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Share: European Central Bank (ECB) Governing Council member Madis Muller said on Wednesday, “rate hikes are having an effect but inflation is still too high.” “Expectations of rapid ECB rate cuts are wishful thinking,” Muller added. Market reaction The EUR/USD pair was last seen trading at 1.0637, up 0.60% on a daily basis. Source link
Who’s ready for some crypto trading? In case you missed it, China printed a waaay better-than-expected manufacturing report earlier today. The upside surprise, combined with start-of-month risk-taking helped push the risk-sensitive Bitcoin (BTC/USD) to a key technical resistance. Bitcoin (BTCUSD) 1-Hour Chart by TradingView I’m talking about the $23,800 mark yo! As you can see on the 1-hour chart, the inflection point served as support in late February and held has resistance at least once in the last week. Will the area hold as resistance again today? Moving averages are still on selling mode with both the 100 and 200…
Trading Leveraged Products is risky The USD held at recent highs to close the month, stocks were lower, weighed by weak US data and inflation in Europe surprisingly spiked in France and Spain. Overnight: Chinese PMI data showed manufacturing growing the fastest in 10-years and Services surging (56.3). Australian CPI sank significantly to 7.4% but GDP missed (0.5% vs 0.8%) pulling down the AUD. Upbeat Chinese data has lift European Futures. Gold and Oil both had strong closes to a weak month. FX – USD Index tested back to 105.00 before declining to 104.65 now.…
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© Reuters. FILE PHOTO: U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration//File Photo By Rae Wee SINGAPORE (Reuters) – The dollar eased on Wednesday after China’s manufacturing activity expanded at its fastest pace since April 2012 and exceeded forecasts, sending traders flocking towards riskier assets on renewed optimism and away from the safe-haven dollar. The yuan and the Australian and New Zealand dollars were among the largest beneficiaries of the robust Chinese economic data, which smashed expectations with the official manufacturing purchasing managers’ index (PMI) shooting up to 52.6 last month from…
Feel like going with the flow this March? Check out these trend-following setups on the hourly charts of EUR/JPY and GBP/JPY! Here are the levels where more buyers might be waiting: EUR/JPY 1-hour Forex Chart by TradingView This one’s forming a fresh uptrend on the short-term chart, as price is just about to make its third test of a new rising trend line! EUR/JPY is closing in on the area of interest around the 143.50-144.00 region, and I’m seeing pretty strong confluence right here. Not only does it line up with the 50% to 61.8% Fibonacci retracement levels, but it…
We will be kicking things off in March with more focus on inflation data in Europe, this time featuring Germany. In January, we saw headline annual inflation come in a little higher at 8.7% and estimates this time around is for that to cool slightly to 8.5%. However, after the hotter readings from France and Spain yesterday, nothing is a given.If we do see the German figures come in higher than expected, that could drag down market sentiment once again with bond yields likely to pull higher. With month-end flows now out of the picture, perhaps broader markets will start…
The Australian Dollar outperformed its peers as momentum picked up, after the US Dollar exchange rate fell from recent highs. The GBPAUD pair reached some of its highest levels since December early this week, but slipped from its latest peaks as markets awaited January inflation reports and last quarter’s GDP data this morning. GBPAUD, H4 Australia’s annual inflation rate in January eased, implying the worst of the price increases may be over as the economy absorbs a record run of interest rate hikes. The consumer price index for the month was 7.4%, compared with 8.4% for December alone, the Australian…
Hong Kong’s Hang Seng Index leapt higher after Chinese PMI readings were much better than expected amid hopes that the world’s second-largest economy might stoke global growth.Hang Seng Index, HSI, China PMI, AU GDP, JP PMI, Caixin, NPC – Talking PointsThe Hang Seng Index jumped on improving business confidenceThe PMI readings were consistently higher across different segmentsCurrencies and APAC equities were quiet. Will a rally in HSI lift sentiment? Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter Hong Kong’s Hang Seng Index (HSI) broke the spell…