Author: FX

The dollar continues to stay in control as we look to close out the week and it will be a question of whether the PCE price data will add to the gains in the currency later today. I outlined the moves in the dollar pairs yesterday below:And adding to that, we also have gold easing further towards its 100-day moving average at around $1,935.Those are the more interesting plays alongside other commodities at the moment with silver having broken below its own 100-day moving average earlier this week and copper catching a bit of a bounce after falling to its…

Trend playas huddle up! NZD/JPY is forming higher highs and higher lows on the 4-hour, yo! Who else is looking at this setup? NZD/JPY 4-hour Forex Chart Chart by TV NZD bulls have a chance to jump in the uptrend while NZD/JPY is still hanging out at the bottom of as ascending channel that’s been around since the start of the month. In fact, prices are also hanging out just above the 200 SMA! A long trade at current levels would yield a decent risk ratio especially if you place your stops just below the channel and you aim for…

Share: AUD/USD renews intraday top as it reverses from the yearly low, snaps three-day downtrend. Australia Retail Sales’ growth stagnates in April versus 0.4% prior. US Dollar bulls step back from key resistance line amid mixed concerns about debt ceiling, unimpressive Fed talks. US Durable Goods Orders, Fed’s preferred inflation gauge eyed, US default updates are the key. AUD/USD prints the first daily gain in four as it rebounds from the yearly low to 0.6515 heading into Friday’s European session. In doing so, the Aussie pair pays little heed to the downbeat Australia data while cheering the US…

© Reuters. FILE PHOTO: Coins and banknotes of Japanese yen are seen in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/Illustration TOKYO (Reuters) – Japanese Finance Minister Shunichi Suzuki said on Friday currency rates should be set by markets based on economic fundamentals, in the wake of the yen’s renewed declines against the dollar. “We will continue to watch market moves closely,” Suzuki told a news conference after a regular cabinet meeting. The remarks are softer than the verbal warnings Japanese authorities typically issue when they see yen moves as excessive, suggesting that Tokyo is taking the latest slide…

Crude Oil, OPEC+, US GDP, WTI, US Dollar, RBOB, OVX Index – Talking PointsCrude oil tumbled going into the Friday session after posting a 3-week highThe June OPEC+ meeting could see some action with conflicting views among membersThe structure of the market could be saying something, Will WTI resume rallying? Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter The crude oil price collapsed overnight with expectations that OPEC+ will stick to its production target and a US Dollar that is shooting for the moon.Comments from Russian…

SlavkoSereda/iStock via Getty Images Energy (NYSEARCA:XLE) sank to the bottom the S&P sector leaderboard on Thursday, -1.8%, with crude oil falling sharply after Russia downplayed the likelihood of further OPEC+ production cuts at the cartel’s June 3-4 meeting. Russian Deputy Prime Minister Alexander Novak reportedly told the Izvestia newspaper that he did not expect any additional measures would be announced. As a result, crude futures fell for the first time after three straight daily gains, helped in part by remarks from Saudi Arabia’s top energy official that were taken as a signal that OPEC and its allies could move to…

Fitch Ratings again, chipping away at the US sovereign Fitch places Fannie Mae and Freddie Mac ratings on rating watch negativeRating actions follow Fitch’s placement of Unities States’ ‘AAA’ long-term foreign and local currency IDRS on RWN on May 24, 2023Fannie Mae’s and Freddie Mac’s long-term IDRS and GSRS are directly linked to US sovereign’s long-term IDRAlso unclear at this time what level of support housing GSES can expect if US rating were to drop to ‘restricted default (rd)’If we were to downgrade US sovereign to ‘RD’, it would not necessarily lead to an immediate downgrade of housing gses’ ratings…

Share: Gold Price appears well set for third consecutive weekly loss. Strong United States data, hawkish Federal Reserve talks favor US Dollar, weighs on XAU/USD. Escalating fears of US debt ceiling expiration also favor Gold bears as policymakers struggle for a deal. Multiple US statistics lined up to direct intraday Gold Price, risk catalysts are the key. Gold Price (XAU/USD) remains on the back foot at the two-month low surrounding $1,941 amid early Friday morning in Asia, remains pressured around the lowest levels since late March after falling in the last two consecutive days. The yellow metal’s weakness…

Gargolas/iStock via Getty Images American Electric Power (NASDAQ:AEP) -3.2% in Thursday’s trading as Guggenheim Securities said the company needs to “reassess” its leadership in regulatory affairs following “repeated missteps,” including the Texas Public Utilities Commission denial of a planned renewables buildout at SWEPCO. Earlier Thursday, the PUC voted to deny SWEPCO’s application for a certificate of convenience and necessity to construct renewable generation facilities, which Guggenheim analyst Shahriar Pourreza said follows similar results in Louisiana and appears to be a “growing theme” for the company. “This is disappointing, and there’s a perception that there’s been some notable management misses recently,”…

2/2 © Reuters. Trees sway due to strong winds from typhoon Mawar, in Tamuning, Guam, May 24, 2023, in this screen grab obtained from social media. M.F. Peoples/via REUTERS 2/2 (Reuters) -Much of the U.S. Western Pacific territory of Guam was without power and water on Thursday after a typhoon packing ferocious winds and torrential rains battered the island but caused no reported fatalities or major injuries. Guam residents were ordered to boil their water until further notice as crews repaired generators damaged by Typhoon Mawar, according to local media and the Guam Waterworks Authority. The typhoon’s 150-mile (241 km)…