Author: FX
Russia announced it might cut oil output early in January. US markets are due to close earlier on Friday amid the Christmas holidays. WTI retreated modestly after reaching a fresh monthly high. Crude oil prices are up on Friday, with the West Texas Intermediate (WTI) barrel nearing $80.00. Oil surges despite the soft tone of equities and US Dollar strength, helped by news coming from Russia, as Deputy PM Alexander Novak said that, due to the price cap, gas flows might be diverted from the EU to Asia. Additionally, he noted that Russia may cut oil output by 5%-7% in…
New Home Sales in the US unexpectedly increased in November. US Dollar Index stays in daily range above 104.00. Sales of new single‐family houses rose by 5.8% in November to a seasonally adjusted annual rate of 640,000, the data published jointly by the US Census Bureau and the Department of Housing and Urban Development showed on Friday. This reading followed October’s increase of 8.2% and came in much better than the market expectation for a contraction of 4.7%. Market reaction This report doesn’t seem to be having a significant impact on the US Dollar’s performance against its major rivals. As…
Mexican Peso accelerates the upside versus US Dollar after breaking key technical level. US data in line with expectations, Mexican activity stagnates in October. The USD/MXN broke under 19.50 and quickly fell further hitting 19.40, for the first time since December 5. The pair remains near the low, under pressure as the US Dollar posts mixed results on Friday. Economic data from the US showed the Core Personal Consumption Expenditure Price Index rose 0.2% in November, in line with expectations. A different report showed Durable Goods Orders dropped 2.1%, against expectation of a 0.6% slide. The numbers did not have…
© Reuters. FILE PHOTO: Former mayor of New York Michael Bloomberg speaks with participants prior to a meeting with Earthshot prize winners and finalists at the Glasgow Science Center during the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain, Nove (Reuters) – Billionaire Michael Bloomberg, the owner of Bloomberg News, is interested in acquiring either Wall Street Journal parent Dow Jones or the Washington Post, Axios reported on Friday, citing a source familiar with the matter. Axios, citing the source, said Bloomberg would be interested in a potential acquisition of either companies, but Dow Jones would be a stronger…
US PCE inflation eased as anticipated in November, Durable Goods Orders disappointed. GBP/USD is struggling to retain the 1.2000 mark as US Dollar demand increases. US Dollar demand increases ahead of the long weekend. Following a short-lived slide to 1.2022, a fresh daily low, GBP/USD trimmed losses and flirted with daily highs. It currently trades in the 1.2040 price zone as speculative interest is still digesting mixed United States macroeconomic figures. On the one hand, the Personal Consumption Expenditures (PCE) Price Index rose by 5.5% YoY in November from 6.1% in October, further indicating easing inflationary pressures in the country. On…
Canadian economy expanded by 0.1% in October as expected. USD/CAD continues to trade in negative territory near 1.3600. Real Gross Domestic Product of Canada grew by 0.1% on a monthly basis in October, Statistics Canada reported on Friday. This reading followed September’s 0.2% growth and came in line with the market expectation. “Advance information indicates that real GDP increased 0.1% in November,” Statistics Canada added in its publication. “Increases in the utilities, wholesale, and finance and insurance sectors were partially offset by decreases in the construction, retail, and mining, quarrying, and oil and gas extraction sectors.” Market reaction USD/CAD showed…
EUR/USD sticks to its mildly positive tone and reacts little to the mixed US macro data. Hawkish Fed expectations continue to act as a tailwind for the USD and cap the upside. The recent range-bound price action warrants caution before placing directional bets. The EUR/USD pair holds ccomfortably above the 1.0600 round-figure mark through the early North American session and moves little in reaction to the mixed US macro data. The US Bureau of Economic Analysis reported that the Personal Consumption Expenditure (PCE) Price Index rose a modest 0.1% in November, missing expectations for a reading of 0.3%. The slight…
Durable Goods Orders in the US fell more than expected in November. US Dollar Index stays in daily range below 104.50 after the data. Durable Goods Orders in the US declined by 2.1%, or $5.8 billion, in November to $270.6 billion, the US Census Bureau announced on Friday. This reading followed October’s increase of 0.7% and came in worse than the market expectation for a decrease of 0.6%. “Excluding transportation, new orders increased 0.2%,” the publication further read. “Excluding defense, new orders decreased 2.6%. Transportation equipment, down following three consecutive monthly increases, drove the decrease, $6.1 billion or 6.3% to…
Inflation in the US, as measured by the Personal Consumption Expenditures (PCE) Price Index, declined to 5.5% on a yearly basis in November from 6.1% Source link
AUD/USD ANALYSIS & TALKING POINTSTug of war between Chinese and U.S. factors dictate AUD price action.Thinning liquidity reflective in AUD/USD as markets await fundamental catalyst. Recommended by Warren Venketas Get Your Free AUD Forecast AUSTRALIAN DOLLAR FUNDAMENTAL BACKDROPThe pro-growth Australian dollar is in a consolidatory phase of recent being pushed and pulled by external global factors. Primary drivers have been Chinese optimism around stimulating economic growth in 2023 (boosting commodity prices) as well a fluctuating USD based on U.S. economic data. Markets may be slightly overreacting to global ‘risk on’ sentiment considering the worsening COVID situation in China potential exposing…