United States of America won’t make any concessions to Turkey in order for the latter to release US citizen. Trump said that he wasn’t concerned that higher steel and aluminium tariffs imposed on Turkey would have a negative effect on Europe. USD/TRY remained relatively unimpressed on Monday, but further developments could give rise to volatility.
USD/TRY continued to trade in a sideways manner yesterday between the 5.9500 support line and the 6.2800 resistance level. If the pair comes under selling interest we could see it breaking the 5.9500 support line, while should it find fresh buying orders along its path we could see I breaking the 6.2800 resistance level.
The US dollar weakened even more from the past headlines. Donald Trump said that ump stated in an interview that he is not thrilled with the Fed hiking rates. He also said that Fed should do more to help him boost the economy. Europe and China of manipulating their own currencies – accused by Trump. We could expect for US dollar weakened even more in future, if we get some highlights.
EUR/USD rallied yesterday and during Asian session, breaking the 1.1482 resistance line and testing the 1.1537 resistance level. We could see the pair breaking the 1.1537 resistance line and aim for the 1.1623 resistance level. On the other side, we could see the pair breaking the 1.1482 support line.
Amid fears over a possible trade war, China seems to be reaching out for Europe as it pledges to open further it’s economy. Chinese officials recently stated that “China and EU, now have a common stance against unilateralism and upholding the World Trade Organization”. In other headlines, it seems to be the case that Germany is approaching France in an effort to overhaul EU relationships. Also, EU commission president Juncker stated that the bashing of Russia must stop, implying that a process for the normalization of the EU-Russian relationships could begin. Should there be any further positive headlines about the EU we could see the common currency strengthening.
EUR/USD traded in a sideways manner on Friday and during today’s Asian morning between the 1.1715 resistance level and the 1.1640 support line. The pair could continue to trade in sideways manner, however we might see some bullish tendencies as the financial releases today might favor the EUR and weaken the greenback. Should the pair come under buying interest we could see it breaking the 1.1715 resistance line and aiming for the 1.1820 resistance level. Should the pair come under selling interest we could see it breaking the 1.1640 support line and aim for the 1.1550 support hurdle.