Author: FX
The Gold price is back in line with the coil and would be expected to continue higher or at least stay sideways. Failing this, then an even deeper move in Gold price would be on the cards for the days ahead with $1,775 eyed. As per the prior day’s analysis, Gold Price Forecast: XAU/USD bulls need to commit at key trendline support, the Gold price has found demand at the said support area and has moved back into line with the broader bullish trend. Gold price edged up on Friday ahead of the Christmas holidays and long weekend and was supported by cooling…
(Reuters) – The highly-contagious Omicron subvariant XBB has surged to more than 50% of COVID-19 cases in the northeastern United States and risks spreading fast as millions of Americans begin holiday travel on Friday. In the week ended Dec. 24, XBB was estimated to account for 18.3% of the COVID-19 cases in the United States, up from 11.2% in the previous week, according to the U.S. Centers for Disease Control and Prevention on Friday (CDC). The subvariant is currently dominant in the Northeast, but accounts for fewer than 10% of infections in many other parts of the country, the CDC…
Some good economic data points today drove a jump in the Atlanta Fed GDPNow tracker for Q4 to +3.7% from +2.7%.”After recent releases from the US Census Bureau, the US Bureau of Economic Analysis, and the National Association of Realtors, the nowcasts of fourth-quarter real personal consumption expenditures growth and fourth-quarter real gross private domestic investment growth increased from 3.4 percent and -0.2 percent, respectively, to 3.6 percent and 3.8 percent, respectively,” the release said.Next week’s data calendar is quiet but in early January we’ll start to get a better picture of how Q4 shook out.ADVERTISEMENT – CONTINUE READING BELOW…
November core inflation ran at an annualized pace of 3.4% vs 3.9% priorThere’s a lively debate about where US inflation will settle: At the 2% target or a stubbornly high 4%. This metric is already running below 4% after hitting 7.2% in June, so that’s a good sign but it will take awhile to get where it needs to be consistently. The 12 month trimmed mean fell to 4.6% from 4.7%.Looking through the data, I have to imagine that ‘pleasure boats’ won’t be an inflationary impulse for much longer.Meanwhile, when you look at the largest contributors to overall inflation, it’s…
Today’s Canadian GDP data and federal budget stats highlighted an economy that was on a solid footing in Q4 and some of the tailwinds from oil prices. The numbers helped to cap USD/CAD at 1.3700 this week and after several attempts at that level failed, the pair has sagged down to 1.3563, which is the lowest since Dec 14.USDCAD daily chartMy main worry heading into 2023 is housing. The Canadian market is extremely vulnerable to higher rates as more resets kick in and consumers begin to feel the pinch. Many borrowers are holding on and hoping that rates reverse but…
The major European stock indices are ending the day with mixed results:German DAX +0.19%France’s CAC -0.2%UK’s FTSE 100 +0.05%Spain’s Ibex -0.04%Italy’s FTSE MIB +0.29%German Dax corrected up to its 100H MA on Thursday. Stalled.Looking at the changes for the week:German DAX, +0.34%France’s CAC, +0.81%UK’s FTSE 100, +1.92%Spain’s Ibex, +1.93%Italy’s FTSE MIBIn the European debt market, the benchmark 10 year yields are closing the day mixed:European tenure yields are mixedADVERTISEMENT – CONTINUE READING BELOW Source link
EURUSD chops around near the middle of the range.The EURUSD is doing it’s pre-holiday thing…That is chopping around. Looking at the hourly chart, hopes were dashed yesterday fairly quickly when the price moved above the swing highs from Monday and Tuesday, but only by a few pips. Hopes were then dashed again when the price fell below the lows from Monday and Tuesday again by a few pips. Failure above. Failure below. The buyers and the sellers both had their shots….They missed. In trading today, the price has moved back toward the middle of the up and down range this…
April-Oct deficit C$174 million vs C$72.25 billion a year agoCanada has essentially run a balanced budget from April to October, though that’s not expected to last. Oil and gas revenues are a big part of the rebound in the fiscal situation but with rates rising, financing costs will start to bite. Overall though, Canada’s fiscal situation is better than almost anywhere and is one of the few AAA-rated countries in the world.ADVERTISEMENT – CONTINUE READING BELOW Source link
On Thursday, the Central Bank of the Republic of Turkey kept its key interest rate unchanged at 9.00% as expected. Analysts from TD Securities continue to believe that dramatic rate hikes will be needed in 2023. Key Quotes: “The CBRT left the benchmark one-week repo rate on hold at 9.00%, one month after calling the end of the easing cycle. This is in line with our expectations and the consensus. The basic structure of the CBRT statement has remained unchanged compared to the November one.” “The comment that “the comprehensive review of the policy framework continues with the aim of…
The USDJPY moved up to a new high. Stocks have rebounded from earlier declines. The Dow Industrial Average is up 0.34%. The S&P index is up 0.44% and the NASDAQ index is up 0.25% Yields are higher as well. The 2 year is up 4.8 basis points while the 10 year is up 5.4 basis pointsUSDJPY moves higher but short of the 38.2% retracementLooking at the hourly chart, the pair moved sharply lower on the back of the surprise BOJ shift early on Tuesday. The price tumble took the pair to a low of 130.556, but has been stepping higher…