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CRUDE OIL, WTI, NATURAL GAS, NG – Outlook:Crude oil is holding above tough support, keeping alive the capitulation view.Natural gas has fallen sharply, but the downside could be cushioned.What are the key levels to watch? Recommended by Manish Jaradi Understanding the Core Fundamentals of Oil Trading Crude Oil: Boxed in a rangeCrude oil recouped some of last week’s losses as investors cheered a weekend deal in Washington to raise the government’s debt ceiling, potentially averting a disruptive government default.Oil has managed to hold recover despite Russia’s Deputy Prime Minister Alexander Novak’s comments late last week that OPEC+ wasn’t likely to…
With both Eurozone CPI and U.S. NFP reports scheduled for release, you can bet that I’m looking at EUR/USD this week! The pair is trading just above the 1.0700 psychological handle, which isn’t surprising since we just saw a doji and the inflection point lines up with a trend line support that EUR bears have been respecting since December last year. In this case, the trend line (or ascending channel) support is also around the 61.8% Fibonacci retracement of March’s upswing. The cherry on top of this sweet bullish play is a bullish divergence on the daily time frame. EUR/USD…
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Share: USD/CAD holds lower ground during two-day retreat from monthly high. Bearish MACD signals add strength to pullback moves targeting previous resistance line. Loonie pair’s recovery needs validation from April’s peak. USD/CAD remains mildly offered near 1.3600 as it defends the previous day’s U-turn from a one-month high during Monday’s sluggish Asian session, especially amid the holidays in the US. That said, the Loonie pair’s latest weakness justifies its inability to cross a two-month-old descending resistance line, around 1.3650 by the press time. Adding strength to the downside bias are the bearish MACD signals. With this, the USD/CAD…
Another week, another chance to trade the major currencies! U.S. dollar trading may get spicier in the next few days as we get another round of NFP reports on Friday. Before all that, ICYMI, I’ve written a quick recap of the market themes that pushed currency pairs around last week. Check it! And now for the closely-watched economic indicators on the economic calendar this week: China’s PMI readings China’s recent headlines and data misses have the markets wondering if the second-largest economy in the world is losing steam so soon after reopening its market. Another sneak peek into China’s economic…
Gold, XAU/USD, Treasury Yields, Real Yield, US Dollar, Fed, Debt Ceiling – Talking PointsThe gold price has succumbed to US Dollar strength of late with the Fed in focusTreasury yields and real yields continue to elevate and might add to dollar demandIf Washington resolves the debt ceiling issue, where will XAU/USD end up? Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter The gold price slid to a 2-month low to start the week as concerns around the US debt ceiling appear to be subsiding at the…
© Reuters. FILE PHOTO: The Internal Revenue Service (IRS) building is seen in Washington, U.S. September 28, 2020. REUTERS/Erin Scott//File Photo WASHINGTON (Reuters) – The budget deal struck by President Joe Biden and House Speaker Kevin McCarthy to end a debt-limit crisis should not change the short-term abilities of tax collectors, according to White House officials. The deal would shift $10 billion each in fiscal years 2024 and 2025 in funding away the Internal Revenue Service, but officials believe the IRS can make due in the near term since they were funded over a 10-year period. They may need to…
Chip Somodevilla The debt ceiling agreement that was reached late Saturday “prevents the worst possible crisis, a default,” President Joe Biden said. The deal is a compromise, he said during a short press briefing on Sunday evening. “Nobody got everything that they want.” The agreement protects key priorities that “Democrats and I have worked long and hard for,” Biden said. “I strongly urge both chambers to pass that agreement,” he added. Earlier on Sunday U.S. House Speaker Kevin McCarthy said he believed that a majority of Republicans would support the agreement. And even before today’s press briefing, President Biden said…
Adam had the earlier breaking events:US President Biden is speaking from the White House now. There is very little of substance so far.Says he spoke with Speaker McCarthy and that they reached a bipartisan agreementGood news for the American peoplethe agreement protects key prioritiesurges COngress, both chambers, to pass the agreementpeople will find he didn’t make too many concessionsdid not make a compromise on debt ceiling, made a compromise on budgetexpects McCarthy has the votes to get it passed in the House of RepresentativesBiden on McCarthy:”He kept his word. He said what he would do. He did what he said…