{"id":164341,"date":"2020-02-03T11:37:04","date_gmt":"2020-02-03T16:37:04","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=164341"},"modified":"2020-02-03T11:37:04","modified_gmt":"2020-02-03T16:37:04","slug":"usd-closes-weak-into-month-end","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/02\/usd-closes-weak-into-month-end\/","title":{"rendered":"USD Closes Weak Into Month End"},"content":{"rendered":"
February 3, 2020<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

The US dollar closed in the red on the last trading day of January. Economic data on the day saw the US core PCE rising 0.2% on the month.<\/p>\n

On a yearly basis, core PCE held up at 1.6%, unchanged from the previous period.<\/p>\n

Personal income rose less than expected at 0.2% on the month, while personal spending rose 0.3%, matching estimates.<\/p>\n

Eurozone Inflation Steady, GDP Dips Lower than Forecast<\/strong><\/h2>\n

The latest flash inflation estimates for the eurozone were more or less in line with estimates.<\/p>\n

Headline inflation rose 1.4% but core inflation was up just 1.1%, down by a 0.1 percentage point. The advance GDP report for Q4 2019 was a tad weaker, rising just 0.1% compared to estimates of a 0.2% increase.<\/p>

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EURUSD Maintains the Bullish Upside<\/strong><\/h3>\n

The common currency quickly reached past the initial resistance level of 1.1072 to close on Friday at 1.1095.<\/p>\n

The gains come following a decline to the psychological support area of 1.1000. But the question is whether the EURUSD can maintain the upside. The next main resistance is at 1.1100 followed by 1.1131.<\/p>\n

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Sterling Closes in the Green as the UK Formally Leaves the EU<\/strong><\/h2>\n

The pound sterling rose over 0.80% on Friday, the last day before the\u00a0UK leaves the EU.<\/a>\u00a0This now means that lawmakers on both sides have the next 11-months to chalk out the various aspects covering trade and immigration.<\/p>\n

The gains in the GBP were also partly attributed to the weakness in the USD.<\/p>\n

GBPUSD Faces Resistance at 1.3226<\/strong><\/h3>\n

The current gains in the GBPUSD will see price testing the resistance level of 1.3226. A breakout above this level is quite possible if the bullish momentum holds.<\/p>\n

Alternately, a reversal near this resistance will signal a move back to the 1.3100 level where support could form. We expect price action to remain range-bound within these levels in the near term.<\/p>\n

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Gold Prices Rally into the Month-End<\/strong><\/h2>\n

The precious metal caught a bid as it surged over one percent into Friday\u2019s close. The gains came amid a mix of cautious fundamentals. Most importantly, the current themes affecting investor sentiment include the\u00a0coronavirus<\/a>, the US monetary policy course, and global economic growth.<\/p>\n

XAUUSD Could Stall Near 1600 Resistance<\/strong><\/h3>\n

The current gains in XAUUSD will see prices rising to test the 1600 level. This will mark a more firm test of this psychological level. Although prices tested this level previously, they were rejected sharply.<\/p>\n

Thus, a close near 1600 will confirm the resistance level. This will now open the way for a possible correction. The breakout level of 1562 will be the prime candidate in case of a decline.<\/p>\n

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By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex The US dollar closed in the red on the last trading day of January. Economic data on the day saw the US core PCE rising 0.2% on the month. On a yearly basis, core PCE held up at 1.6%, unchanged from the previous period. Personal income rose less than expected at 0.2% on […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-164341","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/164341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=164341"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/164341\/revisions"}],"predecessor-version":[{"id":164354,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/164341\/revisions\/164354"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=164341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=164341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=164341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}