Author: FX
The Euro (EUR) trades with a modest bid against the US Dollar (USD) on Friday, with EUR/USD stuck within this week’s range of 1.1750-1.1700. At the time of writing, the pair is trading around 1.1745, up about 0.22% on the day, as traders weigh the latest Eurozone and US PMI reports for clues on growth momentum and monetary policy outlook.The Greenback remains under pressure as the United States (US) government shutdown stretches into its third day, heightening concerns about near-term growth and fiscal stability. The US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six major…
The Pound Sterling (GBP) advances some 0.26% against the US Dollar (USD) on Friday as the US government began its third day of shutdown and skipped the release of Nonfarm Payroll figures for September. Purchasing Managers Index (PMI), data from S&P Global and ISM in the US, are the main drivers of price action. GBP/USD trades at 1.3471 at the time of writing after bouncing off daily lows of 1.3427.GBP/USD climbs as services PMIs flash slowdown signs, while Fed–BoE divergence underpins Sterling strengthBusiness activity in the US deteriorated, according to the ISM Services PMI. The Index dipped from 52 to…
The USDCHF tested the downside on Wednesday, breaking briefly below a swing area between 0.7938 and 0.7947. That move, however, failed to gain momentum as buyers quickly stepped in, snapping the pair back to the upside. By yesterday, the bullish rebound carried the price to a new high for the week, but the rally stalled right at a dual layer of resistance: the 50% retracement of the move down from the August 1 high and the psychological 0.8000 level. Sellers leaned heavily against that zone, forcing the pair into another rotation back to the downside.The latest move lower has now…
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baonaHuawei Technologies used advanced components from Asia’s largest technology companies in at least some of its advanced Ascend AI processors, Bloomberg News reported, citing TechInsights. TechInsights discovered gear from Taiwan Semiconductor Manufacturing (NYSE:TSM), Samsung Electronics (OTCPK:SSNLF) and Source link
The US Dollar was rejected again at the 0.8000 psychological level against the Swiss Franc, and is trading lower on Friday, weighed by a moderate risk appetite. The pair, however, remains trading range-bound within the weekly range, with 0.7930 holding downside attempts for now.The US Dollar edged up on Thursday, as Fed Dallas President Lorie Logan warned about ccutting interest rates too fast and affirmed that she is not eager to ease monetary policy further, which dented investors’ hopes of a rate cut in October.Weak US employment data has been weighing on the USD this weekUS data, however, confirmed that…
The business activity in the US service sector stagnated in September, with the Institute for Supply Management’s (ISM) Services Purchasing Managers Index (PMI) declining to 50 from 52 in August. This reading came in below the market expectation of 51.7.The Employment Index of the PMI survey edged higher to 47.2 from 46.5 in August, while the Prices Paid Index, the inflation component, rose to 69.4 from 69.2.”September’s Services PMI level returned to numbers very similar to May and July, with weakness in business activity and continued weakness in employment,” said Steve Miller, Chair of the ISM Services Business Survey Committee.…
The AUD/USD pair gains slightly to near 0.6605 during the European trading session on Friday. The Aussie pair moves higher as the Australian Dollar (AUD) gains amid easing bets supporting interest rate cuts by the Reserve Bank of Australia (RBA) in the policy meeting in November.According to a Reuters report, Futures now imply around a 45% chance that the RBA will cut its Official Cash Rate (OCR) by 25 basis points (bps) in the November policy meeting.RBA dovish bets have eased as inflationary pressures in the Australian economy are proving to be persistent. “Components of the monthly CPI are a…
Prior 54.2Final Composite PMI 50.1 vs 51.0 prelimPrior 53.5Key findings:Slower increases in output and new orders in September Employment falls at faster pace Strong input cost inflation persistsComment:Tim Moore, Economics Director at S&P Global Market Intelligence, said: “UK service providers experienced a disappointing end to the third quarter as weak consumer confidence, delays to business spending decisions and falling exports all weighed on demand. Business activity expansion hit a five-month low, while new order gains were much softer than the 11-month high seen in August. “Consequently, this summer’s acceleration in output growth is now looking like a flash in the…
Sundry Photography Nvidia’s (NASDAQ:NVDA) multibillion-dollar deal to supply advanced AI chips to the United Arab Emirates has been stalled for nearly five months, frustrating CEO Jensen Huang and some senior administration officials, the Wall Street Journal reported, citing people familiar Source link