Author: FX
The Mexican Peso is holding on the high side on Friday. An uptick in US consumer sentiment has bolstered market risk appetite. Hopes for a September Fed rate cut remain high. The Mexican Peso (MXN) eased slightly higher against the Greenback on Friday, but bullish momentum behind the MXN is draining quickly after putting in three straight days of gains. US consumer sentiment figures from the University of Michigan bolstered risk appetite during the US session, prompting broad weakness in the US Dollar as investors scooped up riskier assets. Mexico has limited representation on the economic calendar next week, and…
Nike stock gains ahead of broad market indices. Dow Jones flat alonside rest of equity market. Michigan Consumer Sentiment arrived ahead of conensus. Bill Ackman now owns more than 3 million shares of Nike. Nike (NKE) is gaining on Friday as the general market drifts sideways. The sneaker mainstay and athletic brand is getting a sudden lift this week as news surfaced that hedge funder Bill Ackman’s Pershing Square Capital Management had taken a stake. Besides Ackman’s high profile from days of yore when he was an active short-seller, the Nike stock purchase is big news since Ackman is…
Israeli intelligence now assesses that Hezbollah and Iran have lowered the level of alertness in their rocket and missile units and that the response will take place at a later date, according to five Israeli officials, cited by the New York Times.”By Friday, Israeli intelligence had assessed that Hezbollah and Iran had lowered the level of alertness in their rocket and missile units, according to five Israeli officials. Israel now believes the Iranian-led response – already apparently delayed several times – will take place at a later date, the officials said. The officials have cautioned that their assessments are rapidly…
Large-scale CTA buying activity may have supported Platinum markets last session, but signs of buying exhaustion could now morph into selling activity, TDS Senior Commodity Strategist Daniel Ghali notes. Palladium may still jump higher “Prices will now have to rally towards $995/oz to keep CTAs from shedding some of their recently added length, and a big downtape over the coming week could spark massive CTA selling activity totaling up to -40% of the algos’ max size.” “That being said, there are still some scenarios for the coming week that could result in continued buying activity from algorithmic trend followers, but the set-up…
Wall Street’s major market averages were muted on Friday, after housing starts and building permits in July surprised to the downside. Early on and the S&P 500 (SP500), the Nasdaq Composite (COMP:IND), and the Dow (DJI) were all near even. The 10-year Treasury yield (US10Y) fell 1 basis point to 3.990%. The 2-year yield (US2Y) fell 2 basis points to 4.07%. Housing starts and building permits came in lower than expected in July. Friday’s decline comes a day after Wall Street closed higher as economic data and upbeat comments from retail giant Walmart (WMT) helped ease recession worries. Retail sales…
Suppose you’ve just experienced a huge losing streak. What are you likely to do next? Are you the type of trader who becomes so depressed that you are unable to take clear forex trading signals, or are you the type of trader who’s able to easily shrug it off? No matter how long you have been trading, there is always the risk of experiencing performance anxiety. When things do not go your way, there is a chance that you’ll become overly pessimistic and see the situation as a sign that you are a failure. As a result, your trading performance dwindles…
Fundamental OverviewYesterday, we got two strong US data releases as the Jobless Claims and Retail Sales figures came out much better than expected. The initial reaction was US Dollar bullish, but after a while the market started to fade the move.The reason is that the risk-on sentiment is generally negative for the greenback as the market focuses on positive global growth. Of course, the reasons to sell the USD are not that strong and that’s why in the big picture the major currency pairs have been mostly trading in a range for a year. But in the short term, the…
EUR/USD regains positive traction on Friday amid the emergence of some USD selling. Fed rate cut bets, along with a positive risk tone, undermine the safe-haven Greenback. The technical setup favors bulls and supports prospects for a further appreciating move. The EUR/USD pair builds on the overnight bounce from the 1.0950 area and gains some follow-through traction on Friday, albeit seems to lack bullish conviction. Spot prices stick to modest intraday gains through the early part of the European session and currently trade around the 1.0985 region, up just over 0.10% for the day. The US Dollar (USD) struggles to…
da-kuk The Asia-Pacific equity markets added gains on Friday, headed for a weekly gain as better than expected numbers from the U.S. tapers the fears of recession. Japan (NKY:IND) +3.75%, poised for its best week in more than four years with an upbeat risk sentiment. The Japanese yen (JPY:USD) depreciated past 149 per dollar, hitting a two-week low China (SHCOMP) +0.01%. rising for the second straight session and tracking global peers. Hong Kong (HSI) +2.05% Malaysia’s economy expanded 5.9% Y/Y in Q2. Singapore’s non-oil domestic exports surged 15.7% Y/Y in July. India (SENSEX) +0.72% gaining for the third straight session,…
Precious metals have been tossing and turning while the market mood keeps shifting these days. What’s next for silver as it gears up to test this former support zone? Silver (XAG/USD) Daily Chart by TradingView Risk-off flows from early last week kept silver below the support zone at $30.000, potentially turning this area into a resistance level next. The Fibonacci retracement tool on the latest downswing on the daily chart reveals that this lines up with the 50% level, as well as the pivot point ($29.096). Looking further back shows that this area previously held as resistance back in April.…