Author: FX
Global oil demand set to rise by 2 mil bpd in 2023 to a record 101.9 mil bpdExtra cuts by OPEC+ would push world oil supply down by 400k bpd by year-endThat risks aggravating expected oil supply deficit in 2H 2023High prices will hurt consumers, threaten economic growthWell, the jump higher in oil prices is at least contained for now near the $83 mark. However, if the supply deficit story grows more evident in the months ahead, that could be a trigger for oil to break out to the high side again. Source link
Gold Price (XAU/USD), Chart, and AnalysisThe August 2020 record high at $2,075/oz. is under threat.US retail sales and Michigan consumer sentiment are released later. Recommended by Nick Cawley Get Your Free Gold Forecast Most Read: Gold Could Test a Multi-Month High if a Bullish Technical Pattern Plays OutUS dollar weakness and a growing realization that US interest rates have either peaked or are very close to their pinnacle continue to drive gold ever higher. A fresh all-time high is within reach and this will likely draw additional attention to the precious metal.The US dollar is under pressure as traders continue…
Stock trading screens turned green yesterday after cooler than expected PPI (-0.5% vs 0.0) and a bigger than expected increase in jobless claims (239k vs 228k)helped propel Wall Street to better than 1% gains. The NASDAQ surged 1.99% to top the 12,000 level again. The US500 jumped 1.33% and has been over the 4,000 mark for an eleventh straight session. The US30 was up 1.14% to top 34,000 for the first time since mid-February. Treasuries closed in the red 10yr at 3.44% and the curved is now 52 pts inverted. USD continues to decline and trades at 12-mth lows, EURUSD…
Share: Gold price seesaws within a choppy range after refreshing 13-month high. XAU/USD bulls keep the reins as downbeat US inflation clues tease Fed policy pivot and weigh on US Dollar. More proof of easing US inflation eyed as Gold buyers take a breather. Gold price (XAU/USD) seesaws within a $15 trading range after refreshing the 13-month high with the $2,049 mark. Even so, the yellow metal remains well set for a four-day uptrend, as well as bracing for the second consecutive weekly high, amid broad-based US Dollar weakness. That said, the greenback bears the burden of the…
Do you prefer going with the flow and following trends? Or are you feeling gutsy enough to take a contrarian setup? Either way, I’ve got you covered with these setups on AUD/USD and EUR/NZD. AUD/USD 4-hour Forex Chart by TradingView Check out these higher lows and higher highs inside AUD/USD’s channel! The pair is closing in on the resistance, so will the rally be cut short soon? Stochastic seems to think so, as the oscillator is already in the overbought zone to reflect exhaustion among sellers. Turning lower would confirm that bearish vibes are returning and might lead to a…
© Reuters. FILE PHOTO: New Bank of Japan Governor Kazuo Ueda attends a news conference at the bank headquarters in Tokyo, Japan, April 10, 2023. REUTERS/Kim Kyung-Hoon/Pool By Leika Kihara WASHINGTON (Reuters) -Bank of Japan Governor Kazuo Ueda said he expects the global economy to rebound after a period of slowdown which will help keep domestic wages rising, maintaining the bank’s upbeat economic outlook. But Ueda said he told his G20 counterparts the central bank intends to keep monetary policy ultra-loose since inflation, which is now around 3%, is expected to slow back below its 2% target toward the latter…
After that upside trend line breakout, it looks like copper is going for more gains! Check out this reversal chart pattern on its 4-hour time frame. Copper 4-hour Chart by TradingView Not only did the commodity price break above a descending trend line and complete its retest, but it’s also forming an inverted head and shoulders pattern, too! Does this mean that a big copper rally is in the works? Moving averages seem to think so, as the 100 SMA made a bullish crossover above the 200 SMA to confirm that buying pressure is building up. Stochastic is also on…
Australian Dollar, AUD/USD, AUD/NZD, US PPI, RBA, AU CPI, RBNZ, Fed – Talking PointsThe Australian Dollar roared to new highs on a plummeting US DollarThe New Zealand Dollar also posted a solid rally in the ‘risk on’ vibeThe RBA, RBNZ and Fed have differing rate paths. Will they drive currency moves? Recommended by Daniel McCarthy Get Your Free AUD Forecast The Australian Dollar leapt higher again overnight after US PPI sent markets into a tailspin that saw the US Dollar face renewed pressure to the downside. The Aussie and the Kiwi Dollars were the biggest beneficiaries with the commodity complex…
People’s Bank of China Governor Yi Gang says he is expecting GDP in China this year to grow around 5%economy is rebounding, stabilisingproperty sector reboundinginflation is low People’s Bank of China Governor Yi Gang comments after the G20 meeting of finance ministers, central bank heads Source link
Share: WTI remains pressured after reversing from five-month high the previous day. Convergence of previous resistance line from December 2022, 200-EMA restricts immediate declines. 61.8% Fibonacci retracement, 100-EMA act as additional downside filter. Bulls need daily closing beyond $84.80 to restore confidence. WTI crude oil defends the previous day’s U-turn from the multi-day high during early Friday, pressured around $82.20 by the press time. In doing so, the black gold price justifies the overbought RSI conditions. With this, the energy benchmark prods the 61.8% Fibonacci retracement level of its fall from the last November to March, near $82.00.…