Author: FX
The EURJPY moved above a swing area and ceiling area between 159.19 and 159.32 toward the end of yesterday and in the Asian-Pacific session today tried to stay above that area as well. However, momentum could not be sustained passed 159.484, and buyers eventually turned to sellers in the early European session and forced the price to the downside.In the US session the price has continued its move to new session lows where the pair’s price is testing a lower swing area between 157.90 and 158.046. Also in play is the rising 100 bar moving average on the 4 hour…
SUMMARY & TALKING POINTSFed policy makers continue to grapple with inflation/labor dynamics.Rates markets eye May/June for first rate cut.Extreme levels present on USD & S&P 500. Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter CENTRAL BANK FUNDAMENTAL BACKDROPThe Jackson Hole Economic Symposium for 2023 will run from the 24 – 26 August (see economic calendar below) and although other central bank and economic leaders will be present, Fed Chair Jerome Powell’s address is the one to watch. The theme for this year is titled ‘Structural Shifts…
Share: USD/CHF shows mild gains near the 0.8800 area. The pair continues to trade sideways since early August. Hawkish comments from Fed’s Thomas Barking gave the USD a boost. Investors await Powell’s speech on Friday and Wednesday’s US August PMIs. On Tuesday, the USD/CHF traded with mild gains, near the critical 0.8800 zone. On the US side, Thomas Barking from the Federal Reserve (Fed) commented that more tightening may be needed while investors await Wednesday’s PMIs from August and Jerome Powell’s Friday speech. On the CHF side, Switzerland reported a higher than expected Trade Balance deficit in July,…
We’re gonna get the first U.S. business activity numbers for the month of August! Will the numbers justify a September rate hike for the Fed? More importantly, how could the USD react to the news ahead of Powell’s Jackson Hole speech? Here are points you need to know if you’re planning on trading the event: Event in Focus: U.S. Flash Manufacturing PMIs for August 2023 The purchasing managers index (PMI) comes from a survey conducted among a few hundred purchasing managers in major business sectors, such as the manufacturing and services industries. An index reading of 50.0 and above hints…
USD/ZAR OUTLOOK:USD/ZAR Retreats Toward Support at the 18.71 Handle as BRICS Summit Gets Underway, SA Inflation Data Ahead.BRICS Bloc Has a Lot to Overcome Before Any Idea of a Single Currency Becomes Realistic.The South African Rand is in Good Stead for a Continued Recovery as Attention Turns to the Jackson Hole Symposium.To Learn More About Price Action, Chart Patterns and Moving Averages, Check out the DailyFX Education Section.Get Your Top Trade Opportunities from the DAILYFX Team Free Down Below Recommended by Zain Vawda Get Your Free Top Trading Opportunities Forecast MOST READ: Gold (XAU/USD) Rally Gathers Pace but 200-Day MA…
Massimo Giachetti/iStock Editorial via Getty Images AMC Entertainment (NYSE:AMC) and AMC Preferred Equity units (NYSE:APE) are both slipping for a second straight day on the threshold of a transformative share conversion the theater chain launched in order to raise new equity. AMC’s common shares (AMC) were down 18% Tuesday morning amid three separate trading halts for volatility. The stock had tumbled 24% Monday. Meanwhile, the company’s preferred equity units (APE) were down 13% Tuesday morning, adding on to Monday’s 7% decline. While both securities are declining, the price gap between them is narrowing ahead of AMC’s planned major moves this…
© Reuters. FILE PHOTO: A view of a Nvidia logo at their headquarters in Taipei, Taiwan May 31, 2023. REUTERS/Ann Wang/File Photo (Reuters) – Nvidia (NASDAQ:) shares rose on Tuesday before the bell in a buildup in expectations over the quarterly results of the chip designer that has been the biggest beneficiary of a boom in artificial intelligence. Rising hopes of Nvidia’s revenue target once again surpassing Wall Street estimates have fueled a 16.5% surge in shares over the past week. They rose 8% to lift broader markets on Monday and closed just 2.1% short of their all-time high of…
Headlines:Markets:NZD leads, EUR lags on the dayEuropean equities higher; S&P 500 futures up 0.5%US 10-year yields down 2.6 bps to 4.316%Gold up 0.4% to $1,900.91WTI crude down 0.4% to $80.40Bitcoin down 0.3% to $26,034It was a fairly mixed session as markets remain slightly on the quiet side in Europe once again today.The dollar nudged slightly lower as equities sentiment picked up once again, with tech shares leading the way after yesterday’s solid start to the week. US futures were flattish early on but are now seen higher with S&P 500 futures up 0.5% and Nasdaq futures up 0.7%. European indices…
Share: Euro surrenders its initial advance to 1.0930 vs. the US Dollar. Stocks in Europe maintain daily gains in place on Tuesday. EUR/USD comes under pressure following a test of 1.0930. The USD Index (DXY) reverses the initial drop to the 103.00 region. EMU Current Account surplus widens in June. Fedspeak and housing data will be next on tap in the US docket. The Euro (EUR) fades the initial optimism against the US Dollar (USD) and now forces EUR/USD to return to the sub-1.0900 zone following earlier multi-session peaks around 1.0930 on turnaround Tuesday. The ongoing knee-jerk in the pair comes pari passu with…
Article by IG Senior Market Analyst Axel RudolphFTSE 100, DAX 40, S&P 500 Analysis and ChartsFTSE 100 continues to hover above supportThe FTSE 100 continues to precariously hover above key support which sits between its March and July lows at 7,228 to 7,204 as the UK’s public sector net borrowing came in slightly weaker-than-expected at 3.5 bn versus a forecast 3.8 bn. On Monday UK homebuilders fell following a downbeat update from Crest Nicholson Holdings but so far the UK blue-chip index continues to stabilise. Further low volatility trading above its 7,228 to 7,204 major support zone is expected to…