Author: FX
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
A report in the WSJ could cool the crypto market.DOJ and Treasury investigating Tether over potential sanctions violations and illicit activityManhattan US attorneys leading criminal probe into possible links to drugs, terrorism, hackingTreasury mulling sanctions against world’s most traded crypto ($190B daily volume)Comes as Tether steps up compliance, recently froze 1,850 wallets worth $114MInvestigation examining if stablecoin used to evade sanctions by Hamas, Russian arms dealersTether strongly denies allegations, says working with law enforcementCantor Fitzgerald manages $80B+ of Tether’s Treasury holdingsFollows $4.3B Binance settlement and previous $61M regulatory fineBitcoin is down 2.5% to $66,450 today and is under pressure on…
As traders approach another pivotal day for financial markets, a series of crucial decisions and economic data releases that could sway market dynamics are expected on Monday, October 28, 2024. The day’s lineup includes important Treasury note auctions and the Dallas Fed Manufacturing Business Index, which will provide insights into regional economic conditions. Major Economic Events to Watch Other Important Economic Events to Watch • 12:00 PM ET: 2-Year Note Auction (Previous: 3.520%) • 12:00 PM ET: 5-Year Note Auction (Previous: 3.519%) Other Economic Events to Watch • 9:30 AM ET: Dallas Fed Manufacturing Business Index (Previous: -9.0) • 10:30…
gold dailyGold is impressive once again today as it rises $8 to $2743 after earlier falling as low as $2717. The rebound virtually assures that it will break the weekly closing record of $2719 set just a week ago. It’s been record after record for gold and on Wednesday it touched the best-ever at $2758 before a round of profit taking. I spoke with Kitco News about gold this week and highlighted a number of trends behind the rally. The election is top of mind at the moment but both candidates promise to antagonize trading partners and rivals. This week’s…
As the November 5 US presidential election approaches, Credit Agricole analyzes the potential impacts on the US dollar, noting improving odds for a Donald Trump victory and the subsequent market reactions.Key Points:The rising likelihood of a Donald Trump win has led to renewed interest in “Trump trades,” contributing to a rally in the USD.The key considerations for FX investors are the extent of the potential USD gains from a Trump victory versus the possible downside if Kamala Harris wins.Despite the ongoing uncertainty surrounding the election outcome, FX Positioning data indicates that investors are not heavily long on the USD.Recent USD…
Pair trades sideways within a narrow range, indicating indecisive market sentiment. RSI suggests increasing selling pressure, while MACD signals weakening bullish momentum. The pair remains below the 20-day SMA, indicating a bearish bias in the short term EUR/GBP continues to trade within a constricted range, with limited price movements in recent sessions. The pair currently trades near 0.8340 having faced resistance at the 20-day SMA, maintaining a neutral bias. Analyzing the technical indicators, the Relative Strength Index (RSI) has declined to 45, suggesting increasing selling pressure. The MACD, while still in positive territory, is decreasing, indicating weakening buying momentum. This…
GBP/USD Price Forecast: Climbs to three-day peak, approaches 1.3000 The Pound Sterling recovered some ground and traded at around three-day highs of 1.2998 yet remained unable to crack the 1.3000 figure at the time of writing. Market mood has improved slightly, a headwind for Greenback, which, despite that, is headed to sustain weekly gains of more than 0.50%. Read More… Pound Sterling gains further on BoE Mann’s hawkish remarks The Pound Sterling (GBP) rises further near the psychological resistance of 1.3000 against the US Dollar (USD) in Friday’s New York session. The GBP/USD pair gains as the US Dollar extends its correction after the…
UK Chancellor Reeves is walking a thin line as she seeks to find a balance between finding the funds to invest for growth while also maintaining the air of budgetary prudence, Rabobank’s FX analyst Jane Foley notes. GBP is holding up well so far “To avoid shocking gilt investors too much by the October 30 budget announcements, Reeves has already leaked various parts of her agenda. GBP is holding up well so far, in part because the BoE is less dovish than some other G10 central banks.” “Meanwhile, a more dovish ECB is undermining the resilience of the EUR. …
EUR/CAD trades plum in the middle of a multi-week range as both constituent currencies face similar negative fundamentals. The central banks of Canada and the Eurozone are expected to slash rates at the end of 2024 – a negative for both EUR and CAD. CAD also faces downside pressure from US election risk and the lower Crude Oil prices. EUR/CAD lengthens its range-bound price action on Friday, trading at 1.5000 after edging higher on the day. The pair is plum in the center of an 11-week range and unable to gain directionality due to the similar monetary policy outlook of…
Strategy: Flip 55 The Flip 55 is a trend-following strategy. This straightforward approach utilizes 2 moving averages has undergone extensive backtesting by our team, demonstrating a winning ratio between 70% and 80%. Recommended Timeframe This strategy is adaptable to various timeframes, including H1, H4, and Daily. Although it can be applied to timeframes lower than H1, optimal results are typically achieved within the H1, H4, and Daily timeframes. Trade Details Currently, the Flip 55 strategy has identified a trading opportunity on the AUD/USD pair within the H1 timeframe. I’ve shared a trade setup image for your…