Author: FX
© Reuters. FILE PHOTO: Turkish President Tayyip Erdogan speaks at the AK Party headquarters in Ankara, Turkey May 15, 2023. REUTERS/Umit Bektas By Libby George and Canan Sevgili LONDON (Reuters) -Turkey’s market rout deepened on Tuesday amid investor expectations that President Tayyip Erdogan could be able to extend his rule – and his unorthodox economic policies – into a third decade. Banking stocks and sovereign dollar bonds slid for a second day and the cost of insuring exposure to Turkish debt rose further after Erdogan defied expectations in Sunday’s presidential race, securing just under the 50% threshold needed to win…
From BlackRock’s Weekly Market Commentary, in summary:More volatility ahead We think the U.S. debt limit showdown will spark renewed volatility in markets. That risk reinforces why we stay invested and cautious by going up in quality. Market backdrop Stocks were flat last week after U.S. data confirmed core inflation staying high. We think sticky inflation makes Federal Reserve rate cuts later this year unlikely. Week ahead U.S. industrial production and business survey data due this week should gauge how the Fed’s rate hikes have hurt industrial and business activity.-So far US equity market volatility has not gone nuts over the…
Share: USD/JPY is meeting support on the front side of the bullish trend, If the trendline breaks, then the bears will be encouraged to move in. USD/JPY has been in the hands of the bulls. However, there is the possibility of a significant correction to the downside if support near 136.20 fails. 135.50 would then be eyed as the following video illustrates. USD/JPY daily chart The price is running into resistance as illustrated within the W-formation. This is a reversion pattern that opens risk towards the neckline and trendline support. USD/JPY H4 chart There is firm resistance as…
GOLD PRICES AND GBP/USD FORECAST:Gold prices slump, dragged lower by rising U.S. yieldsGBP/USD loses altitude after failing to clear overhead resistance at 1.2680This article looks at GBP/USD and XAU/USD’s key tech levels to watch in the near termMost Read: Gold Prices Veer Off Bullish Path as US Dollar Firms but Outlook Still Upbeat Recommended by Diego Colman Get Your Free Gold Forecast GOLD PRICES TECHNICAL ANALYSISGold prices plummeted on Tuesday, dragged lower by rising U.S. Treasury yields following better-than-expected U.S. economic data and hawkish Fedspeak. In this context, XAU/USD sank more than 1.3% to settle near $1,988 per ounce in…
XELA, ORMP and BNMV among mid-day movers Source link
© Reuters. FILE PHOTO: Ukrainian service members from a 110th Separate Mechanised Brigade of the Armed Forces of Ukraine, prepare fire a self-propelled howitzer “Dana”, amid Russia’s attack on Ukraine, near the town of Avdiivka in Donetsk region, Ukraine May 9, 2023 (Reuters) – Ukraine said on Tuesday it had shot down six Russian hypersonic Kinzhal missiles in a single night, thwarting a superweapon Moscow had previously touted as all but unstoppable. FIGHTING * Ukraine said the missiles shot down included six Kinzhal ballistic missiles fired from aircraft. * “The work of air defences was extremely successful. Six Kinzhals are…
Canada CPI data for the month of April 2023Prior was 4.1%CPI YoY 4.4% vs 4.1% expectedCPI m/m 0.7% vs +0.4% expectedPrior m/m reading was 0.5%Gasoline prices -7.7% vs -13.8% y/y in prior month (largest decline since July 2020)Gasoline prices 6.3% m/m vs -1.2% prior month. The gain was the largest since October 2022 and contribute the most to the CPI gain this monthFood 9.1% vs +9.7% y/y priorMortgage interest costs 4.9% y/y vs 5.4% increase in March. Year on year interest costs +28.5%. Rents increased by 6.1% in AprilCore measures:BOC core y/y 4.1% vs 4.3% last BOC core m/m +…
EUR/USD Prices, Charts, and AnalysisThe EU economy ekes out minimal growth of 0.1% in Q1.Germany may enter a mild recession. Recommended by Nick Cawley Get Your Free EUR Forecast Seasonally adjusted Q1 GDP increased by 0.1% in the Euro Area and by 0.2% in the EU compared to the previous quarter, according to the second estimate published by Eurostat today. The Euro Area q/q and y/y data came in line with Eurostat’s preliminary estimate.For all market-moving events and economic data releases, see the real-time DailyFX CalendarThe latest German ZEW indicator of economic sentiment missed market expectations and declined to -10.7,…
ollo/iStock Unreleased via Getty Images Following a downbeat outlook and plans by new CEO Margherita Della Valle to simplify the telecoms giant, Vodafone (NASDAQ:VOD) dropped 3.4% in premarket trading on Tuesday. The company expects to cut 11,000 jobs over the next three years, which will impact more than a tenth of its workforce. “Our performance has not been good enough. To consistently deliver, Vodafone must change,” said Della Valle, who was appointed last month. “My priorities are customers, simplicity and growth. We will simplify our organization, cutting out complexity to regain our competitiveness. We will reallocate resources to deliver the…
We’ve got Australia’s jobs data coming up soon! Can this spur a triangle breakout for GBP/AUD? And just how high can the pair go if that happens? GBP/AUD 1-hour Forex Chart by TV Check out this forex pair testing the very top of its descending triangle pattern! On the hourly time frame, you can see that GBP/AUD has consolidated with its lower highs and support near the 1.8600 major psychological mark for the entire month of May. Now price has formed higher lows ever since the last bounce off the triangle bottom, suggesting that bullish pressure is building up. This…