Author: FX
Share: Economists at ING expect a hawkish 50 bps RBNZ hike, which could lift the New Zealand Dollar, but dovish risks have risen. Watch the cyclone risk “We are aligned with the consensus call for a 50 bps rate hike.” “There is one key risk to our call though: the impact of the cyclone in New Zealand. This has triggered growing speculation that the RBNZ will only hike by 25 bps or even pause, and is probably behind the drop in NZD/USD to 0.6200. Admittedly, this downside risk has become more material now, but we stick to our…
© Reuters. FILE PHOTO: The U.S. Supreme Court building is seen in Washington, U.S., June 26, 2022. REUTERS/Elizabeth Frantz By Andrew Chung and John Kruzel WASHINGTON (Reuters) -The U.S. Supreme Court on Tuesday began hearing arguments in a major case that could weaken a legal shield that protects internet companies from a wide array of lawsuits in a dispute involving YouTube and the family of an American student fatally shot in a 2015 rampage by Islamist militants in Paris. The justices were considering an appeal by the family of Nohemi Gonzalez, a 23-year-old student at California State University, Long Beach…
It is a mixed bag in the forex market to start the trading day. The dollar is higher versus the EUR, but lower vs the GBP. Against the JPY the greenback is higher and because of lower CPI in Canada, the dollar is also moving to the upside vs. the loonie. For a technical look at the those currencies watch the morning forex technical report for February 21 2023. Source link
Share: Retail Sales in Canada increased at a stronger pace than expected in December. USD/CAD pushes higher toward 1.3500 in the early American session. Statistics Canada reported on Tuesday that Retail Sales rose by 0.5% on a monthly basis in December. This reading came in higher than the market expectation for an increase of 0.2%. “Core retail sales—which exclude gasoline stations and motor vehicle and parts dealers—increased 0.4%,” Statistics Canada noted in its publication. “In volume terms, retail sales increased 1.3% in December.” Market reaction Despite the upbeat data, USD/CAD trades in positive territory and edges higher toward…
Teck Resources reports Q4 earnings miss; initiates Q1 and FY23 production outlook Source link
On the daily chart below, we can see that the price failed to break the triangle last week. The price found sellers at the trendline and the resistance at 1.3520. USD/CAD is one of the ugliest major pairs in terms of price action as it’s been ranging for a long time now. This is a signal of uncertainty and strength of both currencies. The USD is supported by a repricing higher in interest rates expectations and the CAD has been doing good thanks also to high oil prices. Buyers will need a clear breakout to the upside to start piling…
Share: Economic sentiment in Germany and the Eurozone improved further in February. EUR/USD remains uninspired by the upbeat ZEW surveys, holding lower ground around 1.0660. The German ZEW headline number showed that the Economic Sentiment Index improved further, arriving at 28.1 in February from 16.9 in January, beating the market expectation of 22.0. Meanwhile, the Current Situation Index came in at -45.1 from -58.6 but outpaced the market expectation of -50.0 During the same period, the ZEW Economic Sentiment Index for the Eurozone jumped to 29.7 from 16.7. Key points A large fraction of the survey participants expects the economic situation…
The Reserve Bank of New Zealand (RBNZ) is about to print its latest monetary policy decision! Will speculation and then market reaction to the event extend AUD’s gains against NZD? Before moving on, ICYMI, yesterday’s watchlist checked out NZD/USD’s short-term downtrend ahead of New Zealand’s PPI release. Be sure to check out if it’s still a valid play! And now for the headlines that rocked the markets in the last trading sessions: Fresh Market Headlines & Economic Data: Rightmove: The UK housing market stalled, pushing up prices by just $14 in February German Bundesbank: the economy may shrink slightly this…
UK FLASH PMI KEY POINTS: Recommended by Zain Vawda Get Your Free GBP Forecast The S&P Global/CIPS UK Manufacturing Flash PMI increased to 49.2 in February of 2023 from 47 in January, beating market forecasts of 47.5, preliminary estimates showed. Both the manufacturing and service sectors achieved a return to growth with services smashing estimates coming in at 53.3 compared to estimates of 49.2. Survey respondents credited the jump to customer demand and improving confidence as supply shortages eased and inflation showed signs of moderation.February data resulted in the slowest overall increase in average cost burdens since April 2021. Prices…
US Dollar (DXY) Price and Chart AnalysisUS dollar using prior resistance as a new base.US PMIs are expected to pick up but remain in contraction territory. Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter The US dollar is back in action after a three-day weekend and is moving modestly higher in early European turnover. The greenback has been pushing higher of late, aided by higher US Treasury yields, as investors continue to price in higher for longer interest rates. The terminal rate in the US –…