Author: FX
After a rocky start, our price strategy discussions did arguably well, upping the odds for great trading outcomes during a busy forex calendar! How were you able to navigate this week’s top tier events? AUD/CAD: Monday – July 10, 2023 AUD/CAD 2-Hour Forex Chart by TV On Monday, we saw a big dip in the Australian dollar during the Asia session, likely a reaction to the slower-than-expected inflation updates from China. The argument there is that slowing inflation may be a signal of slowing economic conditions in China, one of the biggest trade partners with Australia. We also saw that…
The USDCHF broke sharply to the downside this week following the dollar’s move lower on the back of lower CPI and PPI. The prices of imports also came in lower with the YoY now down -6.1%. That sent yields lower and it pressured the USDCHF as well.Technically, the price fell below January 2021 at 0.87568. It would ultimately take a move above that level to hurt the sellers looking for more downside momentum on the major break. Ahead of that the 2014 lows near 0.86959 may be a closer target that if broken would give a short-term tilt in the…
Canada is printing its June inflation numbers a week after the BOC updated its monetary policies! How can the CPI release affect the Loonie’s prices? See if you can get clues from these points: Event in Focus: Canada’s Consumer Price Index (CPI) and inflation data for June 2023 When Will it Be Released: July 18, 2023 (Wednesday), 12:30 pm GMT Use our Forex Market Hours tool to convert GMT to your local time zone. Expectations: Headline CPI m/m: expected to remain at 0.4% Headline CPI y/y: 3.1% vs. 3.4% previous Relevant Data Since Last Event/Data Release: Canada added a net…
The earnings calendar was unofficially started today with the release of some of the major banks including J.P. Morgan, Citigroup, and Wells Fargo. So what is on tap for next week? Below are some of the major releases:Tuesday, July 18Bank of AmericaNovartisMorgan StanleyLockheed MartinCharles SchwabPNC FinancialInteractive brokersBank of New York MellonJB HuntWednesday, July 19TeslaNetflixIBMGoldman SachsHalliburtonAlcoaThursday, July 19Johnson & JohnsonAmerican AirlinesUnited AirlinesAbbott LabsPhilip MorrisIntuitive SurgicalFreeport McMoranTravelersFriday, July 20American ExpressSchlumbergerAutoNationAlso on tap are a slew of smaller regional banks including a large percentage of the stocks in the KRE index. 12 of the top 15 holdings of the KRE regional bank index…
jejim Investment firm Baird said on Friday that Synopsys (NASDAQ:SNPS) and Cadence Design Systems (NASDAQ:CDNS) are likely to benefit as the increased adoption of artificial intelligence could boost growth for electronic design automation. Analyst Joe Vruwink, who has an overweight rating on both Synopsys (SNPS) and Cadence Design Systems (CDNS), said the feeling at the Design Automation Conference was one of optimism, specifically surrounding how semiconductor companies use AI in chip development and how EDA companies can play a part. “Pointed comments on the competitive landscape suggest Cadence/Synopsys are best off amongst the ‘Big 3’ …we expect this culminates in…
Share: Mullen completes production of 350 Class-1 EV vans. On Thursday, Mullen also announced a new delivery van pilot program with the New York Power Authority. MULN stock gained 10.7% on Thursday. After lacking ignition at the beginning of the week, Mullen Automotive (MULN) stock has made a silent comeback in the second half. The stock has been supported by positive news regarding the future of its electric delivery vans. Mullen stock news: Production completed on 350 delivery vans Mullen announced, On Friday, July 14, that it has completed initial production of 350 Class-1 EV delivery vans at its Mishawaka, Indiana, facility…
Share: AUD/USD retreats below 0.6850, still poised to make a 2.40% weekly gain, its highest in 2023. UoM US Confidence data provided some support to the USD. DXY Index stabilised below 100.00 but remains vulnerable. At the end of the week, the Aussie lost some ground against the Greenback as US Treasury yields somewhat recovered, lending the USD support. However, the pair is set to see further upside as it is expected the Federal Reserve (Fed) will tilt more dovish following soft inflation data from June. In a tough week for the USD it was reported that the Core Consumer Price Index (CPI)…
The USDJPY moved to a new low going back to May 17 today, and in the process dipped below the 50% midpoint of the move up from the March 23 low at 137.355, and sniffed the 200-day moving average at 137.150. The low price reached 137.23 between those 2 key technical levels. The subsequent move to the upside has taken the price back above a swing area near 138.73 and 138.897, and up to the broken 38.2% retracement of the same move up from the March 23 low. That level comes in at 139.176. The high price today reached 139.154.The…
Share: The CAD has participated in the broader rally against the USD this week but gains have come grudgingly. Economists at Scotiabank analyze Loonie’s outlook. CAD set to gain a little at least relative to the USD coming months The CAD is perhaps catching some of the spillover from the USD, with investors believing that the Fed and BoC will follow similar policy cycles. That may be true in a broad sense but there are other factors that should help the CAD gain a little at least relative to the USD coming months. If the Fed rate cycle…
EUR/USD PRICE FORECAST: Recommended by Zain Vawda Get Your Free EUR Forecast READ MORE: USD/CAD Forecast: 1.3000 Beckons as Dollar Index (DXY) Slide ContinuesEUR/USD has been on a tear since the US CPI release this week reaching multi-month highs around the 1.1245 mark. The move has largely been facilitated by dollar weakness as the Dollar Index (DXY) broke below the psychological 100.00 level for the first time since April 2022. The index is on course for its worst week since November 2022.DISINFLATION NARRATIVE TAKES HOLD OF THE DOLLARIt would seem that the disinflation narrative has firmly gripped the Dollar given…