Author: FX
© Reuters. FILE PHOTO: A trader works as a screen displays the trading information for BlackRock on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 14, 2022. REUTERS/Brendan McDermid By Selena Li HONG KONG (Reuters) – BlackRock Inc (NYSE:)’s head of China business, Tony Tang, is leaving the asset manager, the company said on Tuesday, after having played a key role in expanding operations in the world’s second-largest economy. BlackRock, the world’s largest asset manager, said Tang “has expressed an interest in exploring opportunities” outside the firm, in a statement responding to a…
Missed this trend line breakdown on GBP/CAD? If you’re still bearish, you might have a chance to catch the selloff on this pullback. Check out these resistance levels where pound bears might be looking to jump in. GBP/CAD 1-hour Forex Chart by TV As you can see on the pair’s hourly time frame, price fell through an ascending trend line that had been holding over the past couple of weeks. GBP/CAD fell straight through before finding a floor at 1.6623 and pulling back up. Using the Fib tool shows potential levels where bearish pressure could return. Price is already closing…
Anyone down for a simple trend correction play on a Loonie pair? CAD/JPY has been forming higher lows for the past few weeks, and it looks like another test of support is in the works. Check out these neat retracement levels ahead of the June 2023 BOC statement! CAD/JPY 1-hour Forex Chart by TV This forex pair is already in correction mode, as price retreated from the highs around 104.60 and is bouncing off the 38.2% Fib in line with today’s pivot point. If this is enough to get Loonie bulls charging, CAD/JPY could resume the climb to the swing…
The “big four” in Australia are all anticipating no change to the cash rate, so that sort of lays down expectations ahead of the meeting. This is one where the RBA could be ‘skipping’ a rate hike as they pause and reassess the inflation and economic outlook.But if they are going to have the propensity to surprise, it will be leaning towards another 25 bps rate hike.As things stand, OIS futures are showing 65% odds of no change in the cash rate with the remaining 35% favouring a 25 bps move. That’s not really overwhelming confidence that traders are firm…
SlavkoSereda/iStock via Getty Images Crude oil closed higher Monday but surrendered nearly all of its healthy early gains, as Saudi Arabia’s go-it-alone production cuts – allowing Russia and the rest of OPEC+ to keep pumping freely – only underscored the broader weakness in the oil market and the deepening cracks in the cartel. This weekend showed the “ultimate failure of the Saudis” to coordinate the OPEC+ members to undertake “what was required to bring better prices into the market,” Ed Morse, Citi’s global head of commodities research and managing director, told CNBC. “We have a potential for supply to be…
© Reuters. FILE PHOTO-An employee of a supermarket named Akidai works at a store in Tokyo, Japan January 20, 2023. REUTERS/Issei Kato TOKYO (Reuters) – Japan’s real wages fell for the 13th straight month in April, government data showed on Tuesday, indicating wage recovery remained slow amid persistent gains in consumer inflation. Japan’s major firms in March agreed to offer the largest wage increases in three decades during negotiations with unions, as they faced pressure to compensate employees for higher living costs. However, Tuesday’s data suggests it will take some time for that wage hike to be felt. Bank of…
Canadian Dollar, USD/CAD, OPEC Cuts? Technical Analysis – Asia-Pacific Briefing:Canadian Dollar weakens despite Saudi Arabia oil production cutsFailure of broader OPEC+ coordination meant WTI filled the gapSlowing global growth may keep oil prices pressured for time being Recommended by Daniel Dubrovsky Get Your Free Oil Forecast Canadian Dollar Takes Little from Another OPEC MeetingThe Canadian Dollar weakened against the US Dollar over the past 24 hours. This is despite relevant news in the crude oil space. Over the weekend, the latest OPEC meeting concluded with Saudi Arabia cutting production by about 1 million barrels per day (bpd) from July. It…
The US dollar is ending the day slightly weaker with modest trading ranges. The greenback was initially supported by a strong Nonfarm Payroll (NFP) and better Non-manufacturing ISM data out of China (and debt deal being signed by Biden), but later pulled back after the ISM Services and factory orders came out weaker than expectations. The headline ISM Services for May fell to 50.3, below the expected 52.2, with a slowdown in new orders and employment. Factory orders and core durable goods orders also missed consensus, adding to the decline in the dollar. The strongest to weakest of the major…
Share: USD/CAD bulls 38.2% ratio as first stop. Beyond daily resistance, bulls eye the1.3560s. USD/CAD is been in the hands of the bulls at the start of the week while the yield on benchmark government debt climbed and despite a surprise in the US economic data front. Nevertheless, the technical outlook remains bullish as for the following analysis: USD/CAD daily chart The market swept the equal lows and subsequently, bulls moved in at a discount at the end of the three-day drop. This has occurred while an M-formation has been left on the charts. The bulls look to the…
Will the Bank of Canada keep rates on hold for the third time in a row? Here’s an event guide for their upcoming BOC policy decision. Event in Focus: Bank of Canada (BOC) Monetary Policy Statement When Will it Be Released: June 7, 2023 (Wednesday): 2:00 pm GMT Use our Forex Market Hours tool to convert GMT to your local time zone. Expectations: BOC to keep interest rates unchanged at 4.50% again Policymakers to reiterate that they’re still willing to hike if data calls for it Relevant Australian Data Since the Last BOC Statement: ? Arguments for Hawkish Monetary Policy…