Author: FX
AUD/NZD just broke a key support level this week! In case you missed it, the New Zealand dollar was one of the weakest currencies last week after a slower-than-expected CPI report encouraged speculations of the RBNZ following its peers by ending its rate hike cycle too. AUD, which also took hits from risk aversion, still managed to gain pips on NZD though. In fact, AUD/NZD traded above a trend line support for most of the week. AUD/NZD 1-hour Forex Chart by TradingView But that was last week. AUD/NZD not only broke its trend line support since then, but it’s also…
The dollar is running towards the brink again as the less dovish Fed pricing is switching back the other way again this week. EUR/USD is holding above 1.1000 and looking to seal a weekly break above the key level and GBP/USD is starting to take a look at 1.2500 again.Those are two notable ones to watch, similar to how it was two weeks back, but also do keep an eye on the Japanese yen as Treasury yields are looking heavy. USD/JPY is failing to get past 135.00 but we are seeing EUR/JPY challenge the October high of 148.40 while AUD/JPY…
Here’s one for the commodity traders out there! I’m still minding the gap on WTI crude oil, as price seems to be in correction mode. A larger dip could be in the works, possibly taking it down to the nearby Fib levels. As you can see from the chart below, USOIL has some room to go before reaching March’s closing prices near $75 per barrel. WTI Crude Oil (USOIL) 4-hour Chart by TradingView This potential support zone lines up with the 50% Fibonacci retracement level and a former trend line resistance. If bulls are too eager to charge, crude oil…
Share: European Central Bank (ECB) Chief Economist Philip Lane said on Tuesday, “current data suggest we have to raise interest rates again at the upcoming meeting.” “Beyond May 4 meeting, further rate hikes will depend on data,” Lane clarified. Additional comments “This is still not the right time to stop raising rates.” “Does not think that Europe is in a 70’s style situation with regards to inflation.” Market reaction EUR/USD is keeping its consolidative mode intact at around 1.1050, as of writing. The pair is adding 0.10% on the day. Source link
© Reuters Investing.com– Gold prices rose on Tuesday, extending a recovery into a third straight session as the dollar fell amid bets that the Federal Reserve could pause its rate hike cycle by as soon as June. The fell 0.2% and fell to a two-week low, having reversed most of its recent gains amid a resurgence in bets for a Fed pause, with some participants even positioning for a rate cut later this year. This scenario bodes well for gold, given that rising interest rates push up the opportunity cost of holding non-yielding assets such as bullion. The Fed’s pivot…
The services PPI is the Corporate Service Price Index (CSPI) measures the prices of services traded among companies. samples various industries, including transportation, communication, finance, and business services measures the change in prices for services at the producer level, rather than at the consumer level its an indicator of inflation in Japan, as it reflects the price pressures that businesses face when providing services. Rising prices for services can lead to higher costs for businesses, which can be passed on to consumers in the form of higher prices for goods and servicesdata via the Bank of Japan Source link
Share: GBP/USD extends Friday’s U-turn from three-week-old rising channel’s support. Cable buyers cheer upside break of weekly resistance line, bullish MACD signals. Previous support from mid-March, channel’s top line to prod bulls. Immediate trend lines highlight 1.2440 as short-term key support ahead of stated channel’s bottom, 200-SMA. GBP/USD marches to the highest levels in seven days as bulls attack the 1.2500 threshold during Tuesday’s Asian session. In doing so, the Cable pair justifies the late Monday’s upside break of a one-week-old previous resistance line, as well as the bullish MACD signals, while staying within a three-week-long ascending trend…
USD/CAD TECHNICAL FORECAST:USD/CAD begins the week on a positive note, though gains are limitedDespite subdued price action on Monday, technical signals continue to improve for the U.S. dollarThis article looks at key tech levels worth watching on USD/CAD in the coming days Recommended by Diego Colman Get Your Free USD Forecast Most Read: Gold Gains as Yields Sink, Nasdaq 100 Forges Double Top ahead of Key Tech EarningsThe U.S. dollar strengthened against the Canadian dollar on Monday, but its advance was limited in a session devoid of major catalysts, with the pair moving between small gains and losses for much…
© Reuters. FILE PHOTO: A screen displays the logo and trading information for General Electric Company on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 19, 2023. REUTERS/Brendan McDermid By Sinéad Carew, Sruthi Shankar and Ankika Biswas (Reuters) – The Nasdaq underperformed the and the Dow on Monday, pressured by high-profile megacaps as investors awaited results from companies including Microsoft while Tesla (NASDAQ:) shares fell on concerns about its spending plans. Tesla Inc slid 2% after the automaker raised its 2023 capital expenditure forecast to ramp up output, weighing down consumer discretionary stocks.…
We’ll get the latest Australian inflation update on Wednesday, which may be a big short-term influence on the Aussie this week. Check out all of the important data to consider before putting together your latest trade idea! Event in Focus: Australia Quarterly Consumer Price Index for Q1 2023 When Will it Be Released: April 26, 2023, Wednesday: 1:30 am GMT, 2:30 am London, 10:30 am Tokyo, 9:30 pm (Apr. 25) New York Expectations: Australia Consumer Price Index Y/Y: 6.8% forecast vs. 7.8% previousAustralia Consumer Price Index Q/Q: 1.2% forecast vs. 1.9% previous Relevant Data Since Last Event/Data Release: Australia Manufacturing…