Author: FX
Share: The EUR/GBP has drawn tight as both currencies mix on Thursday. The Euro remains steeply off of recent highs against the Pound Sterling. EUR lacking momentum after a miss on Eurozone GDP. The EUR/GBP has been trading in a tight range through the week just above 0.8550 after a step decline in recent weeks dragged the Euro (EUR) down two and a third percent against the Pound Sterling (GBP), driven lower by weakening economic data from the Eurozone and a dovish European Central Bank (ECB) grappling with middling policy. Eurozone Gross Domestic Product (GDP) for the third…
EUR/USD, EUR/GBP PRICE, CHARTS AND ANALYSIS:Most Read: Oil Price Forecast: $70 a Barrel Holds Firm as China Adds to Demand ConcernsEURO GDP REVISION AND FUNDAMENTAL BACKDROPThe Euro outlook continues to look bleak despite a resilient day against the Greenback. EUR/GBP as well seems to be setting up for a bounce following a massive selloff since November 20. Recommended by Zain Vawda How to Trade EUR/USD The Euro Area GDP 3rd estimate was out this morning confirming stagnation in Q3 as the Euro area economy feels the pinch. The YoY print managed to avoid a contraction being revised lower to 0%…
Leonid Ikan/iStock via Getty Images Athabasca Oil (OTCPK:ATHOF) +8.5% in Thursday’s trading as RBC Capital upgraded the stock to Outperform from Sector Perform with a C$5 price target, as the Canadian company plans to allocate 100% of free cash flow to shareholders through its stock buyback program. “Despite ongoing volatility in commodity prices, we believe the company is in a strong financial position to weather potential near-term downside and view the recent pullback as a buying opportunity,” RBC’s Luke Davis wrote. Athabasca’s (OTCPK:ATHOF) portfolio is resoundingly thermal-weighted, supporting decades of potential reserve life, though greenfield expansions are capital intensive, and…
OIL PRICE FORECAST:Oil Fails at the $70 Hurdle Before Sliding Further.President Putin Makes Rare Visit to Middle East as Saudi Arabia and Russia Reiterate Importance of OPEC+ Voluntary Cuts.Chinese Imports and Oil Demand from Refineries Falls.IG Client Sentiment Shows Traders are 87% Net-Long on WTI at Present.To Learn More About Price Action, Chart Patterns and Moving Averages, Check out the DailyFX Education Section.Most Read: What is OPEC and What is Their Role in Global Markets?Oil prices struggled in attempts to reclaim the $70 a barrel handle as it faced renewed selling pressure on renewed demand concerns. Having said that WTI…
By Marcelo Teixeira NEW YORK (Reuters) -Mercon Coffee Group, one of the world’s largest coffee traders, has filled for bankruptcy protection in the United States due to what it defined as “exceptionally challenging operating environment”, according to a document seen by Reuters. Mercon, which has operations in all the major producing regions including Brazil, Vietnam and Central America, said in a letter sent to clients that problems in recent years such as the logistical disruption during the pandemic, frost and drought in Brazil, price volatility and rising interest rates all combined to hurt the company’s financial situation. In the letter,…
GOLD PRICE FORECASTGold prices lack directional conviction ahead of key U.S. jobs dataNovember’s nonfarm payrolls report may offer clues about the health of the economy and thus the Fed’s monetary policy pathThis article looks at key price levels to watch on XAU/USD in the coming trading sessionsMost Read: Crude Oil Forecast – Prices in Freefall as Pivotal Technical Support Caves InGold prices (XAU/USD) moved with limited conviction on Thursday, swinging between small gains and losses as investors avoided taking large directional bets on the asset for fear of getting caught on the wrong side of the trade ahead of key…
The Nasdaq index is trading to a new session high of 14313.03. That’s up 166 points or 1.18%. In the process, the index is now positive on a week by 0.05%. The Nasdaq index has been up for five consecutive weeksRecall that last week, the price moved to a new high for the year of 14423.22 and traded intraday above the high for the year at 14358.02. However, the momentum could not sustain the price above the 2023 high (closed below the high close). Getting above the high closing level at 14358.02 should be more positive for the index going…
RAND TALKING POINTS & ANALYSISRecovering South African current account encouraging for ZAR.NFP to determine short-term guidance.USD/ZAR bears eye rising wedge breakout.Macro-economic fundamentals underpin almost all markets in the global economy via growth, inflation and employment – Get you FREE guide now! Foundational Trading Knowledge Macro Fundamentals Recommended by Warren Venketas USD/ZAR FUNDAMENTAL BACKDROPThe South African rand gained traction against the USD this Thursday as a weaker dollar and broad-based commodity gains supported the Emerging Market (EM) currency. South African current account for Q3 (see economic calendar below) improved significantly but remains below positive territory. Overall, a net positive for the…
Share: Initial Jobless Claims in the US increased by 1,000 in the week ending December 2. US Dollar Index stays under modest bearish pressure slightly below 104.00. There were 220,000 initial jobless claims in the week ending December 2, the weekly data published by the US Department of Labor (DOL) showed on Thursday. This print followed the previous week’s print of 219,000 (revised from 218,000) and came in slightly better than the market expectation of 222,000. Further details of the publication revealed that the advance seasonally adjusted insured unemployment rate was 1.2% and the 4-week moving average stood…
Article by IG Chief Market Analyst Chris BeauchampDow Jones, Nasdaq 100, CAC 40 Analysis and ChartsDow edges off highsThe index continues to trim the gains made last week, with Wednesday’s session seeing its largest drop in a month as energy stocks fell sharply thanks to fresh declines in oil prices. However, for the moment a more sustained pullback has yet to develop. Upward momentum has faded, but the price remains above the August highs.Additional gainscontinue to target 36,570, and then on to the record highs at 36,954.Dow Jones Daily Chart Recommended by IG Building Confidence in Trading Nasdaq 100 fights…