Author: FX
Share: GBP has been the market’s darling this week so far as the initial balance extends higher and higher. However, as the following charts illustrate, there could be a turnaround on the cards soon. Read More… The Pound Sterling (GBP) is looking for a break above the immediate resistance as the United Kingdom’s government looking beyond monetary tools to bring down stubborn inflation. The recovery in the GBP/USD pair has faded as the adaptation of new fiscal measures such as cutting wages of public sector employees by the British administration are losing their impact. The British government also asked companies to bring down profit…
Who’s ready to trade one of the most anticipated calendar events this week? I’m talking about the Fed’s preferred inflation measure, yo! Here are points you need to consider if you’re planning on trading Friday’s report: Event in Focus: U.S. Core Personal Consumption Expenditures (PCE) Price Index for May 2023 When Will it Be Released: June 30, 2023 (Friday), 12:30 pm GMT Use our Forex Market Hours tool to convert GMT to your local time zone. Expectations: U.S. core PCE price index (m/m): 0.3% forecast vs. 0.4% previousU.S. core PCE price index (y/y): 4.5% forecast vs. 4.7% previous Relevant Data…
Brent and WTI Crude Oil News and AnalysisSomber global outlook appears to restrict oil prices despite cumulative output cutsWTI approaches prior significant level of $67 which has acted as a pivot point beforeBrent crude oil eyes $71.50 as the next level of supportIG client sentiment issues a mixed signal but extreme long positioning eyes more downsideThe 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 How to Trade Oil Oil Markets Fail to Shake Negative Sentiment as a Well-Established Level of Support…
First Trust Tactical High Yield ETF declares monthly distribution of $0.1900 Source link
Richmond Fed manufacturing activityPrior month -15Manufacturing index -7 versus -15 last monthFifth District manufacturing activity was relatively flat in June, with the composite manufacturing index improving from -15 in May to -7 in June.Two of its three component indexes — shipments and new orders — also improved but remained negative. Shipments index rose from -13 in May to -5 in June, while the new orders index rose from -29 to -15.The employment index slightly decreased from 5 in May to 2 in June.Firms were less pessimistic about local business conditions as the index rose to -8 in June from -16…
Share: The US Dollar is retreating even further as US Durable Goods disappoint. Next focus is on US Consumer Confidence data that could at least try to provide some relief for the much battered Greenback today. The US Dollar Index is in the red and ekes out more losses. The US Dollar (USD) is unable to provide an answer against the surprise fixing from the PBoC in the Yuan this morning and just now the disappointing US Durable Goods revisions. This triggered a wave of pressure on the Greenback, particularly against the Canadian Dollar as the USD/CAD pair trades…
EUR/USD, EUR/GBP, EUR/JPY Setups Recommended by Richard Snow How to Trade EUR/USD ECB Officials Provide a Hawkish Boost for the EuroTop central bankers from the world’s largest central banks are arriving in Sintra Portugal for the ECB’s Forum on Central Banking. The annual event culminates in a highly anticipated panel discussion tomorrow, which will include heads of the Fed, Bank of Japan, Bank of England as well as the ECB president. Usually, markets pay attention when any one of the above-mentioned central bank heads make an appearance and tomorrow, they will share the same stage.This morning Martins Kazaks, who leans…
Nextracker announces common stock offering Source link
Who’s ready to trade Canada’s CPI release later today? If you’re hoping to catch a breakout, this chart pattern on CAD/JPY is worth watching. On the hourly chart below, you can see that the pair has formed higher lows and slightly higher highs to consolidate inside a rising wedge formation. CAD/JPY 1-hour Forex Chart by TV The consolidation is looking reaaally tight right now, which means that a breakout is bound to happen soon. A move below the wedge support and the 109.00 major psychological mark might be enough to confirm that Loonie bears have won the round, possibly taking…
The firm adds that they are also upping their terminal rate forecast for the Fed to 5.375% from the 5.10% previously.I would argue it is still early days and we are yet to hear of anything firm from Fed speakers recently. In any case, the FOMC meeting will be on 26 July so there is still roughly four weeks to go. And there will still be plenty of big data coming up before that, with the US CPI data set to be released on 12 July next. Source link