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US Dollar Grabs a Bid, EURUSD Price Cracks After Subdued PMI Data

US Dollar Grabs a Bid, EURUSD Price Cracks After Subdued PMI Data

2019-04-18 11:10:00
Nick Cawley, Strategist

EURUSD and US Dollar Price Analysis and Charts:

  • US dollar hits a 10-day high as risk appetite wains.
  • EURUSD now searching for support under 1.1300.

The Brand New DailyFX Q2 2019 Trading Forecast and Guides are Available to Download Now!!

The US dollar is pushing back to its best level in nearly two weeks as investors go long the greenback ahead of the long weekend. Recent US-China trade commentary is mildly risk-positive, but markets are seemingly running out of steam to the upside, sparking concerns of a sharp retrace, especially in a market constrained by suffocating price ranges. FX volatility is touching multi-year lows which leaves the door ajar to a sharp market realignment, adding to the US dollars allure. In addition, the yield spread between 10-year US Treasuries (2.56%) and German Bunds (0.05%) continues to be more than 250 basis points, a healthy USD carry premium.

How to Measure Volatility.

US Dollar (DXY) Daily Price Chart (June 2018 – April 18, 2019)

US Dollar Grabs a Bid, EURUSD Price Cracks After Subdued PMI Data

EURUSD has taken a double-hit today after the latest German and Euro-Zone PMIs confirmed ongoing economic weakness. Official German 2019 GDP was cut sharply this week to 0.5% from 1.0% as the manufacturing sector continues to struggle, while US-EU trade wars were ramped up this week with both sides looking to apply additional tariffs to imports if the current stand-off continues.

EURUSD Outlook: Strength Ebbs as PMIs Point to Flat Eurozone Economy.

EURUSD has broken below 1.1300 yet again this week and this level now looks likely to become minor resistance in the short-term. The next level of any significant interest is horizontal support at 1.1216 ahead of the recent 22-month low at 1.1176. Lower highs continue to dominate price action this year, while the pair are now also trading below all three moving averages.

Charts in Focus – EURUSD Bear-Flag, GBPUSD Wedge.

EURUSD Daily Price Chart (July 2018 – April 18, 2019)

US Dollar Grabs a Bid, EURUSD Price Cracks After Subdued PMI Data

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on the US dollar – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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