Author: FX
Share: GBP/USD is looking to reclaim 1.2700 as the Fed-BoE policy divergence looks set to squeeze after Fed’s neutral policy. Fed Powell has confirmed that two more interest rate hikes are appropriate this year. GBP/USD is gathering strength for printing a fresh annual high after climbing above the round-level resistance of 1.2700. The GBP/USD pair has witnessed a halt after a recovery extension to near 1.2670 in the European session. The Cable is expected to resume its upside journey as the policy divergence between the Federal Reserve (Fed) and the Bank of England (BoE) is set to squeeze.…
CRUDE OIL ANALYSIS & TALKING POINTSSlowdown in Chinese data weighs on crude oil.US retail sales to come later today.Further downside is possible after key technical break. Recommended by Warren Venketas Get Your Free Oil Forecast CRUDE OIL FUNDAMENTAL BACKDROPCrude oil remains relatively depressed this Thursday morning after a drop yesterday post-FOMC. The Federal Reserve decided to keep rates on hold; however, central bank guidance was rather hawkish considering the lead up to the announcement was on the bearish side after US CPI and PPI data showed slowing inflationary pressures. The revised dot plot now reflects two further rate hikes for…
The European Central Bank (ECB) is up today! Will the central bank members’ decision extend the euro’s losses against its some of its counterparts? In case you were watching other EUR pairs, you should know that EUR/NZD has been in an observable downtrend since hitting resistance at the 1.7840 levels. The pair is now trading closer to the 1.7450 area after hitting new monthly lows near 1.7400. EUR/NZD 1-hour Forex Chart by TV Can the pair still extend its losses? The 1-hour chart hints that EUR/NZD went back inside its descending channel pattern after a brief trip to the 1.7400…
Japan -0.05%. Japan May trade balance data shows big slump for imports y/y, small jump for exports. China +0.64%. China May Industrial Production +3.5% y/y (expected +3.6%) & Retail Sales +12.7% (+13.6%). China data – May new house prices +0.1% m/m (prior +0.4%). China’s central bank lowered its key medium-term lending rates to 2.65%. Hong Kong +1.60%. Australia +0.19%. Australia (May) Jobs +75.9K (vs. +15K expected) & Unemployment rate 3.6% (vs. 3.7% exp). Australia Consumer Inflation Expectations (June) 5.2% (prior also 5.2%). India -0.23%. In Asia, New Zealand fell into a technical recession after its first-quarter gross domestic product fell…
2/2 © Reuters. FILE PHOTO: A view of the European Central Bank (ECB) headquarters in Frankfurt, Germany March 16, 2023. REUTERS/Heiko Becker/File Photo 2/2 By Francesco Canepa and Balazs Koranyi FRANKFURT (Reuters) -The European Central Bank is all but certain to raise borrowing costs to their highest level in 22 years on Thursday and leave the door open to more hikes, extending its fight against high inflation even as the euro zone economy flags. Growth across the 20 countries that share the euro is at best stagnating and inflation has been moderating for months, courtesy of lower energy prices and…
Missed that inverted head and shoulders neckline breakout on bitcoin? Price might still be in for a quick retest before resuming the reversal, so better keep your eyes on these support levels. BTC/USD Daily Chart by TV Bitcoin bulls have been on the retreat lately, but it looks like more buying energy could kick in at these Fibonacci retracement levels. The 50% to 61.8% Fibs span an area of interest lining up with the broken neckline of the reversal chart pattern, so this might hold as a strong support zone. To top it off, the 61.8% retracement at $24,100 coincides…
At 1535 GMT, which is 1135 US Eastern time:Bank of England Deputy Governor Jon Cunliffe takes part in a discussion on central banks and the future of payments at the Politico Global Tech SummitThat doesn’t sound like he’ll have much to say on his economic or policy outlook, but perhaps there will be a Q&A with him. The Bank of England meet next week: Source link
Share: USD/MXN prints the first daily gains in three, bounces off the lowest levels since 2016. Immediate resistance break joins upbeat oscillators to favor short-term pair buyers. Mexican Peso sellers need to conquer 200-HMA to topple bulls. USD/MXN grinds near intraday high of around 17.20 as it prod the 50-Hour Moving Average (HMA) during the first positive day in three on early Thursday. In doing so, the Mexican Peso (MXN) pair defends the late Wednesday’s rebound from the lowest levels since 2016. That said, a clear break of the previous resistance line stretched from Tuesday joins bullish MACD…
Market RecapThe conclusion of the June meeting has seen the Federal Reserve (Fed) keeping rates on hold at 5.00%-5.25% in a widely-anticipated move, but there is less conviction for markets that today’s move will mark the end of its tightening campaign.A hawkish takeaway came from the Federal Open Market Committee (FOMC) dot plot, with peak rate for 2023 revised to 5.6% from previous 5.1%, which suggests another 50 basis-point (bp) of tightening by the end of this year. Rate forecasts for 2024 and 2025 were revised upwards as well, which seems to put a high-for-longer rate outlook on the horizon.…
LaylaBird/E+ via Getty Images BTIG has initiated coverage of eye drug developer Viridian Therapeutics (NASDAQ:VRDN) with a buy rating, citing its drug candidate for the treatment of thyroid eye disease, or TED. The investment bank said in a note that it sees the product, VRDN-001, as a strong potential competitor to Horizon Therapeutics’ (NASDAQ:HZNP) Tepezza, the current market leader. It noted that Tepezza generated $1.97B in net revenue for fiscal 2022, with peak sales estimated at more than $4B. BTIG added that it sees the the stock’s current “underperformance” as an “attractive entry point” ahead of the expected release of…