Author: FX

Share: According to Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, USD/JPY is expected to keep trading within 130.00 and 133.00for the time being. Key Quotes 24-hour view: “While we expected USD to strengthen yesterday, we were of the view that ‘a sustained rise above 132.20 is unlikely’. The anticipated USD strength exceeded our expectations as USD soared to a high of 132.91 before pulling back to end the day at 132.40 (+0.75%). The pullback amid overbought conditions suggests USD is unlikely to advance much further. Today, USD is more likely to trade sideways,…

Markets have prepped for Tuesday’s CPI report over the last several sessions, while also pricing in a more hawkish FOMC stance going into Q2.  Stocks high, Tresauries mixed and US Dollar sagged.  Shorter dated Treasuries underperformed and were in the red most of the day as a “higher for longer” Fed stance was more fully priced in. Gains in Microsoft, Apple, and Meta helped boost tech Nasdaq. Microsoft  +3.12%, pushing its market cap over $2 trillion, Meta +3.03% after the Financial Times reported that Meta is planning another round of layoffs. Tesla -1.14% FX –…

It looks like the trend is still our friend on this one, fellas! Will buyers keep defending this support zone on the Nasdaq 100 index? Nasdaq 100 (NDX): 1-hour Nasdaq 100 (NDX) 1-hour Chart by TradingView Check out this area of interest holdin’ like a boss on the hourly time frame! Not only does it line up with a short-term rising trend line that’s been holding since the start of the year, but it also coincides neatly with the 100 SMA dynamic inflection point. What are technical indicators saying? The 100 SMA is safely above the 200 SMA, confirming that…

UK EMPLOYMENT DATA KEY POINTS: Recommended by Zain Vawda Get Your Free GBP Forecast READ MORE: UK GDP Data in Line with Estimates, GBP/USD SteadyThe UK unemployment rate remained unchanged for the 3 months to December 2022, in line with expectations. The number of people unemployed for up to six months increased, driven by people aged 16 to 24 years. The number of people in work in the UK rose by 74K in the three months to December, well-above market forecasts of a 40K increase and following a 27K rise in the previous month. Meanwhile, in November 2022 to January…

Japan +0.64%. Japan data – December (final) Industrial Production 0.3% m/m (prior 0.2%). Japan Q4 2022 GDP (preliminary) 0.2% q/q, missing estimate of 0.5%. China +0.20%. Hong Kong -0.21%. Australia +0.18%. Australia NAB Business Confidence for January 6 (prior -1). Australia monthly consumer confidence (February) -6.9% (vs. prior 5%). Australia weekly consumer confidence fell 5.5 points w/w to its lowest since April 2020. India +0.81%. Asian shares tracked the bounce on Wall Street on Tuesday, as investors remained sanguine that key U.S. economic data due later would show an easing in inflation, while the yen recouped losses ahead of the…

© Reuters. FILE PHOTO: A view shows high tides rising due to Cyclone Gabrielle in Arkles Bay, Auckland, New Zealand February 13, 2023 in this screen grab obtained from a social media video. John Longson/Twitter @JohnLongson/via REUTERS By Lucy Craymer and Lincoln Feast WELLINGTON (Reuters) -New Zealand declared a national state of emergency for only the third time in its history on Tuesday as Cyclone Gabrielle caused widespread flooding, landslides and huge ocean swells, forcing evacuations and stranding people on roof tops. Cancelled flights stranded thousands of people, while hundreds of thousands remained without power. “The severity and the breadth…

It’s February 14 and you know what that means – we’re halfway through the month! Give your P&L a mid-month boost by taking advantage of Bitcoin showing a potential reversal pattern while USD/JPY heads for a pullback zone. Check them out! Bitcoin (BTC/USD) 4-hour Forex Chart by TradingView Just when it looked like Bitcoin was headed for its August 2022 highs, BTC/USD found enough sellers at 24,300 and now the pair is trading under 22,000. Will the rejection at 24,000 lead to a bearish reversal? BTC/USD is forming a possible Head and Shoulders pattern on the 4-hour time frame. Meanwhile,…

These are the Valentine’s Day speakers from the Federal Reserve. A few others can pop up despite not being listed on calendars but this is who I have:09:30 US Eastern time, which is 1430 GMT Federal Reserve Bank of Richmond President Thomas Barkin appears on Bloomberg TV11:00 US Eastern time, which is 1600 GMTFed Dallas President Lorrie Logan participates in conversation and moderated question-and-answer session before an event hosted by Prairie View A&M University13:00 US Eastern time, 1800 GMTFed Philadelphia President Patrick Harker speaks on the economic outlook before event, La Salle University 2023 Economic Outlook14:05 US Eastern time, which…

Share: USD/CAD holds lower ground at weekly bottom, pressured after two-day downtrend. Clear downside break of key EMA, Fibonacci retracement join looming bear cross on MACD to lure bears. Monthly resistance line, descending trend line from October challenge pair buyers. USD/CAD remains depressed around 1.3330 even as bulls and bears jostle during early Tuesday, due to the market’s inaction ahead of the key US inflation data. In doing so, the Loonie pair probes the two-day losing streak at the lowest levels in more than a week. It’s worth noting that the quote’s sustained downside break of the 100-day…

WTI crude oil is retesting the 80.00 psychological level! February has been a good month so far for the crude oil benchmark, as it bounced from the 73.00 support to trade closer its current levels near 80.00. Last week, the commodity found support from China’s reopening prospects, supply concerns after an earthquake in Turkey, and Russia announcing its plans to cut about 5% of its oil production. But that was ages ago! WTI Crude Oil (USOIL) 4-hour Chart by TradingView The U.S. just announced its plans to release (sell) 26 million barrels of oil from the Strategic Petroleum Reserve (SPR),…