Author: FX
USD/CAD is testing a key resistance zone ahead of the FOMC meeting minutes! Will we see a breakout today? Or will the pair extend its downtrend? USD/CAD 15-min Forex Chart by TV I don’t know if you noticed but USD/CAD has been showing lower highs and lower lows since late June when USD/CAD hit resistance at the 1.3280 area. The pair even hit the 1.3200 psychological level before finding buyers! USD/CAD is now trading near 1.3240, which lines up with a descending channel resistance AND the 61.8% Fibonacci retracement of July’s downswing. It also doesn’t hurt that USD/CAD’s current levels…
Nikada Japan -0.25%. Japan Jibun / S&P Global Services PMI for June revised lower to 54.0 in June 2023 from 54.2 in the flash estimates (prior 55.9). China -0.59%. China June 2023 Caixin / S&P Global Services PMI 53.9, a slower rate of expansion than the 57.1 recorded in May. Hong Kong -1.64%. Australia -0.35%. Australia data – June Services PMI 50.3 (prior 52.1). India -0.03%. New Zealand GDT price index -3.3%. The Philippines’ headline inflation rate slowed for a fifth straight month to 5.4% in June, down from May’s figure of 6.1%. On Tuesday, the US markets was closed…
2/2 © Reuters. FILE PHOTO: Flags of China and U.S. are displayed on a printed circuit board with semiconductor chips, in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo 2/2 BEIJING/SHANGHAI (Reuters) – China’s export controls on metals used in making semiconductors are “just a start”, an influential trade policy adviser said on Wednesday, as it ramps up a tech fight with the U.S. days before U.S. treasury secretary Janet Yellen visits Beijing. Shares in some Chinese metals companies rallied for a second session, with investors betting that higher prices on gallium and germanium, which Beijing’s export restrictions…
Will we see a bounce or a break for WTI crude oil? The commodity is testing its triangle resistance once more! As you can see from the 4-hour chart below, price made lower highs and found support around $67 per barrel, creating a descending triangle pattern. WTI Crude Oil (USOIL) 4-hour Chart by TV Crude oil is currently hanging out at the top of the chart formation, still deciding where to head next. Technical indicators appear to be pointing to another dip from here, as the 100 SMA is below the 200 SMA to hint that the path of least…
Members of the European Central Bank Governing Council coming up later include:1100 GMT/0700 US Eastern time: French central bank head Francois Villeroy de Galhau speaks at a financial conference in Paris1800 GMT/1400 US Eastern time: Bank of Spain’s Governor Pablo Hernández de Cos delivers the closing speech at an event organized by the Foro de la Toja as a tribute to ex- foreign affairs minister Josep PiquéIt looks like Villeroy’s is more likely to include a statement on the economy and/or monetary policy. The ECB is expected to raise rates again at its July meeting, on the 27th: Source link
Share: WTI crude oil pares the biggest daily gains in a week amid downbeat mood. China Caixin Services PMI drops in June, fears of recession, Sino-American trade war intensify. Output cuts from Saudi Arabia, Russia provide headwinds to energy bears. Weekly prints of API Crude Oil Stocks Change, risk catalysts eyed for clear directions. WTI takes offers to reverse the previous day’s heavy gains near $71.00, down 0.50% intraday around the intraday low of $70.86 by the press time. In doing so, the black gold bears the burden of the downbeat China data, as well as challenges to…
© Reuters. FILE PHOTO: A police officer passes a child’s bicycle after a mass shooting at the scene of a Fourth of July holiday weekend block party in Baltimore, Maryland, U.S. July 2, 2023 in a still image from video. REUTERS/Stringr/File Photo By Kanishka Singh and Raphael Satter (Reuters) -Mass shootings in Philadelphia, Baltimore and Fort Worth, Texas, killed 10 people and wounded nearly 40 others ahead of the Fourth of July holiday, officials said, a grim reminder of the decades-long failure to curb gun violence in the United States. In Fort Worth, three people were killed and eight wounded…
lcva2/iStock Editorial via Getty Images Abu Dhabi and Austria’s OMV (OTCPK:OMVJF) (OTCPK:OMVKY) are exploring a combination of Borouge and Borealis to create a chemicals and plastics company worth more than $30B, Bloomberg reported Tuesday. The parties are discussing the potential valuation and ownership structure of a combined entity and may reach the broad outlines for formal merger negotiations in the coming weeks, according to the report. Borealis is 75% owned by OMV (OTCPK:OMVJF) (OTCPK:OMVKY), with the rest held by Abu Dhabi National Oil Co., while Borouge is a partnership between Adnoc and Borealis. The potential deal would fit in a…
It’s the services PMI from China today. This doesn’t get the focus that the manufacturing PMI gets. And, check out the previous, its solidly in expansion so its not as if we are even sweating it. The official, i.e. National Bureau of Statistics (NBS) services PMI is solid also:The Caixin manufacturing PMI was released on Monday this week, in expansion: This snapshot from the ForexLive economic data calendar, access it here. The times in the left-most column are GMT. The numbers in the right-most column are the ‘prior’ (previous month/quarter as the case may be) result. The number in the…
Share: Canadian Dollar trades slightly higher supported by a rise in Oil prices on supply fears. Canadian Manufacturing PMI comes out lower than expected in June though the response from price action is limited. Traders are in two minds about the outlook for monetary policy from the Bank of Canada as GDP continues to grow but inflation falls. Canadian Dollar rises versus the US Dollar on Tuesday during the US session on the back of higher Oil prices, Canada’s largest export, amidst fears of supply cuts by Saudi Arabia and Russia. The Canadian Manufacturing PMI data release on Tuesday, came…