Author: FX

Well, folks, buckle up because it’s been quite a week in the wild world of finance! It was like a circus, with central banks strutting their stuff, trying to balance signals of weakening growth and sticky inflation. Let’s break it down in a way that even your grandma would understand. Notable News & Economic Updates: ? Broad Market Risk-on Arguments The Swiss National Bank held their main policy rate at 1.75% on Thursday, slightly unexpected, and kept the door open for more action if needed The Bank of England held their main policy rate at 5.25% on Thursday, largely expected…

Share: The USD/CAD is recovering for Friday after slipping to 1.3425. Rising oil prices are bolstering the CAD, but the USD has been finding market support. Canadian Retail Sales rose for July, but slightly less than expected, reducing CAD upside. The USD/CAD is set to finish out Friday near where it started, trading just south of 1.3490. The Loonie (CAD) has twisted through the back half of the trading week, with the CAD and (Greenback) playing tug-of-war. Rising oil prices have been boosting the CAD lately, but a break in crude gains sees the USD/CAD testing back into recovery…

The major US stock indices traded above and below unchanged today in up-and-down trading, but each of the indices is ending the day in the red. A snapshot of the closing levels shows:Dow industrial average -106.60 points or -0.31% at 3393.83S&P index -9.96 points or -0.23% at 4320.05NASDAQ index -12.19 points or -0.09% at 13211.80For the trading week, all major indices closed lower. The Dow industrial average has now declined 2 of the last 3 trading weeks. The S&P and NASDAQ index closed lower for the 3rd consecutive week. For the NASDAQ index, the move lower this week was the…

The USDCAD traded down and up and down and up and back down and up this week (see hourly chart below). The high price on Monday was retested on Thursday. The low on Tuesday saw the pair, move to and through the 100-day MA (lower blue overlay line on the chart below at 1.3398) but failed. The next test of the 100 day MA on Wednesday, stalled near that level and moved higher. The up-and-down week is ending with the price between the 100 and 200-hour MAs. The 100-hour MA is at 1.3463 and the 200-hour MA at 1.3497. The…

Share: The GBP/USD is looking for further downside to end the trading week, probing chart space below 1.2250 heading into the final hours of Friday’s trading session. Read More… The Pound Sterling (GBP) finds offers while attempting to extend recovery as investors see no change in the current policy divergence between the Federal Reserve and the Bank of England (BoE). The GBP/USD pair looks set to test its six-month low as BoE policymakers have shifted their focus to safeguarding the economy from recession risks. Read More…   The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI)…

Share: USD/CHF is on a bullish trajectory, ending the week with over 1% gains, Pair is eyeing the 0.9100 mark, with a breach potentially exposing the May 31 cycle high at 0.9147, following a rally to the March 16 daily high at 0.9340. Key support levels for sellers include the 200-DMA and the 0.9000 mark; breaching these could lead to a test of the September 20 daily low at 0.8931. USD/CHF is set to end the week with decent gains of more than 1%, while breaking above the 200-day moving average (DMA), which could open the door for…

WTI crude oil futures settle at $90.03, up $0.40 or 0.43%. The high for the day reached $91.33. The low was at $89.31.WTI crude oil trades between retracement levelsBrent crude prices settled at $93.27 down $0.03 or -0.03%For the trading week, the price of crude oil is down marginally by -0.58%.Looking at the daily chart, the price remains between retracement levels. On the downside, the broken 38.2% retracement of the move down from the June 2022 high, comes in at $86.72. On the top side, the 50% midpoint of the same move down comes in at $93.78. On the wide,…

Share: GBP/JPY trading into the 181.50 handle, on the low side for the week. The Pound Sterling lost ground across the board this week after a dovish twist from the BoE. The BoJ continues to maintain their easy monetary policy stance. The GBP/JPY is ticking into the south side of the 181.50 handle after the Pound Sterling (GBP) failed to recover any meaningful ground from Thursday’s backslide. The Guppy is down almost a full percentage point this week. The Bank of England (BoE) struck a notably dovish tone this Thursday, standing pat on its benchmark interest rate after inflation data…

Share: AUD/USD is up 0.51%, benefiting from the overall weakness of US Dollar. Despite hawkish remarks from various Fed officials, the US Dollar remains subdued, with the DXY showing modest gains at 105.55. Solid PMIs in Australia and considerations of rate hikes by the RBA support the AUD. Key economic data scheduled for release next week, including Consumer Price Index and Retail Sales for Australia, and Consumer Confidence and Durable Goods Orders for the US. The Australian Dollar (AUD) stages a comeback versus the Greenback (USD) on Friday, and it remains set to finish the week with decent…

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