Author: FX
The yen has been in selloff mode recently, but can it turn things around soon? Both USD/JPY and EUR/JPY are closing in on pretty strong resistance levels! USD/JPY 4-hour Forex Chart by TradingView Is the trend still our friend on USD/JPY? Price has formed lower highs and lower lows inside a falling channel that’s been holding since December last year. Another test of the channel top seems to be underway, and the Fib tool reveals that this lines up with the 61.8% retracement level. To top it off, this area of interest coincides with the 200 SMA dynamic resistance, too!…
A note from Goldman Sachs on commodities has a very bullish outlook. Analysts at the bank say commodities will show “superior total returns” through this year, citing economic “macro and micro dynamics re-aligning again”, low inventories. On Oil:Over a 12-month period, the bank forecast returns of 46.9% from energy, 29.6% from industrial metals and 5.7% from precious metals“Oil markets are not pricing the expected uplift in demand combined with the downturn in Russian production”“China’s reopening is a game-changer”“Commodities like crude oil, refined petroleum products, LNG, and soybeans are particularly set to benefit from China’s demand tailwind”over the next 12 months…
A recovery in investors’ risk appetite has led to a correction in USD/JPY. The volatility is contracting amid an Ascending Triangle formation. The 21-EMA is continuously providing support to the US Dollar. The USD/JPY pair has corrected gradually to near 130.15 after printing a fresh three-day high at 130.89 on Monday. The asset has corrected due to a recovery in investors’ risk-taking capacity. The risk-appetite theme has gained traction as the S&P500 futures have recovered losses recorded in early Asia. The major has remained volatile amid chatters over Bank of Japan (BOJ) Governor Haruhiko Kuroda’s successor. The US Dollar Index…
AAPL shares have been riding the risk-on wave so far this week, but will the rallies last? Or will downbeat earnings expectations force the downtrend to resume? The company is scheduled to print its Q1 fiscal results on February 2, and here are the levels I’m watching. Apple Inc (AAPL): 1-hour Apple Inc (AAPL) 1-hour Chart by TradingView Check out Apple’s stock price closing in on the descending trend line that’s been holding since November last year! Technical indicators are giving mixed signals on whether the trend could resume or reverse. Stochastic has already reached the overbought region and is…
MF3d/iStock via Getty Images Albemarle (NYSE:ALB) +2.5% post-market Monday after disclosing preliminary Q4 adjusted earnings of $8.35-$8.75/share, above the market consensus estimate of $7.87, while targeting FY 2023 adjusted EPS of $26-$33, in line with expectations of $28.08. Albemarle (ALB), which is scheduled to report Q4 results after the market closes February 15 and host its virtual 2023 strategy update tomorrow, also estimated Q4 revenues of $2.59B-$2.65B, in line with Wall Street estimates of $2.61B, and adjusted EBITDA of $1.21B-$1.26B, more than 5x higher than the year-earlier quarter. For FY 2023, the lithium producer targeted net sales of $11.3B-$12.9B and…
© Reuters. U.S. Treasury Secretary Janet Yellen gives a speech after she visited the House of Slaves (Maison des Esclaves) at Goree Island off the coast of Dakar, Senegal January 21, 2023. REUTERS/Ngouda Dione By Andrea Shalal LUSAKA (Reuters) -U.S. Treasury Secretary Janet Yellen said on Monday during a visit to Zambia that it was critically important to restructure the country’s debt, and she believes progress could be made after her frank talks with key creditor China last week. Yellen added that Zambia’s debt overhang was a drag on its whole economy and that China had been a barrier to…
The party continued on US exchanges on Monday: Now, I’m not the one to stand in front of a freight train. But … from The Conference Board in the US, data on Monday showed: its Leading Economic Index slid 1.0% in Decemberthe November reading was revised lower to 1.1% in NovemberDecember’s fall exceeded all 22 forecasts in a poll of economists by Reuters, which had a median expectation of a decline of 0.7%it’s the 10th straight month of fallsThe LEI is now down 4.2% over the six-month period between June and December 2022. This is a much steeper rate of…
GBP/USD is showing a lackluster performance as investors await US/UK PMIs for fresh cues. The Fed might decelerate its interest rate hike pace again to 25 bps in its February policy meeting. UK’s Manufacturing PMI might trim to 45.0 while Services PMI to remain steady at 49.9. The GBP/USD pair is displaying topsy-turvy moves around 1.2380 as investors are awaiting the release of the S&P PMI number for the United States and the United Kingdom for fresh impetus. The Cable is demonstrating signs of volatility contraction as market sentiment has been caught by caution. S&P500 futures are showing marginal losses after…
Funtay Commodities are set up for a “bullish concoction” in 2023, looking at “superior total returns” that should outperform other asset classes, Goldman Sachs analysts said Monday in a new research report, according to Kitco.com. Commodity prices surged in last year’s H1 before declining due to rising interest rates and lower demand, but Goldman head of commodities research Jeff Currie expects a very positive 2023 as China reopens amid low inventories. In the oil market, several drivers are not priced to their fullest extent, Goldman said “Oil markets are not pricing the expected uplift in demand combined with the downturn…
© Reuters. FILE PHOTO: U.S. Trade Representative Katherine Tai attends the APEC Leaders’ Informal Dialogue with Guests during the Asia-Pacific Economic Cooperation (APEC) Summit 2022, in Bangkok, Thailand November 18, 2022. REUTERS/Athit Perawongmetha/Pool By Kanishka Singh and Tom Polansek WASHINGTON (Reuters) – U.S. agriculture and trade officials raised “grave concerns” over Mexico’s agricultural biotechnology policies in meetings with their Mexican counterparts on Monday, the office of U.S. Trade Representative (USTR) Katherine Tai said. “We made it clear today that if this issue is not resolved, we will consider all options, including taking formal steps to enforce our rights under the…