Author: FX
This week, the US dollar, tracked within a 103.290-104.400 range in the DXY index. That index (heavily weighted to the EUR) for the week fell -0.49%. The decline was initially triggered this week by below-expectation US services ISM data. In that report, released on Monday, the index for May 2023 came in below expectations with a reading of 50.3 against the predicted 52.2. The figures mark a decline from the prior 51.9. Seeing the nonmanufacturing Index fall implies a potential weakening outside the goods sector. Within the report:The employment index dropped to 49.2 from the previous month’s 50.8. The new…
Share: Silver price hits a four-week high at $24.52 but retraces to $24.26. For bullish continuation, XAG/USD must breach $24.49 resistance, opening the path to $25.00 per troy ounce. XAG/USD’s failure to crack $24.49 could lead to further losses, with potential dips to $24.01 and $23.63. Silver price reaches a new four-week high but retraces from those levels to finish the day, forming a gravestone doji, suggesting neither buyers nor sellers win the battle, which would continue into the following week. Therefore, the XAG/USD finished the week trading at $24.26 after hitting a daily high of $24.52. XAG/USD…
The S&P 500 (SP500) on Friday added 0.39% for the week to close at 4,298.86 points, posting gains in three out of five sessions. Its accompanying SPDR S&P 500 Trust ETF (NYSEARCA:SPY) rose 0.46% for the week. The benchmark index has now strung together four straight weeks of gains, while also closing at its highest level since mid-August last year. Additionally, it crossed a significant milestone on Thursday, ending more than 20% above its October 2022 closing low and thus exiting its longest bear-market run since the 1940s. The Federal Reserve was in its blackout period this week ahead of…
Share: EUR/GBP falls to a 9-month low as ECB approaches its peak rate and the BoE is ready to continue tightening. The pair signals oversold conditions on the daily chart for the first time since 2021. Weak economic data from Italy and Germany contribute to Euro’s decline.. The EUR/GBP pair has recently witnessed a substantial decline, falling to a nine-month low at 0.8540 and stabilizing around 0.8545. This prolonged downward trend reflects the difficulties faced by the Euro amid the economic downturn in the Eurozone. However, there is some optimism for the British economy as the Bank of…
Share: EUR/USD’s offered and bearish while below 1.0750. EUR/USD bears eye on the 78.6% ratio to test 1/07 the figure. EUR/USD is on the back foot into the final stages of the week following an unexpected decline in Italy’s April Industrial Production raised economic concerns for the Eurozone. However, EUR/USD bulls are lurking in the flanks of the correction on the back of central bank divergence themes on the prospects for the Federal Reserve pausing while the ECB continues to raise interest rates. Nevertheless, for the meanwhile, the bearsare moving in and eye the neckline of the daily W-formation as follows: EUR/USD daily charts…
© Reuters. FILE PHOTO: The Alzheimer’s drug LEQEMBI is seen in this undated handout image obtained by Reuters on January 20, 2023. Eisai/Handout via REUTERS/File Photo By Leroy Leo and Julie Steenhuysen (Reuters) – A panel of expert advisers on Friday unanimously agreed that a late-stage trial of Eisai and Biogen (NASDAQ:)’s Alzheimer’s drug Leqembi verified the benefit of the treatment for those at an early stage of the disease, clearing the way for traditional U.S. approval. All six advisers on the panel voted in favor of Leqembi for treatment of the mind-wasting illness. “I believe the benefit versus risk…
The major US stock indices are closing marginally higher on the day and marginally higher for the week. The NASDAQ’s gain this week was good enough for the 7th consecutive up week.The final numbers are showing:Dow Industrial Average 43.17 points or 0.13% at 33876.84S&P index up 4.95 points or 0.12% at 4298.87NASDAQ index rose 20.61 points or 0.16% at 13259.13Looking at the small-cap the Russell 2000, fell 15.07 points or -0.8% to 1865.70.For the trading week:Dow Industrial Average rose 0.34%S&P index rose 0.39%. The gain was the 4th consecutive higherNASDAQ index rose 0.14%. The gain was the 7th consecutive up…
Share: Wall Street has pared gains toward the close ahead of the CPI and the Fed. Markets see a 72% chance of the US central bank holding interest rates. US stocks have pared gains towards the close on Friday, with the S&P 500 unable to hold onto the made. At the time of writing, the index is up some 0.27% after rallying from a low of 4,279.10 to a high of 4,322.20, falling back to 4,303 currently. The benchmark S&P 500 closed Thursday 20% above its Oct. 12 finishing low and is holding up high on the session in what has been heralded as the start…
Dollar domination was the main theme early in the week, as bulls carried on with their post-NFP charge. However, commodity currencies like AUD and CAD took center stage after their central banks announced surprise interest rate hikes. In addition, the Loonie managed to benefit from the OPEC+ announcement of voluntary output cuts. USD Pairs Overlay of USD vs. Major Currencies Chart by TV Yet another upside NFP result for May boosted the Greenback against its rivals at the beginning of the week as dollar traders revived hopes for a June Fed hike instead of a “Fed pause.” These gains were quickly…
Share: Data released on Friday showed employment fell by 17,000 in May in Canada, against expectations of a 23,200 increase. Analysts at CIBC affirm that some cracks appeared within the Canadian labour market in May, but these “may not yet be wide enough to convince the Bank of Canada that inflation is about to meaningfully cool off.” Key quotes: “The weaker-than-expected headline figure may have been exaggerated by youth employment, which can be volatile at this time of year. As such, we still forecast one more 25bp hike from the Bank of Canada by the September meeting. However,…