Author: FX

Neilson Barnard/Getty Images Entertainment Southwest Gas (NYSE:SWX) disclosed plans Friday to move forward with an IPO for its infrastructure services business, two years after first announcing its intention for the spinoff following a challenge by activist investor Carl Icahn. Centuri Holdings, which builds and maintains energy networks that power millions of homes and businesses across the U.S. and Canada, plans to list on the NYSE under the CTRI symbol. Southwest Gas (SWX) said in 2022 that it would spin off the unit to focus on its regulated natural gas business, after reaching a settlement with Icahn. The timing, number of…

SlavkoSereda/iStock via Getty Images The Biden administration has urged Ukraine to halt drone strikes on Russia’s energy infrastructure, warning the attacks risk provoking retaliation and driving up global oil prices, Financial Times reported on Friday. The U.S. delivered repeated warnings to senior officials at Ukraine’s state security service and military intelligence directorate, according to the report. The attacks have helped lift crude oil prices nearly 4% so far since March 12, when Ukraine ramped up its drone attacks on Russia’s refineries and other energy infrastructure. The U.S. also is said to be concerned that Russia could retaliate by hitting energy…

Indicators flash oversold conditions on the daily chart. Contrarily, hourly chart indicators suggest a slow return of bullish impulse as the bears might have run out of steam. In Friday’s session, the NZD/USD declined just below the 0.6000 threshold, illustrating a bearish outlook as sellers continue to dominate the market. The pair is positioned below its primary Simple Moving Averages (SMAs), further backing the bearish perspective. Technical indicators hint at a strengthening sellers’ command but indicators lay in oversold terrain, a typical signal, and the buying momentum might recover. On the daily chart, the Relative Strength Index (RSI) for the…

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Gold prices see second day of decline, falling to $2,159 after peaking at an all-time high of $2,223. The Federal Reserve’s dovish stance on interest rates keeps US yields down, except for US Dollar. Odds for Fed rate cut in June remain above 70% via CME FedWatch Tool. Gold prices drop for the second consecutive day on Friday after hitting an all-time high of $2,223 on Thursday. Renewed demand for the Greenback amid falling US Treasury bond yields surprised traders and weighed on the yellow metal. At the time of writing, XAU/USD trades at $2,159, losing 0.90%. The Federal Reserve’s…

Investors continue to bet on the easing cycle beginning by June, led by incoming data. The Greenback is holding resilient despite the Fed’s somewhat dovish guidance and falling US Treasury yields. Next week, the US will release PCE figures from February. The US Dollar Index (DXY) is currently trading at a robust 104.428, marking the highest level since mid-February. Notably, the ongoing data continues to set expectations for the commencement of the Federal Reserve (Fed) easing cycle, which most agree will kick off in June. The Fed rejected higher inflation results, and Chairman Jerome Powell reassured markets that the bank…

The USD is ending the day mostly higher with gains vs all the major currencies with the exception of the JPY and CHF (-0.16% and -0.06 respectively). The strongest to the weakest of the major currenciesThe greenback rose the most vs the AUD (+0.84%), NZD (+0.79%) and CAD (+0.59%). Solid gains on the day (near 0.50%) were made vs the EUR and the GBP as well. For the trading week, the USD moved higher vs ALL the major currencies. Below is those gains:EUR: +0.72%JPY: +1.59%GBP: +1.03%CHF: +1.46%CAD: +0.50%AUD: +0.71%NZD: +1.52%The gains in the greenback came despite declines in US yields…

Dow Jones trims recent gains as US equities churn. DJIA eases back after failing to capture 39,900.00 Markets hit a wide range heading into the Friday close. The Dow Jones Industrial Average (DJIA) was forced  into the low side around three-quarters a percent as US equities drifted in multiple directions on Friday. US markets are running the gamut to wrap up the trading week, with the DJIA testing down, the NASDAQ Composite lifting around a sixth of a percent on the day and the S&P 500 stumbling around a sixth of a percent on Friday. Most of the US equity market’s major sectors…

Euro sheds 1.3% top-to-bottom in broad-market pullback into USD. Upbeat German data couldn’t keep the Euro afloat. US GDP and PCE inflation to be key data prints next week. The EUR/USD lost further ground on Friday, as investors shrugged off above-forecast German economic data to bid up the US Dollar across the board. Mid-tier German sentiment indicators all came in well above expectations as consumer, investor, and business sentiment all improve. However, middling to soft economic data from Europe remains a key stumbling block for overly bullish confidence. Federal Reserve (Fed) Chairman Jerome Powell delivered a speech while attending a…

The Canadian Dollar gives up further ground to the Greenback. Canada Retail Sales ease from previous figures but less than expected. Next week: Canada & US GDP figures to drive USD/CAD. The Canadian Dollar (CAD) shed further weight against the US Dollar (USD) on Friday as market participants readjust their Greenback exposure in quiet Friday trading. Investors have pared back nearly all of the gains made during the midweek splurge sparked by rate cut bet hopes after the Federal Reserve (Fed) nodded toward higher odds of rate cuts to come. Canada revealed a slight slide in Retail Sales figures in…