Author: FX
EURCAD dailyGoldman Sachs maintains its recommendation for a short position in EUR/CAD with a target of 1.42 and a stop at 1.50. The rationale behind this trade is largely based on the resilience of the U.S. economy and the potential for upside in the Bank of Canada’s monetary policy.Key Points:Strategic Focus: Goldman Sachs is focused on tactical, relative value opportunities that are likely to be resilient against further volatility in the U.S. dollar.Pair Selection: EUR/CAD is the preferred G10 currency pair for this strategy.Resilient U.S. Economy: The U.S. economy continues to show resilience despite various market uncertainties. This strengthens the…
Monday is Labor Day in the United States and Canada so the stock, bond and futures markets will be closed while the FX market will be severely thinned. The economic calendar is bare and I wouldn’t expect too much drama.Remember: Safety first in the forex market Source link
iShares iBonds Dec 2030 Term Treasury ETF declares monthly distribution of $0.0520 Source link
Share: Nonfarm Payrolls for August provided data showing Fed may not require more hikes. NVDA stock has been forming Japanese candlestick doji patterns late this week that demonstrate uncertainty among bulls. Intel’s Gaudi 2 chip is being called a competitor to Nvidia’s H100. Samsung signs deal to begin supply high bandwidth memory chips to Nvidia. Nvidia’s (NVDA) stock price edged over 1% lower during Friday’s main session despite news from the US Bureau of Labor Statistics that should have had Wall Street cheering. US Nonfarm Payrolls data for August arrived at 187K, which although higher than the 170K expected was not…
BTC dailyIt’s been a volatile week for bitcoin and it’s ending on a poor note. Bitcoin is down $570 or 2.2$ to $25,445. That’s just above the August low of $25,350.Bitcoin popped on Tuesday after the SEC lost a court case brought by Grayscale and its improper dismissal of a spot ETF. That may clear the way for a bitcoin ETF but the SEC appears to be in no hurry as it delayed decisions on bitcoin ETFs that were due this week. The slow-rolling is leading to selling and the market could be worried about Sam Bankman-Fried’s bitcoin being sold…
Share: AUD/USD retreated below the 20-day SMA towards 0.6450. The August NFP report from the US sent mixed signals from the US labour market. The Greenback benefited from higher-than-expected ISM PMIs. In Friday’s session, the USD initially dropped and found support at the 20-day Simple Moving Average (SMA) of 103.30 but then managed to recover towards 104.20. The US reported mixed Nonfarm Payrolls figures and strong PMI figures, while the Australian calendar had nothing relevant to offer, so the USD’s movements primarily directed the pair’s movements. The Nonfarm Payrolls report, which measures the employment change in non-agricultural business, showed…
Share: USD/MXN trades at 17.1222, up by 0.56%, recovering from a daily low of 16.9699. US Nonfarm Payrolls for August meet expectations, but the Unemployment Rate rise spurred an initial drop in USD/MXN. ISM Manufacturing PMI shows signs of improvement, helping the USD recover. The American Dollar (USD) recovered some ground against the Mexican Peso (MXN), gaining earlier in the session, diving to a daily low of 16.9699. Still, recent economic data from the United States (US) and high US yields weighed on the emerging market currency, which trims its gains to 12.09% in the year. The USD/MXN…
Share: After initially rising to 1.0880, the EUR/USD declines to 1.0785, below the 200-day SMA at 1.0815. Manufacturing PMIs from the US showed better-than-expected results. The US DXY index and Treasury yields significantly recovered following the release. Following the release of a mixed Nonfarm Payrolls report, which saw employment rising higher than expected, wages decelerating and the unemployment rate rising above expectations in August, the US Dollar (USD) reversed its course, recovering on the back of stronger Institute for Supply Management (ISM) PMIs. The manufacturing index rose above expectations but showed that the sector remains in contraction (below 50), coming…
© Reuters. FILE PHOTO: Mexican Senator Xochitl Galvez speaks during a private event as she pursues the opposition alliance’s candidacy for the 2024 presidential election, in Monterrey, Mexico, August 19, 2023. REUTERS/Daniel Becerril/File Photo (Fixes typographical error in paragraph 2) By Dave Graham MEXICO CITY (Reuters) -When Xochitl Galvez lumbered onto the floor of Mexico’s Senate last December dressed in an inflatable green dinosaur suit to protest a ruling party bill, even the flustered leader of the upper house trying to rebuke her could not suppress a smile. The stunt by Galvez, who crashed the rostrum holding a card reading…
GBP/USD and EUR/GBP Analysis and ChartsThe 2023 UK Annual National Accounts revise prior GDP releases higher.Next week’s economic calendar is uninspiring.For all market-moving economic data and events, see the DailyFX CalendarThe newly released UK Annual National Accounts 2023 (Blue Book) show that the UK economy grew by more than previously thought in 2020 and 2021. The upward revisions to both years mean that GDP is now estimated to be 0.6% above pre-coronavirus levels pandemic levels in Q4 2021 against a previous estimate of 1.2% below, according to the Office for National Statistics (ONS). While the revisions are mainly due to…