Author: FX

Nasdaq weekly chartI would attribute a big chunk of this week’s equity selling to quarter-end rebalancing flows and/or the front-running of those flows. There were plenty of dip buyers in Nasdaq stocks, particularly in the magnificent seven mega stocks that have been responsible for nearly all of the equity market rally this year.On the day:S&P 500 -29 points, or -0.8%, to 4395Nasdaq Comp -0.9%Russell 2000 -1.0%DJIA -0.6%Toronto TSX Comp -2.7%On the week:S&P 500 -1.3%Nasdaq Comp -1.4%Russell 2000 -3.0%DJIA -1.7%Toronto TSX Comp -2.7%Here’s an early hint: The first two weeks of July are, seasonally, the strongest time of the year. Source…

EURUSD weekly chart MUFG maintains a long EUR/USD position to its TOTW portfolio (spot ref: 1.0920), with a target at 1.1320, and a stop at 1.0620. MUFG also maintains a long AUD/NZD position targeting a move towards 1.1200, with a stop at 1.0700. “We are maintaining a long EUR/USD trade idea. The pair retested the top of this year’s trading range between 1.0500 and 1.1000, and we expect the pair to move closer to the year to date high from April at just below the 1.1100-level,” MUFG notes. “We are maintaining our long AUD/NZD trade idea to reflect expectations for…

It was another busy week for our FX strategists with top tier catalysts all throughout the forex calendar. And it was another effective week for our strategies with arguably three out of four fundamentally/technically supported ideas moving in our favor, including a strong end-of-week push higher in USD/JPY. Forex Setup of the Week: GBP/AUD’s Potential Reversal Near a Range Resistance GBP/AUD 2-hour Forex Chart by TV To start the week, we took at look at GBP/AUD as Sterling had a couple of major catalysts ahead, discussing both bearish and bullish setups. The discussion was mainly focused on the the price action…

Share: On Friday’s session, the AUD/USD lost more than 1% pips and poised to closed a 2.9% weekly decline Negative market sentiment following mixed US PMIs from June weighs on the Aussie. Lower US bond yields and losses seen on Wall Street signal flightto-safety flows. On Friday, the Aussie faced severe selling pressure and the AUD/USD fell to its lowest level since early June towards the 0.6660 area. In that sense, global economic downturn fears following weak UK and Eurozone PMIs, followed then by mixed US PMIs favored a sour market mood and hence benefited the US Dollar.…

Share: Natural Gas breaks to new highs for June amid hotter-than-average global temperatures, faltering confidence in supply, US Dollar correction. Prices have been climbing higher as hotter weather stoked demand for Gas to power air conditioning. Gas terminal closures and outages in Norway, Europe’s primary producer, further supported prices, as had a pullback in USD.  Natural Gas price has broken to new highs for the month of June on Friday, despite macroeconomic data from major economies – especially the US – coming out lower than expected, raising concerns about global growth. A global heatwave, which is seeing record-breaking temperatures in some parts…

Share: Gold recovers, rising 0.69% to $1926.30, amid global recessionary fears and faltering US bond yields. A worldwide slowdown in business and manufacturing activity stokes investor concerns and drives a shift to safe assets. Market participants focus on Fed speeches for rate hike insights; current odds are 74.4% for a 25-bps hike in July. Gold price recovers some ground after falling to new three-month lows of $1910.26 overnight, while US bond yields retreat after printing weekly highs, spurred by central bank tightening. Global data revealed the economic slowdown, sparking recessionary fears. The XAU/USD is trading at $1926.30, gains…

MWelsh Accenture (NYSE:ACN) stock dipped ~2% on Friday after TD Cowen downgraded the Irish company’s shares to Market Perform from Outperform, noting additional deterioration in demand signals which is causing incremental uncertainty and estimate risk. The firm’s analysts said that Accenture remains a Services staple with unmatched scale and diversification, however its valuation seems full following recent outperformance linked with generative AI enthusiasm despite limited NT return. The firm added that it sees a less favorable risk/reward scenario and reduced its price target on Accenture’s shares to $300. The analysts noted that reasons for near-term upside were hard to imagine…

Share: During the months of April and May, the price of Gold breached the $2,000 mark and was only within a few Dollars of the record high. Analysts at Natixis discuss XAU/USD outlook for the coming months. Gold prices to remain in the lower bound area of $1,900 in 2024 In the near term, Gold is expected to remain under pressure as the markets expect further rate hikes (albeit small ones) by the end of the year.  Into 2024, we expect Gold prices to remain in the lower bound area of $1,900, averaging $1,920 for the year as…

© Reuters. FILE PHOTO: Southwest airline pilots approach to land at San Diego International airport in San Diego, California, U.S., May 18, 2023. REUTERS/Mike Blake/File Photo (Reuters) – Southwest Airlines (NYSE:) said on Friday it had reached a tentative agreement with the union representing the company’s mechanics and related employees. The Aircraft Mechanics Fraternal Association (AMFA), which represents more than 2800 Southwest employees, said the agreement, if ratified by members, will elevate salaries of aircraft maintenance technicians to “industry-leading” standards. Employees and unions across industries have intensified their fight for better pay and work conditions over the past few months. Southwest…

GBP/USD Prices, Analysis, and Charts• GBP/USD slipped a little on Friday• Weakness in EUR/USD seems to have carried across• The overall uptrend looks intact however Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter The British Pound is weaker against a generally stronger United States Dollar on Friday as weak European economic data underline global growth uncertainties and usher nervy investors back into the haven greenback. The Bank of England’s no-nonsense half-percentage-point rate increase of the previous session beat expectations but, perhaps surprisingly, failed to lift Sterling…