Author: FX
GBP/USD Price Forecast: Drops from yearly peak amid soft US Dollar The Pound Sterling registered minuscule losses against the Greenback, yet it remains close to two-year peak levels on Friday. The US Bureau of Economic Analysis revealed that inflation is about to hit the Fed’s 2% target. At the time of writing, the GBP/USD trades at 1.3403, down 0.08%. Read More… Pound Sterling reclaims 1.3400 on soft US PCE inflation The Pound Sterling (GBP) recovers sharply above the round-level resistance of 1.3400 against the US Dollar (USD) in Friday’s North American session. The GBP/USD pair gains strength after the release of the United States (US) Personal Consumption Expenditure Price…
What just happened? August’s US Personal Consumption Expenditure Price Index (PCE), or PCEPI as the US Federal Reserve (Fed) refers to it, clocked in at an annualized rate of 2.2% YoY on September 27, the lowest print of the key inflation metric since March of 2021. This is an important step toward the Fed being able to claim ‘victory’ over inflation as price indexes continue to ease toward the US central bank’s overall target of 2% annual PCE inflation. Despite the rosy print in headline PCEPI inflation in August, several headwinds to the Fed’s policy goals remain. Core PCEPI, a…
Hezbollah leader Hassan NasrallahThe Primary Target of the latest Israeli Airstrike on Beirut is said to be Hezbollah leader, Hassan Nasrallah. The HQ is said to be located beneath residential buildings.Israel Defense Forces spokesperson Daniel Hagari said:“Moments ago, the Israel Defense Forces carried out a precise strike on the central headquarters of the Hezbollah terror organization that served as the epicenter of Hezbollah’s terror,” he said. “Hezbollah’s terror headquarters was intentionally built under residential buildings in the heart of Beirut, as part of Hezbollah’s strategy of using human shields.”Israel is going for the jugular. If this doesn’t result in retaliation…
USD/JPY falls further to 142.50 on multiple headwinds. Japan Ishiba’s victory in PM elections has strengthened the Japanese Yen. Cooling US inflationary pressures have weighed on the US Dollar. The USD/JPY pair nosedives to near 142.50 in Friday’s North American session. The asset weakens as the victory of Japan’s former defence minister Shigeru Ishiba in the Prime Ministerial contest has strengthened the Japanese Yen (JPY). Japanese Yen PRICE Today The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Canadian Dollar. USD EUR GBP JPY CAD AUD…
Fundamental OverviewThe USD remains under pressure amid the aggressive market pricing for rate cuts and better global growth expectations following the recent huge Chinese easing measures. It’s now a battle between global growth supporting the risk sentiment and weighing on the greenback and the aggressive rates pricing which could be scaled back if the US data starts to pick up. On the CAD side, the latest soft Canadian CPI raised the probabilities for a 50 bps cut at the upcoming meeting as BoC’s Macklem hinted to a possibility of delivering larger cuts in case growth and inflation were to weaken…
The Australian Dollar (AUD) could edge higher, but it is unlikely to be able to break above 0.6930. In the longer run, AUD has to break and remain above 0.6930 before an advance to 0.6980 can be expected, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note. AUD has to remain above 0.6930 to advance towards 0.6980 24-HOUR VIEW: “We highlighted yesterday that AUD ‘could dip below 0.6800 before stabilisation can be expected.’ However, AUD rebounded strongly, reaching a high of 0.6905. The strong rebound has resulted in an increase in momentum, albeit not much. Today, we…
USD/JPY daily chartThe results of the run-off vote should be in the next hour and it’s still a close call now, with ex-environment minister Koizumi bowing out. The Nikkei is happy with the results so far at least, rallying further on the day. And that is weighing on the yen a little, with USD/JPY now inching back above 146.00 for the first time since the start of the month.Takaichi taking the first round of votes heading into the run-off is a big deal of course. She is one of the more vocal ones on policy, having said that the BOJ…
Gold prices remained broadly unchanged in India on Friday, according to data compiled by FXStreet. The price for Gold stood at 7,180.29 Indian Rupees (INR) per gram, broadly stable compared with the INR 7,185.96 it cost on Thursday. The price for Gold was broadly steady at INR 83,749.47 per tola from INR 83,815.65 per tola a day earlier. Unit measure Gold Price in INR 1 Gram 7,180.29 10 Grams 71,802.88 Tola 83,749.47 Troy Ounce 223,337.10 FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the…
U.S. equity indices have been setting one record high after another these days! But is it time for a major pullback on the S&P 500 soon? Check out these inflection points I’m watching on the 4-hour time frame: S&P 500 Index (SPX500) 4-hour Chart by TradingView It looks like the Fed’s easing efforts and aggressive stimulus measures from China are breathing life back in the U.S. stock markets lately! In fact, the S&P 500 index has surged to fresh record highs this week while FOMC officials continue to express support for further reductions in borrowing costs. After all, the possibility…
Has EUR/JPY reached the end of its trend? Check out this reversal chart pattern forming on the pair’s 4-hour time frame while price is inching closer to testing the neckline! EUR/JPY 4-hour Forex Chart by TradingView Improving risk sentiment and a not-so-hawkish Bank of Japan (BOJ) announcement last week is helping lift EUR/JPY closer to testing the resistance around the 162.50 minor psychological mark. This happens to be the neckline of a double bottom pattern visible on the pair’s 4-hour chart, as price has made a couple of failed attempts to break below the 155.00 area over the past two…