Global FX Market Summary EUR Gold CAD February 19th, 2024

Dmitry Chernovolov Market Analyst

Financial markets wait cautiously: EUR treads water, gold cautiously shines, stocks mixed, loonie waits, USD holds ground, all awaiting key data later this week.

EUR/USD treads water: The euro is stuck in a narrow range against the dollar, lacking major data and with US markets closed. While technicals hint at a possible dip, the outlook remains uncertain. Germany’s potential recession, however, could cast a shadow on the euro.

Gold shines cautiously: Gold extends its rally above $2,010, defying the Fed’s hawkish tone. However, resistance looms at the 20-day moving average and a downward trendline. Investors await FOMC Minutes and PMI data for further clues on the metal’s direction.

Stocks trade sideways: European bourses end mixed, with some gains and losses. US markets take a breather on Presidents’ Day. All eyes are on FOMC Minutes and PMI data for guidance later this week.

Canadian Dollar waits in the wings: The loonie trades cautiously ahead of key events. Tuesday’s Canadian CPI inflation and Wednesday’s Fed minutes will be crucial for its next move.

US Dollar holds its ground: The greenback stays calm with US markets closed for a holiday. Geopolitical tensions linger, but the focus shifts to Wednesday’s FOMC Minutes and Thursday’s PMI data for potential action.

Upcoming Economic Events: Summary (as of February 19, 2024)

  • Wednesday, February 21st:
  • FOMC Meeting Minutes (19:00 GMT):
    • Hawkish tone: Stocks dip, gold struggles, US dollar rises temporarily.
    • Dovish surprise (unlikely): Stocks & gold surge, US dollar weakens.
  • Thursday, February 22nd:
  • Jobless Claims (13:30 GMT):
    • Minor increase: Neutral impact.
    • Jump to 230K+: Recession concerns, hope for rate cuts.
    • Drop to 200K-: Strong labor market, delays rate cuts.
  • Flash PMIs (14:45 GMT):
    • Below 50: Slowdown concerns, potential rate cuts.
    • Above 50: Economic resilience, unlikely rate cuts.

Read this next


BlockDAG’s Explosive Presale Hits $20.3M In April Swaying Investors From XRP’s Price Trends Upward, & Polygon’s NFT Market

Learn about BlockDAG’s impressive $20.3M presale results, XRP’s price increase prospects, and the booming NFT market on Polygon among the top 10 cryptocurrencies.

Retail FX

Financial Commission warns of Eplanet Brokers

The Financial Commission, a self-regulatory compliance specialist for the financial services industry, is ramping up its scrutiny of unregulated brokerage firms. Today, the independent association warned against a company called Eplanet Brokers.

Retail FX

Dubai crypto exchange steps into prop trading

Dubai-based cryptocurrency trading platform, CoinW Exchange, marked its sixth anniversary by announcing a rebranding initiative and launching a proprietary trading product.


Bitcoin payments app Strike launches in Europe

Bitcoin blockchain-based payments app Strike launched in Europe on Wednesday, allowing users in the region to buy, sell, and withdraw bitcoin (BTC).


Bandit Network’s Points SDK and Brave Ads Power Astar zkEVM’s Quest Platform “Yoki Origins”

“Yoki Origins,” supported by Bandit Network and Brave Ads, introduces a gamified and rewarding experience for Astar zkEVM users, marking a significant milestone in Web3 adoption.

Digital Assets

Crypto ETFs to debut in Hong Kong next week

Hong Kong has authorized six cryptocurrency-based spot ETFs set to launch on April 30, according to Bloomberg.


BlockDAG Among The Best New Crypto To Invest In Post 8 Billion Coins Sales; More On Bitcoin Cash Futures’ Launch & Solana Positive Predictions

Explore Solana’s ATH predictions to see whether it can rise after a $17B dip? BlockDAG sells 8 billion coins in presale as Bitcoin Cash Futures launch.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary:USD, FED, German IFO ,Gold April 24 ,2024

Mixed US economic data and Fed rate hike uncertainty are causing volatility in the EUR/USD pair, while the Eurozone and gold prices add another layer of complexity.

Market News, Tech and Fundamental, Technical Analysis

EURCHF Technical Analysis Report 24 April, 2024

EURCHF currency pair can be expected to rise further toward the next major resistance level 0.9840, which stopped the pervious waves C and B, as can be seen below.