionless 20 SMA, while the intraday run stalled below a mildly bearish 100 SMA. The 200 SMA, in the meantime, lacks directional strength at around 1.1030. Finally, technicalgyrated south, reflecting increased selling interest. As it happens in the daily chart, the RSI indicator anticipates a continued slide, having already pierced its midline. A critical support level is 1.
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