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Overview of the EUR/USD pair. April 2. Donald Trump is expecting “two difficult and painful weeks” for the United States.

4-hour timeframe

Technical details:
Higher linear regression channel: direction – downward.
Lower linear regression channel: direction – downward.
Moving average (20; smoothed) – sideways.
CCI: -120.7428
The fourth trading day of the week begins with the continuation of the downward movement, which was initially identified as a correction. However, at the moment, the quotes of the EUR/USD pair are fixed below the moving average line, so the trend is changed to a downward one. The same can be said for the Ichimoku indicator system, where the price overcame the Kijun-sen line. Thus, now the movement can continue with the goal of the Murray level of “1/8”-1.0864 or lower. However, we already warned in yesterday’s article that the current downward movement may be nothing more than a “correction against a correction”. Thus, according to all the canons of the size of the corrective movement, it can end in the area of 1.0833-1.0893. If this hypothesis is correct, then the downward movement will not continue for long. Moreover, the movement to the south means the growth of the US currency. Yesterday, macroeconomic statistics supported the dollar. However, in addition to statistics, there is now a much more important “epidemic factor” in the world. And, according to the latest information,…

Dollar Gains Against Peers

The U.S. dollar stayed firm against most of its peers on Wednesday amid fears of an imminent deep recession due to the impact of the rapidly spreading coronavirus pandemic. A report from payroll processor ADP said private sector employment fell by 27,000 jobs in March in the U.S. after jumping by a downwardly revised 179,000 jobs in February. The dollar index rose to 99.84 this afternoon, but gave up much of its gains subsequently and was last seen at 99.41, up 0.35% from Tuesday’s close. Economists had expected private sector employment to plunge by 150,000 jobs compared to the addition of 183,000 jobs originally reported for the previous month. The drop was much smaller than expected but still reflects the first decrease in private sector employment since September of 2017. The Institute for Supply Management’s report showed a contraction in U.S. manufacturing activity in the month of March. The ISM said its purchasing managers index dipped to 49.1 in March after edging down to 50.1 in February. While a reading below 50 indicates a contraction in manufacturing activity, economists had expected the index to show a steeper drop to 45.0. Against the euro, the dollar strengthened to $1.0964 from $1.1041,…

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Gold Pares Early Gains, Settles Lower For 4th Straight Session

Gold prices drifted lower on Wednesday, extending losses to a fourth straight session, although the downside was not much pronounced as rising coronavirus cases continued to raise concerns about growth. A stronger dollar weighed on the yellow metal. The dollar index rose to 99.80, gaining about 0.75%. It was not an entirely weak spell for the yellow metal today, as safe-haven demand pushed up prices early on in the session. Gold futures for June ended down $5.20, or about 0.3%, at $1,591.40 an ounce, after hitting a high of $1,612.40 an ounce in the Asian session. The contract, which dropped to a low of $1,576.00 around mid-morning, recovered and moved past $1,600 again before giving up gains. Silver futures for May ended down $0.172 at $13.984 an ounce, while Copper futures for May settled at $2.1745, per pound, down $0.0535 from previous close. A report from payroll processor ADP said private sector employment fell by 27,000 jobs in March in the U.S. after jumping by a downwardly revised 179,000 jobs in February. Economists had expected private sector employment to plunge by 150,000 jobs compared to the addition of 183,000 jobs originally reported for the previous month. The drop was…

U.S. Construction Spending Unexpectedly Slumps 1.3% In February

A report released by the Commerce Department on Wednesday showed an unexpected decrease in U.S. construction spending in the month of February. The Commerce Department said construction spending slumped by 1.3 percent to an annual rate of $1.367 trillion in February after spiking by 2.8 percent to an upwardly revised rate of $1.385 trillion in January. The pullback came as a surprise to economists, who had expected construction spending to climb by 0.6 percent following the 1.8 percent jump originally reported for the previous month. The unexpected drop in construction spending reflected notable decreases in spending on both private and public construction. Spending on private construction tumbled by 1.2 percent to an annual rate of $1.026 trillion, as spending on residential construction slid by 0.6 percent and spending on non-residential construction plummeted by 2.0 percent. The report said spending on public construction also plunged by 1.5 percent to an annual rate of $340.9 billion, with spending on educational and highway construction both showing significant drops. Despite the monthly decrease, the Commerce Department said total construction spending in February was up by 6.0 percent compared to the same month a year ago. The material has been provided by InstaForex Company -…

Dollar Little Changed After ISM Manufacturing, Construction Spending

Following the release of U.S. ISM manufacturing PMI for March and construction spending for February at 10.00 am ET Wednesday, the greenback changed little against its major rivals. The greenback was trading at 107.24 against the yen, 0.9663 against the franc, 1.2418 against the pound and 1.0929 against the euro around 10:05 am ET. The material has been provided by InstaForex Company – www.instaforex.com…

Euro Declines As Eurozone Factory Activity Slumps, Coronavirus Fears Mount

The euro lost ground against its major counterparts in the European session on Wednesday, as the death toll from Covid-19 surged in the U.S. and data showed that Eurozone manufacturing activity contracted at the fastest pace in more than seven years in March amid virus outbreak. Final data from IHS Markit showed that the final factory Purchasing Managers’ Index fell to 44.5 from 49.2 in February. The reading was also below the flash estimate of 44.8. The score has remained below 50.0 for fourteen consecutive months and reached its lowest level in 92 months. Sentiment deteriorated as reports of rising numbers of coronavirus cases deepened the gloom over the likely impact on the world economy. The U.S. recorded a big daily jump of 26,000 new cases, bringing the total to more than 189,000. The death toll there leaped to over 4,000, with officials predicting the disease could kill between 100,000 and 240,000 Americans. Data from Eurostat showed that Euro area jobless rate unexpectedly eased to its lowest level since in over a decade in February, just ahead of the announcement of coronavirus pandemic containment measures in several countries in the region. The jobless rate fell to 7.3 percent, while economists…