Author: FX
GOLD PRICE, CHARTS AND ANALYSIS: Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter MOST READ: Euro Area Core Inflation Prints Fresh Record High, EUR/USD SteadyGold (XAU/USD) FUNDAMENTAL BACKDROPGold prices continued their march higher this morning on the back of a softer US dollar and Treasury yields retreating from multi-day highs. Gold has enjoyed a stellar week and is on course to arrest a 4 week slide from the YTD high posted on February 2 of $1959.The recent positive manufacturing data out of China including this morning’s…
Eurozone HICP inflation continued to nudge lower in the preliminary reading for February, but by less than anticipated. At the same time, core inflation, which is now the primary focus for central banks, jumped to a new record high of 5.6%. This is nearly three times the ECB’s target, and it leaves the central bank on target to continue to hike rates beyond the widely expected 50 basis points in March. The slowdown in pace, which we had expected in May, looks less likely now. Headline HICP inflation decelerated to 8.5% y/y, which marked the fourth consecutive decline since the…
Composite PMI 53.1 vs 53.0 prelimOutput levels rise for first time in six months as new order growth hits a 9-month high, reaffirming a modest pick up in the UK economy in February. S&P Global notes that:”UK service providers moved back into expansion mode in February as fading recession fears and improving business confidence resulted in the strongest rise in new orders since May 2022. However, elevated borrowing costs and stretched household finances remained constraints on growth. “There was clear evidence that input price inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average…
Share: Gold price bulls come alive in a bullish reversal week. US Dollar retraced a bit despite surging US Treasury 10-year bond yields. ISM Services PMI release is still awaited for fresh impulse on XAU/USD. Gold price bulls have returned to action this week, helping the bright metal break out of a bearish trend that had dominated XAU/USD price action during February. What has been more impressive is that Gold has been able to rally despite US Treasury bond yields gathering strength, which usually supports the US Dollar and weighs on yield-less commodities. Gold news: Chinese PMI boost…
Looking for a reversal or a consolidation setup? Either way, I’ve got you covered with these chart formations on Cable and gold! Check out these inflection points being tested: GBP/USD 1-hour Forex Chart by TradingView First up is an update on this neat descending triangle pattern on GBP/USD. The pair is back down to the bottom of the formation, finding buyers at the 1.1925 support zone. Where to next? Stochastic is suggesting that we might see another bounce to the top of the triangle, which is right around the 1.2050 minor psychological mark. After all, the oscillator is pulling up…
The USD slipped from recent highs but holds at 104.75. Yields cooled, but the 2/10 yr yield curve remains inverted by 83 bp as the 2-year yield eyed 5% yesterday. US Stocks closed positive (DOW +1.05%) which has helped lift Asian markets (Nikkei +1.56%) along with a positive spin on the new Chinese economic targets that are due to be announced on Sunday. Sentiment also got a lift from “Dovish” Fedspeak from Bostic who prefers “slow & steady” 25 bp rate hikes to limit recession risks. Overnight: NAB CEO says 3 more RBA rate hikes…
Gold Resource reports Q4 earnings; initiates FY23 outlook Source link
Missed the channel breakout on NZD/CAD? You might still have a chance to catch a reversal on this quick pullback! Here are the levels I’m watching: NZD/CAD 1-hour Forex Chart by TradingView Thanks to the Bank of Canada‘s shift to a less hawkish stance, NZD/CAD has been able to bust through its falling channel resistance! This suggests that the tide is turning in favor of an uptrend, but it looks like the rally is running out of steam. Or will a retest of the former resistance zone encourage more Kiwi bulls to charge? The Fibonacci retracement tool shows that the…
US Dollar, DXY Index, Fed, ECB, Euro, EUR/USD – Talking pointsThe US Dollar has eased after a stellar rally overnightTreasury yields are on the march again, underpinning the DXY IndexIf the US Dollar contuse to gain, how low will EUR/USD go? Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter The US Dollar rallied again overnight after hawkish comments from Boston Fed President Susan Collins highlighting that interest rates will need to be lifted and the extent of the rises will be data dependent.Better-than-expected jobless claims also…
ATHENS (Reuters) – Greece’s newly-appointed transport minister said he was taking over on Thursday with a mandate to investigate the country’s deadliest train crash, to modernize an ailing railway system and to restore safety in train travel. “It is a very heavy responsibility,” Giorgos Gerapetritis told reporters during handover at the ministry. The government has faced harsh criticism for the state of its railway system since an intercity train collided head-on with a cargo train on Tuesday night, killing at least 46 people, many of them students in their 20s, and injuring dozens. “We are going through days that are…