Author: FX
Thanks to falling Fed rate hike expectations, USD was a big loser & risk-on sentiment was turned back on, leading to big wins from AUD & NZD! Source link
Share: EUR/USD gained more than 1% on Friday, rising near 1.0730. The USD, measured by the DXY index, will close with a 1.40% weekly loss. The dovish stance of the Fed and weak NFPs from October made the USD tumble. In Friday’s session, the EUR/USD soared to 1.0730, closing a 1.50% gaining week, its best performance since mid-June. The daily market movers for the pair included a broad USD weakness due to the Federal Reserve (Fed) changing its tone to a more dovish approach and hinting that it is approaching to the end of its tightening cycle on…
Markets:Gold up $7 to $1992US 10-year yields down 9.3 bps to 4.57%WTI crude oil down $1.64 to $80.83S&P 500 up 1.0%NZD leads, USD lagsThis week marked a turn of the calendar and a turn in markets. Treasury yields plunged and the dollar sank along with them. Meanwhile, it was the best week for equities in a year.Non-farm payrolls and ISM services were both on the weak side and that helped the trend to extend, leading to one-month highs in cable, EUR/USD and AUD/USD. The moves were limited to around 40 pips immediately after non-farm payrolls but later extended as revisions…
Share: The Canadian Dollar is bounding higher, extending weekly gains. Canada Unemployment Rate missed forecasts, hampering CAD upside. CAD gains 17.5K jobs, entirely part-time employment; wage growth also lower. The Canadian Dollar (CAD) is seeing further upside against the US Dollar (USD) after a US Nonfarm Payrolls (NFP) report that came in below expectations, printing at its lowest reading since February of 2021. The US data print is a welcome miss for investors who have been hoping for cooling economic data from the US to convince the Federal Reserve (Fed) that there is no need for further rate…
Share: NIO gains more than 5% on falling Treasury yields, soft NFP, cost savings plan. Nio CEO William Li says Nio will cut about 10% of its employees. Non-core investments will also be trimmed as EV company focuses on financial performance. US Nonfarm Payrolls fell to 150K in October, a print that all but ensures rate hikes are over. Nio (NIO) stock closed up 5.65% on Friday at $8.23 after reporting that increased competition in the Chinese electric vehicle (EV) market had forced the Shanghai-based company to lay off 10% of its workforce and trim some of its…
Share: Japanese Yen continues its recovery into the weekend on potential for divergent monetary policy. BoJ has started normalizing policy as other central banks are close to reaching the end of their tightening cycles. USD/JPY declines sharply after Nonfarm Payrolls miss brings into doubt further Fed rate hikes. The Japanese Yen (JPY) closed into strength against the US Dollar for the week on Friday. The USD/JPY pair closed at 149.28, down 116 pips for the daily session. The pair was still above its intraday low of 149.18. Nonfarm Payrolls (NFP) for October gained 150K on Friday, much lower than expectations…
Share: Spot Gold prices head into the week’s close trading into the midrange. XAU/USD mixed on US NFP miss. Near-term trend still tilted towards the upside. The XAU/USD bid into an intraday high just shy of $2,005 on Friday following the worst read on US Nonfarm Payrolls (NFP) in almost 3 years, but Gold bids recovered to the midrange of the day’s trading to finish up near $1,992.50. The US NFP report missed expectations, showing the US added only 150 thousand jobs in October compared to September’s bumper reading of 297 thousand jobs additions, which saw a downside…
S&P 500 weekly chartClosing changes on the day:S&P 500 up +1.00%DJIA +0.7%Russell 2000 +2.7%Nasdaq Comp +1.4%Toronto TSX Comp +1.0%On the week:S&P 500 up 5.9% — best since Nov 2022DJIA +5.1%Russell 2000 +7.6% — best since Feb 2021Nasdaq Comp +6.6%Toronto TSX Comp +5.8%The chart above shows a great recovery from the prior two weeks of gains but it needs to get over those recent highs to be truly convincing. I think we’ll have some follow-through in the week ahead because there is some FOMO out there but it will be tested because I don’t think there’s an appetite to take 10-year…
Equities and crypto were big winners this week as traders navigated between fresh business sentiment surveys, geopolitics and central bank statements, and found plenty of reasons to lean bullish on risk. Ready to do a quick review to stay in flow with the market environment? If so, let’s check out the major headlines first! 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
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