Author: FX

Price Action Setups: AUD/JPY, USD/JPY, EUR/JPYThe yen could receive a bid if high impact growth data heightens uncertainty amid the re-emergence of US banking fears.AUD/JPY – a sentiment gauge – has dropped this week looking for the next catalystUSD/JPY uptrend fatigues and EUR/JPY bullish continuation unfolds once moreThe analysis in this article makes use of chart patterns and key support and resistance levels. For more information visit our comprehensive education library Recommended by Richard Snow See what our analysts forecast for the yen in Q2 Potential Yen Bid Ahead of US GDP and Re-emergence of Banking JittersThus far this week,…

The USD steadied lower at close to 101. Risk appetite improved, amid positive signs in earnings reports. Wall Street finished mixed but near the lows of the day, while US100 managed a modest gain asbetter than expected results from META and robust results from European banks helped to counterbalance lingering jitters at some US banks. Asia stocks all moved higher overnight. GER40 & UK100 are in the red though, as hawkish central bank comments suggest further rate hikes next month. Yields have moved higher overnight. The curve steepened to -49 bps from -55 bps Tuesday…

Eurostoxx -0.1%Germany DAX -0.2%France CAC 40 flatUK FTSE +0.1%Spain IBEX -0.4%There is a contrast in the equities space at the moment, with tech shares looking buoyed since yesterday. There was a late retreat in Wall Street though, which is weighing slightly on the mood today. However, that is balanced out by a more positive mood seen in US futures. S&P 500 futures are up 0.5%, Nasdaq futures up 1.0%, and Dow futures up 0.2% at the moment. Source link

USD/CHF has been respecting a descending trend line as early as mid-March. Then, two weeks ago, enough bulls showed up to defend the .8860 level and now the pair is sporting a descending triangle on the 1-hour time frame. Will USD/CHF finally break outside its consolidation? USD/CHF 1-Hour Forex Chart by TradingView That will likely depend on how traders will react to today’s U.S. GDP report. The markets currently expect Uncle Sam’s growth to come in at 2.0% in Q1 2023, a bit slower than the 2.6% uptick in Q4. However, Atlanta Federal Reserve’s GDPNow, which is a running estimate…

Share: The index trades within a narrow range around 101.30. Further weakness is expected to meet support at the 101.00 region. Flash Q1 GDP figures, weekly Claims take centre stage later. The greenback, when tracked by the USD Index (DXY), alternates gains with losses around the 101.30 on Thursday. USD Index looks at data, risk appetite The weekly decline in the index seems to have met some initial contention around the 101.00 neighbourhood amidst persistent bias towards the risk complex and a tepid bounce in US yields across the curve. In the meantime, the Dollar attempts to stabilize…

Hoping to profit from risk-off flows lately? Banking sector jitters are back at it again, and it doesn’t help that traders are also feeling wary about a potential U.S. recession. If this kind of market mood persists, we might just see more declines for risk assets like equities. In that case, the S&P500 index could have more room to head south, possibly sustaining the bearish momentum until its triangle support. S&P 500 Index (SPX500) 4-hour Chart by TradingView As you can see from the 4-hour chart above, the stock index has been forming higher lows since late last year and…

Crude Oil, WTI, RBOB Crack Spread, OVX, OPEC+, EIA – Talking PointsCrude oil tumbled overnight as markets weigh pending summer demandEIA inventory data would normally have been supportive, but it was ignoredThe dynamics within the futures market might be saying something. Will WTI wilt further? Recommended by Daniel McCarthy Get Your Free Oil Forecast Crude oil slipped lower overnight, filling in the price gap created when OPEC+ announced a cut to production earlier this month.The inability to hold the gains post the squeeze could be suggestive that demand for energy may not be as strong as anticipated going into the…

CUHRIG/E+ via Getty Images Vale (NYSE:VALE) reported sharply lower Q1 net profit that came in below analyst expectations Wednesday, reflecting lower realized prices of iron ore fines and pellets, lower sales of iron ore fines, and higher costs. The company said Q1 net income from continuing operations fell 59% to $1.8B from $4.5B in the year-ago quarter, and adjusted EBITDA from continuing operations slumped to $3.6B from $6.2B a year earlier, below Refinitiv estimates of $2.4B and $4.3B respectively. Q1 net operating revenue slid 22% to $8.4B from $10.8B in the same period last year, also lagging the $9.2B consensus,…

© Reuters. FILE PHOTO: A Ukrainian service member from a 3rd separate assault brigade of the Armed Forces of Ukraine, fire a howitzer D30 at a front line, amid Russia’s attack on Ukraine, near the city of Bakhmut, Ukraine April 23, 2023. REUTERS/Sofiia Gatilova (Reuters) – Russian forces pounded the city of Bakhmut, the months-old focal point of their attempts to capture the eastern Ukrainian industrial region of Donbas, and the head of Russia’s Wagner mercenary force said Ukrainian troops were pouring in ahead of an “inevitable” counter-offensive. The general staff of Ukraine’s armed forces, in a report on Facebook…

European Central Bank Vice President Luis de Guindos spoke overnight as part of a panel discussion in Delphi, Greece. At the same event Cypriot central-bank chief Constantinos Herodotou also spoke. In brief:”We are beginning now to see the first signs of the impact in the real economy and … it’s already seen in the headline inflation, even though core inflation is sticky, so we still have to work on that,”recent financial-market tensions “may have an additional impact on financing conditions, in addition to our monetary policy, so we need to gauge that and see how it could potentially complement or…