Author: FX

The South African Rand reaches a significant low at R19.52 to the Dollar. South African Rand The Rand rolls into the beginning of the second to last week of May under some severe pressure from the Dollar as it reaches an all-time low of R19.52 to one $1, levels last reached in April 2020. Factors driving this pressure on the Rand can mostly be linked to dollar dynamics when one considers the overall backdrop of the recent rally on the DXY driven by strong economic data in the wake of high interest rates. However, the nuance to note here is…

© Reuters. Pedestrians walk in front of Ghana’s central bank building in Accra, Ghana, November 16, 2015. REUTERS/Francis Kokoroko By Maxwell Akalaare Adombila ACCRA (Reuters) -Ghana’s central bank maintained its main interest rate at 29.5% on Monday, saying tight monetary policy and relative exchange rate stability were helping inflation fall. The cocoa-, gold- and oil-producing West African nation is grappling with its worst economic crisis in a generation. The International Monetary Fund’s executive board last week approved a $3 billion three-year support programme, allowing for an immediate disbursement of about $600 million and a potential path out of the crisis.…

Share: China’s Commerce Minister Wang Wentao hosts a seminar for US firms investing in China on Monday, the Ministry said in its press release. Additional takeaways China’s economic operation has maintained a good trend of recovery and market potential has continued to be released. Will continue to welcome US firms to develop in China. Will continue to provide accurate and efficient service guarantees for foreign-funded enterprises. This comes after the Wall Street Journal (WSJ) reported that China is banning major Chinese firms from buying from Micron Technology, citing its products pose a major national security risk. Market reaction At the…

Prior +2.3%; revised to +1.7%Looking at the details, building construction decreased by 2.4% and civil engineering by 2.3% on the month. And there was also a softer revision to the February number. But the notability of the data is rather immaterial since it pertains to Q1 data. Source link

AUD/USD ANALYSIS & TALKING POINTSUS debt ceiling discussions will lead the way this week.China’s LPR remains steady as growth potential comes into question.Fed speakers in focus for today.AUD/USD consolidates as external factors dictate terms. Recommended by Warren Venketas Get Your Free AUD Forecast AUSTRALIAN DOLLAR FUNDAMENTAL BACKDROPThe Australian dollar looks to be facing another challenging week after US factors weighed on the pro-growth AUD. Beginning late on Friday, Treasury Secretary Janet Yellen addressed bank CEO’s and stated there may be a need for additional mergers due to the slew of bank failures seen over the last few months. This dampened…

Is bitcoin gearing up for another big move? I’m seeing another tight consolidation pattern forming on the 4-hour time frame of BTC/USD. Better keep these levels on your radar, so you can gauge which direction it might go. Bitcoin (BTC/USD) 1-hour Chart by TV Bitcoin has had trouble busting through the key $30,000 barrier in the past month and has been on the decline ever since. Bears needed a break from the slide, though, leading BTC/USD to form higher lows and lower highs inside a symmetrical triangle pattern. Now price could still go any direction from here, as another strong…

Japan +0.88%. China +0.26%. Hong Kong +1.33%. Australia -0.18%. Stocks on Wall Street fell on Friday as talks on the U.S. debt ceiling were halted by GOP negotiators. S&P 500 recorded its best week since March. The DJIA fell 0.33%, and the Nasdaq was down 0.24%. Spot gold was up 0.1% at $1,978.06 per ounce as of 0347 GMT, while U.S. gold future eased 0.1% to $1,979.40. The dollar index slipped 0.2%, making gold more affordable for overseas buyers. Spot silver fell 0.2% to $23.77 per ounce. Platinum eased 0.1% to $1,061.68. Palladium dipped 0.3%to $1,508.54. Oil prices took a…

© Reuters. FILE PHOTO: U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. REUTERS/Lee Jae-Won By Kevin Buckland TOKYO (Reuters) – The dollar extended its decline versus the yen and euro on Monday, following a surprise breakdown in U.S. debt ceiling negotiations and after Federal Reserve Chair Jerome Powell indicated a preference to slow rate hikes. The greenback slipped 0.15% to 137.725 yen to start the week, having snapped a six-day winning streak on Friday, pulling back from a six-month peak. The euro added 0.14% to $1.08205, continuing Friday’s bounce from a…

The RBNZ is widely expected to hike interest rates again this week, so I’m looking at this potential bullish play on NZD/USD. Can the pair sustain its climb after breaking above this reversal pattern’s neckline? Before you check out the setup, make sure you know all of last week’s major market movers as well as this week’s potential market catalysts! NZD/USD 1-hour Forex Chart by TV Kiwi bulls seem excited to price in their expectations for an RBNZ hike, as NZD/USD already busted through its double bottom neckline before the actual event. This chart pattern spans a little over 50…

Media reports are of an unusual spate of sudden cancellations or shutdowns in the past week. The events cancelled range across across arts, business and equality:a convention for female tech entrepreneurs in Shanghaia concert by a Japanese band in Guangzhoua “Folkstival” outdoor concert Beijing LGBT Center announced it was shutting downAdd Bloomberg:Organizers of the scrapped events issued apologies that are thin on detail, citing a variation of “unforeseen circumstances,” when writing in English, or “force majeure,” a legal term to waive liability in the event of circumstances outside a supplier’s control. In the Chinese context, it’s considered a euphemism for…