Author: FX
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Major forex pairs were off to a slow start this week, then volatility kicked in thanks to a few market surprises. In particular, the Kiwi chalked up the biggest moves in a bearish way when the RBNZ’s policy decision turned out less hawkish-than-expected. Bulls were quick to jump off their long positions when the central bank revealed that the interest rate hiking cycle is likely nearing its peak. At first, dollar traders seemed unsure on how they should factor in rate expectations and the lack of progress in U.S. debt ceiling negotiations, but risk aversion eventually propped the U.S. currency…
© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 19, 2023. REUTERS/Brendan McDermid By Noel Randewich and Shristi Achar A (Reuters) – U.S. stocks finished sharply higher on Friday as talks on raising the U.S. debt ceiling progressed, while chip stocks surged for a second straight day on optimism about artificial intelligence. After several rounds of talks, U.S. President Joe Biden and top congressional Republican Kevin McCarthy appeared to be nearing a deal to increase the government’s $31.4 trillion debt limit for two years, while capping spending…
Share: Reuters reported that the US Treasury Secretary Janet Yellen spoke on Friday and extended the deadline for raising the federal debt limit, saying the government could default on its debt as early as June 5 without increasing the country’s $31.4 trillion debt ceiling. Yellen had previously put that date as in early June, or potentially as early as June 1. Meanwhile, the US Dollar was set for a third straight weekly gain on Friday. The US Dollar index DXY, which tracks the currency against six major counterparts, was last at 104.23%. Source link
It was a relatively low volatility week across the major asset classes as traders likely held off on taking action as they awaited developments on the U.S. debt ceiling issue. Normally volatile catalysts like global flash PMIs and inflation updates took a back seat to the U.S. debt story, which ultimately ended up being positive for risk traders on Friday after a roller coaster ride of updates throughout the week. Notable News & Economic Updates: ? Broad Market Risk-on Arguments Over the weekend, White House official said that debt ceiling negotiations will resume early this week, although House Speaker McCarthy…
Share: NZD/USD bears eye a continuation below structure. Bulls could be lurking at a key area of potential support. NZD/USD remains on the backfoot following the Reserve Bank of New Zealand confirming it would ease mortgage loan-to-value ratio (LVR) restrictions from June 1. The technical outlook is bearish for the meanwhile, but there could be prospects of a bullish correction for the week ahead as the following illustrates. NZD/USD weekly chart The weekly chart shows the M-formation´s last leg penetrating prior lows that might be regarded as stucture and such a move signifies a market that is breaking down.…
AI imageTreasury Secretary Janet Yellen has conjured a few extra days for US politicians to grandstand. She now says that extraordinary measures won’t be exhausted until at least June 5.House Republican leader McCarthy has said his deadline is June 1 but you can never trust a politician. In any case, a deal will get done and the US won’t default, the same as always. I think the market has already moved on. Source link
Share: WTI crude oil closes higher, settling at US$72.67 per barrel, driven by mixed signals from OPEC+ regarding production cuts. Ongoing talks between the Biden Administration and House Republicans bring relief as a deal to raise the US debt ceiling nears completion. US inflation surges as consumer spending exceeds expectations, with the personal consumption expenditures index rising by 4.4% annually. Western Texas Intermediate (WTI), the US crude oil benchmark, recovered some lost ground during the week, driven by factors like mixed signals from OPEC+ regarding potential output cuts, ongoing discussions between US politicians about the debt ceiling, and…
There were non-stop flows into US stock markets on Friday, led by the Nasdaq:S&P 500 +1.3%Nasdaq Comp +2.2%DJIA +1.0%Russell 2000 +1.1%Toronto TSX Comp +0.8%On the week:S&P 500 +0.3%Nasdaq Comp +2.4%Russell 2000 flatToronto TSX Comp -2.1%Broadcom was a big winner on Friday, gaining 11% with Qualcom and Intel making some headway as the chip rally broadens out. This is the fifth week in a row of gains for the Nasdaq and it’s very much looking like the double bottom in Oct/Dec was the low.Nasdaq Comp weeky Source link
Share: EUR/JPY maintains a bullish outlook, on its weekly high around 150.80. Tokyo Consumer Price Index (May) came in below consensus as well as previous values. Gross Domestic Product figures from Q1 from Germany came in surprisingly weaker than expected. The EUR/JPY pair maintains its gains, continuing its upward trajectory for the third consecutive day. Currently, it is oscillating above the significant 150.00 level, signaling a strong bullish sentiment. Despite the recent weakness in Germany’s Q1 Gross Domestic Product figures, the pair maintains a positive outlook, even reaching its weekly high around 150.80. However, it is essential to…