Author: FX
GBP/USD sinks further following poor performances in key UK economic indicators and rising geopolitical concerns. Technical analysis highlights potential for the pair to test significant supports at 1.2445 and possibly the year-to-date low of 1.2299. RSI indicates oversold conditions, suggesting a heavy bearish pressure but not yet at extreme levels. The Pound Sterling extends its losses against the Greenback for the third straight day, is down 0.47% after UK Flash PMIs and Retail Sales data disappointed investors. This and heightened geopolitical tensions due to Russia-Ukraine and Middle East conflicts, bolstered the American currency. At the time of writing, the…
Baker rig count for the current week:Oil rigs, up 1 to 479 Natural gas rigs down -2 to 99Total rigs for the week down 1 to 583 This article was written by Greg Michalowski at www.forexlive.com. Source link
The major European indices are closing the day higher despite what was weak flash European PMI data for both manufacturing and service.The final numbers are showing: German DAX +0.89%France’s CAC +0.58%UK’s FTSE 100 +1.38%Spain’s Ibex +0.39%Italy’s FTSE MIB +0.60%For the trading week indices are mixed with France and Italy moving lower and Germany, UK, and Spain moving higher.German Dax +0.58%France’s CAC -0.20%UK’s FTSE 100 +2.46%Spain’s Ibex +0.1 don’t worry about them serving soaring new 8%Italy’s FTSE MIB -2.04%Looking at the European yields, the benchmark 10 year yields moved lower on the weaker data: Germany 2.245%, -8.2 basis pointsFrance 3.046%, -6.7…
The EUR/USD pair continued its downward trend today, extending a week-long selloff as bearish momentum carried the price through key technical levels. Weak European flash PMI data and concerns from ECB officials over growth and inflation pressured the euro, while stronger-than-expected US PMI data (offset slightly by weaker University of Michigan data) provided support for the dollar. The pair broke below the 50% retracement of the trading range at 1.0405, reaching a low of 1.03322 before bouncing slightly.After significant selling, a corrective bounce is expected, but the strength of that correction will determine the next move. Today’s recovery took the…
The USD/JPY pair moved lower in the early Asian session but found support once again near the rising 100-bar moving average on the 4-hour chart, currently at 153.944. This level, which also held yesterday and prompted a bounce, remains a key technical support. Staying above this moving average maintains a bullish bias, while a break below shifts the focus to the 61.8% retracement level at 153.397. Further downside targets include the 200-bar moving average on the 4-hour chart at 152.314 and the 200-day moving average at 151.941, with each level increasing the bearish bias if broken.On the upside, a swing…
The downturn in Gold prices underscored by sharp liquidations from macro funds lined up exceptionally well with historical patterns surrounding drawdowns associated with macro fund liquidations from extreme levels, averaging between 7-10% over the last decade, TDS’ Senior Commodity Strategist Daniel Ghali notes. Price action forces CTAs back into ‘max long’ position size “However, the strong price action since was less typical — featuring a concurrent decline in open interest in Comex Gold, despite with few directional money manager shorts after accounting for EFPs, continued divestment from ETFs in the West and in China, alongside a notable change in trading…
EUR/CAD fell 0.56% on Friday to trade close to 1.4550. Pair extended losing streak to four sessions and fell to a low since February. Oversold indicators signal potential correction, but negative outlook remains. The EUR/CAD extended its losing streak to four sessions, falling to a low since February on Friday. The pair declined by 0.56% to 1.4550. Technical indicators on the EUR/CAD currency pair continue to paint a bearish picture, as evidenced by the pair’s sharp decline in recent sessions and the ongoing four-day losing streak. The Relative Strength Index (RSI) has entered the oversold territory, with a current reading…
da-kuk/E+ via Getty Images Shares of Kingsoft Cloud (NASDAQ:KC) surged about 9% on Friday after Nomura upgraded the stock to Buy from Neutral citing AI and Xiaomi (OTCPK:XIACF) (OTCPK:XIACY) ecosystem demand. The firm also raised the price target to $6.70 from $2.30 on the Chinese company’s stock. The analysts Source link
Investing.com– Oil prices steadied Friday, heading for a positive week as increased concerns over Russia and Ukraine saw traders attach a greater risk premium to crude. At 09:25 ET (14:25 GMT), expiring in January fell 0.1% to $74.19 a barrel, while rose 0.1% to $70.19 a barrel. Both contracts were trading around 4% higher this week. Russia-Ukraine tensions put oil on track for weekly gain Oil’s gains this week were driven by concerns over supply disruptions stemming from the Russia-Ukraine war, especially as Kyiv began using Western-made long-range missiles. Russia responded by lowering its threshold for nuclear retaliation, as well…
The US Dollar Index (DXY) rallied to a fresh two-year high after Eurozone PMI data suggested the region’s economy is contracting. The US Dollar is also supported by safe-haven flows amid escalating geopolitical risks in the Russia-Ukraine war. The US Dollar Index pops above 108.00 and eases slightly afterward. The US Dollar (USD) jumps on Friday to its highest level in two years, with the DXY US Dollar Index popping above 108.00, as Purchasing Managers Index (PMI) data for the Eurozone signaled that the region’s economy fell back into contraction in November. The data weighed heavily on the Euro (EUR)…