Author: FX
GBPUSD trades to new 2023 highThe momentum has continued for the GBPUSD. It has now broken above the June and July highs near 1.2848. The price is currently trading at 1.28655. That takes the price to the highest level since April 22, 2022Looking at the hourly chart above, the next Topside target comes against a trendline connecting recent highs that cut across at 1.28762 (and moving higher). A move above that level increases the bullish bias.Looking at the daily chart below, there is a topside trendline connecting highs from April 4, May 8, and June 16. (See red numbered circles…
Share: The GBP/JPY cross tallies a third-consecutive day of losses falling to a low of 181.10, below the 20-day SMA. Andrew Bailey commented that he doesn’t know when rates will start to come down. Eyes on British labour market data on Tuesday and Japanese data on Wednesday. The GBP/JPY lost ground at the start of the week and currently stands around 181.60. Andrew Bailey’s, Governor of the Bank of England (BoE), hawkish remarks somewhat boosted the GBP while the JPY gained interest in rising Japanese bond yields. On Monday, Bailey commented that inflation is “unacceptably high”, far from…
US DOLLAR FORECAST:The U.S. dollar, as measured by the DXY index, slides on Monday, extending Friday’s losses following softer-than-expected U.S. employment dataUSD/JPY also deepens its pullback, steadily approaching Fibonacci support near 140.92All eyes will be on the U.S. inflation report this week Recommended by Diego Colman Get Your Free USD Forecast Most Read: EUR/USD Holds Post-Payroll Gains, Market Weighs Rate-Rise ChancesThe U.S. dollar, as measured by the DXY index, fell slightly on Monday, extending last Friday’s losses following softer-than-expected nonfarm payrolls figures. There were no major catalysts at the start of the new week, but traders were somewhat cautious ahead…
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You know what’s better for volatility players than an interest rate decision? A policy announcement where markets aren’t 100% sure about the outcome! What exactly are the markets expecting from the BOC and potential price scenarios the event? Read up on the points you need to know! Event in Focus: Bank of Canada (BOC) Monetary Policy Statement When Will it Be Released: July 12, 2023 (Wednesday): 2:00 pm GMT Use our Forex Market Hours tool to convert GMT to your local time zone. Expectations: BOC to raise its interest rates by 25 basis points to 5.00% Policymakers to reiterate that…
The GBPUSD surged on Friday, helped by the lower nonfarm payroll data in the US. The price rise took the price to the June high at 1.28478. The high price on Friday reached 1.28487 – a pip ahead of the June high. The GBPUSD price backed off into the close on Friday.In trading in the Asian session today, the buyers turn to sellers. The last few hours have seen increased momentum to the downside in the pair as traders retrace the Friday gains. The pair is now looking to test its rising 100-hour moving average of 1.2744. A swing area…
The term “recency bias” gets thrown around a lot in the trading scene, but what exactly is it? In the most basic sense, recency bias refers to the tendency of traders to look at only the latest set of events while disregarding older but equally important (or sometimes even more important) pieces of information. Recency bias negatively affects the way a trader analyzes the market, as it clouds his judgment and damages his decision-making skills. In forex, the most common manifestation of recency bias is when a trader zones in only on his most recent trading decisions and loses sight…
Share: Economists at Scotiabank analyze EUR/USD outlook. Trend remains bullish Another hike this month remains likely, with the door likely left open for a September move as well. Rates may only fall slowly thereafter, as well, adding to EUR support. The EUR’s bullish break out from the June consolidation range has not extended too far and is consolidating today in a narrow range. But the move has room to develop. The initial target should be a push – and hold – above 1.10 and then further gains to retest the YTD high at 1.1110. Source link
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Article by IG Senior Market Analyst Axel RudolphFTSE 100, DAX 40, and S&P 500 Analysis and ChartsThe FTSE 100 is fast approaching its March low at 7,204 as the UK 2-year yield trades at 16-year highs and China’s economy remains sluggish.China’s factory-gate prices for June experienced the most significant decrease in seven-and-a-half years, while consumer inflation stayed unchanged and reached its lowest point since 2021. Even though these economic indicators suggest that China’s policymakers may need to introduce more stimulus measures to boost sluggish demand, the short-term impact on most Asian stock markets has been negative on Monday, weighing on…