Author: FX
Crude Oil has been rallying strongly in the past month as the prospects of more economic stimulus from China, the resilience of other advanced economies and the production cuts gave the black gold a tailwind to reach the $83 level. In fact, recently we got a promise from Chinese authorities that they will step policy support for the economy and last week Saudi Arabia announced that they will extend their voluntary production cut through September which can be extended further or even deepened. The price now stands at a key resistance level and the technicals may help to catch the…
Share: The Euro felt some pressure on Tuesday as the Italian government announced a surprise windfall tax on bank profits. Economists at ING analyze EUR/USD outlook. Bank stocks appear to find some breathing room This is one interesting thread to monitor, should the Italian government’s decision fuel a bank profit windfall tax debate in other countries, and/or whether banks will pre-empt facing new taxation by raising deposit rates. The implications can be non-negligible from a monetary policy transmission perspective and for the Euro. In the near term, the relevance of relative equity performance for EUR/USD should keep it…
Who’s thinking of trading the U.S. CPI release this week? Here’s a simple EUR/USD consolidation setup to keep on your radar. As you can see from the hourly chart below, the pair formed lower highs and found support around the 1.0945 level to create a descending triangle. EUR/USD 1-hour Forex Chart by TV Price just bounced off the triangle support near S1 (1.0930) and is now setting its sights back on the resistance close to the pivot point (1.0990) and 1.1000 major psychological handle. Is the ceiling likely to hold? Technical indicators are suggesting so, as the 100 SMA is…
USD/CHF is having trouble breaking above the .8800 psychological handle! Will this lead to the pair extending its months-long downtrend? We’re checking the daily chart today! USD/CHF Daily Forex Chart by TV USD/CHF is NOT having a good year as it has fallen from parity levels in late 2022 all the way to the .8800 area today. Can dollar bears still jump on the downtrend? The .8750 – .8800 zone presents a pretty good opportunity as the area lines up with the 38.2% Fibonacci retracement of June’s downswing. A downturn from current levels opens the pair to a move back…
Hecla Mining reports mixed Q2 earnings; updates FY23 outlook Source link
Australian Dollar, AUD/USD, US Dollar, China, CPI, PPI, Crude Oil, Gold – Talking PointsAustralian Dollar narrowly gained support today in anaemic market conditionsChina’s CPI and PPI missed estimates and it raises the spectre of Government actionIf a new low is not seen in AUD/USD on this dip, how much longer will the range hold? Recommended by Daniel McCarthy Trading Forex News: The Strategy The Australian Dollar steadied today after making a two-month low yesterday on a stronger US Dollar and amid growing concerns for the outlook of its major trading partner, China.Year on year Chinese CPI turned negative for the…
3/3 © Reuters. Passersby walk in a heavy rain and wind caused by Typhoon Khanun in Kagoshima on Japan’s third-largest island Kyushu, August 8, 2023, in this photo taken by Kyodo. Mandatory credit Kyodo via REUTERS 2/3 TOKYO (Reuters) – Heavy rain from Typhoon Khanun pounded southern Japan on Wednesday as another storm approached from the east to possibly threaten Tokyo just as thousands of people prepare to travel during the peak summer holiday season. Khanun could make landfall on the southwestern main island of Kyushu, some 858 km (533 miles) from Tokyo, on Thursday, but areas of the region…
Yesterday PBOC set the USD/CNY midpoint at 7.1565People’s Bank of China USD/CNY reference rate is due around 0115 GMT.The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a “band,” around a central reference rate, or “midpoint.” It’s currently at +/- 2% and some think it could widen to 3% this year.How the process works:Daily midpoint setting: Each morning, the PBOC sets…
Share: UK’s leading thinktank, the National Institute of Economic and Social Research (NIESR), said late Tuesday, per The Guardian, that it would take until the third quarter (Q3) of 2024 for British output to return to its pre-pandemic peak. “There was a 60% risk of the government going to the polls during a recession,” adds the NIESR per The Guardian. The NIESR’s quarterly update also states that the poorest tenth of the population had been especially hard hit by Britain’s cost of living crisis and would need an income boost of £4,000 a year to have the same living…
Granite Point Mortgage Trust Non-GAAP EPS of $0.12 misses by $0.02, net interest income of $21.84M beats by $0.89M Source link