Author: FX
Fundamental OverviewLast week, crude oil has been on a seesaw due to supply side factors as we got the news that Libya was going to close down all oil fields and halt production and exports, and then that Iraq was going to cut production.On Friday, oil weakened again on the news that OPEC+ was going to proceed with the planned production hike in October. In the bigger picture, the market has been mostly rangebound for two years as central banks tightening weighed on growth. Right now, it seems like the Fed is going to cut rates into a resilient economy…
Markets were largely quiet overnight as US markets were closed for labour day holiday, OCBC FX strategists Frances Cheung and Christopher Wong note. Lots of data coming this way “Market activity could pick up pace as data releases intensify with payrolls to end the week on Fri. Greater emphasis will be placed on labour market-related data, given that Fed’s focus has shifted towards supporting labour market. Today we have ISM mfg, new orders, employment.” “Good and bad data may point to USD strength while data in line with estimate may see a more muted response to USD. DXY was last…
GBP/CAD has been in a downtrend after hitting a previous resistance area. Will the pair extend its downtrend after the BOC publishes its September policy decision? We’re taking a closer look at the 1-hour time frame! This Article Is For Premium Members Only Become a Premium member for full website access, plus get: Ad-free experience Daily actionable short-term strategies High-impact economic event trading guides Access to exclusive MarketMilk™ sections Plus More! Source link
There are a couple to take note of, as highlighted in bold.The first being for EUR/USD at the 1.1050 mark. And that could perhaps limit price action and make things a bit stickier in the session ahead before we get to the US open. Similarly, the one for USD/CAD at the 1.3500 level will play a small part in providing a floor to price action.All that said, dollar sentiment in the bigger picture is still the number one driver of markets this week. All the focus is on US data and we may see flows shift around and pick up…
This Loonie pair is testing a long-term area of interest and is forming a short-term reversal pattern ahead of the Bank of Canada’s (BOC) rate decision. Expectations are for another interest rate cut by the Canadian central bank, as well as updates to their economic forecasts. Can EUR/CAD gain traction on its potential uptrend? This Article Is For Premium Members Only Become a Premium member for full website access, plus get: Ad-free experience Daily actionable short-term strategies High-impact economic event trading guides Access to exclusive MarketMilk™ sections Plus More! Source link
The Japanese Yen edges higher as the government will allocate ¥989 billion to fund energy subsidies. The JPY faced challenges as weak Japanese manufacturing data fueled speculation that the BoJ might postpone further rate hikes. The US Dollar receives support from improving Treasury yields. The Japanese Yen (JPY) ended its four-day losing streak, edging higher against the US Dollar (USD) on Tuesday. However, the JPY encountered headwinds as weak Japanese manufacturing data fueled speculation that the Bank of Japan (BoJ) might postpone further rate hikes. Japan will allocate ¥989 billion to fund energy subsidies in response to rising energy costs…
By Liz Lee BEIJING (Reuters) -China and South Africa, whose top leaders met in Beijing, agreed to promote balanced trade and discussed boosting two-way investments between their industrial and commercial communities, a joint statement on Tuesday showed. President Xi Jinping and his South African counterpart Cyril Ramaphosa met on Monday, ahead of the ninth forum on China-Africa cooperation. Both sides called Ramaphosa’s visit of “great significance” to the development of bilateral relations. Ramaphosa had sought with Xi to narrow South Africa’s trade deficit with Beijing and review his country’s trade structure with China, petitioning for more sustainable manufacturing and job-creating…
Imagine a dynamic channel plotted on your trading chart, constantly adapting to market volatility. That’s the essence of ATR Channels! This technical indicator utilizes the Average True Range (ATR), a volatility measure, to construct upper and lower bands around a chosen moving average. As market volatility fluctuates, these bands expand and contract, visually depicting potential areas of support and resistance. Understanding the Functionality of ATR Channels Now that we’ve established the building blocks, let’s explore how ATR Channels function within the MT5 platform. How ATR Channels are Constructed The construction of ATR Channels revolves around three key elements: Moving Average…
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Gold prices fall during a quiet North American session with US markets closed for Labor Day. Upcoming US economic reports — ISM PMIs, JOLTS job openings, ADP Employment Change, and Nonfarm Payrolls — set to influence Fed rate decision. Fed Chair Powell at Jackson Hole noted that inflation was easing but increasing employment risks, raising recession concerns. Geopolitical tensions linger as President Biden may propose a ceasefire deal between Israel and Hamas, potentially affecting markets. Gold prices dipped during the North American session amid thin volumes due to US markets being closed during Labor Day observance. Conversely, the Greenback remains…