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US Dollar Soars, Gold Slumps, EUR Rattled on Turkish Lira Concerns

US Dollar Soars, Gold Slumps, EUR Rattled on Turkish Lira Concerns

Nick Cawley, Strategist

EURUSD

  • The US dollar posted a fresh 13-month high, hitting the commodity space lower.
  • ECB fears over European banks’ exposure to Turkish Lira

The latest IG Client Sentiment Indicator shows how retail are positioned in EURUSD and Gold, and how daily and weekly changes in sentiment can affect trading decisions.

The DailyFX Q3 forecasts and analysis of USD, EUR and Gold are available to download here.

US Dollar Strength Rattles Markets, Gold Hitting Noted Support

The US dollar rally has taken another leg higher, hitting a new 13-month peak, after the latest US PPI numbers showed inflation remaining robust, keeping another 5 US rate hikes over the next 18-months firmly in place. US CPI is released at 12:30 GMT today and another strong reading could push the US dollar even higher.

And as the greenback rallied, the commodity space fell further with gold now sitting just above a noted support level and looking to press lower. A failure to hold $1,205/oz. will leave the precious metal looking at $1,195/oz. as the next level of support.

Gold Daily Price Chart (November 2017 – August 10, 2018)

US Dollar Soars, Gold Slumps, EUR Rattled on Turkish Lira Concerns

EURUSD Breaks Below 1.1500 as the US Dollar Runs Riot

EURUSD broke below the psychological 1.1500 barrier with ease Friday on a combination of a strong dollar and a warning by the ECB over European banks’ exposure to the Turkish Lira, which hit a multi-decade low against the greenback.

According to sources, President Erdogan is expected to speak at 11:00 GMT today, while Finance Minister Albayrak reveals the country's new economic model at 11.30 GMT before President Erdogan speaks again at 13.30 GMT.

USDTRY spiked as high as USDTRY 6.25 before slipping back to change hands at 5.900, up from 4.910 at the start of August.

EURUSD now needs to hold the 50% Fibonacci retracement level at 1.1448 if it it to push back higher. A break below here leaves the 61.8% Fibonacci level at 1.1187 as the next target.

EURUSD Daily Price Chart (March 2017 – August 10, 2018)

US Dollar Soars, Gold Slumps, EUR Rattled on Turkish Lira Concerns

If you are new to foreign exchange, or if you would like to update your knowledge base, download our New to FX Guide and our Traits of Successful Traders to help you on your journey.

What’s your opinion on the rampant US dollar!!?? Share your thoughts with us using the comments section at the end of the article or you can contact the author via email at Nicholas.cawley@ig.com or via Twitter @nickcawley1

--- Written by Nick Cawley, Analyst

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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