Author: FX
On the daily chart below, we can see that the price failed to break the triangle last week. The price found sellers at the trendline and the resistance at 1.3520. USD/CAD is one of the ugliest major pairs in terms of price action as it’s been ranging for a long time now. This is a signal of uncertainty and strength of both currencies. The USD is supported by a repricing higher in interest rates expectations and the CAD has been doing good thanks also to high oil prices. Buyers will need a clear breakout to the upside to start piling…
Share: Economic sentiment in Germany and the Eurozone improved further in February. EUR/USD remains uninspired by the upbeat ZEW surveys, holding lower ground around 1.0660. The German ZEW headline number showed that the Economic Sentiment Index improved further, arriving at 28.1 in February from 16.9 in January, beating the market expectation of 22.0. Meanwhile, the Current Situation Index came in at -45.1 from -58.6 but outpaced the market expectation of -50.0 During the same period, the ZEW Economic Sentiment Index for the Eurozone jumped to 29.7 from 16.7. Key points A large fraction of the survey participants expects the economic situation…
The Reserve Bank of New Zealand (RBNZ) is about to print its latest monetary policy decision! Will speculation and then market reaction to the event extend AUD’s gains against NZD? Before moving on, ICYMI, yesterday’s watchlist checked out NZD/USD’s short-term downtrend ahead of New Zealand’s PPI release. Be sure to check out if it’s still a valid play! And now for the headlines that rocked the markets in the last trading sessions: Fresh Market Headlines & Economic Data: Rightmove: The UK housing market stalled, pushing up prices by just $14 in February German Bundesbank: the economy may shrink slightly this…
UK FLASH PMI KEY POINTS: Recommended by Zain Vawda Get Your Free GBP Forecast The S&P Global/CIPS UK Manufacturing Flash PMI increased to 49.2 in February of 2023 from 47 in January, beating market forecasts of 47.5, preliminary estimates showed. Both the manufacturing and service sectors achieved a return to growth with services smashing estimates coming in at 53.3 compared to estimates of 49.2. Survey respondents credited the jump to customer demand and improving confidence as supply shortages eased and inflation showed signs of moderation.February data resulted in the slowest overall increase in average cost burdens since April 2021. Prices…
US Dollar (DXY) Price and Chart AnalysisUS dollar using prior resistance as a new base.US PMIs are expected to pick up but remain in contraction territory. Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter The US dollar is back in action after a three-day weekend and is moving modestly higher in early European turnover. The greenback has been pushing higher of late, aided by higher US Treasury yields, as investors continue to price in higher for longer interest rates. The terminal rate in the US –…
France Manufacturing PMI drop to 47.9, less than market expectations Source link
Cautious trading didn’t stop copper traders from breaking a technical resistance! Is the bullish breakout legit? Copper Futures (HG1!) 1-hour Chart by TradingView In case you missed it, copper futures (HG1!) broke above the $4.12 zone that had kept the bulls at bay for most of early February. The base metal is now trading closer to $4.17, which lines up with a mid-channel support on the 1-hour time frame. Are we looking at a sustained upside breakout? The odds favor more buying as traders price in China’s reopening and the prospect of the Chinese government announcing even more stimulus measures…
8/8 © Reuters. People react after an earthquake in Antakya in Hatay province, Turkey, February 20, 2023. REUTERS/Clodagh Kilcoyne 2/8 By Ali Kucukgocmen and Henriette Chacar ANTAKYA, Turkey (Reuters) -Six people were killed in the latest earthquake to strike the border region of Turkey and Syria, authorities reported on Tuesday, two weeks after a larger one killed more than 47,000 people and damaged or destroyed hundreds of thousands of homes. Monday’s quake, this time with a magnitude of 6.4, was centred near the southern Turkish city of Antakya and was felt in Syria, Egypt and Lebanon. Turkey’s Disaster and Emergency…
Some traders earn money by consistently making small profits with a relatively high probability. Some traders take a different approach. They prefer high yielding trades that would turn their fortunes around. Both approaches work very well. In fact, many profitable traders would say they have win rates below 50%, yet they are still profitable. That is because of the high yielding winning trades that they have. Although it may seem counter-intuitive, day trading may probably be a very good opportunity to find high yielding trades. This is because trading on the lower timeframes allow traders to risk lesser than they…
<p style="" class="text-align-justify">That will of course follow the lower house hearing, which will be held at the end of this week on 24 February. As such, expect to hear remarks from Ueda and that might be a trigger for some yen moves when the time comes.</p> This article was written by Justin Low at www.forexlive.com. Source link