Author: FX
Share: USD/JPY failed to gain traction, despite rising US Treasury bond yields. Federal Reserve officials are still expecting rates at around 5.25%, according to December’s 2022 dot-plots. Manufacturing activity in the United States remains depressed, though a jump in input prices keeps traders worried about further Fed tightening. The USD/JPY remains pressured, though capped by recent US economic data, as the US ISM Manufacturing PMI for February fell short of estimates. However, some subcomponents show that again prices are rising. The USD/JPY is exchanging hands at 136.08. USD/JPY continues to consolidate after mixed US ISM Manufacturing PMI US…
ISM MANUFACTURING KEY POINTS:Manufacturing PMI rebounds modestly in February, rising to 47.7 versus 48.00 expectedDespite the directional improvement, the goods producing sector of the economy remains in contractionary territoryThe U.S. dollar trims losses after survey’s results point to a sharp increase in the prices paid indicator Recommended by Diego Colman Get Your Free USD Forecast Most Read: Gold Prices Rebound but Respite May Be Short-Lived, S&P 500 Muted as Yields RiseA gauge of U.S. factory activity rebounded modestly in February but remained in contractionary territory for the fourth month in a row, a sign that the economic outlook remains challenging…
Mario Tama Rivian Automotive (NASDAQ:RIVN) dropped 14.20% after the EV maker’s full-year outlook rattled investors and analysts. On Wall Street, Morgan Stanley cut its price target to $26 from $28, while keeping an Overweight rating. Analyst Adam Jonas said that RIVN’s Q4 showed improvement in cost control, but the FY23 guidance on production, gross margins, and cash consumption disappointed. The firm see FY23 as a pivotal year for RIVN to show it can achieve a path to gross margin breakeven in FY24. Wells Fargo said it is skeptical of Rivian’s (RIVN) new target of positive 2024 gross margins. Cash burn…
Often times, what separates good traders from great traders is that great traders know how to pick their battles. Great traders know that any market could present trading opportunities that could potentially give them a profitable trade. However, they also know that not all market conditions have a high probability of producing good profits. Good traders would take any trade as long as an opportunity is present. Great traders on the other hand would choose to trade only in market conditions which could give them the highest potential of earning a profit. Trending markets are one of the most favorite…
The strongest to the weakest of the major currenciesThe NZD is the strongest and the USD is the weakest as the North American session begins. The NZD got a boost from the better China data which showed that growth increased at the fastest pace in 8 months with the manufacturing PMI rising to 52.6 which was the highest level in a decade. The news sent the USDCNH through its 200 day MA at 0.69127. On Monday, the price tested its 100 day moving average near the 6.99029 level. The high price reached 6.98914.USDCNH falls below the 200 day MAMeanwhile for…
Share: Siler gains traction for the second straight day and recovers further from the YTD low. The setup favours bearish traders and supports prospects for further near-term losses. A sustained strength beyond the $22.00 confluence could negate the negative outlook. Silver builds on the previous day’s recovery move from the $20.40 area, or a nearly four-month low and scales higher for the second successive day on Wednesday. The white metal, however, trims a part of its intraday gains and trades around the $21.00 mark, still up nearly 0.50% for the day heading into the North American session. Looking…
Having second thoughts about a trade strategy isn’t always a bad thing. In fact, rethinking can actually be more beneficial for your trading and here’s why. As in other areas outside of trading, the act of questioning our convictions can be unnerving since it makes the world (or the markets) appear even more unpredictable. American author and psychologist Adam Grant wrote in his book Think Again: “Rethinking is a skill set, but it’s also a mindset. It requires us to admit that the facts may have changed, that what was once right may now be wrong.” While self-doubt runs the…
The new month sets off with an upbeat risk-on mood, as the dollar retreats below a monthly high. Dollar The greenback rolls into midweek having continued its advance, reaching levels last seen around January 6 2023, before pulling back sharply. Bullish Factors driving this mixed mood in the U.S currency can be attributed to a risk averse financial market in the beginning of the week, mostly driven by geopolitical tensions between the West and Russia, as well as a continued hawkish rhetoric from the FED. Bearish factors driving the current price, can be attributed to the Softer U.S data that…
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GBP/USD PRICE, CHARTS and ANALYSIS:UK Mortgage Approvals Decline for a Fifth Consecutive Month.EU-UK Deal Optimism May be Misplaced as Benefits for the Broader UK Economy are Expected to be Minimal.Technicals Providing a Host of Conflicting Signals at the Moment as the 1.2100 Level Holds Firm.To Learn More About Price Action, Chart Patterns and Moving Averages, Check out the DailyFX Education Section. Recommended by Zain Vawda Get Your Free GBP Forecast Most Read: Pound Sterling Reacts Favorably to NI Protocol – GBP/USD, GBP/JPY RiseGBP/USD FUNDAMENTAL BACKDROPGBPUSD enjoyed an 80-pip rally from its Asian session lows before finding some resistance following the…