Author: FX
© Reuters. FILE PHOTO: Dutch Prime Minister Mark Rutte speaks at a news conference with French President Emmanuel Macron (not pictured) during Macron’s state visit to the Netherlands, in Amsterdam, Netherlands April 12, 2023. REUTERS/Piroschka van de Wouw/File Photo AMSTERDAM (Reuters) -The Dutch government on Friday collapsed after failing to reach a deal on restricting immigration, junior coalition partner Christian Union said, a move expected to trigger new elections in the fall. “The four parties decided that they cannot reach an agreement on migration. Therefore they decided to end this government,” party spokesman Tim Kuijsten said, confirming media reports that…
The major indices gave up gains into the close with all the major indices closing lower on the day. At session highs the Dow was up 114.11 points S&P was up 28.29 points, and the she NASDAQ index was up 125.47 points.At the close, the indices were all negative.Dow industrial average -187.25 points or -0.55% at 33735.00S&P index -12.59 points or -0.29% at 4399.01NASDAQ and -18.34 points or -0.13% at 13660.71The small-cap Russell 2000 did close higher with a gain of 22.43 or up 1.22% at 1864.66.For the trading week:Dow Industrial Average fell -1.36%S&P index fell -1.16%NASDAQ and the fell…
The Australian Dollar finished the second quarter not far from where it started after breaking both sides of an established range. Although some domestic factors haver played a role in AUD/USD direction, the US Dollar remains a dominant factor for the currency.For the full Australian Dollar third quarter report, click on the banner below. Recommended by Daniel McCarthy Get Your Free AUD Forecast The RBA and the Fed have their sayThe 0.6565 – 0.6900 range played out from February through to late May before the dip lower on the back of a stronger USD. Early June saw the RBA surprise…
Share: The June US employment report showed the economy added 209,000 jobs, below expectations. Analysts at Wells Fargo point out that the report offered additional evidence that the labor market is slowly coming into better balance as job growth slows and labor supply steadily expands. They expect the Federal Reserve to raise interest rates at the July meeting. Key quotes: “Nonfarm payrolls have seemed to defy the gravity weighing down other gauges of the labor market over the past year. However, the June employment report suggests this dynamic has run its course. Nonfarm payrolls increased by 209K in…
Share: Silber bears are moving in as an hourly lower low is put in and a lower high on Friday. The weekly and daily charts also lean bearish and readers look for confirmation of a trend change. Silver rose on Friday and was on track for their first weekly gain in four as the Greenback and US treasury bond yields fell after weaker US Nonfarm Payrolls numbers cast doubts over the Federal Reserve’s interest rate hiking path beyond July yet again. November Fed hike odds dropped to 39% from 45% after Nonfarm Payrolls. At the time of writing, XAG/USD is trading at…
IATA chartGlobal air travel is perhaps the single-best indicator of covid impacts and the latest data shows that we’re on the cusp of a full retracement.The May report from IATA shows that passenger-kilometers are at 96.1% of the pre-pandemic level, which is up 39.1% year-over-year. I strongly suspect the job is completed in June or July.What’s notable is the skew in traffic and the risks later. Domestic air travel is above pre-covid levels for the second month but international travel is still down 9.2%. Some of that is the slower return of Asian customers and covid concerns when booking vacations…
GBPUSD 4 hour chartThe pound has extended today’s day to 100 pips, touching 1.2848 in a late-week push. As the 4-hour chart above shows, buyers ran into the June high of 1.2848 exactly before backing off a few pips. The bulls may try to make another push late or in low liquidity at the Monday open in an attempt at a fresh 15-month high.The pound is benefiting from a hawkish Bank of England and high inflation. I think ultimately this will prove to be playing with fire as some kind of accident happens if/when rates get to 6%. But for…
Crude oil moves up to test its 100 day moving averageThe price of WTI crude oil futures settled at $73.86. That’s up $2.06 or 2.87%. The gain equaled the gain from July 5 which is the largest gain since June 15. The low price reached $71.19. The high price was at $73.91. The lower US dollar has contributed to the rise.Technically, the move to the upside has the price testing it’s 100-day moving average currently at $73.86. The last time the price tested that moving average was back on May 1 and April 28. The price closed just above the…
EURUSD targets the swing areaThe EURUSD continued its run to the upside and in the process has now reached the next key swing area between 1.09618 and 1.09759. The high price reached 1.09725. The current price trades at 1.0966.The move to the upside took the steps outlined in the pre-employment video. IN that video (see video at the bottom of this post) I spoke of the need to break above the 200-hour MA at 1.08978, then a break of the highs from last Monday and the previous Friday at 1.09329, and if that is broken, getting to the swing area…
The event calendar was packed for the FX space and our strategists managed to put together several effective ideas this week! Check out our recap and let us know how you did! AUD/USD: Monday – July 3, 2023 AUD/USD 30-Min Forex Chart by TV To start off the week, we focused on the upcoming monetary policy decision from the Reserve Bank of Australia and AUD/USD. Our Event Guide for the RBA statement showed that market expectations were that the RBA would raise by another 25 bps and may signal further tightening ahead. Our thought was that if the RBA did…