Author: FX

NZD/USD retreats further, dropping below 0.6000. Oversold RSI points to possible corrective bounce, but bearish momentum remains strong. The pair stands in lows since early August. The NZD/USD currency pair has extended its downtrend, with bears maintaining a firm grip as selling momentum builds. During Friday’s session, the pair fell by 0.60% to 0.5980, hitting lows not witnessed since August. In addition, the 20-day Simple Moving Average (SMA) is about to complete a bearish crossover with the 100-day SMA which could add selling pressure. The Relative Strength Index (RSI) remains in oversold territory, currently at 30, indicating intense selling pressure.…

Gold remains elevated amid renewed Middle East hostilities. US election uncertainty adds to gold’s appeal, with polls showing a tight race between Trump and Biden in key swing states. Rising US Treasury yields and a rebounding Dollar cap gains, with DXY up 0.29% and limiting further upside for the yellow metal. Gold price remains firm ahead of the weekend late in the North American session, up 0.18% after hitting a record high on Wednesday at $2,758. Elevated tensions in the Middle East and uncertainty around US elections keep traders flocking to the safe-haven metal. The XAU/USD trades at $2,740 at…

Mexican Peso weakens amid political uncertainty after judicial reforms limit judiciary’s ability to challenge constitutional changes. President Sheinbaum’s defiance of a federal judge’s suspension order adds to concerns about rule of law and economic stability. Fears of potential US tariffs under a Trump presidency weigh on the Peso, compounding pressure from Mexico’s internal political shifts. The Mexican Peso depreciated against the US Dollar on Friday due to political turmoil linked to the recently approved judicial reform. Investors remain uncertain about recently approved reforms, which could threaten the state of law, and affect Mexico’s creditworthiness. At the time of writing, the…

Dow (DOW) closed at $49.70 on Friday, 2.5% lower on the day. Dow’s stock price has decreased 8.1% so far this year, much less than the 12.4% advance registered by the overall Dow Jones Industrial Average (DJIA) index. On Friday, the DJIA fell by 0.6% to close at 42,114 points. The three leaders were Intel (INTC), Salesforce (CRM) and Microsoft (MSFT), while the three laggards were McDonald’s (MCD), Goldman Sachs (GS) and Dow (DOW). Back to Dow, its latest earnings report from fiscal Q3 showed that earnings per share (EPS) arrived at $0.47, in line with consensus. Revenue, meanwhile, stood at $10.88 billion. The next earnings report for…

The NZD/JPY has been trading sideways recently, showing no clear trend. Technical indicators suggest a growing bearish momentum, with the RSI and MACD starting to turn in favor of the sellers. The 100 and 200-day SMA completed a bearish crossover at 92.00. The NZD/JPY pair has traded within a tight range recently, demonstrating a lack of clear directional momentum. However, Friday’s session saw a modest decline of 0.32% to 91.00, hinting at a potential shift in sentiment. Technical indicators align with this observation. The Relative Strength Index (RSI) of 52 suggests that buying pressure is on the wane. Meanwhile, the…

US UMich October final consumer sentiment 70.5 vs 69.0 expectedUS September durable goods orders -0.8% versus -1.0% expectedCanada August retail sales +0.4% vs +0.5% expectedCanada Sept new housing price index 0.0% vs 0.0% priorBaker Hughes US oil rig count -2BOC Macklem: If population grows slows more than assumed, headline GDP will be lowerCNN: Trump 47%. Harris 47%. It’s a horse race.Nvidia is once again the world’s most-valuable companyAtlanta Fed Q3 GDPNow 3.3% vs 3.4% priorECB’s Lagarde: Disinflation process is well on trackMarkets:Gold up $8 to $2743US 10-year yields up 3.6 bps to 4.23%WTI crude oil up $1.43 to $71.63S&P 500…

SPX weekly chartA strong gap higher at the open quickly turned into a day of disappointment for bulls. After surging nearly 50 points in early trading to hit 5860, sellers stepped in and methodically unwound those gains throughout the session. The late morning and early afternoon saw particularly steady selling pressure, though buyers did attempt to defend the 5820 level multiple times. A late-day drift lower saw the index ultimately close down just 2 points, a round trip that essentially erased virtually all of the day’s moves. The weak close despite the strong open could be a warning sign for…

The New York Times released a poll today showing Trump and Harris deadlocked. That’s bad news for the Harris campaign as she had previously been leading. Combined with betting odds shifting in Trump’s favor and it’s starting to feel like we’ve hit a tipping point.The bond market has been selling off steadily today, which reads like a Trump trade. At the same time, the stock market has been selling off steadily after opening higher and is down on the week.So what gives? Surely there are some people making election bets but real money knows better. Elections are very tough to…

AI imageThe Fed blackout starts at midnight but the week ahead is packed with market-moving data, decisions and earnings reports.Here’s a day-by-day preview of the week ahead:MONDAY, OCTOBER 28US data: Dallas Fed manufacturing activityUK: Lloyds Business BarometerJapan: Jobless rate, job-to-applicant ratioECB’s Wunsch speaksEarnings: Ford, Waste ManagementUS Treasury Quarterly borrowing estimates, 2yr ($69bn) and 5yr ($70bn) note auctionsTUESDAY, OCTOBER 29:US: JOLTS job openings, Conference Board consumer confidence (98.7 prior)UK: Consumer credit, M4 money supplyGermany: GfK consumer confidence Tech earnings: Alphabet (Google), AMDOthers: McDonald’s, Pfizer, BP, Visa, PayPalWEDNESDAY, OCTOBER 30 Big data day:US: Q3 GDP first reading, ADP employmentEurozone: Q3 GDPGermany: CPI,…

Having returned to low inflation, Canada is in a better place to deal with new economic shocksThere’s a fair amount of uncertainty on how quickly Canada’s new immigration curbs kick in, BOC will be watchingEffect of changes in assumptions about population growth will have a bigger impact on our GDP forecast that our inflation forecastIf population growth slows faster than assumed, headline GDP will be lower than assumedThe Canadian government announced 20% lower immigration targets yesterday. This article was written by Adam Button at www.forexlive.com. Source link