Author: FX

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© Reuters. Workers walk past a construction site near residential buildings in Beijing, China April 14, 2022. Picture taken April 14, 2022. REUTERS/Tingshu Wang/File Photo BEIJING (Reuters) -China’s new home prices rose in March at the fastest pace in 21 months, official data showed on Saturday, as continued government policy support helped prop up demand amid a broader push for an economic recovery. New home prices in March edged up 0.5% month-on-month after a 0.3% rise in February, marking the fastest pace since June 2021 and the third consecutive monthly rise, according to Reuters calculations based on National Bureau of…

© Reuters. FILE PHOTO: The logo for Citibank is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly By Lananh Nguyen and Saeed Azhar NEW YORK (Reuters) – Citigroup Inc (NYSE:)’s hiring of Andy Sieg, the incoming head of its wealth management unit, underscores the lender’s ambitions in the business as well as the uphill climb it faces in gaining share in a competitive market. The 55-year-old executive, known for crisscrossing the country to visit clients and financial advisers, is tasked with revamping a unit where…

Share: The US Dollar Index found bids at around the YTD lows at 100.788. USD bulls must retake 104.000 to challenge YTD high at 105.883 and maintain a double-bottom approach. Contrarily, USD bears must reclaim 100.788 to test the 200-week EMA at around 99.117. The US Dollar Index (DXY), a basket of six currencies against a basket of peers, snaps three days of straight losses and climbs 0.56% as the New York session ends. At the time of writing, the DXY exchanges hand at 101.570 as a bullish engulfing candle pattern emerges in the daily chart. US Dollar…

Retail sales in the US were weaker than expectations but it was Fed’s Wallers comments which surprised the markets more. Waller said that recent data show Fed hasn’t made much progress on inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange,…

Despite a fresh round of top tier catalysts on the calendar and traders coming back from holiday, market volatility was relatively subdued once again. Overall, it looks like traders were broadly leaning risk-on this week as inflation metrics and central bank speak point to lower probabilities of higher interest rates ahead. Notable News & Economic Updates: Risk-on Arguments Risk-off Arguments U.S. Treasury Secretary Yellen said that she’s “not anticipating a downturn in the economy” despite concerns over global banking, Russia’s war against Ukraine, and a recession. U.S. headline CPI slowed from 0.4% m/m in February to 0.1% in March, falling…

The major US stock indices are closing the day lower but recovered nicely off of session lows.The final numbers are showingDow industrial average -143.22 points or -0.42% at 33886.48. The Dow industrial average was down -298.85 points at session lows..S&P index -8.58 points or -0.21% at 4137.63. The S&P was down -33.01 points at session lows.NASDAQ index -42.82 points or -0.35% at 12123.46. The NASDAQ index was down -139.72 points at session lows.Russell 2000 fell -15.52 points or -0.86% at 1781.15For the trading week, the major indices are closing higher:Dow industrial average rose 1.2%, and is now up 4 consecutive…

Gold falls below 100/200 hour MAThe price of gold has tumbled today with the sharp rise in the USD today. The price moved down -$47.68 at session lows today. The price is currently down -$32.74 which is still down -1.60%. The current price is at $2007.40. The low reached $1992.59.Looking at the hourly chart, the fall today extended below the 100 hour MA and then the 200 hour MA next at $2015.58 and $2010.74 respectively. The low today stalled just ahead of the 50% midpoint of the move up from the March 22 low. That comes in at $1991.35. What…

Share: Sentiment deterioration, amidst mixed Fed signals, weakened the NZD. Inflation expectations in the United States moved higher, according to Americans. NZD/USD traders are eyeing next week’s NZ CPI report. NZD/USD snapped two days of consecutive gains and slid past the 200, 50, and 100-day Exponential Moving Averages (EMAs) on a risk-off impulse spurred by Fed’s hawkish commentary and expectations for further tightening. US economic data showed further deterioration, but inflation expectations increased the likelihood of another Fed hike past the May meeting. At the time of writing, the NZD/USD is trading at 0.6207, down 1.38%. The economy…

Share: USD/CAD is on its way to the lowest weekly close since February below 1.3400. Analysts at MUFG Bank see that the Canadian Dollar has some scope in the short term to outperform.  Key quotes: “We have been somewhat cautious over the prospects for CAD and indeed over the year as a whole, we suspect CAD will be a laggard versus most of G10 but taking a short term horizon we do see some scope for CAD to outperform.” “We don’t expect any additional rate hikes but the resilience of the economy and the BoC’s modestly more hawkish…