Author: FX
The USDCAD is trading lower today help by softer US CPI data in a Bank of Canada which was a little bit more hawkish. They raise their inflation forecasts for 2024 and also picked up the GDP. They also commented that inflation although lower due to energy prices was still sticky in other areas i.e. service and core inflation measures.Technically, the USDCAD is moving toward the 50% midpoint of the move up from the October 2021 low. That level comes in at 1.3132. Below that the low for the year at 1.31157 will be targeted. Move below that level and…
Share: Minneapolis Federal Reserve President Neel Kashkari stated during a panel discussion titled “Banking Solvency and Monetary Policy” in Boston that entrenched inflation could prompt the central bank to hike interest rates further. Kashkari mentioned that higher interest rates could increase the pressure on banks. Key takeaways from speech: “If inflation falls as markets currently expect, allowing policy rates to fall, bank balance sheet pressures would likely reduce as longer-term rates fall, causing asset prices to climb.” “If inflation proves to be more entrenched than expected, policy rates might need to go higher, which could further reduce asset…
GBP/USD PRICE, CHARTS AND ANALYSIS:GBP/USD hits highs not seen since April 2022Forecasters think UK interest rates will go well above 5%While the Pound looks headed higher, come consolidation may come first Recommended by David Cottle Get Your Free GBP Forecast The British pound rose above $1.2900 for the first time in a year in Wednesday’s Asian session, powering on to fifteen-month highs before returning some ground, as investors remain convinced that the Bank of England has perhaps more work to do than any major central bank if it’s going to contain inflation.Clearly the day’s main inflation focus will be on…
One of the questions traders always ask me is how important trading psychology is to a newbie. In this old man’s humble opinion, sound trading psychology is important enough that it sets consistently profitable traders apart from the rest. A person’s ability to handle and overcome stressful situations, like experiencing a drawdown, having a losing position, and managing one’s greed, plays a central role in determining a trader’s success. If you are not psychologically prepared to handle the stress that comes with trading, chances are that no matter how good your strategy is, you will not be able to execute it properly and will…
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Raytheon’s (RTX) Pratt & Whitney Signs Modification for F117 Engine Sustainment Support Contract for C-17 Globemaster III Pratt & Whitney, an RTX (RTX) business, announced today that it has signed a $5.5 billion modification to the previously awarded F117 Engine Sustainment Support contract with the United States Air Force. The contract provides engine services for C-17s operated by the USAF and eight international partners. The sustainment work will be provided between now and the second half of 2027 and will be conducted at Tinker Air Force Base in Oklahoma as well as facilities in San Francisco and Columbus, Georgia. The…
The Japanese yen has been on a tear in the past week, with USD/JPY falling all the way back below 140.00 now with the low earlier touching 139.31. While a technical correction may be overdue and a softer dollar also contributed to that, one reason that should not be understated is growing speculation that the BOJ might tweak something later this month.JGB 10-year yields (%) daily chartThat is being reflected by 10-year JGB yields, as it steadily climbs back to near 0.48% today.The key threshold for now remains at the 0.50% level and the hope among those expecting a change…
Share: Pound Sterling has registered a fresh 15-month high at 1.2965. United Kingdom firms are offering higher payroll charges to offset labor shortages. Britain’s jobless rate has jumped to 4% and the Claimant Count Change has added fresh 25.7K job seekers. The Pound Sterling (GBP) has picked immense strength and is auctioning above the round-level resistance of 1.2900 as labor cost data has turned out more resilient than expected. The GBP/USD pair has picked immense strength as chances of a bulky interest rate hike from the Bank of England (BoE) have escalated, knowing the fact, that higher disposable income available…
Looking for another central bank event to trade this week? The BOC decision is coming up while EUR/CAD is closing in on these correction levels. If any of these support areas marked by the Fibonacci retracement tool hold, the uptrend could resume. EUR/CAD 1-hour Forex Chart by TV Price has been forming higher lows connected by a short-term ascending trend line that’s been holding since late June. Another test of this potential floor seems to be underway, as EUR/CAD is retreating from the highs near R1 (1.4630). The handy-dandy Fib tool shows that the 38.2% level is near the 1.4550…
Trend warriors huddle up! USD/JPY is fast approaching a key trend pullback level on the daily time frame! Think the pair will find support from the area? USD/JPY Daily Forex Chart by TV I don’t know if you’ve noticed, but USD/JPY’s rejection from the 145.00 psychological area got USD bears piling on their shorts like there’s no tomorrow. USD/JPY is now trading below 140.00, which is only a few hundred pips away from the 138.00 psychological level. Prepare to see at least one round of buying from the 138.00 zone as it’s near a 50% Fib retracement, the 100 and…