Author: FX

Gold price remains rangebound as rate expectations influence yields and bullion demand.Resilient US housing data and rising Michigan Sentiment data fail to lift the Dollar but risk-on sentiment limits gains for Gold.XAU/USD consolidation build between the $3,300 – $3,370 range.Gold (XAU/USD) is trading higher on Friday as investors remain focused on Fed expectations US economic data. At the time of writing, XAU/USD recovers above $3,350, pushing the price closer toward the upper boundary of a symmetrical triangle pattern.Traders are digesting fresh US housing data released on Friday, with Building Permits and Housing Starts for June providing further insight into the…

Japan’s upcoming elections and political risk add to USD/JPY price action.USD/JPY trades with view to risks of a double-top building.Monetary and fiscal policy remain key drivers for the USD/JPY pair. The Japanese Yen (JPY) is trading in a narrow range against the US Dollar on Friday, with monetary policy and political factors influencing the pair. At the time of writing, USD/JPY is trading above 148.00 as traders look ahead to Japan’s upcoming election.Risks from Japan’s election feature in USD/JPY price actionThe upcoming July 20 Upper House election in Japan has injected fresh uncertainty into currency and bond markets. Prime Minister…

Australian Dollar rebounds after Thursday’s sell-off triggered by weak jobs data.A softer US Dollar and falling Treasury yields ease pressure on the Aussie.US Michigan Consumer Sentiment beats expectations but fails to lift the Greenback.The Australian Dollar (AUD) is recovering lost ground on Friday after a sharp sell-off on Thursday, which was fueled by weaker-than-expected jobs data. The rebound is supported by a softer US Dollar and a rise in Australia’s 10-year government bond yield, which is easing pressure on the Aussie. Market sentiment remains cautious, however, as expectations grow for a potential interest rate cut by the Reserve Bank of…

Spotify (SPOT) Elliott Wave Analysis | Trading Lounge Daily Chart SPOT Elliott Wave Technical Analysis FUNCTION: Counter-Trend MODE: Corrective STRUCTURE: Flat POSITION: Wave iv of 5 DIRECTION: Potential bottom forming in Wave iv Analysis:Spotify (SPOT) appears to be in the later stages of a corrective flat pattern on the daily chart, forming Wave iv of the broader Wave 5 sequence. Price action has remained around the mid-line of a temporary parallel trend channel, suggesting limited downside pressure and a potential shift toward the next upward move. The corrective phase seems near completion, positioning SPOT for a possible bullish continuation into Wave 5. Spotify (SPOT) Elliott Wave Analysis | Trading Lounge 1-Hour Chart SPOT…

The Euro gains nearly 0.50% on Friday, lifting EUR/USD above 1.1650.The US Dollar Index slips toward 98.00, giving up most of the week’s gains.The University of Michigan Consumer Sentiment beats expectations but fails to lift the US Dollar.The Euro (EUR) gains positive traction against the US dollar (USD) on Friday, supported by a softer Greenback amid easing US Treasury yields and cautious market sentiment. The USD is under mild pressure following a brief surge during the week, as traders react to growing divergence among Federal Reserve (Fed) officials on the timing and pace of interest rate cuts.The EUR/USD is ticking…

The Charles Schwab Corporation came out with quarterly earnings of $1.14 per share, beating the Zacks Consensus Estimate of $1.09 per share. This compares to earnings of $0.73 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +4.59%. A quarter ago, it was expected that this company would post earnings of $1 per share when it actually produced earnings of $1.04, delivering a surprise of +4%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Charles Schwab, which belongs to the Zacks Financial -…

UoM Consumer Sentiment Index rose more than expected in July’s flash estimate.US Dollar Index extends its daily slide toward 98.00.Consumer confidence in the United States (US) improved in July, with the University of Michigan’s (UoM) preliminary Consumer Sentiment Index rising to 61.8 from 60.7 in June. This reading came in better than the market expectation of 61.5.The Current Conditions Index rose to 66.8 from 64.8 in this period, while the Consumer Expectations Index edged higher to 58.6 from 58.1.Other details of the survey showed that the 1-year Consumer Inflation Expectations declined to 4.4% from 5% in June and the 5-year…

USDCHF technicalsThe USDCHF pushed higher earlier this week, breaking above the 100-bar MA on the 4-hour chart (blue line) on Tuesday. Aside from Wednesday’s sharp dip on the “Powell will be fired” headlines, which quickly reversed, the pair has held above that MA support – keeping the buyers in play. On the topside, the price briefly broke above a swing area between 0.80388 and 0.8055 on Wednesday and again Thursday but stalled just below the 200-bar MA (green line), leaving upside momentum capped. That signalled a neutral bias as traders battle between MA levels. Today, the pair is trading lower…

Economists urge Chinese local govts to target consumption to drive growth Source link

Fundamental OverviewThe USD had a mixed performance this week following the US inflation data where the Core CPI and Core PPI missed expectations. The greenback has been stronger against the commodity currencies but not as much against the EUR or GBP. After the initial boost from the CPI release, we can say that it just went sideways. This might have to do with positioning since the “short US dollar” trade has recently become the most crowded trade and in such instances, it doesn’t take much to see strong unwinding. After all the data, the market pricing for the Fed went…