Author: FX
It’s 9:00 pm. After a long day at work, Jimmy switches on his laptop and turns on the TV to catch the latest Succession episode. He’s in the mood to do a bit of scalping and he has decided to open a short GBP/JPY position. His trade is in the money at the moment, and he tells himself he’ll exit manually once the price reaches his profit target. But wait a second, what’s happening? There’s trouble in paradise for one of his favorite couples! Nooooo! By the time Jimmy takes his eyes off the TV and sets them back on…
WTI PRICE, CHARTS AND ANALYSIS: Recommended by Zain Vawda How to Trade Oil Most Read: Oil Price Forecast: WTI and Brent Face Challenges as Chinese Economy Remains in FocusWTI’s resurgence failed at the first hurdle Yesterday as Oil prices faced renewed selling pressure, recording its largest drop in 2 weeks with a loss of around 3.9% on the day. This continued into the Asian session as well as the early part of European session with WTI down a further 1.8% at the time of writing trading at $68.20 a barrel.CENTRAL BANKS REMAIN HAWKISH AMID RISING RECESSIONARY FEARSThe surprise hike by…
Headlines:Markets:USD leads, AUD lags on the dayEuropean equities lower; S&P 500 futures down 0.4%US 10-year yields down 6.2 bps to 3.736%Gold up 0.3% to $1,918.66WTI crude down 1.4% to $68.53Bitcoin down 0.3% to $30,079The risk mood in markets was already leaning towards the softer side earlier today but the sentiment worsened after a rather disappointing set of PMI data from Europe.In particular, there was a stark drop in French services activity and that alongside softer numbers in Germany is leading the euro area economy to stagnation towards the end of Q2.The miss on estimates has reignited recession fears in the…
Share: The Bank of England surprised markets with a 50 bps rate hike on Thursday, and economists at ING think a reserve currency like the Pound may be kept afloat by a sharply inverted domestic yield curve. A sharply inverted yield curve can come in handy 150 bps of tightening was already priced in before the meeting, and investors are now looking at a 6.0%+ peak rate after the hike. The attempt by the BoE to get ahead of the curve with more aggressive tightening is being accompanied by rising speculation that this will trigger monetary easing starting…
Article written by IG Senior Market Analyst Axel RudolphFTSE 100, DAX 40, S&P 500 – Analysis, Prices, and ChartsFTSE 100 back in negative territory year-to-dateThe FTSE 100 is on track for its fifth consecutive day of losses. It has been slipping since last Friday’s five-week high and is expected to open lower as Asian indices decline because hawkish central banks weigh on sentiment.Thursday’s low at 7,457 is within reach, a fall through which will put the May low at 7,433 back on the map.Only a bullish reversal and rise above Wednesday’s low at 7,518 could put the 200-day simple moving…
Regional growth concerns got traders selling the euro today! Can the common currency recover enough to regain its bullish momentum? Before moving on, ICYMI, yesterday’s watchlist checked out GBP/CHF for a break-and-retest opportunity ahead of BOE’s policy decision. Be sure to check out if it’s still a good play! And now for the headlines that rocked the markets in the last trading sessions: Fresh Market Headlines & Economic Data: U.S. initial weekly jobless claims for the week ending June 17: 264K vs. 271K previous week U.S. Existing Home Sales for May: +0.2% m/m to 4.3M unites(-0.5% m/m forecast; -3.2% m/m…
EUR/USD ANALYSISPMI data did not help the euro claw back overnight losses against the US dollar.ECB and Fed speakers scheduled throughout the day.EUR/USD at testing key support. Recommended by Warren Venketas Get Your Free EUR Forecast EURO FUNDAMENTAL BACKDROPGerman and eurozone PMI’s significantly missed estimates (see economic calendar below) with the manufacturing sectors moving further into contractionary territory. French PMI’s released earlier showed a similar trend, heightening an economic slowdown within the region. Services data although weaker, has managed to buoy the overall EZ economy somewhat.EUR/USD ECONOMIC CALENDAR (GMT +02:00)Source: DailyFX economic calendar Trade Smarter – Sign up for the…
fredrocko/iStock Unreleased via Getty Images Ford Motor (NYSE:F) is planning more layoffs in the coming weeks to further reduce costs and streamline operations amid a major push towards electric vehicles, the Wall Street Journal reported citing people familiar with the matter. The layoffs will mostly affect U.S. salaried workers in Ford’s (F) gas-engine business, as well as its EV and software divisions. “Part of the ongoing management of our business includes aligning our global staffing to meet future business plans, as well as staying cost competitive as our industry evolves,” a Ford (F) spokesperson told WSJ, adding that the automaker…
The dollar is sitting higher so far today, as it builds on the advance from yesterday. That came alongside higher Treasury yields, as markets take a bit of a breather from the earlier moves this week. But as we approach the final day of trading on the week, we are seeing a familiar risk rotation theme again.Equities are lower with S&P 500 futures now down 0.5% while Treasury yields are also down, with 10-year yields lower by 1.8 bps to 3.781% currently. The dollar is staying underpinned though, with USD/JPY holding above 143.00 on the day:USD/JPY daily chartThe pair continues…
Missed the neckline breakout on AUD/CHF? If you’re still bullish on this one, make sure you check out this ongoing retest! As you can see from the 4-hour chart below, the pair is back down to the former neckline of its double bottom reversal pattern. AUD/CHF 4-hour Forex Chart by TV AUD/CHF is closing in on the area of interest spanned by the 50% to 61.8% Fibonacci retracement levels, right above the .6000 major psychological mark. But what are technical indicators saying? Moving averages are looking in favor of a continuation of the rally, as the 100 SMA is above…