Author: FX
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© Reuters. The logo of Uber is seen at a temporary showroom at the Promenade road during the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland, January 20, 2023. REUTERS/Arnd Wiegmann By David Shepardson (Reuters) -The backup safety driver behind the wheel of a self-driving Uber Technologies (NYSE:) test vehicle that struck and killed a woman in Tempe, Arizona, in 2018 pleaded guilty on Friday and was sentenced to probation, prosecutors said. Rafaela Vasquez, who was charged with negligent homicide in 2020, pleaded guilty to endangerment, a reduced charge, and was sentenced to three years of…
Share: GBP/USD bears eye a 50% mean reversion if not the 61.8%ratio. The 4-hour W-formation neckline support has a confluence with the 78.6% Fibonacci. GBP/USD ended at around 1.2840 on Friday after reaching its lowest level since July 6 while investors remain concerned that the hawks will continue to circle over the Federal Reserve following the release of stronger-than-expected second-quarter Gross Domestic Product data from the US. Meanwhile, in the UK, weaker-than-expected PMI data and lesser inflation are pointing towards a less hawkish outcome at the Bank of England next week. Markets still anticipate a 25 bps hike at the central bank’s…
Share: The two-day BOJ meeting concluded with an unexpected adjustment to the Yield Curve Control. Germany’s Inflation data came in line with expectations of 6.5% but lower than the previous 6.6%, and Q2 GDP data disappointed. Ueda’s dovish tone weights on the Yen. At the time of writing, the EUR/JPY pair is trading near the 155.50 area, marking a significant 1.54% increase from its opening price. The pair experienced a daily low of 151.40, and then the Yen lost interest as investors took the Bank of Japan decision as dovish. On the one hand, Thursday’s rumours materialised, and the…
Another major central bank shifted its policy bias and spurred big moves this week! I’m talking about the ECB and its more dovish than usual announcement. This contrasted with the Fed’s stubbornly hawkish decision, which was later on underscored by stronger than expected U.S. GDP data. Missed the major forex headlines? Here’s what you need to know from last week’s FX action: USD Pairs Overlay of USD vs. Major Currencies Chart by TV Dollar pairs were off to a rangebound start, as traders were feeling the jitters ahead of the July FOMC decision. The slow crawl lower leading up to the…
Share: WTI is attempting to breakdown but the bulls stay in charge. A break of $79.00 is required for bearish thesis to be solidified. WTI crude also rose 4.6% for the week, marking the fifth consecutive weekly increase, the longest winning streak since the week ending June 10, 2022. This leaves the longs exposed for the days ahead with the past 5 weeks of fundamentals playing in and ripe for a squeeze despite this week’s EIA data that was skewed slightly bullish. The following analysis is leaning bearish, but there are a number of developments that need to occur…
Markets:Gold up $14 to $1958US 10-year yields down 4.9 bps to 3.96%WTI crude oil up $0.33 to $80.42S&P 500 up 45 points, or 1.0%, to 4608GBP leads, JPY lagsThe Bank of Japan offered plenty of volatility and drama to wrap up a busy week for central bankers but as the dust settled the market grew comfortable selling the yen. USD/JPY started US trade near 139.00 before finishing near 141.00 after several moves in that wide range in the past 24 hours.Helping the move were lower yields after a goldilocks US PCE report and falling employment cost index. Outside of the…
The spotlight was on the FOMC decision this week, but the ECB and BOJ policy shifts did their part to spark wild rides, along with a few other market surprises from China and Australia. A busy earnings calendar also allowed U.S. equities to hold their ground while crude oil extended its gains for another week. Feeling lost in this week’s swirling sea of big time catalysts? No worries, we’ve got you covered! Brace yourself, ’cause here come the juiciest headlines first! Notable News & Economic Updates: ? Broad Market Risk-on Arguments On Tuesday, PBOC intervened in FX market to strengthen the…
The major indices are ending the day with solid gains. The gains are led by the NASDAQ index which surged by 1.86%. The Dow industrial average was the laggard today, but still rebounded by 0.50% on the day. All the major indices are closing higher for the week. The final numbers for the day are showing:Dow industrial average up 176.20 points or 0.50% at 35458.97S&P index up 44.76 points or 0.99% at 4582.16. The S&P closed at its highest level since January 2022.NASDAQ index up 266.54 points or 1.90% at 14316.65The small-cap Russell 2000 is also solidly higher with a…