Author: FX
Just when it seemed that the Greenback was in recovery mode, it chalked up another day in the red thanks to a couple of major catalysts. How did the rest of the markets fare? Here are the headlines and economic updates you need to know: Headlines: Japanese July trade deficit narrowed from 0.82T JPY to 0.76T JPY vs. expected 0.72T JPY shortfall as exports jumped 10.3% y/y while imports rose 16.6% Australia’s MI leading index chalked up another flat reading in July New Zealand credit card spending in July: -3.8% y/y (-3.1% previous) U.K. public sector net borrowing in July:…
The OG crypto’s upswing may be running out of steam around key technical resistance levels! Think BTC/USD is due for a bearish turn? We’re taking our cues from the daily chart: Bitcoin (BTC/USD) Daily Chart by TradingView August has been a pretty good month for bitcoin so far, as BTC/USD jumped from the $50,000 mark to trade closer to the $60,000 levels. Of course, it may have helped BTC/USD that an anti-dollar sentiment took over the markets in anticipation of a Fed rate cut in September. Remember that directional biases and volatility conditions in market price are typically driven by…
The minutes of the FOMC meeting held in July 30-31 indicated that a “vast majority” of members believed “it would likely be appropriate to ease policy at the next meeting.” Although policymakers agreed to keep interest rates unchanged back then, the minutes also revealed that some officials were inclined to start cutting in July rather than waiting for September. “All participants supported maintaining the target range for the federal funds rate at 5¼ to 5½ percent, although several observed that the recent progress on inflation and increases in the unemployment rate had provided a plausible case for reducing the target…
By Jana Choukeir and Renee Maltezou DUBAI (Reuters) -A Greek-flagged tanker was adrift in the Red Sea on Wednesday after repeated attacks that started a fire on the vessel and caused the ship to lose power, the UK maritime agency said. Iran-aligned Houthi militants have launched attacks on international shipping near Yemen since November in solidarity with Palestinians in the war between Israel and Hamas. They did not immediately claim responsibility for Wednesday’s attacks. Passengers on two small boats attacked the Sounion, hitting it with multiple projectiles about 77 nautical miles (142 km) west of Yemen’s port city of Hodeidah…
The world of forex trading thrives on navigating trends. Whether you’re a seasoned veteran or a curious newcomer, identifying these directional currents is paramount to making informed decisions. That’s where technical analysis steps in, offering a treasure trove of indicators to illuminate market behavior. Today, we delve into the ASC Trend MT4 Indicator, a tool designed to equip traders with valuable insights into potential trends. While the exact origin of the ASC Trend remains shrouded in some mystery, it’s believed to have emerged from the AbleSys trading platform before migrating to the widely popular MT4. This indicator leverages the power…
Donchian Channels Indicator The Donchian Channels, developed by Richard Donchian, are a technical indicator used primarily to identify the highs and lows of price movements over a specified period. This indicator consists of three lines: the upper band (highest high over the chosen period), the lower band (lowest low over the chosen period), and the middle band (typically the average of the upper and lower bands). Traders use these bands to gauge the market’s volatility and potential breakout points. One of the key strengths of the Donchian Channels is their simplicity and clarity in illustrating price action. The upper and…
Preliminary Judo Bank S&P Australian Manufacturing PMI 48.7prior 47.5Services 52.2prior 50.4Composite 51.4prior 49.9The Australian Flash PMI shows improved activity, rising costs in AugustComposite output index up, services sector jumps, manufacturing still weakEconomy expanding in Q3, labour demand risingService sector input prices hit highest level since March 2023Final prices index dipped, suggesting difficulty in passing on costsInflation risks persist despite weak economic growthNew fiscal stimulus and less restrictive monetary policy raise concernsRBA may need to hike further before easing cycle can beginThe bottom line comment, IMO, from the analysis in the report is this:Market pricing for RBA rate cuts “perplexing” given…
Gold prices remained broadly unchanged in Philippines on Wednesday, according to data compiled by FXStreet. The price for Gold stood at 4,550.75 Philippine Pesos (PHP) per gram, broadly stable compared with the PHP 4,552.34 it cost on Tuesday. The price for Gold was broadly steady at PHP 53,079.04 per tola from PHP 53,097.62 per tola a day earlier. Unit measure Gold Price in PHP 1 Gram 4,550.75 10 Grams 45,507.49 Tola 53,079.04 Troy Ounce 141,544.20 FXStreet calculates Gold prices in Philippines by adapting international prices (USD/PHP) to the local currency and measurement units. Prices are updated daily based on the…
Sundry Photography/iStock Editorial via Getty Images Snowflake (NYSE:SNOW) fell nearly 7% during early post-market trading on Wednesday, despite revealing second quarter fiscal 2025 results that surpassed estimates and increasing its full-year guidance. For the quarter ended July 31, Snowflake reported adjusted earnings per share of $0.18, which was more than the consensus estimate of $0.16. It reported revenue of $868.8M versus the estimate of $850.15M. However, second quarter billings of $779M fell short of the consensus estimate of $831.9M. “Product revenue was up 30% year-over-year at $829M, while remaining performance obligations were $5.2B, up 48% year-over-year,” said Snowflake CEO Sridhar…
We’re about to see some of the first business activity indicators in the U.S. for August! What are traders expecting and how can the U.S. PMI releases affect the dollar’s price action? 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