Foreign exchange specialists Quek Ser Leang and Lee Sue Ann anticipate that the Euro (EUR) will trade between 1.0855 and 1.0905, potentially gradually increasing to 1.0915.
Last week, the EUR rose to 1.0911 and closed at 1.0906, reflecting a 0.38% rise. Despite early-week fluctuations, investor confidence was held up by positive forecasts from leading financial institutions.
For the coming weeks, the specialists foresee the EUR will uphold its upward trend with a potential delay in reaching the 1.0915 level due to oversold conditions. They warn of a possible fall if a breach of the 1.0835 support level is breached.
As always, Investing in markets has risks and potential for emotional distress. Caution, meticulous research, endurance, and understanding of the market are suggested. Diversification of a portfolio can further spread risk and maximize returns.
Monday’s European trading session saw the EUR/USD rebound above 1.0900, with investor attention shifting to U.S. politics and Federal plans. This shift was also reflected in the GBP/USD improvement, but it is still below 1.3000, as investors wait to hear from Powell.
The Federal Reserve’s adjustment of its asset-purchase plans looms, with the USD/CAD lingering below 1.2800.
Anticipated gradual rise of Euro
To foresee movements in the currency market, all eyes remain on economic fundamentals, upcoming speeches, and policy decisions.
In other market news, gold began the week on a low due to a slight increase in USD purchases. However, speculations over a possible Federal Reserve rate cut in September boosted gold’s performance. Bitcoin saw a substantial hike last week, reaching $1.047 billion, indicating anticipated large-scale investments.
European stock market wavered due to prolonged worries about global economic growth, making the financial scenario more complex. Commodities market saw volatility in oil prices due to escalated tensions in the Middle East. Meanwhile, tech stocks saw a plunge following new data privacy regulations. The bond market hinted at a slowing global economy with a lower yield.
