Author: FX
Gold, XAU/USD, Consumer Confidence, Technical Analysis – Briefing:Gold prices turn pessimistic during Tuesday APAC tradeWill a rosy US Consumer Confidence report dent gold?XAU/USD eyeing a bearish Death Cross on the daily Recommended by Daniel Dubrovsky Get Your Free Gold Forecast Gold prices aimed cautiously higher on Monday after disappointing US durable goods orders data dented the US Dollar. Front-end Treasury yields aimed lower, hinting that markets cut back on hawkish Federal Reserve policy expectations. The resulting dip in the US Dollar and Treasury yields worked together to bolster anti-fiat gold prices.This dynamic somewhat reversed course during Tuesday’s Asia-Pacific trading session.…
It feels like a “let’s get this out of the way” kind of situation now as there wasn’t any key drivers for the market moves yesterday. Equities saw a modest bounce but the gains fizzled towards the end, with the S&P 500 still keeping below the 4,000 mark. In FX, the dollar was softer with notable bounces seen in GBP/USD, AUD/USD, and NZD/USD during the day.It’ll be a tricky one to navigate today, before we turn the focus on to euro area inflation data later in the week. Month-end flows will be a consideration to add to the more delicate…
Share: USD/CAD picks up bids to reverse the week-start pullback from monthly top. Cautious optimism underpins WTI rebound amid sluggish session. US Dollar remains on the way to posting the first monthly gain in five amid hawkish Fed concerns. Canada’s Q4 GDP could help Loonie pair buyers on matching downbeat forecasts. USD/CAD prints a gradual rebound from intraday low amid a sluggish end to February, picking up bids to 1.3585 heading into Tuesday’s European session. In doing so, the Loonie pair fails to justify the recent rebound in Canada’s key export item, namely WTI crude oil, as traders…
February has NOT been a good month for the gold bugs. As you can see, spot gold (XAU/USD) has been in a downtrend all month after hitting resistance at the $1,950 zone in early February. The pair then traded in an observable downtrend some time in the second week while it respected a descending trend line resistance. Fast forward to today and the trend line resistance remains intact and XAU/USD is having trouble getting buyers above the consolidation at $1,820. Spot Gold (XAU/USD) 1-Hour Chart by TradingView Will XAU/USD extend its downtrend? The U.S. won’t be printing top-tier economic reports…
5/5 © Reuters. FILE PHOTO: Ukrainian service members are seen next an infantry fighting vehicle near the frontline town of Bakhmut, amid Russia’s attack on Ukraine, in Donetsk region, Ukraine February 25, 2023. REUTERS/Yan Dobronosov 2/5 By Leonardo Benassatto DONETSK PROVINCE, Ukraine (Reuters) -Russian forces pressed their offensive in eastern Ukraine as they attempted to encircle the small mining city of Bakhmut, the scene of the toughest fighting in battlefields saturated by rain and an early spring thaw. Russia is trying to cut the Ukrainian defenders’ vulnerable supply lines into the city and force them to surrender or withdraw. That…
A snippet from ANZ. Analysts there note that price remains under pressure with further Fed rate hikes ahead to curb demand (at the margin). Also:stockpiles of crude up almost 24mbbls over the past two weeksEIA gasoline supplied (a proxy for demand) hit its second lowest level since 2014On the other side of the coin is China:further signs of rebounding demand in China. Mobility data shows a strong recovery in activity, with road congestion up 47% m/m in February. Flight schedules remain high after the Chinese New Year holiday.Oil update: Source link
Share: Incoming Bank of Japan (BoJ) Deputy Governor Shinichi Uchida is testifying before the Japanese parliament’s Upper House on Tuesday. Key quotes Reviewing current easy policy just to address side-effects will reduce stimulus effect on economy. Widening yield target band itself would weaken effects of easing. It is too early to discuss an exit. The specifics of the exit will be determined by the economic situation. Market reaction USD/JPY fails to react to the dovish comments from Uchida. The pair is currently trading at 136.20, almost unchanged on the day. Source link
Australian Dollar, AUD/USD, US Dollar, Current Account, GDP – Talking PointsThe Australian Dollar adjourned the bearish run this weekRetail sales and the current account surplus beat expectationsThe trend has been broken for now. What does it say about AUD/USD? Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter The Australian Dollar has consolidated through the early part of this week after tumbling over 2% last week. That move was triggered by the US Dollar roaring higher on perceptions of a more hawkish Federal Reserve.Domestic data released today…
Maksim Safaniuk/iStock via Getty Images Canada’s Baytex Energy (NYSE:BTE) is near a deal to acquire U.S. oil and gas producer Ranger Oil (NASDAQ:ROCC) for ~$2.5B including debt, in a deal that could be announced as soon as tomorrow, Reuters reported late Monday. Baytex (BTE) reportedly would pay a mix of cash and stock to buy Ranger (ROCC) at a small premium to its current $1.8B market cap and assume Ranger’s debt, which totaled $603M as of September 30. The deal would significantly boost Baytex’s (BTE) presence in Texas’ Eagle Ford shale basin, which currently comprises ~30% of its total production.…
Gargolas/iStock via Getty Images Suppliers to the grid run by PJM Interconnection will be paid 15% less next year to be on standby and provide backup electricity, according to the results of an auction released Monday. Power generators to the largest U.S. grid operator will get $28.92/MWd to provide capacity over a 12-month period starting in mid-2024, down from $34.13/MWd in the previous auction held in June. The auction had ~2K fewer MW worth of bids compared to the June auction, marking a third straight year of declines – a trend that PJM officials warned could raise concerns about reliability…