Author: FX
Share: WTI crude oil prices declined following the start of a truce in the Gaza Strip. OPEC+ postpones crucial meetings, sparking speculations of potential oil production cuts for 2024. Global factors like higher US crude stockpiles, China’s uncertain oil demand, and non-OPEC production growth contribute to Oil price trends. West Texas Intermediate (WTI), the US Crude Oil benchmark, fell on Friday as the release of some hostages in Gaza reduced geopolitical tensions. The daily chart showed prices at $75.13 per barrel, even though global business activity witnessed an uptick. WTI falls to $75.13 per barrel as Gaza truce…
Share: The DXY Index declined to 103.45, a 0.30% loss. The index will tally a 0.30% weekly loss as well. S&P PMIs showed a mixed outlook, with the manufacturing sector weakening and the service sector expanding. The US Dollar (USD) is receding on Friday with the DXY index, which measures the value of the US Dollar versus a basket of global currencies, declining toward 103.45 on the back of mixed S&P PMIs and dovish bets on the Fed. In line with that, the US economy is showing overall signs of cooling inflation and job creation, and soft S&P…
Share: Mexican Peso extends its rally, capitalizing on a weaker USD. Mexico’s GDP growth aligns with expectations and might refrain Banxico’s officials from easing monetary policy. Mixed US economic data, with improving business activity but a downturn in Manufacturing PMI, weighed on the USD/MXN pair. Mexican Peso (MXN) is set to finish the week on a higher note against the US Dollar (USD) after solid data from Mexico suggests the USD/MXN would finish November with more than 5% losses. At the time of writing, the exotic pair exchanges hands at 17.10, and falls 0.43% on Friday. Today’s session…
Share: The New Zealand Dollar continues cruising higher on broadly positive market sentiment. The Kiwi rises in line with global equities as Oil continues its downtrend and US PMIs come in mixed. NZD/USD ends the week on a high note, rising to within close proximity of the 200-day SMA at 0.6100. The New Zealand Dollar (NZD) has risen to a daily high against the US Dollar (USD) at 0.6087 late in the session on Friday. NZD/USD is holding onto a 1.6% weekly gain on Friday as the positive market mood continues and a new government assumes power in Wellington, bringing weeks…
Share: USD/JPY shows minimal change, indicating a stable weekly close. The weekly chart suggests an upward trend with resistance at Tenkan-Sen (149.53); a break above could target 150.00. USD/JPY daily chart key levels to watch include 150.77 and YTD high at 151.91 for upside, 148.01, and 147.15 for downside. The USD/JPY is almost flat late in the North American session, though set to end the week near today’s opening price and exchange hands at 149.47, printing minuscule losses of 0.02%. From a weekly chart perspective, the USD/JPY is upward biased, and as the week comes to an end,…
Share: The Canadian Dollar found its highest bids in nearly six weeks on data beats. Retail Sales in Canada gave a surprise 0.6% jump in September. The Loonie was firmer on Friday as market sentiment spun up to close out the week. The Canadian Dollar (CAD) found some bullish momentum in the latter half of Friday’s trading session, taking the USD/CAD pair down into the 1.3600 region. A better-than-expected Retail Sales report and a broad market recovery in risk sentiment are bolstering the Loonie against the US Dollar (USD), with the CAD up across the board and the Greenback on…
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The CAD is ending the day as the strongest of the major currencies while the USD is the weakest. The USDCAD is the biggest mover in trading todayCanada retail sales came in much stronger than expected with a gain of 0.6% for the month. That was much higher than the 0.0% gain expected. The ex-auto came in at 0.2% vs -0.2% est, while ex-auto and gas did show a -0.3% decline. The September advance “guesstimate” had growth at 0.0%. So the number was quite a surprise. Contributing to the strong CAD was that the advance estimate for October came in…
The major US indices are closing mixed on the day with the Dow leading the way higher. The broader S&P is little changed, while the tech-heavy Nasdaq is down marginally.The final numbers are showing:Dow Industrial Average is up 117.12 points or 0.33% at 35390.14S&P is up 2.70 points or 0.06% at 4559.33Nasdaq is down -15.01 points or -0.11% at 14250.84The Russell 2000 closed the day up 11.95 points or 0.67% at 1807.50.For the trading week, the major indices are closing higher for the 4th consecutive week:Dow industrial average rose 1.27%. The 4 week gain has taken the price up 9.2%S&P…