Author: FX
The S&P 500 (SP500) on Friday slipped 0.04% for the week to end at 5,344.16 points, posting gains in three out of five sessions. Its accompanying SPDR S&P 500 ETF Trust (NYSEARCA:SPY) inched up 0.02% for the week. Wall Street’s benchmark index has now notched a four-week losing streak for the first time since September 2023. And what a wild week it was, to say the least! The S&P (SP500) on Monday cratered 3% amid a global rout in equities, and then proceeded to erase all those losses over Tuesday to Friday. That push wasn’t enough to end the week…
The AUD/JPY pair declined to 96.45 on Friday resuming the losses after three sessions with gains. However, technical indicators suggest a shift towards neutral territory, with the RSI moving out of the oversold zone and the MACD showing decreasing red bars. The cross will close a weekly gain of nearly 1% despite the losses. In Friday’s session, the AUD/JPY pair declined by 0.65% to 96.45, extending its recent downward trajectory. Despite this move lower, technical indicators are showing signs of a potential shift in market sentiment. The Relative Strength Index (RSI) has moved out of the oversold territory below 30…
After a Monday meltdown, risk-on currencies like the AUD & CAD were able to take the top spot thanks to positive U.S. surprises and net positive individual themes. Source link
EUR/USD wrapped up the trading week nearly where it started. Market balance has broadly recovered as wait to Fed cuts resumes. Coming up next week: EU GDP & US CPI inflation. EUR/USD finished off a sedate trading week close to where it began, trading within a tight range of slightly more than 1%. Fiber tried to spark a fresh bid back above the 1.1000 handle on Monday, but price spent the rest of the week easing back into familiar technical levels. Forecasting the Coming Week: US CPI and Fed’s easing should rule the sentiment Market focus remains squarely on the…
Risk sentiment was one of the main driving forces for price action for the most part of the week, although there were still instances when some asset classes and major currencies veered away from the pack. For one, central bank events and top-tier economic updates highlighted divergences in interest rate expectations, spurring gains for currencies with more hawkish policy biases. Geopolitical tensions also popped back in the headlines, propping crude oil higher on global supply concerns. How did your closely watched assets react to these events? Let’s break them down. This Article Is For Premium Members Only Become…
Gold advances for the second day on Friday, buoyed by expectations of Fed easing in September. US economic data shows deceleration but not enough to stoke recession fears. Ongoing Middle East tensions between Israel, Lebanon and Iran keep Gold demand firm. Gold prices advanced modestly for the second straight day as market participants remain convinced the Federal Reserve (Fed) could begin to ease policy at the upcoming September meeting. This and heightened tensions between Israel, Lebanon and Iran keep bullion bid ahead of the weekend. The XAU/USD trades at $2,432, up by 0.22%. The latest tranche of economic data from…
AUD/USD slightly retreats, settling near 0.6575 on Friday. RBA reiterates its hawkish stance, contributing to a buoyant AUD. Investors digest Chinese inflation reported during the European session. The AUD/USD pair witnessed a minor setback at 0.6575 during Friday’s session, a modest descent of 0.30%. That being said, the Reserve Bank of Australia’s (RBA) unwavering hawkish discourse and stronger Chinese inflation figures might limit the downside for the Aussie. Given the complex Australian economic prospect and the RBA’s hawkish inclination due to elevated inflation, markets persistently price just a 25 bps easing in 2024. Daily digest market movers: RBA’s resolute hawkish…
It seems like ages ago, but on Monday, it seemed like markets were on the precipice. The Japan’s Nikkei 225 index on Monday fell -12.4% and analysts were figuring out where the circuit breakers would be. There were chatter on how the Fed needed to have an emergency meeting and cut rates by 75 basis points. The market priced in with 100% certainty 50 basis point cuts in September and November. Yields fell sharply. However services ISM data didn’t come in as week, and the markets settled. By the end of the week, the flow of funds in the Forex…
NZD/JPY moves sideways after a three-day winning streak, and mixed technical signals emerge. The RSI remains near the oversold area despite rising, and the MACD prints decreasing red bars. Shrinking volume suggests that the selling pressure is waning, indicating a potential reversal. The NZD/JPY currency pair remained in a consolidation pattern on Friday, hovering around the 88.000 level. While the pair has experienced a three-day winning streak, technical indicators present contrasting signals, and the pair is set to side-ways trade. From a technical standpoint, the Relative Strength Index (RSI) indicator is currently at 30, indicating that the pair is still…
GBP/USD chalked in a fourth consecutive down week. Despite early losses, Cable clawed back some ground late in the week. Coming up next week: UK and US CPI inflation updates. GBP/USD wrapped up a fourth straight week in the red, closing lower around four-tenths of one percent despite a late-week recovery from lows below the 1.2700 handle. A thin showing on the economic calendar from the UK side gave GBP traders a breather after the Bank of England (BoE) sparked a broad-market pummeling of the Pound Sterling. Market flows have since rebalanced, and investors have now pivoted towards next week’s…