Author: FX

SOMKID THONGDEE A recent surge in fear that the U.S. economy is heading into a recession has subsided, but investors this week will scrutinize a labor-market report to determine if their initial concerns about the economy were on target, according to LPL Financial. The Bureau of Labor Statistics (BLS) is slated to release the 2024 Preliminary Benchmark Revision to Establishment Data that will include non-farm payroll data from April 2023 to March 2024. Investors have taken note that Federal Reserve Chair Jerome Powell has increasingly invoked the Fed’s maximum employment mandate when discussing monetary policy, LPL Financial said Monday. The…

By Khushi Singh and Purvi Agarwal (Reuters) -London stocks ended higher on Monday, boosted by a rise in metal mining shares as prices of most base and precious metals advanced, while homebuilder Barratt gained after the competition regulator’s condition was waived for its deal to buy Redrow. The blue-chip was up 0.6%, led by a 2.4% gain in precious metal miners amid a recent record run in gold prices, which traded above $2,500 per ounce. Industrial metal miners surged 2.1% after prices notched a 2-1/2 week high, with buying spurred by signs of improving demand in top consumer China and…

The US dollar is at the lows of the day against the euro, pound and commodity currencies. That’s a continuation of the price action from late last week.The dollar ran higher on retail sales and WMT commentary last week but has slowly retraced (and more). That’s a concerning sign for the dollar bulls as it’s failed to rally on good news. The bond market is also signaling lower yield despite the rethink on the rate path in fed fund futures.This could be two things:1) Broader dollar deleveragingI think that many in the market were frightened by the early-August episode and…

EUR/USD reached a marginal new high barely above 1.1050 earlier, reflecting broader USD losses and little else, Scotiabank’s Chief FX Strategist Shaun Osborne notes. 200-week MA is the next major resistance for the EU “There were no data reports from the Eurozone today. Local focus falls on Thursday’s ECB minutes and the central bank’s update on negotiated wages for Q2. Some ECB hakes have fretted that still high wage growth is a risk for the inflation outlook. Eurozone PMIs are also released Thursday. Real and nominal spreads are EUR-supportive but some additional spread compression may be needed to drive more…

Some say that volatility is a forex trader’s best friend, but how do you make profits on a low-volatility trading day or when there are no major catalysts? Here are a few suggestions on how to gain profits even when markets appear to be in snooze mode: 1. Look at currency correlations for possible trade opportunities A lack of central bank announcements or top-tier economic reports doesn’t necessarily mean a low-volatile trading week for the major currencies. One of the advantages of currency trading is that it’s not just dependent on central banks and economic data for some action. All…

(Reuters) -The U.S. Food and Drug Administration on Monday granted a tentative approval to Liquidia Corp’s drug for patients with a type of lung disorder, but stopped short of a traditional approval, sending its shares down nearly 22% before the bell. The company said it has to wait for the expiration of regulatory exclusivity of United Therapeutics (NASDAQ:)’ Tyvaso on May 23, 2025 before final approval can be granted. The company said it will challenge the FDA’s decision to grant regulatory exclusivity to United’s Tyvaso. Source link

Today the calendar is empty on the data front and the only highlight will be Fed’s Waller speech at 13:15 GMT/09:15 ET. Christopher Waller is a key Fed governor because he’s been a “leading indicator” for changes in Fed’s policy. We already got Fed’s Daly over the weekend saying that the time to consider trimming rates has come, and we will likely hear more of the same message coming from Fed speakers this week which should culminate with Fed Chair Powell pre-committing to a rate cut in September at the Jackson Hole Symposium.The market’s price action could get choppy heading…

Brent crude oil prices may be using a broken trend line resistance as a support zone. Will oil prices bounce from the potential technical support area in the next few days? We’re looking at UKOIL’s 4-hour chart today! Brent Crude Oil (UKOIL) 4-hour Chart by TradingView If you missed our latest global recap, you should know that the previous week was NOT a good week for crude oil prices after oil firms like OPEC and IEA downgraded their 2024 global demand forecasts and peace talks in the Middle East lowered the odds of escalating geopolitical tensions in the region. Brent…

Gold prices fell in Pakistan on Monday, according to data compiled by FXStreet. The price for Gold stood at 22,319.55 Pakistani Rupees (PKR) per gram, down compared with the PKR 22,382.65 it cost on Friday. The price for Gold decreased to PKR 260,335.10 per tola from PKR 261,066.80 per tola on friday. Unit measure Gold Price in PKR 1 Gram 22,319.55 10 Grams 223,201.80 Tola 260,335.10 Troy Ounce 694,249.50 FXStreet calculates Gold prices in Pakistan by adapting international prices (USD/PKR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time…

I’m seeing a textbook break and retest situation forming on the daily time frame of NZD/CHF! Will this area of interest hold as a ceiling this time? Take a look at this long-term potential support-turned-resistance zone I’m watching: NZD/CHF Daily Forex Chart by TradingView Missed that bearish breakdown and selloff on NZD/CHF recently? The pair could be gearing up for another major wave lower, as it pulls up for a retest of the former support zone around the .5200-.5300 psychological levels. The Fibonacci retracement tool even shows that this area of interest is right around the 50% level while the…