EUR/USD Current Price: 1.1294 * Risk-aversion took over as the Fed sees a long path towards recovery. * US Initial Jobless Claims hit 1.54 million in the week ended June 5. * EUR/USD is losing its bullish stance and about to pierce the 1.1300 figure.The EUR/USD pair has spent this Thursday consolidating below 1.1400, falling to fresh daily lows by the end of the day below 1.1300 as risk-off dominated the financial scene. Following the US Federal Reserve monetary policy announcement on Wednesday, equities entered a selling spiral that continued throughout the different sessions. The fact that the Fed will maintain rates at current lows at least through the next two years, among other things, sounded the alarm on those thinking on a soon-to-come economic recovery. The dollar benefited to a different extent against its major rivals from this risk-averse sentiment.The macroeconomic calendar had little to offer, as there were no data releases coming from the EU. The US, on the other hand, published the Initial Jobless Claims for the week ended June 5, which were slightly better-than-expected, as 1.54 million Americans filed for unemployment. Continuing Jobless Claims, however, edged higher to roughly 21 million in the week ended May 29. This Friday, the EU will unveil April Industrial Production, seen down by 20% in the month, while the US will publish the preliminary estimate of the June Michigan Consumer Sentiment Index, foreseen at 75 from 72.3 in the previous month.EUR/USD short-term technical outlook The EUR/USD pair is trading below 1.1300 as the day comes to an end, losing its bullish stance. In the 4-hour chart, it has pierced a bullish 20 SMA, which continues advancing above also bullish larger moving averages. Technical indicators have turned south, the Momentum holding within positive levels, but the RSI already below its 50 line. The decline could extend once below the 1.1300 figure towards 1.1260, a more relevant support level.Support levels: 1.1260 1.1225 1.1170Resistance levels: 1.1310 1.1350 1.1390View Live Chart for the EUR/USDSee more from Benzinga * AUD/USD Forecast: Firmly Above 0.7000 And Heading Towards The 0.7100 Price Zone * EUR/USD Forecast: Nearing The Multi-Week High At 1.1384 * EUR/USD Forecast: Bulls Keep Buying On Dips(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Posted by OFX AUD – Australian Dollar The Australian dollar plunged through trade on Thursday as investors' appetite for risk soured, prompting a flight to haven assets. Having touched early morning highs just shy of 0.70 US cents the AUD came under sustained selling pressure throughout the day as investor optimism surrounding … Continue reading "Australian dollar plunges lower as uncertainty floods markets"The post Australian dollar plunges lower as uncertainty floods markets appeared first on .
(Bloomberg) — Hertz Global Holdings Inc. is asking a bankruptcy judge to let it take advantage of the quixotic surge in its stock by selling up to $1 billion of new shares.Stocks of bankrupt companies typically get wiped out, but after an enormous two-week rally, the car rental giant envisions offering as many as 246.78 million common shares with help from Jefferies LLC, according to a court filing. Judge Mary Walrath set a hearing for Friday to consider the idea.Investors are bidding up Hertz and other bankrupt companies on optimism that the economy and specifically air travel is poised to rebound. Hertz might also benefit from prices of used cars at auctions coming all the way back from a mid-April collapse.Hertz based its request to the court on a nearly tenfold increase in its stock from 56 cents on May 26 to $5.53 on Monday, according to the filing. While the stock has slid to less than half that level, Hertz said a sale of its unissued shares still could help cover its debts.“The recent market prices of and the trading volumes in Hertz’s common stock potentially present a unique opportunity for the debtors to raise capital on terms that are far superior to any debtor-in-possession financing,” the company said, referring to a traditional bankruptcy loan.A share offering would avoid new interest, fees and restrictions on Hertz’s finances and wouldn’t impose any claims from a bankruptcy loan that would outrank existing creditors, the company said.Hertz said it would warn any potential buyers “the common stock could ultimately be worthless.”Lawyers asked for an emergency ruling “given the volatile state of trading in Hertz’s stock.” Indeed, the shares had fallen to $2.06 by the end of Thursday’s session, cutting Hertz’s potential windfall closer to half a billion dollars.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.