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Terror Attacks, GDP, & The EUR/USD
Welcome to Friday’s trade! As of this writing, the markets are relatively quiet. Stocks and crude oil are near flat; gold and silver are off modestly. The key story from the early Friday session is USD strength. The USD Index (DXY) is up nearly ½% and is trading over the vaunted 100.000 level. Without question, the dollar is acting as a premier safe-haven as the Iran/US/Israel War rolls toward its third week.
One result of the Greenback’s surge is weakness in the EURUSD. Here’s a macro level worth watching for the near future:
Monthly 38% Fibonacci Retracement, 1.1355
Check out our Key Levels for more information on this Trade Idea.
During the US pre-market hours, a collection of metrics hit the newswires. US GDP (Q4) came in at 0.7%, well beneath the 1.4% projection. Core PCE was reported flat, which is decent news on the inflation front. The JOLTS Jobs Openings posted a gain of 6.946 million, up from 6.542 million. On the Iran War front, several terror attacks have been reported in the United States. This is a trend that many military experts warned Western nations about before the offensive in Iran began. For us traders, all we can do is be aware of the news cycle. If we see a large-scale terror event, brace for volatility across all markets.
Trade well, and we’ll see you on our next livestream! (Switch Markets Youtube, 16:00 GMT today!)
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