Author: FX
GBP/USD traded back above 1.2860 after US Retail Sales data beat. Improving economic data releases ease market fears of US recession. UK GDP met expectations, and manufacturing improved more than expected. GBP/USD recovered back into the high side on Thursday after a bullish tilt in UK data prints coupled with better-than-expected US Retail Sales figures helped to improve overall market sentiment and keep the Greenback pinned on the low side. US Retail Sales growth lurched to an 18-month high of 1.0% MoM in July, well above the forecast 0.3% and entirely engulfing the previous month’s -0.2% contraction. Improving economic health…
By Patrick Wingrove and Trevor Hunnicutt WASHINGTON (Reuters) -The Biden administration said on Thursday it has negotiated down the prices of 10 top-selling prescription drugs used by Medicare by as much as 79% and hopes to save $6 billion in the first year, aiming to ease Americans’ anger about high prices ahead of elections. President Joe Biden’s signature Inflation Reduction Act, signed into law in 2022, allows Medicare to negotiate prices for some of the most costly drugs that the program covers for 66 million people. The new prices will go into effect in 2026. They represent cuts to individual…
Prior was +0.5%Retail inventories +0.2% vs +0.2% priorNo surprises here. This article was written by Adam Button at www.forexlive.com. Source link
The Euro (EUR) is steady on the session and looks quite comfortable trading on a 1.10 handle. Minor dips to the low/mid 1.09s possible for EUR “There were no Eurozone data reports this morning and spot has mostly flatlined after drifting back from yesterday’s intraday high. Real and nominal EZ/US rate spreads are EUR-supportive and the EUR appears fundamentally underpinned by the compression in (still negative) yield spreads in recent weeks (well enough for gains to stretch to the mid/upper 1.10s).” “Spot gains are consolidating in the short run. EUR losses from the intraday high yesterday are not enough at…
Fundamental OverviewGold has been on a steady rise recently due to a geopolitical driver coming from the Middle East and a fall in real yields. Yesterday, we saw a drop after a benign US CPI report which might have been due just to technicals as we were at a key resistance level or a repricing in interest rates expectations. In fact, the probabilities for a 50 bps cut in September continue to recede and if we keep on getting pretty stable economic data, then the market will likely need to pare back the aggressive rate cuts expectations putting a lid…
The Japanese Yen edges higher due to rising odds of the BoJ adopting a hawkish stance amid upbeat GDP data. Japan’s Gross Domestic Product increased by 0.8% in Q2, marking the strongest quarterly growth since Q1 of 2023. The US Dollar appreciates due to improved Treasury yields despite rising expectations of the Fed’s rate cut in September. The Japanese Yen (JPY) gains ground against the US Dollar (USD) on Thursday. This upside occurred as Japan’s Gross Domestic Product (GDP) growth for the second quarter surpassed expectations, supporting the argument for a potential near-term interest rate hike by the Bank of…
Don’t look now, but CHF/JPY is sitting right on a major area of interest on its daily time frame. As you can see on the long-term chart below, the pair is testing a Fib level, ascending trend line, and former resistance zone. Better keep your eyes on these levels in case the uptrend stays intact! CHF/JPY Daily Forex Chart by TradingView Franc bulls (or yen bears) seem to be defending the solid support zone, as a long-wicked candlestick formed as soon as price tested the area of interest. After all, this is right around the 61.8% retracement level at the…
Check out this new consolidation pattern on the 4-hour time frame of gold! Can the sideways price action keep going or are we about to see a breakout soon? Here are the nearby inflection points I’m watching closely: Gold (XAU/USD) 4-hour Chart by TradingView This precious metal has been forming higher lows since last month and has been hitting a ceiling around $2,475, creating an ascending triangle chart pattern. Gold appears to be retreating from the triangle resistance once more, potentially setting its sights back on support near the pivot point level ($2,418.17) and the moving averages. The 100 SMA…
Lenovo Group ADR press release (OTCPK:LNVGY): Q1 GAAP EPS of $0.02. Revenue of $15.4B (+19.4% Y/Y) beats by $1.29B. Driven by strong growth in its Cloud Service Provider business, ISG delivered a record quarterly revenue of US$3.2 billion, up 65% Y/Y. Combined revenue from storage, software and services achieved significant growth of 59% Y/Y, setting a new record. Revenue from ISG’s Neptune liquid cooled servers grew more than 50%, driven by its unique sustainability benefits amidst the industry’s growing AI workload needs. Source link
U.Today – is about to undergo a noteworthy technical event that could significantly affect how much it moves in the future. This is almost a death cross, where the 200-day Exponential Moving Average (EMA) crosses below the 100-day EMA. Because it represents a change in momentum from bullish to bearish, this technical pattern – which is occurring around the $0.12 level – usually indicates the possibility of a protracted downtrend. A bearish outlook for Dogecoin may be confirmed if the 100 EMA crosses below the 200 EMA and remains there. The price of DOGE would probably decline more as a…