Author: FX
Canadian Dollar, USD/CAD, OPEC Cuts? Technical Analysis – Asia-Pacific Briefing:Canadian Dollar weakens despite Saudi Arabia oil production cutsFailure of broader OPEC+ coordination meant WTI filled the gapSlowing global growth may keep oil prices pressured for time being Recommended by Daniel Dubrovsky Get Your Free Oil Forecast Canadian Dollar Takes Little from Another OPEC MeetingThe Canadian Dollar weakened against the US Dollar over the past 24 hours. This is despite relevant news in the crude oil space. Over the weekend, the latest OPEC meeting concluded with Saudi Arabia cutting production by about 1 million barrels per day (bpd) from July. It…
The US dollar is ending the day slightly weaker with modest trading ranges. The greenback was initially supported by a strong Nonfarm Payroll (NFP) and better Non-manufacturing ISM data out of China (and debt deal being signed by Biden), but later pulled back after the ISM Services and factory orders came out weaker than expectations. The headline ISM Services for May fell to 50.3, below the expected 52.2, with a slowdown in new orders and employment. Factory orders and core durable goods orders also missed consensus, adding to the decline in the dollar. The strongest to weakest of the major…
Share: USD/CAD bulls 38.2% ratio as first stop. Beyond daily resistance, bulls eye the1.3560s. USD/CAD is been in the hands of the bulls at the start of the week while the yield on benchmark government debt climbed and despite a surprise in the US economic data front. Nevertheless, the technical outlook remains bullish as for the following analysis: USD/CAD daily chart The market swept the equal lows and subsequently, bulls moved in at a discount at the end of the three-day drop. This has occurred while an M-formation has been left on the charts. The bulls look to the…
Will the Bank of Canada keep rates on hold for the third time in a row? Here’s an event guide for their upcoming BOC policy decision. Event in Focus: Bank of Canada (BOC) Monetary Policy Statement When Will it Be Released: June 7, 2023 (Wednesday): 2:00 pm GMT Use our Forex Market Hours tool to convert GMT to your local time zone. Expectations: BOC to keep interest rates unchanged at 4.50% again Policymakers to reiterate that they’re still willing to hike if data calls for it Relevant Australian Data Since the Last BOC Statement: ? Arguments for Hawkish Monetary Policy…
S&P 500 FORECAST:S&P 500 rises at the start of the week, reaching its best levels since August 2022Technicals remain positive, but caution is warrantedThe index’s proximity to a key resistance area and its overbought condition may pave the way for a pullback in the near term Recommended by Diego Colman Get Your Free Equities Forecast Most Read: Crude Oil Price Update – Saudi’s Insist on Production Cuts at Extended OPEC MeetingThe S&P 500 charged higher at the start of the new week, reaching its best levels since August 2022 and entering decisively into bull market territory, bolstered by a positive…
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Litecoin Falls 11% In Bearish Trade Investing.com – Litecoin was trading at $85.260 by 12:01 (16:01 GMT) on the Investing.com Index on Monday, down 10.78% on the day. It was the largest one-day percentage loss since April 19. The move downwards pushed Litecoin’s market cap down to $6.496B, or 0.59% of the total cryptocurrency market cap. At its highest, Litecoin’s market cap was $25.609B. Litecoin had traded in a range of $85.260 to $94.540 in the previous twenty-four hours. Over the past seven days, Litecoin has seen a drop in value, as it lost 2.14%. The volume of Litecoin traded…
The final PMIs for the US from S&P Global Adam Button Monday, 05/06/2023 | 13:45 GMT-0 05/06/2023 | 13:45 GMT-0 Fourth consecutive increaseBest services reading in 13 monthsPrelim was 55.1Prior was 53.6Composite PMI 54.3 vs 54.5 prelimPrior composite 53.4Both input and output price inflation softenedThis is a slight downgrade and adds a small negative bias to the ISM services data at the top of the hour.Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said: “The US continued to see a two-speed economy in May, with the sluggishness of the manufacturing sector contrasting with a resurgent service sector. Businesses…
Share: US Dollar preserves its strength at the beginning of the week. US Dollar Index stays in positive territory above 104.00. ISM Services PMI report for May could influence US Dollar’s performance on Monday. The US Dollar (USD) holds its ground to start the new week. The US Dollar Index (DXY), which tracks the USD’s valuation against a basket of six major currencies, stays in positive territory above 104.00 after having gained more than 0.5% on the back of the upbeat May jobs report from the US on Friday. In the second half of the day, the USD’s…
Some days most forex pairs are just going in one particular direction and it makes no sense to go against the herd. However, if you’re a fan of picking tops or bottoms and if you think that these strong trends are already exhausted, you shouldn’t be afraid to take a contrarian approach to your forex trades. When all charts point to a single direction and the current market sentiment is supported by the newswires, it’s easy to understand why many traders hesitate to go against the herd. But as investment pundit Warren Buffett famously said, “We should also be fearful…