Author: FX
Major currencies saw wild swings as Russia-Ukraine tensions escalated. Safe havens rallied on geopolitical fears while commodity currencies gained on rising oil prices. Source link
Gold prices rally 1.50% on Friday, boosted by a decrease in US 10-year Treasury yields to 4.40%. Escalating geopolitical concerns, including potential expansion of the Russia-Ukraine conflict, fuel demand for Bullion’s safe-haven status. US economic data shows mixed signals; Services and Composite PMIs outperform while Manufacturing PMI remains in contraction. Gold price rallies to a new two-week high on Friday during the North American session as US Treasury bond yields drop. Geopolitics continued to play its part, keeping the golden metal bid, while US business activity improved, capping the non-yielding metal advance. The XAU/USD trades at $2,710, gaining 1.50%. The…
Mexican Peso makes a late session recovery, supported by strong Q3 GDP figures and lower mid-month inflation. Concerns linger as Mexico’s legislative changes could impact its status in the USMCA agreement, potentially affecting trade dynamics. Banxico Governor indicates readiness to cut rates further if inflation trends continue downward, influencing Peso’s strength. US economic data, including better-than-expected S&P Global Flash PMIs and UoM Consumer Sentiment, bolstered the US Dollar. The Mexican Peso stages a recovery late in the North American session and registers minimal gains against the US Dollar. Upbeat economic data in Mexico and the US, ultimately boosted the Peso,…
US Dollar Index declines below 108.00 on Friday, November 22. DXY retreats from 2-year high despite strong S&P PMI data; profit-taking and China’s stimulus package contribute to pullback. Fed officials remain cautious with Barkin citing inflation risks and Williams indicating potential rate reduction. In Friday’s session, the US Dollar Index (DXY) declined slightly after reaching a new two-year high amidst geopolitical instability. However, strong S&P PMI data reinforced the US economy’s relative resilience, supporting the DXY’s gains. The US Dollar’s pullback was attributed to profit-taking and positive economic indicators from China, including a rate reduction and a comprehensive stimulus package.…
Aussie dropped 0.27% to 0.6495 in Friday’s trading. Mixed Judo Bank PMI data impacted the AUD, with strong manufacturing but weak service sector activity. S&P PMI data from the US came in strong. The AUD/USD declined just below 0.6500 as the market is focused on the US Dollar’s strength. The US Dollar Index (DXY) index hit a two-year high above 108.00. The AUD/USD pair exhibits a mixed outlook, influenced by the interplay of hawkish Reserve Bank of Australia (RBA) and mixed local economic data. However, the potential for future RBA rate hikes may limit the downside, though the overall trend…
NZD/JPY fell 0.27% on Friday, trading near the 90.30 level. Pair tallied a 3-day losing streak and seems to be scaping the 90.00-92.00 range to the downside. RSI and MACD bearish, signaling potential further losses toward 90.00. The NZD/JPY pair has been on a downward trajectory for the past three days, shedding 0.27% on Friday’s session to close near the 90.30 level. This losing streak has seemingly broken the 90.00-92.00 range, with further losses possible. The bearish outlook is supported by the Moving Average Convergence Divergence (MACD), which indicates a sell signal, and the Relative Strength Index (RSI), which is…
The Canadian Dollar treaded water to wrap up the trading week. Canada saw a slight decline in home prices, Retail Sales meet expectations. Broad-market sentiment supports the Greenback, limiting Loonie options. The Canadian Dollar (CAD) waffled into the midrange on Friday, testing into the low side but ultimately getting hamstrung as Canadian data comes in mixed and gets overshadowed by sentiment-bolstering US data prints. Canada saw an unexpected contraction in its New Housing Price Index in October, a welcome sign for Canadians suffering under the weight of home prices that have outrun income for decades despite investors not being able…
Silver rebounds to reclaim the $31.00 mark, buoyed by a drop in US Treasury yields and ongoing market dynamics. Technical landscape shows resistance at the 50-day SMA of $31.75, with potential targets extending to $32.00 and $33.00. Key support levels identified at $31.00 and $30.00, with further downside protection near the November low of $29.68. Silver price recovered some ground on Friday and reclaimed the $31.00 a troy ounce, boosted by falling US Treasury bond yields and despite a firm US Dollar. At the time of writing, the XAG/USD trades at $31.28, a gain of over 1.62%. XAG/USD Price Forecast:…
NZD/USD dipped by 0.54% on Friday, plunging to 0.5830. NZD/USD fell to the lowest level since early November as bears maintained control. While oversold conditions, as per indicators, could hint at a correction, the NZD/USD outlook remains negative towards the 0.5800-0.5900 range. The NZD/USD pair extended its losses on Friday, declining by 0.54% to 0.5830, its lowest level since early November. The technical indicators align with the bearish outlook, as the Relative Strength Index (RSI) has fallen sharply into the near oversold area at 33, indicating rising selling pressure. The RSI’s decline is supported by the Moving Average Convergence Divergence…
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