Author: FX

Share: DXY fades the earlier bull run to the boundaries of 105.00. Immediately to the upside emerges the monthly high at 105.15. DXY gives away initial gains and now recedes to the 104.60 region on Wednesday. The continuation of the multi-week rally appears well and sound and a breakout of 105.00 should encourages the index to retest the September top of 105.15 (September 7) prior to the 2023 peak of 105.88 (March 8). While above the key 200-day SMA, today at 103.02, the outlook for the index is expected to remain constructive. DXY daily chart   Source link

Have you ever entered a trade wherein you thought that you had prepared for every scenario only to be blindsided by an unforeseen event? If you have, then you, my friend, have been ambushed by the markets! Don’t worry, even the most experienced and seasoned traders occasionally freeze when faced with unforeseen events. In fact, getting “ambushed” by the markets is almost an everyday occurrence. What separates a winner from a loser, though, is how a trader reacts to those unforeseen events. Studying past price action, Japanese candlestick patterns and chart patterns can only go so far in preparing you for…

Maddie Meyer/Getty Images News In conjunction with its R&D Day event on Wednesday, COVID-19 vaccine maker Moderna (NASDAQ:MRNA) said it expects to add $10B – $15B in annual sales five years after launching new products in oncology, rare diseases, and latent diseases by 2028. The company also intends to invest about $25B in R&D from 2024 to 2028 to support this organic growth. While reaffirming its 2023 sales guidance of $6B–$8B for its COVID-19 vaccine, Moderna (MRNA) acknowledged its cost of sales for the year will remain higher. However, the company said steps are underway to resize its manufacturing footprint…

Japanese Yen (USD/JPY, EUR/JPY) AnalysisUeda’s Nod to Rate Normalisation Fades as Focus Shifts to US CPIThe yen made a partial recovery/pullback after the Bank of Japan (BoJ) Governor Kazuo Ueda expressed a view that the bank will have enough data at their disposal to make a decision on stepping away from negative interest rates. Markets initially perceived this as bullish news for the yen and presented an opportunity to regain some lost ground, especially against a resilient dollar.However, 146.50 proved a level too far for USD/JPY, finding support and heading higher yesterday and today in the London session. The recent…

© Reuters. Shares of retail coffee chain Coffee Day surged 20% in intraday trade on Wednesday after the National Company Law Appellate Tribunal (NCLAT) quashed insolvency proceedings against its subsidiary, Coffee Day Global Ltd (CDGL). The move comes after CDGL and its financial creditor IndusInd Bank reached a settlement over outstanding dues. Earlier on Wednesday, counsel representing both CDGL and IndusInd Bank informed the Chennai bench of NCLAT about the settlement and requested permission to withdraw insolvency litigations. A two-member bench, comprising Justice M Venugopal and Shreesha Merla, took their submissions into account and set aside the order admitting CDGL…

UK:The BoE hiked by 25 bps as expected at the last meeting. The central bank seems to be leaning more on the less hawkish side as a key line in the statement was tweaked to indicate the propensity for a “high for longer” stance rather than keeping with additional rate hikes. Key economic data like the latest employment report showed a very high wage growth despite the rising unemployment rate, and the UK CPI beat expectations the last time pointing to a stagflation. The UK PMIs recently missed expectations across the board with the Services sector plunging into contraction.The market…

EUR/USD is finding it hard to recover from last week’s lows ahead of the U.S. CPI release! With the U.S. CPI and ECB monetary policy decision ahead, we think EUR/USD may present a potential trade opportunity. Are you also seeing what we’re seeing on the 1-hour time frame? EUR/USD 1-Hour Forex Charts by TV If you’ve been watching EUR/USD, then you’ll know that the pair has been in a downtrend since mid-July after the pair got rejected at the 1.1250 area. EUR/USD is now trading closer to 1.0740 after finding support at the 1.0700 psychological handle. Can EUR/USD still extend…

Share: USD/CHF consolidates above the previous gains ahead of US economic data. The rebound in US bond yields and market caution lift the US Dollar. Elevated inflation figures could further reinforce the potential of the pair. USD/CHF trades sideways around 0.8920 during the early trading hours of the European session on Wednesday, attempting to extend gains on the second day. The pair is experiencing upward support due to the recovery in the US Dollar (USD). US Dollar Index (DXY) retraces the losing streak, which assesses the performance of the US Dollar (USD) against a basket of the other major six…

Gold has been on shaky footing recently, but can it find support soon? Here are the levels I’m watching on the 4-hour time frame. As you can see from the chart below, the precious metal has formed lower highs and slightly lower lows to consolidate inside a falling wedge pattern. Gold (XAU/USD) 4-hour Chart by TV The commodity price is already retreating after testing the wedge resistance around $1,950 and might be setting its sights on the bottom around $1,880-$1,900. Technical indicators are looking mixed for now. The moving averages are still oscillating to reflect rangebound action, but the 100…

Major US indices turned in weaker overnight, with the Nasdaq reversing its previous day’s gains, as big tech stocks faltered despite Treasury yields little changed. Apple’s new product launch failed to impress, prompting a 1.7% overnight drop in its share price. Its new iPhone selling prices seeing not much of an increase seems to provide testament to the still-soft demand for the global smartphone market, despite some improvement in global shipments in 2Q 2023.Ahead, all eyes will be on the US Consumer Price Index (CPI) data tonight, with the story likely to revolve around a resurgence in headline pricing pressures,…