Author: FX
USD/CAD FORECASTUSD/CAD rises as U.S. Treasury yields push higher following strong U.S. economic dataBank of Canada keeps interest rates unchanged, but says additional hikes should not be ruled outBoC’s hawkish hold fails to support the Canadian dollar, as the broader U.S. dollar drives FX market dynamics Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter Most Read: Euro Forecast – EUR/USD on Bearish Path on US Exceptionalism, Key Levels AheadThe Canadian dollar was a touch softer on Wednesday despite Bank of Canada’s hawkish hold, as the broader…
Share: AUD/USD traded in the 0.6360 – 0.6400 range on Wednesday. USD gained momentum after ISM Service PMIs and the Fed’s Beige Book releases. The odds of one last hike by the Fed are gaining more relevance. In Wednesday’s session, the AUD/USD traded neutral but remained vulnerable below 0.6400. On the one hand, strong economic activity reports from the US strengthened the USD, while the AUD struggled to gain momentum after Tuesday’s Reserve Bank of Australia (RBA) decision. ISM Services PMI lived up to the expectations in August. The figure came in at 54.5, higher than the expected figure…
Canada is about to drop its August labor market data! Now, the big question is: Will this report give the Bank of Canada (BOC) a friendly pat on the back for their policy choices this week? Or will those numbers have traders be like, ‘Hey central bank, time for a wardrobe change!’ If you’re thinking about riding the potential Loonie rollercoaster when these stats hit the stage, here are the deets you gotta be familiar with before making your moves: Event in Focus: Canada’s August Employment Data: Employment Change, Unemployment Rate When Will it Be Released: September 8, 2023 (Friday)…
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By Mark Trevelyan (Reuters) -Armenia said on Wednesday it would host a joint army exercise with the United States next week, at a time of rising military tension with neighbouring Azerbaijan and open friction in its relationship with Russia. The Armenian Defence Ministry said the purpose of the Sept. 11-20 “Eagle Partner 2023” exercise was to prepare its forces to take part in international peacekeeping missions. A U.S. military spokesperson said 85 U.S. soldiers and 175 Armenians would take part. He said the Americans – including members of the Kansas National Guard, which has a 20-year-old training partnership with Armenia…
US ISM Services PMIDetails:employment index 54.7 versus 50.7 priornew orders index 57.5 versus 55.0 priorprices paid index 58.9 versus 56.8 prior new export orders 62.1 versus 61.1 priorimports 52.3 versus 52.3 priorbacklog of orders 41.8 versus 52.1 priorinventories 57.7 versus 50.4 priorsupplier deliveries 48.5 versus 48.1 priorinventory sentiment 61.5 versus 56.6 prior.This is a surprise, especially with the S&P Global PMI weakening off just before this. The takeaway here may be that while the retail segment is sliding, the broader services sector is still strong.Comments in the report:“Restaurant sales and traffic trends remain positive year over year and compared to…
Share: In a prepared speech delivered on Wednesday, “the risk of inflation staying higher for longer must now be weighed against the risk that an overly restrictive stance of monetary policy will lead to a greater slowdown in activity than is needed to restore price stability,” said Federal Reserve Bank of Boston President Susan Collins. She explained that this context calls for a “patient and careful, but deliberate, approach to policy,” that would provide time for policymakers to assess the effects of actions taken to date. Additional takeaways “Too soon to say inflation is sustainably moving back to target.”…
Ages ago, horsemen invented blinders to keep their horses focused on their work. Blinders are pieces of leather attached to the horse’s bridle that prevent them from seeing anything except what’s in front of them. Without blinders, a horse can see almost completely behind itself without turning its head and can be easily spooked by movement or objects it doesn’t recognize. By having fewer distractions, the horse is more dependable and is better focused on getting the job done. As a trader, I’ve found that whenever I started comparing my trading performance with other forex traders, my performance would usually…
USD/JPY, Nikkei News and AnalysisJapanese officials consider all options amid evidence of currency speculationUSD/JPY rises on dollar bid, nervously eying the psychological 150 markNikkei on track for fifth consecutive day of gains, bull flag provides optimismThe analysis in this article makes use of chart patterns and key support and resistance levels. For more information visit our comprehensive education library Recommended by Richard Snow How to Trade USD/JPY Japanese Officials consider all options Amid Currency SpeculationJapan’s top currency diplomat Masato Kanda provided the latest warning that Tokyo has seen evidence of undesirable moves in the FX market and maintains that such…
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