Author: FX

The U.S. dollar is way off its monthly lows! Is it now time for the bears to rain on the bulls’ parade? Or can the Greenback keep its momentum and hit higher areas of interest? U.S. Dollar Index (DXY) Daily ForexChart by TV As you can see, the U.S. dollar index (DXY) is trading above the 102.00 psychological handle after weeks of hanging around 101.20 April lows. Can dollar bulls sustain their momentum? It would be a challenge with the 100 SMA already testing the dollar’s buying demand. It also doesn’t help that DXY is already nearing the 103.40 mid-range…

Share: GBP/USD is showing a lacklustre performance below 1.2500 amid the absence of a critical trigger. Market sentiment is positive as fears of catastrophic US default have trimmed sharply. UK Hunt’s promise of bringing down higher taxes to reduce pressure of higher inflation households could induce retail demand. The GBP/USD pair is displaying a back-and-forth action below the psychological resistance of 1.2500 in the Tokyo session. The Cable is failing to deliver decisive action amid the absence of critical triggers. The USD Index is making efforts for defending its downside near 1.2480, however, the downside seems favoured as the…

Australian Dollar, AUD/USD, US Dollar, Unemployment, RBA, CPI – Talking PointsThe Australian Dollar slid lower after the unemployment rate ticked upIt might be a case of bad news is good news for the RBA and the inflation fightThe overnight low has held so far. If it’s breached, how low will AUD/USD go? Recommended by Daniel McCarthy Trading Forex News: The Strategy The Australian Dollar dipped after a soft jobs report that saw a bump up in the unemployment rate that could help to alleviate price pressures which might see the RBA refrain from hiking in May.The unemployment rate was 3.7%…

Dzmitry Dzemidovich SPAC Goldenbridge Acquisition Corp. (NASDAQ:GBRG) (SDA) has completed its planned merger with Chinese auto insurance and services provider SunCar Technology Group.  Shares of the combined company are expected to begin trading Thursday on Nasdaq under the symbol SDA. Goldenbridge shareholders approved the merger on April 14. Goldenbridge had originally been slated to merge with Chinese work solutions provider AgiiPlus. The deal was mutually terminated in May 2022. Source link

© Reuters. FILE PHOTO: U.S. Secretary of State Antony Blinken delivers the Closing Plenary Keynote address at the Cities Summit of the Americas in Denver, Colorado, U.S. April 28, 2023. REUTERS/Kevin Mohatt/File Photo By Humeyra Pamuk and Patricia Zengerle WASHINGTON (Reuters) -The U.S. State Department on Wednesday said two top members of the House Foreign Affairs Committee can view a redacted version of a classified cable about the chaotic August 2021 U.S. withdrawal from Afghanistan sought by the committee’s Republican chairperson. The chairperson, Representative Michael McCaul, scheduled a committee meeting next week to consider a contempt of Congress charge against…

Data from China is less encouraging that expected. Data from earlier in the week:And responses:Now analysts at Nomura have cut their forecast for China’s 2023 gross domestic product (GDP) growth to 5.5% from 5.9% previously.lowered its forecast for Q2 GDP growth to 7.8%y/y from its previous projection at 8.4%This is against a background of the Chinese Communist Party government aiming for 2023 growth of around 5%.As for policy implications, Nomura expects the People’s Bank of China to cut its benchmark lending rate, the loan prime rate (LPR), by 10 basis points in mid-June. “As China’s economy moves out of the…

Share: GBP/USD bulls hit a brick wall in the Wall Street risk rally. The daily chart offers a bearish scenario for the days ahead.  GBP/USD is back to flat in the day after initial losses that were sparked in the face of the Bank of England Governor Andrew Bailey reiterating that he expected price pressures to ease, as soon as April. Also, data showed Britain’s jobless rate rose to 3.9%, while the rate of increase in total pay held steady. At the time of writing, GBP/USD is trading near 1.2490 and is correcting lower from a 4-hour resistance area. …

FrankvandenBergh U.S. stocks extended gains on Wednesday, helped by optimism over the debt ceiling impasse and a jump in shares of regional banks following a positive update by Western Alliance. By afternoon, the tech-heavy Nasdaq Composite (COMP.IND) was up 1.26% to 12,498.11 points, while the benchmark S&P 500 (SP500) was higher by 1.19% to 4,158.74 points. The blue-chip Dow (DJI) rose 1.25% to 33,423.74 points. Meanwhile, Treasury yields were higher. The longer-end 10-year yield (US10Y) was up 3 basis points to 3.58% while the more rate-sensitive 2-year yield (US2Y) was up 9 basis points to 4.16%. The major averages had…

EUR/USD TECHNICAL ANALYSISThe euro appreciated considerably against the US dollar between March and early May, but the upward momentum faded and the tables turned in the blink of an eye after prices failed to break above the psychological level of $1.1100, a key technical ceiling worth keeping a close eye on.In recent weeks, EUR/USD probed the $1.1075/$1.1100 band multiple times, but was repelled lower on every single occasion, with the pair in retreat and trading at $1.0825 on Wednesday afternoon following its last unsuccessful attempt to clear overhead resistance.Although the outlook remains positive, euro bulls have valid reasons to worry…

As a newbie trader, you have constantly been encouraged to practice demo trading first before going live. Through demo trading, you were able to hone the basic trading skills, develop a trade plan, conduct proper risk management, and understand trading psychology (at least we hope so!) without putting your hard-earned cash on the line. Once you were able to demonstrate consistent profitability and build up your confidence in taking trades, you decided that it was time for you to get your feet wet and open a live trading account. Since you were already hitting consecutive wins on demo, making huge profits with…