Core Durable Goods Orders came in yesterday at 0.4% higher than predicted. The dollar jumped again to continue its gains this week. U.S. indices felt a squeeze yesterday but did not harm the USD. The continued rise in oil prices will further buoy the currency.
Germany’s Deutsche Bank ended talks with Commerz Bank. The strongest economy in the EU has a falling financial sector, along with its recently depressing economic stature hit the Euro hard. Italy and other Euro-zone countries have not had the best year which has lead to investor insecurity.
The euro traded at the lowest since 2017 against the dollar while European stocks ended the longest run of gains in more than a year. Mostly positive results have gone some way toward mitigating concerns over Europe’s poor economic outlook.
Times in GMT
RUB Interest Rate Decision (Apr)
Predicted: 7.75% Previous: 7.75%
USD GDP (QoQ) (Q1)
Predicted: 2.2% Previous: 2.2%
This pair’s 1D chart has shown a Three Black Crows pattern indicating a strong downtrend.
The U.S. index’s 1D chart has shown a Three Inside Down pattern signaling a reversal to a downtrend.