Author: FX

US JOB REPORT KEY POINTS:U.S. employers add 311,000 jobs in February, topping estimates calling for a gain of 205,000 payrolls. Meanwhile, the unemployment rate rises to 3.6%, two-tenths of a percent above forecastsAverage hourly earnings clock in at 0.2% month-over-month and 4.6% year-over-year, slightly below expectationsWith the NFP data in the rearview mirror, attention will now turn to the U.S. February inflation report due for release next week Recommended by Diego Colman Get Your Free USD Forecast Most Read: Gold Prices Soar as US Bank Sector Woes Sink Bond YieldsUpdated at 9:15 am ETMARKET REACTIONImmediately after the NFP report crossed…

USDIndex, Daily The USDIndex has stabilised after correcting yesterday in the wake of US bank troubles that pulled global stock markets lower. Wednesday’s post Powell 105.85 2023 high has now been replaced with a pre-NFP holding pattern at 104.70. The Yen underperformed after the BoJ kept rates on hold and outgoing governor Kuroda suggested its too early to exit ultra-accommodative policy settings. The decision wasn’t really a surprise, but there had been lingering speculation in markets that Kuroda could spring a final surprise before handing over to Ueda. USDJPY lifted to within a pip of…

ALL traders want to be profitable. But while all are mindful of their P/L, not all of them treat trading like it’s a business. Some do it for the extra income, some like playing around with markets as a hobby, and some make it their part-time or full-time business. Here are signs that you’re growing a trading business: You have a mission-vision statement You’re more likely to succeed if you know why you’re doing what you’re doing. A mission-vision statement establishes what you aim to do and how you see your business’s future. It also helps guide your goals and…

WTI PRICE, CHARTS AND ANALYSIS: Recommended by Zain Vawda How to Trade Oil Most Read: Breaking News: CPI Miss Confirms Cooling UK Inflation, GBP on OfferWTI FUNDAMENTAL OUTLOOKCrude Oil faced renewed selling pressure this morning in what has been a difficult week for the commodity. This followed a positive start to the week as WTI by broke above the 100-day MA for the first time since November 7, WTI has been on a steady decline eyeing its fourth consecutive day of losses.Obviously, the key talking point this week has been the rise in rate hike expectations and inflationary fears which…

On the daily chart below, we can see that the sellers couldn’t break the neckline of the double top at 1.1839 on their first try as the buyers defended the level strongly. The divergence between the double top and the MACD generally signals that the pattern has higher chances of working out. So, we just need a clear breakout to confirm it. The moving averages are acting as resistance for now and the sellers keep leaning on them to position into the breakout. Today we have the NFP report, and we can expect a break lower if the data beats…

It is not only the Fed this time but also the US Banks and more precisely the SVB Financial Group SIVB which drifted by -60.41% yesterday. Shares of SVB, the parent of Silicon Valley Bank, disclosed the loss and sought to raise $2.25 billion in fresh capital by selling new shares. The 4 biggest US banks lost $47 bln in Market Value! (BoA, Citi, JP Morgan, Wells Fargo). Jobless Claims unexpectedly ticked up. Germany February final CPI remains sticky at +8.7% vs +8.7% y/y prelim. UK January monthly GDP +0.3% vs +0.1% m/m expected. Overnight: BoJ left policy unchanged, as universally anticipated,…

Share: Open interest in gold futures markets shrank by nearly 4K contracts for the first time since February 28 on Thursday according to preliminary readings from CME Group. Volume, instead, kept the choppy performance well in place and went up by around 28.4K contracts. Gold: Solid support remains near $1800 Thursday’s marked uptick in gold prices came on the back of shrinking open interest, which warns against the continuation of the rebound in the very near term. In the meantime, the precious metal remains well supported around the key $1800 region per ounce troy, where also converge the…

Looking for more dollar trades today? I gotchu! USD/CHF is testing a major area of interest while spot silver (XAG/USD) looks set for a breakout. What do you think of these charts? USD/CHF 1-hour Forex Chart by TradingView I don’t know if you’ve noticed but USD/CHF has been trading inside a 145-pip range since late February. Range playas have another chance to play the pattern today as USD/CHF hangs out at the .9290 range support. After all, the level hasn’t been broken all month AND Stochastic is sending “oversold” vibes on the 1-hour time frame. Buying at current levels would…

It’s non-farm payrolls (NFP) Friday so you know we gotta check out the U.S. dollar! Today we’re taking a closer look at the U.S. dollar index (DXY). Are you seeing the trend pullback that I’m seeing? U.S. Dollar Index (DXY): 1-hour U.S. Dollar Index (DXY) 1-Hour Forex Chart by TradingView In case you were too busy minding your stocks or crypto trades, you should know that the U.S. dollar is having a killer week after Fed Chairman Powell all but said that the Fed gang is eyeing higher interest rates than what markets have already priced in AND that they…

The Japanese yen fell sharply against the US dollar on Friday after the Bank of Japan left interest rates unchanged and maintained its current bond-yield curve control policy settings.In his last meeting as the BOJ Governor Haruhiko Kuroda left policy settings steady, in line with expectations, given the Japanese central bank adjusted the yield band as recently as December. Incoming BOJ Governor Kazuo Ueda has said the central bank must maintain its current ultra-easy policy for now until there are signs that inflation has sustained above BOJ’s 2% target.USD/JPY 5-minute ChartChart Created Using TradingViewUeda has attempted to cool speculation of…