Author: FX

2/2 © Reuters. FILE PHOTO: German Chancellor Olaf Scholz delivers a speech in front of a Leopard 2 tank during a visit to a military base of the German army Bundeswehr in Bergen, Germany, October 17, 2022. REUTERS/Fabian Bimmer 2/2 By Sarah Marsh and Andreas Rinke BERLIN (Reuters) – “Scholzology” – the art of understanding German Chancellor Olaf Scholz’s decisions – is in vogue as critics at home and abroad question his reluctance to supply the German-made battle tanks Ukraine wants to repulse Russian forces. His hesitation reflects a caution driven in part by Germany’s military aggression in the last…

GBPUSD below the 50% of range since 2021 highThe GBPUSD has dipped back below the 50% midpoint of the range since 2021 high. That level comes in at 1.2300. The low reached 1.22652, but has bounced back toward the 1.2300 level. The price just traded back to 1.22977. Watch the 1.23000 for short term bias clues today. Taking a look at the hourly chart below, near the 1.2300 level is the 200 hour MA at 1.22957. That increases the areas importance. The price of the pair fell sharply today and traded above and below the 200 hour MA at the…

U.S. DOLLAR ANALYSIS & TALKING POINTSPMI data surpasses estimates across the board.Will we see a complete descending triangle break? Recommended by Warren Venketas Get Your Free USD Forecast Get My Guide USD FUNDAMENTAL BACKDROP Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter The Dollar Index (DXY) reacted favorably to the latest bout of S&P Global PMI data for January. Although markets tend to prefer ISM data, the S&P report has managed to quell some of the recessionary talk that has been plaguing recent headlines. The services…

Economists at CIBC Capital Markets see the Canadian Dollar stuck in neutral in Q1 as markets are almost fully priced for BoC and Fed action, before gaining ground over the rest of 2023 as the USD falls out of favour. USD/CAD to reach 1.28 in 2024 “With markets almost fully priced for both the Bank of Canada and Federal Reserve over the rest of Q1, expect the Loonie to be stuck in neutral in the near term, with USD/CAD likely ending the quarter at 1.34.” “We expect USD/CAD to end the year at 1.31.” “With global growth likely to receive…

AMSC bags $26M new energy power system orders Source link

Australian Consumer Price Index (CPI) figures are due on Wednesday, January 25 at 00:30 GMT and as we get closer to the release time, here are forecasts from economists and researchers of seven major banks regarding the upcoming inflation data. Headline inflation is expected at 7.5% year-on-year in Q4 vs. 7.3% in Q3, while trimmed mean is expected at 6.5% YoY vs. 6.1% in Q3. For December alone, headline is expected at 7.7% YoY vs. 7.3% in November.  ANZ “We have lifted our Q4 trimmed mean CPI inflation forecast to 1.7% QoQ. This would see the annual rate reach 6.7%,…

Headlines:Markets:JPY leads, GBP lags on the dayEuropean equities lower; S&P 500 futures down 0.3%US 10-year yields down 2.1 bps to 3.502%Gold up 0.3% to $1,936.73WTI crude flat at $81.96Bitcoin down 0.3% to $22,933The European morning session featured quite a number of data releases and it was PMI readings that helped to move the needle in markets today. The euro area figures were not too bad but not too good either, but at least pointing to a less bleak start to the new year as economic activity stagnated.Instead, it was the UK figures that instigated some moves with the pound notably…

UK PMI Data DisappointmentFlash UK PMI Composite Output Index at 47.8 (Dec: 49.0). 24-month low.Flash UK Services PMI Business Activity Index at 48.0 (Dec: 49.9). 24-month low.Flash UK Manufacturing Output Index at 46.6 (Dec: 44.4). 6-month high. Recommended by Richard Snow Learn how to prepare ahead of important data prints Customize and filter live economic data via our DailyFX economic calendarThe New Year Ushers in a Sustained Downturn in UK Business ActivityAfter December’s impressive services PMI print, markets hoped for another encouraging print for January given a slightly improved outlook now that inflation appears to be headed in the right…

Alvotech, Bioventure get approval for Humira biosimilar in Saudi Arabia Source link

© Reuters. FILE PHOTO: A worker assembles a vehicle at the Knaus-Tabbert AG factory in Jandelsbrunn near Passau, Germany, March 16, 2021. Picture taken March 16, 2021. REUTERS/Andreas Gebert/File Photo LONDON (Reuters) – Euro zone business activity made a surprise return to modest growth in January, adding to signs the downturn in the bloc may not be as deep as feared and that the currency union may escape recession, a survey showed. S&P Global (NYSE:)’s flash Composite Purchasing Managers’ Index (PMI), seen as a good gauge of overall economic health, climbed to 50.2 this month from 49.3 in December. January…