Author: FX
AUD/USD weakens after reaching a fresh YTD high of 0.6564 on Thursday.US-China trade lifts risk sentiment, but profit taking and a firmer USD limit gains.AUD/USD is heading toward 0.6500, with bullish momentum fading above 0.6550.The Australian Dollar (AUD) is pulling back from weekly highs against the US Dollar (USD) on Friday.At the time of writing, the AUD/USD pair is trading near 0.6520, having reached an intraday high of 0.6561.AUD/USD retreats as USD regains ground and sentiment stabilizesThe US Dollar is recovering slightly after falling to three-year lows against its peers. On Friday, the Bureau of Economic Analysis released the latest…
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading and seek advice from an independent financial or tax advisor if you have any questions. Advisory warning: FOREXLIVE™ is not an investment advisor, FOREXLIVE™ provides references and…
Canada is set to move forward with a digital services tax, with the first payments due on Monday on revenues that stretch all the way back to 2022.That’s a material number and it comes after all the tech giants flanked Trump at his inauguration.I wonder if this isn’t all sorted out on the weekend. This is a great chart from BCA Research that highlights Trump’s negotiating pattern and they think this is Step 5. Now that doesn’t mean it will be Monday. The US and Canada set out a 30-day timeline at the start of last week and we’re about…
Trump is back to being tariff man.After a week of working on peace in the Middle East, Trump is pivoting again and away we go.The S&P 500 was on its way to a record close and a close above the prior record high of 6147 but it’s now given up around 40 poitns of gains and is barely positive.I tend to think that Trump is playing games ahead of a deal with Canada but it’s the market — everyone is free to place their bets on what Trump will do next. In my opinion, iIf he was truly serious about…
NZD/USD trades around 0.6045 on Friday after hitting an intraday high of 0.6079.The pair remains within a rising wedge formation, typically a bearish setup.NZD/USD hit 0.6089 on June 16, marking its YTD high, but has since lacked bullish follow-through.NZD/USD struggles to extend its recent advance on Friday, hovering near 0.6045 after an intraday high of 0.6079. The pair remains trapped inside a rising wedge formation, typically a bearish signal, as the broadly weak US Dollar steadies. The US Dollar Index (DXY) is holding above the 97.00 threshold, curbing the Greenback’s sharp pullback and weighing on Kiwi upside.From a technical perspective,…
WTI Crude Oil reports the largest weekly loss since March 2023.OPEC prepares to increase supply by an additional 411,000 barrels per day in July, easing supply concernsWTI remains supported by the $64.00 psychological level, but easing tensions in the Middle East limit near-term gains.West Texas Intermediate (WTI) Crude Oil has fallen sharply since reaching a high of $76.44 on Monday, with prices declining more than $10.00 per barrel this week.With losses over the past five sessions rising above 12%, this marks the largest weekly decline since March 2023.At the time of writing, WTI trades below $65.00 per barrel, with prices…
So much for that. CAD down sharply.Trump’s message:We have just been informed that Canada, a very difficult Country to TRADE with, including the fact that they have charged our Farmers as much as 400% Tariffs, for years, on Dairy Products, has just announced that they are putting a Digital Services Tax on our American Technology Companies, which is a direct and blatant attack on our Country. They are obviously copying the European Union, which has done the same thing, and is currently under discussion with us, also. Based on this egregious Tax, we are hereby terminating ALL discussions on Trade…
Trump — evidently — is so offended that Iran’s supreme leader didn’t say ‘thank you’ to Trump and instead claimed he won the war that he’s “immediately dropped all work on sanction relief, and more”.Here is Trump’s post:Why would the so-called “Supreme Leader,” Ayatollah Ali Khamenei, of the war torn Country of Iran, say so blatantly and foolishly that he won the War with Israel, when he knows his statement is a lie, it is not so. As a man of great faith, he is not supposed to lie. His Country was decimated, his three evil Nuclear Sites were OBLITERATED,…
Baker Hughes data:Oil rigs -6 to 432Nat gas rigs -2 to 109WTI crude oil is trading down 11 cents to $67.65. This article was written by Adam Button at www.forexlive.com. Source link
EUR/USD extends winning streak to seven days, hovering near 1.1726 after reaching a multi-year high of 1.1754.The US Dollar is pressured by Trump’s remarks, mixed macro data and Fed cut bets.Focus shifts to next week’s Eurozone flash inflation and US ISM PMI data.The Euro (EUR) climbs for an eighth consecutive day against the US Dollar (USD) on Friday, as the Greenback remains under pressure amid a combination of political and economic headwinds. Renewed criticism of Federal Reserve (Fed) Chair Jerome Powell by US President Donald Trump, easing geopolitical tensions, and a string of mixed US economic data are fueling expectations…