Author: FX
It’s all about the data today. In the past hour, we’ve seen the dollar drop on poor manufacturing data only to jump right back on strong job openings numbers.GBP/USD shows the round trip.That chart arguably understates the magnitude of the moves. On most charts, the US dollar is above where it was before the manufacturing data, as the Fed is more-inclined to be swayed by the JOLTS numbers.Fed rate hike odds now rest at about 66% compared to 61% at the start of the day. Source link
Share: GBP/USD holds support in mid-1.23 zone. Economists at Scotiabank analyze the pair’s technical outlook. Resistance stands at 1.2450 “The technical damage to the Pound thus far is limited.” “Cable is consolidating yesterday’s gains rather than reversing them at this point and the early week break above short-term trend resistance (now support) at 1.2355 is just about holding. Short-term support extends to the 1.2335 level intraday but while resistance stands at 1.2450.” “Weakness through 1.2335 leaves 1.23 exposed and will bolster the potential for Sterling to drop back to the 1.21 area.” Source link
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GBP PRICE, CHARTS AND ANALYSIS: Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter Read More: USD/CAD Price Forecast: Acceptance Above 1.3650 Needed for Bullish ContinuationGBP, BoE AND INFLATIONGBP has been on an interesting trajectory of late with gains against both the Euro and Aussie Dollar while losing ground against the Greenback. This has come against a backdrop of rising expectations of further rate hikes from the Bank of England (BoE) with money markets pricing in around 100bps of hikes by November. Such a move would bring…
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© Reuters. FILE PHOTO: A picture illustration shows U.S. 100 dollar bank notes taken in Tokyo August 2, 2011. REUTERS/Yuriko Nakao By Harry Robertson and Kevin Buckland LONDON/TOKYO (Reuters) – The U.S. dollar rose strongly on Wednesday to a more than two-month high after data showed European inflation is cooling quicker than expected and China’s recovery is sputtering. The euro was last down 0.67% at $1.066, the lowest since March 20. That helped the , which measures the greenback against six major peers, climb 0.51% to 104.6, its highest since March 16. Data on Wednesday showed that inflation in France…
EUR/JPY just broke below a technical pattern! If you haven’t noticed, a combo of risk aversion and a burst of yen strength dragged major JPY pairs lower in the last trading sessions. In EUR/JPY’s case, all the yen-buying has translated to an extension of a downswing that began when the pair got rejected at the 151.00 psychological handle. The pair is now trading closer to 149.50, which is below the 100 and 200 SMAs on the 1-hour time frame. More importantly, it’s also below the ascending channel pattern on the chart. Are we looking at a bearish reversal for EUR/JPY?…
Prior +5.9%HICP +6.0% vs +6.4% y/y expectedPrior +6.9%The miss on estimates would suggest that price pressures are actually tailing off quicker than anticipated, even if a lot of this has to do with the high energy prices from last year being phased out. The downside beat was sort of predicated by Le Maire’s remarks here just moments before the release.The EU-harmonised reading is the lowest since May last year but annual food price inflation remains high at 14.1% – down from 15.0% previously at least. Source link
Share: Silver Price remains depressed within one-week-old symmetrical triangle. Sustained trading below 200-HMA, fortnight-long resistance line amid steady RSI favor XAG/USD sellers. Silver Price weakness past $23.00 can aim for November 2022 peak. Silver Price (XAG/USD) grinds within a short-term symmetrical triangle as traders await the key risk catalysts during early Wednesday. That said, the XAG/USD seesaws inside a one-week-old triangle formation after failing to register any clear pattern the previous day. Though, the bullion’s sustained trading below the 200-Hour Moving Average (HMA), as well as a downward-sloping trend line from May 15, keeps the Silver bears hopeful.…
Retracement alert! After breaking below its double top neckline, gold is pulling up for a quick retest before resuming the downtrend. Where are XAU/USD sellers looking to hop in? Gold (XAU/USD) 4-hour Chart by TV Risk-taking and dollar domination seem to be weighing down the safe-haven precious metal these days. It’s no surprise that these market factors triggered a break below gold’s neckline support around the $2,000 key level, suggesting that more losses might be in the cards. Before all that happens, though, a quick pullback to the former floor might be needed to draw more sellers out. The Fibonacci…