Share: USD/JPY is down almost 2% from Monday’s opening bids. A pivot from the Fed saw the US Dollar decline sharply across the broader forex market. Next week pits the BoJ’s last rate call of the year against US GDP & PCE figures. The USD/JPY wrapped up the trading week struggling to develop momentum in
Month: December 2023
The USDCAD bottomed near a key swing area target at 1.3370 – 1.33776 (see red numbered circles on the chart below). The low prices reached 1.33725 and bounced. The move to the upside has reached 1.3402. That level is near the broken 61.8% retracement of the move up from the July low at 1.33999 (call
USDCAD daily chart The weather is cooling off in Canada but the currency has heated up. USD/CAD fell to a four-month low today despite some US dollar strength elsewhere. Bank of Canada governor Tiff Macklem helped along the move as he pushed back against rate cut talk. “We have not started having that discussion (about
Crude oil witnessed a steep fall on demand worries and concerns over surplus supply. Prices remained averse after an underwhelming production cut initiated by OPEC plus countries in its latest meeting which ended on November 30. The US benchmark, NYMEX futures, slipped below $70 a barrel last week while its Asian counterpart, Brent crude, traded
Share: Mexican Peso dampened by a Fed official pushing back against interest rate cuts. The economy in the United States remains solid, according to a report by S&P Global. New York Fed President John Williams pushes back against rate cuts, a tailwind for USD/MXN. A Banxico survey shows economists expect 200 bps of rate cuts
The AUDUSD moved sharply higher the last two days and in the process moved above the 50% of the 2023 range at 0.67134 on both trading days. Both days also stalled at 0.6728. Buyers of the shot on a number of attempts above the 50% midpoint, and each time they missed. On the downside, the
Make it a 7 and 7. That is 7 consecutive up days, and 7 consecutive up weeks for the the Dow and the Nasdaq. The late day rally fizzled into the close for the S&P, however, as it closed marginally lower on the day (but still down). There is two more weeks to the end
Gold prices fell on Friday, but eked out a weekly rise as the Federal Reserve shifted to a dovish stance and projected lower interest rates next year. Spot gold fell 0.8% to $2,019.91 per ounce by 3:33 p.m. ET (2033 GMT) but gained 0.8% for the week. U.S. gold futures settled 0.4% lower at $2,035.70.
The financial markets concluded last week on a robust risk-on sentiment, driven primarily by the flurry of central bank activities. The stock markets, in particular, resonated with a bullish tone, cementing their position after Fed’s dovish shift. This sentiment propelled key indices like the DOW, DAX, and CAC to new record highs. Despite a mild
Share: EUR/JPY stuck near 155.00 as momentum remains limited and markets fade the action. The Euro doesn’t have much to be bid about after Eurozone data misses expectations. The BoJ’s final appearance of 2023 is on the cards for early next week, due sometime Tuesday. The EUR/JPY is getting boxed into near-term lows around the
Crude oil futures are settling at $71.43. That’s down -$0.15 or -0.21%. For the trading week, the price is little change at +0.25%. The low for the week reached $67.71. The high for the week was up at $72.56. Looking at the weekly chart below, the price traded this week above and below the 200-week
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Brent and U.S. crude futures finished at a small loss following a see-saw session, in which prices fell more than $1 a barrel at one point on Friday, as traders tried to reconcile mixed signals for oil demand in the coming year. Brent futures settled down 6 cents, or 0.08%, at$76.55 a barrel. U.S. West
Euro is emerging as the strongest currency for the week, bolstered by ECB’s resistance to the expectations of a rate cut. The common currency will now look into today’s Eurozone data. Positive surprises from there could solidify ECB’s stance, and give Euro more fuel to extend recent rise. For now, Japanese Yen followed as the
A passageway near the Bank of England (BOE) in the City of London, U.K., on Thursday, March 18, 2021. Hollie Adams | Bloomberg | Getty Images LONDON — The Bank of England is all but certain to keep its main interest rate unchanged at 5.25% for a third consecutive meeting on Thursday, but economists are
Share: USD/CHF sees a limited rebound on Friday after hitting four-month lows on Thursday. SNB no longer focusing on forex sales after latest rate decision. Coming up next week: SNB Quarterly Bulletin, US GDP & PCE. The USD/CHF is drifting back towards the 0.8700 handle on Friday after a tense week that saw the Swiss
The EURUSD has ticked to a new low for the day, but as mentioned in the kickstart video from early today, the 1.0900 level is a key support target. Earlier today, the low price reached 1.09036 and bounced. The low price just reached 1.0902 and is stalling the fall. In this video, I outline the
The major US indices are closing mixed. THe UK FTSE 100 and Spain’s Ibex close lower. France CAC did the best, while Italy’s FTSE MIB and Germany’s DAX were near unchanged. The closing levels shows: German DAX, -0.79 points or 0.0% at 16751.43 France CAC was 21.06 points or 0.28% at 7596.92 UK FTSE 100
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