Author: FX
Share: USD/CNH takes the bids to prod the highest levels since late November 2022, up for the third consecutive day. PBOC cuts 7-day Repo Rate to 1.9%, fears of slower growth in China intensifies. Mixed mood, pre-data consolidation challenge US Dollar traders as US CPI, Fed loom. USD/CNH renews a multi-day high as China’s central bank surprises market with a rate cut during early Tuesday. That said, the People’s Bank of China (PBoC) cuts the Repo Rate to 1.9% from 2.0% and propel the offshore Chinese Yuan (CNH) price towards 7.1750, the highest level since late November 2022,…
sasacvetkovic33/E+ via Getty Images NexTier Oilfield Solutions (NYSE:NEX) +9.5% post-market and Patterson-UTI Energy (NASDAQ:PTEN) +15.9% after The Wall Street Journal reported late Monday that the two oilfield services companies are holding talks over a possible merger. NexTier (NEX), which was created out of a 2019 merger between C&J Energy Services and Keane Group, provides well-completion and production services; its revenues more than doubled in 2022 to $3.24B, due in part to an increase in fracking activity and higher prices. Patterson-UTI (PTEN) is the second largest rig provider in contract drilling after Helmerich & Payne, providing mostly super-spec rigs, the most…
By Brad Brooks (Reuters) – The mother of a 6-year-old Virginia boy who shot and wounded his elementary school teacher pleaded guilty on Monday to federal gun charges in a deal with prosecutors, according to court documents and her lawyer. Deja Taylor, whose son shot teacher Abby Zwerner at Richneck Elementary School in Newport News in January, pleaded guilty in federal court to being a user of marijuana while in possession of a firearm. While many states have legalized marijuana, it remains illegal under federal law. Taylor also pleaded guilty to lying about her marijuana use during the background check…
Andrew Balls, chief investment officer for fixed income at PIMCO comments Monday on the US dollar:”There’s no guarantee that we’re going to be short the dollar all the time, but today, (in) positioning we have dollar underweights versus G10 and EM”My guess is on average, we’re going to have that over the next couple of years.”dollar will keep its reserve currency statusAdded that some funds are overweight UK government bonds”We tend to be neutral and in some of our portfolios are a little bit overweight in the UK. It looks like there is value when we compare the UK with…
Share: WTI nosedives to $66.80, influenced by global economic deceleration and reduced oil price forecasts. Goldman Sachs revises WTI year-end forecast to $81 per barrel amid potential increased supplies. Upcoming US CPI data and Fed’s decisions are closely watched; the Saudi production cut provides a slight cushion. Western Texas Intermediate (WTI), the US crude oil benchmark, plunges sharply due to see an ongoing global economic deceleration, as well as analysts slashing oil price forecasts ahead of the release of inflation in the United States (US), and the Federal Reserve (Fed) meeting on Wednesday. WTI is trading at $66.80,…
US DOLLAR FORECASTU.S. dollar gains ahead of a major U.S. inflation report on TuesdayCPI data may help guide the Fed’s policy outlook for 2023This article looks at key USD/JPY’s technical levels to watch in the coming sessions Recommended by Diego Colman Get Your Free USD Forecast Most Read: Gold Prices on Shaky Ground Ahead of US Inflation Data and Key Fed DecisionThe U.S. dollar, as measured by the DXY index, strengthened modestly on Monday, boosted by higher U.S. Treasury yields. In late afternoon trading, the greenback gauge was up about 0.15% to 103.75, rising for the second straight day amid…
Are you ready to trade what’s probably THE most awaited economic calendar this week? I’m talking about the Fed’s monetary policy decision on Wednesday! Here are major points you need to know if you’re planning on trading the event: Event in Focus: Federal Open Market Committee (FOMC) Monetary Policy Statement When Will it Be Released: June 14, Wednesday: 6:00 pm GMT Fed Chairman Powell will conduct a presser 30 minutes later. Use our Forex Market Hours tool to convert GMT to your local time zone. Expectations: Fed to hold its Fed funds rate range steady at 5.00% – 5.25% (CME…
AULT and EOSE among industrial movers Source link
S&P 500 AnalysisS&P 500 enters into a technical recession despite tightening financial conditionsAverage S&P 500 performance after bull market confirmation suggests positive returns for longer time horizonsPrice action tests the August 2022 high ahead of US CPI and FOMCThe 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 Traits of Successful Traders S&P 500 Enters into a Technical Bull MarketIt is widely accepted that a 20% rise off a major low marks a technical bull market – something that the S&P 500…
The GBPUSD is trading to a new session low and in the process is extending below a swing area. The move lower in the pair is being influenced by a sharp reversal in the EURGBP. Recall from Friday, the reverse was the case. That is the EURGBP moved lower which pressured the EURUSD and supported the GBPUSD. Now, the GBPUSD is relatively weak, while the EURUSD is relatively strong. For a look at the technicals in play for both the GBPUSD and the EURGBP, click on the video above.. EURGBP moves up to test the 100 hour MA Source link