Author: FX
Share: USD/CHF rebounds, trading at 0.8941, showing consolidation around the 0.8900 level. The pair needs to surpass 0.8949 (61.8% Fibonacci Retracement) to reach the 0.9000 mark. A drop below 0.8900 could expose the year-to-date low at 0.8819. USD/CHF rebounds at around weekly lows, though it remains below the 0.9000 figure, due to a risk-off impulse that bolstered the US Dollar (USD), which is set to finish the week with losses of 1.18%, per the US Dollar Index (DXY). The USD/CHF is trading at 0.8941 after hitting a daily low of 0.8901. USD/CHF Price Analysis: Technical outlook The USD/CHF…
Share: AUD/USD bears are in the market and eye the 38.2% Fibo. Daily trendline supports are a focus on the downside. The Australian dollar has been running on its last gas into the close on Friday with the price at its highest in four months, after surging 1.3% overnight. It is set for a 2.2% weekly gain, the best since mid-November 2022, and way off its 2023 low of $0.6459 two weeks ago. Technically the price is now reaching a daily order block: AUD/USD daily charts At this juncture, there could be a sell-off and to target the depths of the…
Although the major indices are closing lower on the day, each enjoyed solid gains this week. The S&P index is higher for the 5th consecutive week. The NASDAQ index is up for the 8th consecutive week. The Dow Industrial average is up for the 3rd consecutive week. The small-cap Russell index lagged, but still closed with a gain for the weekFor the day,Dow Industrial Average fell -107.05 points or -0.31% at 34300.75S&P index fell -16.17 points or -0.37% at 4409.68NASDAQ index felt -93.96 points or -0.68% at 13689.56Looking at the small-cap Russell 2000 index, it fell -13.81 points or -0.73%…
Share: USD/MXN drops to a seven-year low, extending losses for the fourth consecutive week. Federal Reserve’s decision to keep rates unchanged weakens the US Dollar, propelling further USD/MXN losses. Hawkish remarks from Fed policymakers hint at further tightening if inflation doesn’t slow. Comments from Banxico officials suggest a possible rate cut in November, conflicting with Governor Victoria Rodriguez Ceja’s viewpoint. The Mexican Peso (MXN) printed a new seven-year high against the US Dollar (USD), as the USD/MXN tumbled as low as 17.0360, extending its losses to four consecutive weeks. The Federal Reserve’s (Fed) decision to keep rates unchanged…
Central bank developments, particularly the FOMC statement, hogged the spotlight for most traders the majority of the week. Downbeat data from China also garnered some attention, lifting expectations for more policy stimulus, keeping risk assets like commodities and equities supported. Ready to hear what happened this week? Better check these market-moving headlines first! Notable News & Economic Updates: ? Broad Market Risk-on Arguments People’s Bank of China cut 7-day reverse repo rate from 2.0% to 1.9% and lowered onshore reference rate by 200 points Chinese industrial output slowed from 5.6% y/y in April to 3.5% y/y in May while retail sales rose by…
It is triple witching hour this week which can increase the end of day volatility. It is also the start of a three-day weekend in the US maybe there is some liquidation/profit-taking. As a result, indices are trading to new session lows. A snapshot of the market currently shows:Dow industrial average -88 points or -0.25% at 34320.50S&P index -12.9 points are -0.29% at 4413.15NASDAQ index -83 points are at -0.60% at 13699.90Microsoft shares are down $4.27 or -1.23% of $343.82 after trading to a new all-time high of $351.47. Apple shares are also lower after it traded to an all-time…
The price of crude oil is settling at $71.78. That is up $1.16 or 1.64%. The high reached $72.01. The low price was at $70.18.For the trading week, the price is up $1.76 or 2.52%.The low price for the week was reached on Monday at $66.82. The high price was today’s high at $70.01.Crude oil is closing their the weeks highsLooking at the hourly chart above, the price moved below the low price from May 31 at $67.03, but could not sustain momentum. In trading yesterday, the price moved back above its 200-hour moving average (green line currently at $70.30).…
Share: GBP/USD trades with significant gains as UK economic data supports expectations of further BoE tightening. US data moderation softens the USD tone, providing an additional boost to GBP/USD. Hawkish remarks from Fed policymakers suggest further tightening may be needed. Upcoming events include the UK’s May inflation data release, the BoE decision, US Fed speakers, housing data, and S&P Global PMIs. GBP/USD trades with solid gains on Friday, set to finish its weekly rise in six months after UK economic data supported additional Bank of England (BoE) tightening. The US Federal Reserve (Fed) keeping rates unchanged was a…
AI imageChina, South Korea, Germany, Malaysia, Singapore, Switzerland and Taiwan remain on the listJapan was removed from the listSwitzerland exceeded just one of three thresholds in four quarters through Dec 2022Reiterates call for increased FX transparency from ChinaA number of countries had shifted to position of selling forex reserves to limit declines against strong dollar in 2022Does not believe China was intervening extensively to exceed net forex purchases thresholdThis report is a charade. If Switzerland wasn’t nailed for openly manipulating for years, no one will be. Source link
Share: The USD/CAD dipped to a multi-month low of 1.3188, last seen in September 2022. Rising Oil prices and risk appetite give traction to CAD. Hawkish Fed speakers limit the pair’s upside potential. On Friday, the USD/CAD continued its downward momentum dropping to a low of 1.3188 and its set to confirm a 150 pips weekly decline. Expectations that the rate peak of the Federal Reserve (Fed) will weaken the US Dollar linger but an upbeat Consumer Confidence Index from the University of Michigan and hawkish Fed speakers limit the downside potential. UoM Confidence data surpassed expectations, hawkish speaker…