Author: FX

The gold price corrected to the $1,975 zone as the Dollar index moved higher earlier, before bouncing on a weak non-manufacturing report from the Philly Fed that showed a marked decline to -22.8 against -12.8 last time and March US housing permits being revised higher to 1.430 million from 1.413 million. Bullion has gradually trended lower, after hitting a 13-month high of $2,040 on April 13, but has been trading in a relatively narrow range in recent days, as markets wait for key central bank decisions next week. As for today, the $2,000 level was tested earlier, only to be…

Share: EUR/USD comes under some pressure following recent tops. Immediately to the upside emerges the 2023 high at 1.1075. EUR/USD surrenders part of the recent positive streak following the breakout of the 1.1000 barrier. The pair looks poised to extend the recovery further in the near term. That said,  the immediate hurdle is expected at the 2023 high at 1.1075 (April 14) seconded by the round level at 1.1100. Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0400. EUR/USD daily chart   Source link

GBP/USD and EUR/GBP – Prices, Charts, and AnalysisCable is less than one point away from making a fresh 10-month high.EUR/GBP testing resistance on Euro strength. Recommended by Nick Cawley Get Your Free GBP Forecast The British Pound is moving in different directions against the US dollar and the Euro as interest rate expectations for all three currencies continue to make their mark. In the UK, the Bank of England (BoE) is expected to hike rates by 25 basis points on May 11th and be open to hiking again if inflation remains stubbornly high. The US Federal Reserve (Fed) is also…

Robert Way/iStock Editorial via Getty Images Novartis (NYSE:NVS) is trading higher premarket on Tuesday after Q1 results beat estimates and the company raised its FY23 sales and core operating income outlook. Q1 Core EPS rose +17% on US$ basis (+25% constant currency – cc basis) Y/Y to $1.71. Operating income was $2.9B (0% +9% cc Y/Y). However, other income from legal matters was more than offset by higher restructuring and impairment charges. Group net sales grew +3% (+8% cc) Y/Y to ~$12.95B, driven by volume growth of 16 percentage points, price erosion of 4 percentage points and a negative impact…

The USD extended decline retesting the 100.94 low in Asia session this morning. Yields declined, unwinding a lot of last week’s updraft, on expectations the May 3 hike will be the last. Treasuries were in rally mode to start the week even with the FOMC up next week and supply on this week’s schedule. Stocks were mixed flat. Most Asian markets fell this morning as investors awaited results from some of the world’s biggest technology groups.  FX – USDIndex remains under pressure, hurt by the weak headline data, as well as the stronger than expected German…

AUD/NZD just broke a key support level this week! In case you missed it, the New Zealand dollar was one of the weakest currencies last week after a slower-than-expected CPI report encouraged speculations of the RBNZ following its peers by ending its rate hike cycle too. AUD, which also took hits from risk aversion, still managed to gain pips on NZD though. In fact, AUD/NZD traded above a trend line support for most of the week. AUD/NZD 1-hour Forex Chart by TradingView But that was last week. AUD/NZD not only broke its trend line support since then, but it’s also…

The dollar is running towards the brink again as the less dovish Fed pricing is switching back the other way again this week. EUR/USD is holding above 1.1000 and looking to seal a weekly break above the key level and GBP/USD is starting to take a look at 1.2500 again.Those are two notable ones to watch, similar to how it was two weeks back, but also do keep an eye on the Japanese yen as Treasury yields are looking heavy. USD/JPY is failing to get past 135.00 but we are seeing EUR/JPY challenge the October high of 148.40 while AUD/JPY…

Here’s one for the commodity traders out there! I’m still minding the gap on WTI crude oil, as price seems to be in correction mode. A larger dip could be in the works, possibly taking it down to the nearby Fib levels. As you can see from the chart below, USOIL has some room to go before reaching March’s closing prices near $75 per barrel. WTI Crude Oil (USOIL) 4-hour Chart by TradingView This potential support zone lines up with the 50% Fibonacci retracement level and a former trend line resistance. If bulls are too eager to charge, crude oil…

Share: European Central Bank (ECB) Chief Economist Philip Lane said on Tuesday, “current data suggest we have to raise interest rates again at the upcoming meeting.” “Beyond May 4 meeting, further rate hikes will depend on data,” Lane clarified. Additional comments “This is still not the right time to stop raising rates.” “Does not think that Europe is in a 70’s style situation with regards to inflation.” Market reaction EUR/USD is keeping its consolidative mode intact at around 1.1050, as of writing. The pair is adding 0.10% on the day. Source link

© Reuters Investing.com– Gold prices rose on Tuesday, extending a recovery into a third straight session as the dollar fell amid bets that the Federal Reserve could pause its rate hike cycle by as soon as June. The fell 0.2% and fell to a two-week low, having reversed most of its recent gains amid a resurgence in bets for a Fed pause, with some participants even positioning for a rate cut later this year. This scenario bodes well for gold, given that rising interest rates push up the opportunity cost of holding non-yielding assets such as bullion. The Fed’s pivot…