Author: FX
Share: USD/NOK saw green on Friday, rising 0.50% above 10.788. Investors expect the NB to deliver a 25 basis point hike to 4.25% next week. The Fed decision will likely be a pause next Wednesday. On the last day of the week, the USD/NOK gained additional traction, rising to multi-month highs above 10.788. On the NOK’s side, Norges Bank (NB) is anticipated to announce a 25 basis point hike, bringing the key rate to 4.25% in the next week and will likely be the last increase of its tightening cycle. However, the bank is expected to maintain rates at restrictive levels to…
© Reuters As of Friday, users have been targeted in a new form of digital fraud termed “sleepdropping,” with over $11.5 million stolen since December 2022, according to a research report by cybersecurity firms Forta Network and Blockfence. The scam involves sending seemingly legitimate ERC-1155 tokens, often disguised as non-fungible tokens (NFTs), to unsuspecting users. The fraudsters’ strategy is to lure users to deceptive websites where they are tricked into authorizing transactions that ultimately transfer their assets into the hands of the scammers. Despite ongoing investigations, the identities of those behind this operation remain unknown. The cybersecurity research identified more…
The EUR is ending the day as the strongest of the major currencies. The USD is also mostly higher with gains vs all the major currencies with the exception of the EUR. The JPY and the NZD were the weakest of the majors. The strongest to the weakest of the majors.The gains in the EUR come a day after the ECB raised rates by 25 basis points (10th consecutive hike in rates). Next week, the Fed will meet on Wednesday. The expectations are for no change in policy. The SNB and BOE on Thursday, will also meet with each expecting…
Share: GBP/JPY looking down a steep hill as the pair loses ground near 183.00. Data-packed economic calendar for the UK in the bottom half of next week. GBP struggles to find a floor on mixed UK data souring investor appetite. The GBP/JPY has struggled to develop meaningful momentum in recent weeks, and the Guppy is drifting into the low end of recent consolidation, testing the 183.00 handle ahead of next week’s United Kingdom (UK) heavy economic calendar. This week saw employment and GDP figures for the UK come in below expectations. Wages also ticked higher, keeping inflation concerns elevated.…
Share: XAU/USD tallied 0.60% daily gains and jumped to a daily high of $1,930, then settled at $1,923. Bulls quickly recovered the 20 and 200-day SMAs at the $1,920 area after losing them at the beginning of the week. Indicators point to a bullish resurgence. At the end of the week, the Gold Spot price will close a weekly gain, recovering losses, which took the price to a weekly low of $1,900 and closing above $1,920. Based on the daily chart, the XAU/USD exhibits a bullish outlook for the short term. Both the Relative Strength Index (RSI) and…
Share: The EUR/USD couldn’t extend recovery motivation after getting knocked back by Lagarde. Friday rebound facing downside pressure as US Dollar maintains strength. Next week sees market movers on the cards with EU inflation figures, FOMC. The EUR/USD is set to close out Friday’s trading on the back foot, testing the week’s lows near 1.0650 as the US Dollar (USD) catches a late-week bid, sending the broad dollar index higher. ECB strips down the Euro at the top of the rate hike cycle The European Central Bank (ECB) managed to swing a dovish rate call that saw the…
General Motors is out saying that it expects to run out of parts at Kansas plant as soon as next week. This is because of the Missouri plant strike.The ship shortage from Covid, led to a shortage of autos for a few years and also to higher prices for used and new cars. The auto strike now threatened supply once again if it continues. Also of concern is that prices which are already up sharply, will continue the upward trajectory leading to higher inflation down the road. The Federal Reserve will announce her interest rate decision on Wednesday at 2…
The broader major indices closed sharply lower today led by the NASDAQ index which fell -1.56%. The S&P index fell -1.22%. The declines push the indices into the red for the trading week. The Dow industrial average fell -0.83%.For the trading week,Dow industrial average closed up 0.12%S&P index fell -0.16%NASDAQ index fell -0.39%The declines today were led by Adobe which tumbled -4.23% after the AI high flyer beat on earnings, but forward guidance disappointed. Nvidia – another AI stock – tumbled -3.69%, and Microsoft fell -2.52%. Other chip stocks including AMD (-4.82%), Intel (-2.04%), Taiwan Semiconductor Manufacturing company (-2.43%), and…
S&P is out with it expectations for the UAW strike and implications. They sayWarns that if the UAW strike continues for over a week and expands, it could lead to significant reductions in earnings and liquidity in the US auto sector for 2023.Predicts a slowdown in U.S. auto sector momentum in the second half of 2023 and expects volumes to remain flat in 2024.Anticipates that a quick resolution to the UAW strike is unlikely.Expects automaker ratings to remain stable, accounting for industry volatility in their financial risk assessments.Believes the Detroit 3 automakers have a modest inventory cushion compared to the…
The price of WTI crude futures are settling at $90.77. That’s up $0.61 or 0.66%. The low for the day reach $89.22. The high extend up to $91.15.For the week, the prices up around 4% on the week. This is the 3rd consecutive up week for crude oil. Technically, the price is closing above its 100 week moving average at $85.91.Looking at the hourly chart below, the price low today found early buyers against the 100 hour moving average (blue line in the chart below), and quickly reversed back toward the high for the day. Source link