Author: FX
Share: USD builds on Tuesday rebound on soft risk appetite. Shaun Osborne, Chief FX Strategist at Scotiabank, analyzes Greenback’s outlook. USD gains on soft risk mood Weak risk appetite seems to be driving broad USD gains. The DXY still looks relatively ‘rich’ versus fair value based on index-weighted 2y spreads. Monday’s sharp fall and Tuesday’s snap higher in the USD generally suggest market sentiment is highly fluid, leaving a bit of a question mark over the sustainability in the USD moves at the moment, in my opinion. But choppy trading may extend to Thursday and the US Q3…
Trading Leveraged Products is risky Investors cheered the approval of a trillion-yuan sovereign issue as a harbinger of stimulus, while the Chinese government unveiled new support plans that include issuing additional sovereign debt and lifting the budget deficit ratio to finance fresh measures. Hong Kong reversed a pandemic-increase in stock trade levies and Chief Executive John Lee also announced a plan to halve taxes on home purchases for residents as well as non-residents. That helped to boost property stocks, even as troubled Chinese developer Country Garden Holdings Co. was deemed to be in default on…
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EUR/USD News and Analysis Recommended by Richard Snow Get Your Free EUR Forecast Dwindling PMI Data Weighs on EUR/USD, Zone of Resistance Holds FirmPMI data for Europe continued the trend of weak data, underscoring the challenges faced by the continent as the global growth slowdown unfolds. On Monday a spike in bond market volatility elevated yields and the dollar but on Tuesday that had all been erased.Looking at EUR/USD, the turnaround was not all that surprising as the pair had tested an area of confluence around 1.0700. Not only is it a psychological number but it also coincided with channel…
Comdoll traders gather ’round! In case you missed it, Australia’s annual CPI came in at 5.4% in the 12 months to September. That’s still a long way from the Reserve Bank of Australia’s (RBA) 2% – 3% target by late 2025! Given that the RBA almost raised its interest rates in its last decision, market players are now pricing in an interest rate hike in November. This is likely why AUD/CAD jumped all the way to the .8780 area before finding resistance at the R2 (.8770) Pivot Point level. AUD/CAD 1-hour Forex Chart by TradingView But that was a few…
4/4 © Reuters. Members of the federal forces chat as they keep watch at a beach as Hurricane Otis barrels towards Acapulco, Mexico, October 24, 2023. REUTERS/Javier Verdin 2/4 By Javier Verdin ACAPULCO, Mexico (Reuters) -Mexico’s southern coast braced for Hurricane Otis on Wednesday as the Category 5 storm made landfall near the beach resorts of Acapulco, with the potential to cause “catastrophic damage,” the U.S. National Hurricane Center (NHC) said. The hurricane reached land near Acapulco, bringing maximum sustained winds around 165 mph (270 kmh) and heavy rain, the center said. The storm could bring up to 20 inches…
The Australian dollar is in the spotlight today as it gains after a stronger-than-expected inflation report here. That is prompting calls for a 25 bps rate hike by the RBA next month, with the rates market pricing in ~62% odds of that now. That being said, AUD/USD is still caught in a downwards channel for now and will need more from buyers to convince of a stronger rebound:AUD/USD daily chartBesides that, the dollar continues to sit in a relatively decent spot. USD/JPY is still hovering just below the 150.00 mark while EUR/USD dipped below 1.0600 yesterday before sticking closer to…
Share: Gold price attracts buyers on Wednesday and recovers further from the weekly low. Softer US bond yields keep the USD bulls on the defensive and lend some support. Recession fears and geopolitical risks further seem to benefit the safe-haven metal. Gold price (XAU/USD) builds on the overnight bounce from the $1,954-1,953 region and gains some follow-through positive traction during the Asian session on Wednesday. The non-yielding yellow metal, for now, seems to have stalled its recent retracement slide from the vicinity of the $2,000 psychological mark, or a five-month top touched last Friday, and benefits from softer…
British Pound Vs US Dollar, Japanese Yen, Australian Dollar – Price Setups:UK jobs and business activity data further reinforce the market’s expectation of peak UK rates.Key focus is on US GDP due Thursday and US PCE data due Friday.What is the outlook and key levels to watch in select GBP crosses?Curious to learn how market positioning can affect asset prices? Our sentiment guide holds the insights—download it now! It’s free! Recommended by Manish Jaradi Improve your trading with IG Client Sentiment Data The British pound’s ongoing downward correction looks set to continue amid signs of cooling labor market conditions and…
© Reuters. FILE PHOTO: An Alaska Airlines Boeing 737-900ER airplane prepares to land at Vancouver’s international airport in Richmond, British Columbia, Canada, February 5, 2019. REUTERS/Ben Nelms/File Photo By David Shepardson and Steve Gorman (Reuters) – An off-duty pilot charged with trying to disable the engines of an Alaska Airlines jet in flight told police afterward he was suffering a nervous breakdown, had taken psychedelic mushrooms two days earlier and had not slept in 40 hours, court documents showed on Tuesday. Joseph David Emerson (NYSE:), 44, an Alaska Airlines pilot, was riding as a standby employee passenger in the cockpit…