The US Dollar retains its latest strength, with EUR/USD trading below the 1.0700 threshold for the first time since early June. Financial markets are
macroeconomic figures and fears the Federal Reserve may hike rates one more time in November keep investors cautious while supporting the American currency.
The Euro, in the meantime, suffered from the downward revision of the EU Q2 Gross Domestic Product from a preliminary estimate of 0.3% QoQ to 0.1%. The annual comparison was confirmed at 0.5%, below the 0.6% previously calculated. Additionally, German Industrial Production contracted by 0.8% MoM in July and 2.1% from a year earlier, worse than anticipated.markets can not lift their heads.
Ahead of Wall Street’s opening, the US published Initial Jobless Claims for the week ended September 1, which rose by 216K, much better than the 234K anticipated. Furthermore, the country released Q2 Nonfarm Productivity, up 3.5% and below the 3.8% expected, and Unit Labor Costs for the same period, up 2.2%, beating expectations.The daily chart for the EUR/USD pair favors a downward extension.
The near-term picture is also bearish. Technical indicators turned sharply lower in the 4-hour chart, with the Relative Strength Index maintaining its downward slope at around 25. The Momentum indicator also heads south within negative levels and with an almost vertical slope, in line with lower lows ahead. Finally, a firmly bearish 20 SMA extended its slide below also bearish longer moving averages, providing dynamic resistance at around 1.0750.
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