Author: FX

USD/CAD ANLAYSISUncertainty around China and U.S. policy lingers.U.S. labor and Canadian balance of trade dominates headlines today.Will the bearish engulf unfold to further CAD strength? Recommended by Warren Venketas Get Your Free Top Trading Opportunities Forecast USD/CAD FUNDAMENTAL BACKDROPThe Canadian dollar reacted favorably to Chinese economic optimism giving the commodity currency a significant boost. This came despite falling crude oil prices however, being a large global exporter of various commodities, the loonie gained traction. Since then as we have seen for much of December and no in 2023, COVID cases withing China have continued to limit upside for commodity demand…

5/5 © Reuters. People gather at St. Peter’s Square on the day of the funeral of former Pope Benedict at the Vatican, January 5, 2023. REUTERS/Guglielmo Mangiapane 2/5 By Philip Pullella and Crispian Balmer VATICAN CITY (Reuters) – To the sound of tolling bells, 12 pallbearers carried the wooden coffin of Pope Benedict out of St. Peter’s Basilica on Thursday and placed it before thousands of faithful gathered in the square ahead of his funeral. Applause broke out across the vast, cobbled esplanade, which was shrouded in mist, in a sign of respect for Benedict, a hero to Roman Catholic…

The FOMC minutes continued to show inflation was the overriding concern. Participants generally noted that upside risks to the inflation outlook “remained a key factor” for policy. It was repeated that a restrictive stance would have to be maintained for a sustained period until inflation was “clearly” on a path toward 2%. US Data yesterday showed ISM Manufacturing PMI’s missing at 48.4, but Jobs Openings remaining very strong beating expectations at 10.46m. Kashkari called for 5.4% terminal rate. The USD Index held 104.00 yesterday as the USD steadied post FOMC mins. 104.20 now. EUR – back…

Will the U.S. non-farm payrolls (NFP) report keep dollar bulls happy this week? Here are points to know if you’re planning on trading the event: What happened last time? U.S. economy added 263K jobs in Nov 2022 vs. 200K forecast Nov unemployment rate held steady at 3.7% as expected Nov average hourly earnings up by 0.6% m/m vs. 0.3% consensus Oct NFP reading upgraded from 261K to 284K Uncle Sam’s labor market still seems to be firing on all cylinders, as the latest jobs figures all surpassed market expectations. Employment picked up by 263K in November last year, outpacing the…

A hot and cold start to the new year is making it tough to get a read on markets. European stocks have arguably been the more straightforward gainers, helped out by softer inflation figures from Germany and France this week. The DAX is fast approaching its 100-week moving average at 14,578 again so that will be one to watch out for.There was also a notable bounce in USD/JPY back above 132.00 as buyers reject the test of the 130.00 level this week. That’s a stern message to sellers that they are not down for the count just yet, and is…

AUDUSD, Daily The December FOMC meeting minutes, were hawkish and supported the dollar. The minutes show policymaker’s aim to reduce inflation towards their 2% target, but are concerned that unreasonable easing in financial conditions, especially if driven by a misperception by the public of the committee’s reaction function, will complicate the committee’s efforts to restore price stability. USDINDEX, H4 Meanwhile, lower T-note yields and strengthening stock prices on Wednesday weighed on the dollar. The USDIndex is seen losing -0.3% and remains in sideways mode with price support at 103.12 and the 10-year T-note yield down -3.4 bps to 3.70% .…

Gold price is displaying a sideways profile on a broader note ahead of US Employment data. As per FOMC minutes, no Fed policymaker has advocated for cutting rates in CY2023. A sheer drop in US NFP and a higher Unemployment Rate could trigger recession fears. Gold price (XAU/USD) has failed to capitalize on a firmer rally to near $1,860.00 and has corrected gradually to near $1,850.00 in the early European session. The precious metal is likely to continue its lackluster performance till the release of the United States Nonfarm Payrolls (NFP) data. The risk profile is improving again as S&P500…

Who’s up for a comdoll trade or two? Today we’re looking at GBP/AUD’s downtrend and NZD/CAD’s range opportunity. Sound good? Check out today’s charts! GBP/AUD 1-hour Forex Chart by TradingView Trend warriors gather ’round! GBP/AUD is consolidating just under the 1.7700 mark, which is close to the 50% Fibonacci retracement of the pair’s weekly downswing. Is GBP in for more losses against AUD? Technical indicators favor more selling with Stochastic showing a bearish divergence with the 1-hour chart’s prices. In addition to that, the 100 SMA and a trend line resistance above GBP/AUD’s current prices might keep GBP/AUD bulls from…

Thursday's economic calendar Source link

© Reuters. FILE PHOTO: A view shows Chao Xing tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel By Jeslyn Lerh and Stephanie Kelly SINGAPORE (Reuters) -Oil prices rebounded on Thursday amid dollar weakness and as investors emerged to buy dips after two sessions of steep losses, though economic concerns capped recovery. futures had climbed 75 cents, or 1.0%, to $78.59 a barrel by 0400 GMT, while U.S. West Texas Intermediate crude futures rose 77 cents, or 1.1%, to $73.61 a barrel. Big declines…