Chance for the New Zealand Dollar (NZD) to retest the 0.6130 level, and a sustained break above this level appears unlikely. But, recovery in NZD could extend to 0.6150, UOB Group analysts Quek Ser Leang and Peter Chia note. Recovery in NZD may extend to 0.6150 24-HOUR VIEW: “Two days ago, NZD dipped to
Month: July 2024
The USDCHF moved lower after the weaker than expected US data today. However, after breaking below its 100-hour moving average at 0.90134, its 200 bar moving average on the 4-hour chart at 0.89972, support buyers came in against the key 100-day moving average at 0.89836. Recall from Friday last week and Monday’s trade this week,
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
Post the dovish comments of the Fed, gold prices rose a little over Rs 900 and opened at Rs 72,460 per 10 grams on Thursday, while silver gained over Rs 2,000 since the Fed’s commentary, opening at Rs 91,904/kg. Gold and silver posted solid gains after the Fed commentary and profit-taking in the dollar index.
Dollar faced significant selloff overnight as market participants ramped up bets on a September rate cut by Fed. This shift in sentiment propelled S&P 500 and NASDAQ to record highs too. However, the greenback managed to stabilize in Asian session as the forex markets quieted down in observance of US July 4 holiday. As noted
Headline inflation in the euro area dipped to 2.5% in June, the European Union’s statistics agency said Tuesday, while the closely watched core and services prints held steady. The headline figure was in line with the expectations of economists polled by Reuters. Inflation had nudged up from 2.4% in April to 2.6% in May. Core
Constellation Brands reported an earnings beat on Wednesday that was driven by strength in its beer business. However, shares fell 4% after an initial move up, as investors — including us — remain troubled by continued weakness in the wines and spirits business. Comparable net sales for the three months ended May 31 increased 6%
US Dollar saw severe selling pressure after soft ADP figures from June. Markets boosted their bets for September Fed rate cut. FOMC minutes from the June meeting saw members acknowledging a ‘cool down’ of the economy. On Wednesday, the US Dollar, represented by the Dollar Index (DXY), declined to its lowest level since June 18
The USDCAD has continued its move to the downside today on the back of lower rates and the weaker US data, Technically, the price moved below the 100 and 200 bar MA on the 4-hour chart yesterday, and remained below those MAs in the early Asian session today, before moving lower on the data. The
There are strong signs of travel demand in the US this 4th long weekend, with air bookings setting records. Combine that with a big draw in US inventories in today’s report and a hurricane in the Atlantic and gold finished the week strong. There was something of a ‘sell the fact’ trade immediately after the
Gold prices strengthened on Wednesday as the dollar eased after dovish comments from Federal Reserve Chair Jerome Powell, with investors now turning to minutes from the U.S. central bank‘s latest policy meeting to gauge future interest rate cuts. Spot gold rose 0.7% to $2,345.00 per ounce by 1156 GMT. U.S. gold futures gained 0.9% to
Dollar weakens notably against European majors in early US session, partially due to worse-than-expected ADP private job data. However, the primary reason seems to be traders becoming cautious ahead of several key events this week, including UK general elections, US non-farm payroll report, and French parliamentary elections. Traders are also mindful of thinner markets tomorrow
A “Now Hiring” sign is seen at a FedEx location on Broadway on June 07, 2024 in New York City. Michael M. Santiago | Getty Images Private payroll growth edged lower in June, according to a report Wednesday from ADP that indicates a potential slowdown in the U.S. labor market. Companies added 150,000 jobs for
Current price movements are likely part of a consolidation, likely between 1.2600 and 1.2720. The Pound Sterling (GBP) could rebound further, but any advance is unlikely to be able to break the major resistance at 1.2720, UOB Group FX strategists suggest. GBP must not break below 1.2650 to continue falling 24-HOUR VIEW: “After GBP spiked
The S&P index extended to a new session high at 5489.60, and in the process extended above the highest closing level at 5487.02 from June 18. The high intraday level was at 5523.64 reached on June 28. Meanwhile, the NASDAQ index as now up close to 100 points at 17981.45. After closing at a record
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
Gold has outperformed Nifty over the first half of 2024, delivering 13.37% returns compared to the 50-stock index which has yielded 10.5% in the first six months. In rupee terms, the MCX gold contract has gained nearly Rs 8,400 per 10 grams while Sensex surged 2,279 points at the end of June 30, 2024. Summing
Yen’s renewed selloff captured some attention in the otherwise subdued Asian session today. With no new comments from Japanese authorities, market participants are left to speculate on when and where the next intervention might occur. A pivotal moment on the horizon is BoJ’s meeting on July 31, where the central bank is expected to outline