Yen ended as the runaway loser last week as its decline reaccelerated towards the end. With the crucial 160 level against Dollar now within reach, market participants are keenly watching to see if Japan will intervene soon to prop up the Yen, or just let it depreciate further. Swiss Franc was the second weakest currency
Month: June 2024
The AUDUSD this week traded down to test a swing area between 0.6575 and 0.6590. The subsequent move to the upside then tested the high of a swing area between 0.6677 and 0.66896 (see the chart below). Staying with the confines of the “red box” where most of the trading has taken place over the
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
After a brief pause, silver prices remained in the limelight followed by feeble US economic numbers, which fuelled hopes that the US Federal Reserve would cut interest rates this year. In the key domestic futures market, prices were placed well above Rs 90,000 a kg level while it crossed the key $30-level mark in the
Norges Bank kept rates steady at 4.5%, as expected. The bank is delaying the easing to Q1 of 2025. As long as the NB policy diverges with its peers the NOK might see further upside. On Friday, the USD/NOK recovered towards 10.575 and cleared most of Thursday’s losses. That being said, the NOK is holding
As markets await rate decisions from SNB and then BoE today, both Swiss Franc and Sterling are trading largely within established ranges. SNB’s decision is particularly uncertain, with a close call on whether they will implement a second consecutive rate cut. If SNB opts to hold rates steady, Swiss Franc could see notable gains, especially
As the clock ticks to the end of the trading week, the USDCAD has moved higher after reaching a new low for the week earlier in the trading day. On the way to the low, the price did move back below its 200 bar moving average on the 4-hour chart at 1.3687. It also fell
The week is coming to a close with the USD being the strongest of the major currencies. The JPY is the weakest.The gains in the greenback today were helped by stronger-than-expected flash PMI data that saw services index rise to 55.1 vs 53.7 expected, and the manufacturing rise to 51.7 above estimate of 51.0. For
Crude prices eased about 1% on Friday on worries that global oil demand growth could be reduced by a strong U.S. dollar and negative economic news from some parts of the world. Prices declined despite signs of improving U.S. oil demand and falling fuel inventories that boosted crude prices to a seven-week high a day
A worker assists with checkout at a Costco store in Teterboro, New Jersey, on Feb. 28, 2024. Stephanie Keith | Bloomberg | Getty Images Retail spending was weaker than expected in May as consumers continued to wrestle with stubbornly higher levels of inflation. Sales rose just 0.1% on the month, one-tenth of a percentage point
Central bank events in Europe gave the Dollar some support on Thursday, Francesco Pesole, FX Strategist at ING argues. DXY may trade closer to 106.00 “The surprise rate cut by the Swiss National Bank and a dovish hold by the Bank of England reinforced the notion that central banks in Europe are way ahead of the
Euro fell notably today, along with decline in Eurozone government bond yields, following weaker-than-expected PMI data. Political instability in France is negatively impacting business activity, while Germany’s economic recovery has lost momentum. At the same time, surge in Germany’s services inflation pressures suggests that ECB is unlikely to implement back-to-back rate cuts in July. The
The GBPJPY has been on an upward trend this week, but it turned lower during the European session following weaker-than-expected flash PMI data. The price dropped below its 100-hour moving average (blue line on the chart above at 200.77) but found support near the 200-hour moving average and the lower boundary of a swing area
The US is determined to dominate semiconductors and not allow China to catch up. New proposed rules restrict US investment in key sectors Rules ban certain investments in design, automation, fabrication and advanced packaging tools Quantum computers and AI also targeted Proposes notification requirements for all other investments in Chinese AI system development The US
Gold prices for MCX August futures contracts opened at Rs 72,693 per 10 grams, gaining Rs 720 or 1% this week while MCX July future contracts for silver rose by Rs 2,300 or 2.6% in the same period, opening at Rs 91,420/kg. Gold saw its biggest daily gain in five weeks, rising 1.4% on Thursday,
A view of the headquarters of the Swiss National Bank (SNB), before a press conference in Zurich, Switzerland, March 21, 2024. Denis Balibouse | Reuters The Swiss National Bank on Thursday trimmed its key interest rate by 25 basis points to 1.25%, continuing cuts at a time when sentiment over monetary policy easing remains mixed
The UK Retail Sales rebounded 2.9% MoM in May, a big beat. Monthly Core Retail Sales for the UK jumped 2.9% in May. GBP/USD holds gains above 1.2650 after upbeat UK data. The United Kingdom (UK) Retail Sales rebounded 2.9% over the month in May after falling 1.8% in April, the latest data published by the
Yen is under intense scrutiny today as it continues a six-day losing streak, approaching the key psychological level of 160 against Dollar. This move comes despite Japan’s core inflation reaccelerating in May, but failed to meet market expected pace. Additionally, core-core CPI, which excludes both food and energy, and services inflation both continued to decline.
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