Author: FX
Share: GBP/JPY remains neutral to downward bias but retains potential upside risks. A break below key support levels at 178.03 and 176.30 to pave the way for a deeper fall toward the March 23 low of 158.25. On the upside, the pair needs to stay above the 180.00 level to maintain the potential for an upward move. On Friday, the GBP/JPY remains offered late in the North American session and is set to end the week in the red after the pair slumped below the Ichimoku Cloud (Kumo), which exacerbated its fall to new two-month lows of 178.33.…
Share: Mexican Peso dampened by a Fed official pushing back against interest rate cuts. The economy in the United States remains solid, according to a report by S&P Global. New York Fed President John Williams pushes back against rate cuts, a tailwind for USD/MXN. A Banxico survey shows economists expect 200 bps of rate cuts for 2024. The Mexican Peso (MXN) would end the day with losses against the US Dollar (USD) after the central bank bonanza on both sides of the border is finished. The divergence between the US Federal Reserve (Fed) and the Bank of Mexico…
Martin Marietta Materials faces drop in cement output, Barclays says Source link
Share: DXY Index shows resilience despite the worst weekly performance over a month, hovering at 102.60. The US Dollar was lifted by strong S&P Global Services PMI figures from December. Dovish bets on the Fed may limit the upward movement. The US Dollar (USD), measured by the DXY index, is trading at 102.60, posting daily gains but marking its worst weekly performance in over a month. This movement comes on the back of strong US Services PMI data and investors’ efforts to consolidate the losses of the last three sessions. The US Federal Reserve held a dovish…
Share: EUR/JPY stuck near 155.00 as momentum remains limited and markets fade the action. The Euro doesn’t have much to be bid about after Eurozone data misses expectations. The BoJ’s final appearance of 2023 is on the cards for early next week, due sometime Tuesday. The EUR/JPY is getting boxed into near-term lows around the 150.00 major handle on Friday after Eurozone Purchasing Managers’ Index figures printed in the red, keeping the Euro (EUR) on the low side of the Japanese Yen (JPY). Read More: Eurozone Preliminary Manufacturing PMI steadies at 44.2 in December vs. 44.6 expected The EUR…
2/2 © Reuters. German Chancellor Olaf Scholz attends a session of the lower house of the Parliament, the Bundestag, in Berlin, Germany, December 13, 2023. REUTERS/Liesa Johannssen 2/2 BERLIN (Reuters) – German Chancellor Olaf Scholz on Friday called his proposal to Hungarian Prime Minister Viktor Orban to leave the room to avoid endorsing a decision to open European Union membership talks with Ukraine a “friendly Union proposal.” Thursday’s decision sent a strong signal towards the Kremlin, Scholz said after an EU summit in Brussels, noting it was a miscalculation by Russian President Vladimir Putin that support for Ukraine is waning.…
GOLD PRICE OUTLOOKGold prices stall their advance as New York Fed President John Williams contradicts Powell’s pivotWilliams’ pushback may be more about damage control than a complete reversal of the existing strategyThis article analyzes XAU/USD’s technical prospects, analyzing pivotal price thresholds that could act as support or resistance in the coming daysMost Read: Gold Price Forecast – Fed Pivot May Open Pathway for New Record, XAU/USD LevelsGold’s bullish momentum faded on Friday after New York Fed President John Williams pushed back against Chairman Powell’s dovish posture earlier in the week at the last FOMC meeting. Against this backdrop, XAU/USD was…
The USDCAD bottomed near a key swing area target at 1.3370 – 1.33776 (see red numbered circles on the chart below). The low prices reached 1.33725 and bounced. The move to the upside has reached 1.3402. That level is near the broken 61.8% retracement of the move up from the July low at 1.33999 (call it 1.3400). Getting above the 1.3400 level would be the easiest target – and closest target – for buyers to show that they are winning at least in the short term. A continuation move above 1.34214 (high of a swing area – see green numbered…
Share: Gold has surged back above $2,000. Economists at ANZ Bank analyze XAU/USD technical outlook. Bullish trend looks intact Gold prices rebounded strongly after correcting to $1,980, which forms the immediate support. As prices are still above the 100-day and 200-day moving averages, upside momentum looks intact. A breach of the $2,060 resistance level will be crucial, and we would then expect technical buying to emerge pushing prices into unchartered territory above $2,100. See – Gold Price Forecast: XAU/USD to reach $2,150 in the second half of next year – Commerzbank Source link
In trading, I believe there is such a thing called “psychological capital” that you need to build in addition to your educational investment and actual monetary balance. Think about it for a second. Whenever forex traders decide to quit and give up, it is not usually their money that has run out. What has really happened is that they have exhausted their psychological capital, preventing them from moving on. More than the money you put in your account, you also invest your mind in trading. As such, you must grow your psychological capital just as you would your initial money…