Author: FX
In this video, I outline the key technical levels in play for the EURUSD as we end one week, and look to the next.The bias is more to the downside, thanks to a run higher in the USD on Thursday in Friday. Today, the price moved into a swing area between 1.0483 and 1.0500. That area will be a barometer for both buyers and sellers to start off the new trading week. Source link
LAC, GEVO and ORGN are among materials movers Source link
Share: Mexican Peso stalls the USD/MXN rally towards 18.00, as the pair clings to losses of 0.02%. The University of Michigan consumer sentiment indicates growing pessimism amongst Americans as inflation expectations rise. Dovish comments from Fed officials, including Philadelphia Fed President Patrick Harker, suggest a rate hike pause. Mexican Peso (MXN) calmly stands off against the US Dollar (USD) on Friday, cutting short the Dollar’s rally after Thursday’s United States (US) inflation report spurred an overreaction in financial markets, triggering concerns the US Federal Reserve (Fed) could hike rates again. Recent dovish comments by Fed officials further cap the US Dollar’s advance, benefiting the emerging…
Share: Nvidia stock sells off at the beginning of Friday’s session. President Joe Biden’s administration intends to bar foreign units of Chinese companies from accessing Nvidia’s H100 and A100 GPUs. NVDA stock has been rising for more than three weeks now. Chinese companies have been remotely accessing AI chip technology, according to Reuters. US market climbs on bank stocks outperforming consensus for the third quarter. Nvidia’s (NVDA) stock price dropped 3% on Friday after Reuters reported that the Biden administration attempted to close a loophole that allows Chinese companies to gain access to state-of-the-art computer chips used for artificial…
© Reuters. A man walks by the Capitol where today House Republicans will continue proceedings to elect a new House speaker following last week’s ouster of Kevin McCarthy at the Capitol in Washington, U.S., October 12, 2023. REUTERS/Kevin Lamarque/File Photo By Moira Warburton and David Morgan WASHINGTON (Reuters) – Republicans were struggling to find a way forward in the U.S. House of Representatives on Friday, with hardliner Jim Jordan saying he would again seek the gavel while some suggested the best option would be to empower a temporary custodian. House Judiciary Committee Chairman Jordan, who lost in a closed-door party…
Share: AUD/USD touches new weekly lows at 0.6289, trading with losses of 0.32%. The University of Michigan’s Consumer Sentiment in the US deteriorates, with inflation expectations rising. China’s struggling economy and Middle East geopolitical tensions further dampen AUD sentiment. The Australian Dollar (AUD) touched new weekly lows of 0.6289 against the US Dollar (USD) courtesy of a risk-off impulse even though negative data from the United States (US) crossed newswires, but so far failed to weigh on the buck. Hence, the AUD/USD is trading at around 0.6290 post losses of 0.32%. Australian Dollar at the brisk of printing…
EURUSD reaches the high of swing area targetThe EURUSD has moved down to a new low and in the process has reached the high of a swing area between 1.0483 and 1.0500. The low price has reached 1.0496 so far.The swing area is home to a number of different swing lows going back to September 27. Last week the low price reached 1.0483 and bounced. Taking a broader look at the daily chart, there is also a swing area between 1.0483 and 1.05335 that goes back to November 2022 (see red numbered circles on the chart below). A move below…
Share: Bank of Canada Governor Tiff Macklem said on Friday that they were concerned because they were not really seeing a downward momentum in inflation, per Reuters. Key quotes “Bank of Canada is not expecting a recession in Canada.” “When bank releases economic projections on October 25, we’re not going to be forecasting a serious recession.” “When Governing Council next meets, it will focus on whether to stick with its 5% rate or if more action is needed to restore price stability.” “Higher long-term bond yields are not a substitute for doing what needs to be done to…
Share: Gold price revives strongly as investors flee to safe assets as Israel-Hamas war escalates. The US Dollar and bond yields capitalize on hot headline inflation data. Fed’s Collins says that persistent rise in US yields could diminish the need for further policy-tightening. Gold price (XAU/USD) has delivered a stalwart rally on increasing geopolitical tensions in the Middle East and hopes that the Federal Reserve (Fed) won’t raise interest rates further this year. The precious metal has strengthened after reviving from the knee-jerk move on Thursday, a result of the United States Consumer Price Index (CPI) report for September showing headline inflation above…
AUD/USD ANALYSIS & TALKING POINTSSoft Chinese CPI and safe haven demand for USD weighs on AUD.US data under the spotlight later today.New yearly lows looming for AUD/USD?Elevate your trading skills and gain a competitive edge. Get your hands on the Australian dollar Q4 outlook today for exclusive insights into key market catalysts that should be on every trader’s radar. Recommended by Warren Venketas Get Your Free AUD Forecast AUSTRALIAN DOLLAR FUNDAMENTAL BACKDROPThe Australian dollar stays subdued close to yearly lows after the Fed’s higher for longer narrative gains traction. US CPI showed some stickiness in core metrics although rate hike…