Author: FX
© Reuters. FILE PHOTO: A worker holds GMO yellow corn imported from the U.S., at a cattle feed plant in Tepexpan, Mexico March 15, 2023. REUTERS/Raquel Cunha By Cassandra Garrison MEXICO CITY (Reuters) -Mexico said on Friday it would counter U.S. arguments over agriculture biotech measures, including plans to limit its use of genetically modified (GM) corn, in trade dispute settlement consultations requested by Washington earlier in the day. The consultation request comes as the North American neighbors inch toward a full-blown trade dispute under the U.S.-Mexico-Canada Agreement (USMCA) over Mexico’s policies to limit the use of GM corn, which…
The S&P 500 (SP500) on Friday added 1.82% for the holiday-shortened week to close at 4,282.37 points, posting gains in two out of four sessions. Its accompanying SPDR S&P 500 Trust ETF (NYSEARCA:SPY) rose 1.88% for the week. The benchmark index’s advance was its third-straight week in the green, the first time it has posted such a streak since March. Most of the gains came today and on Thursday. The resolution of the debt ceiling saga during the week allowed investors to turn their attention back to economic data and what it meant for the Federal Reserve’s future monetary policy…
Greg Michalowski of Forexlive.com takes a deep into the technicals defining the bias, risk and key targets for the USDJPY heading into the new trading week starting June 5, 2023. In the report, he looks at the daily chart and then drills into the hourly chart.Get your week started on the right foot by understanding what levels are key and in play for the USDJPY. . Source link
The USDCHF sellers had their shot on Friday on the break of the 200-hour MA, but could not sustain momentum. The better US jobs report started the wheels in motion for a move back to the upside. That took the price back above the 200 and 100-hour MAs in the process (at 0.90564 and 0.90718 respectively). However, there is also key upside target resistance at 100-day MA and the 50% retracement of the 2023 trading range both at 0.9126. That level will be targeted next week and would need to be broken and stay broken, if the buyers are to…
The key move technically in the USDCAD last week, was the move back below the 100 and 200 day MAs. That tilted the bias more to the downside for the pair from a technical perspective.The other thing of note from the daily chart is the convergence of the 100/200-day MAs. That is indicative of a non-trending longer-term market which could be a clue for a break outside of the range… soon. Non-trend transitions to trend. The video will outline the levels that would keep the bearish bias and potentially lead to a break outside the up and down trading range…
The major currencies started the week in tight ranges and mixed but with a slight anti-dollar lean as debt ceiling and global growth concerns dominated early. The tides turned mid-week, however, thanks to “June skip” talks from Fed members and optimism over the passing of the debt ceiling bill. AUD and CAD seems to have benefited the most from the risk-friendly turn, while the “safe havens” saw the broadest hits as expected when the environment shifts positively. USD Pairs Overlay of USD vs. Major Currencies Chart by TV Uncertainty around the U.S. debt ceiling bill encouraged USD weakness in the…
Share: GBP/JPY surges to year’s high, up by 0.18%, amid positive market sentiment. Expectations of a dovish Fed and resolution of the US debt-ceiling imbue strength to high beta currencies. Despite the overall upward bias, the technical outlook suggests potential downside pressure on GBP/JPY. GBP/JPY climbed to fresh year-to-date (YTD) highs at 174.68 before a pullback that dragged the exchange rate toward the 174.10s area. A risk-on impulse caused expectations for a dovish US Federal Reserve (Fed) amongst geopolitical issues like the US debt-ceiling resolution underpinned high beta currencies. Therefore, safe-haven peers persisted pressured, as the GBP/JPY traded…
Share: The EUR/JPY trades for a second consecutive day with gains. Cross ends week with gains, but below 150.00. Yield divergence favours the Euro. The EUR/JPY closes the week trading with gains above 149.80 as the Yen weakened across the board on Friday, against its major rivals, including the Sterling Pound, Swiss, the US and Australian Dollars. On the other hand, the Euro is getting traction on the back of rising German bond yields following ECB Lagarde’s hawkish comments in Thursday’s session. Yield divergence between Japanese and German bonds traction the Euro Following the Eurozone’s inflation figures during…
Sundry Photography FibroGen (NASDAQ:FGEN) stock has been upgraded to buy by Stifel ahead of the expected release of data from two Phase 3 studies for its drug pamrevlumab. Stifel said in its note dated June 1 that the company was fast approaching two “critical” data readouts for pamrevlumab in the treatment of non-ambulatory Duchenne muscular dystrophy, or DMD, and idiopathic pulmonary fibrosis, or IPF. Results from the Phase 3 study for DMD, called LELANTOS-1, are expected in Q2, while results from the IPF study, called ZEPHYRUS-1, are anticipated mid-2023. Stifel said that while it is “uncertain” about the LELANTOS data,…
Share: Silver price pulls back as robust US jobs report strengthens Treasury bond yields. Expectations for a July rate hike by the Fed mount, pressuring precious metals. Resolution of US debt-ceiling drama provides potential respite for Silver. Silver price makes a U-turn following the path of Gold, as precious metals weighed by high US Treasury bond yields edge lower. XAG/USD opened around the daily highs and printed a weekly high of $24.00 before retreating past the 50- and 20-day Exponential Moving Averages (EMAs) confluence at the time of writing. XAG/USD is trading at $23.61, down 0.01%. XAG/USD retreats…