Author: FX
Share: EUR/USD loses key technical handle after US Jobs Report thumps forecasts. US NFP hits highest level in a year, March rate cut hopes all but buried. US Average Hourly Earnings also gained ground in January. EUR/USD continues to churn on Friday, keeping a near-term choppy technical pattern intact as the Euro (EUR) cycles against the US Dollar (USD). US Nonfarm Payrolls wildly outperformed market expectations, hitting a one-year high and bringing sharp upside revisions to previous datapoints. Investors hoping for faster, sooner rate cuts from the US Federal Reserve (Fed) have seen rate cut hopes dwindle as…
For those who have seen my daily posts/videos on the GBPUSD (any of them), the pair has been trading in an up-and-down trading range going back to December 14. That range is between 1.2600 and 1.2800. Today, the price moved sharply lower after the stronger US jobs report, and the price move to a lower swing area between 1.2602 to 1.26137. The low price today reached 1.26147 – just above the high of that swing area – and has bounced. The bounce has taken the price up to around 1.2640. What next?There is some resistance at 1.2647 area. If that…
The price of crude oil isn’t selling at $72.28. That’s down $-1.54 or -2.09%. The low for the day was at $71.79. The high for the day was at $74.52. The price decline comes despite the stronger-than-expected US jobs report and other reports that Biden has decided on a counterattack plan in retaliation for the killing of US servicemen. In addition, remember the talk of a truce yesterday? Some of those hopes have been dashed.Crude oil is down sharply but stalled near its 200 week MADespite all those reasons, the price of oil remains under pressure in trading today.For the…
shironagasukujira/iStock via Getty Images AbbVie (NYSE:ABBV) said Friday that its wrinkle therapy Botox-led aesthetics franchise could benefit from the rising demand for obesity drugs in the long term as consumers become more concerned about their appearance following weight loss therapy. Its comments came after the North Chicago, Illinois-based pharma giant posted a surprising revenue beat in Q4 despite ongoing biosimilar competition against its blockbuster arthritis therapy Humira. Its Botox business added with its $63B Allergan buyout in 2020 exceeded Street forecasts, as net revenue from Botox Cosmetics rose ~12% YoY to $718M, following a ~3% YoY decline in the preceding…
© Reuters. IRVING, Texas – Fuzzy’s Taco Shop, a fast-casual restaurant chain known for its Baja-style Mexican fare, has been named to Entrepreneur’s Franchise 500® list for 2024, securing the 434th spot in the prestigious ranking. The list, which evaluates franchises based on various performance metrics, recognized the Texas-based eatery for its growth, financial strength, and brand power. Established in 2003 in Fort Worth, Texas, Fuzzy’s Taco Shop has expanded to 137 franchised locations across 18 states, with an additional company-owned restaurant in Texas. The brand has become a fixture in the fast-casual dining sector, offering a relaxed atmosphere alongside…
Share: The EUR/GBP mildly gained to settle at 0.8535, marking a slight retreat for bears after January’s significant push. The cross will tally its sixth consecutive losing week. Markets perceived a dovish tone in the BoE’s decision on Thursday which led to a GBP weakening. On Friday’s session, the EUR/GBP was spotted trading mildly higher at 0.8535, marking scant gains. Although the daily chart displays a neutral to bearish sentiment, sellers appear to be taking a pause, following their push of the pair by over 1.60% in January. Meanwhile, on the weekly chart, indicators linger deep in negative…
Most Read: US Dollar Jumps After NFPs Smash Estimates, Gold SlumpsThe U.S. dollar surged on Friday after economic data revealed that U.S. employers added 353,000 workers in January, nearly double market expectations. The exceptionally robust job creation, along with red-hot average hourly earnings, signals that the economy is holding up remarkably well and may even be reaccelerating, a situation that could deter the Fed from moving off its restrictive stance imminently.Immediately following the release of the NFP report, Treasury yields rocketed upwards, as traders unwound dovish bets on the central bank’s policy path. These moves may gain traction in the…
Share: The Cocoa price continued its rally from last year in the first weeks of 2024. Economists at Commerzbank expect Cocoa prices in New York to approach all-time high of $5,379. Cocoa market likely to face a supply deficit in the current 2023/24 crop year There are currently concerns that dry weather fanned by Harmattan winds could affect the mid-crop harvest in West Africa, which begins in April. The Cocoa harvest is already lagging well behind the previous year’s level. According to estimates by exporters, arrivals in the ports of the Ivory Coast, by far the largest cocoa-producing country,…
Share: In January, the Mexican Peso (MXN) weakened from 16.97 to 17.17 against the US Dollar (USD). Economists at MUFG Bank analyze Peso’s outlook. MXN weakening path ahead Ms. Claudia Sheinbaum from the Morena party is favourite to win the presidential election scheduled on 2nd June, benefitting from the high approval rating of incumbent president Mr. Lopez Obrador. However, we expect gradual MXN weakening during 2024 due to some uncertainties over the economic policies to be adopted by the next administration. While policy continuity has been signalled, Ms. Sheinbaum’s authority might be constrained by the influence of the…
Share: The US Dollar rallies and holds on to gains after January’s US Jobs Report Traders see the Greenback head back into the green. The US Dollar Index pops over 103 and is on track to break 104 soon. The US Dollar (USD) is giving traders a run for their money with a brutal reversal in the US Jobs Report aftermath. The staggering print 353,000 was out of its league and contradicts with the more than double increase in US job cuts that was seen earlier on Thursday in the Challenger Job Cuts number for January. Though, the…