Dollar is recovering mildly overnight, as traders prepare for Fed Chair Jerome Powell’s highly anticipated two-day Congressional testimony. Powell is scheduled to address the Senate today and the House tomorrow. Fed’s latest dot plot suggests median expectation of just one rate cut this year. However, recent soft economic data from June, including non-farm payroll numbers,
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Dow Jones found early highs before settling back into the low end. New trading week kicks things off with a breather after Friday’s NFP. US consumer and wholesale inflation figures are due this week. The Dow Jones Industrial Average (DJIA) whipped on Monday, briefly testing fresh highs and breaking out of Friday’s tight churn before
The NZDUSD rallied toward the end of last week’s trading, after sellers had their shot on the break of both the 100/200 day MAs earlier in the week. The move higher initially extended to the 200 bar MA on the 4-hour chart, before correcting lower midweek. On Friday, buyers returned after the US jobs report
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 prices fell more than 1% on Monday, hurt by a risk-on rally in equities and profit-taking by investors after a sharp rally in the previous session over expectations that the U.S. Federal Reserve could cut interest rates in September. Spot gold was down 1.5% to $2,354.59 per ounce as of 12:01 p.m. ET (1601
Sterling strengthened broadly today, support by comments from Jonathan Haskel, a known hawk on BoE’s MPC. Haskel indicated his preference to maintain interest rates until there is clear evidence that inflationary pressures have subsided sustainably. This stance has introduced some uncertainty regarding the widely anticipated BoE rate cut in August. While many economists still expect
Instead of declining further, the US Dollar (USD) is more likely to trade in a 7.2800/7.2970 range, or at least in a wider range between 7.2700 and 7.3100, UOB Group analysts note. USD/CNH can fall to 7.2700 24-HOUR VIEW: “While we expected USD to decline further last Friday, we were of the view that it
In the kickstart FX video from July 5, 2024, I take a technical look at the three major currency pairs – the EURUSD, USDJPY and GBPUSD. Today the US jobs report was mixed with the June non-farm payroll jobs higher than expectations but revisions to the prior two months of offsetting those gains. The unemployment
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 a downbeat U.S. job data, prices of gold and silver steadied. Gold August futures contracts and silver September futures contracts on Monday opened flat at Rs 72,966 per 10 grams and Rs 93,380/kg respectively. Gold August future contracts at MCX opened flat today at Rs 70,977 per 10 gram, which is down by merely
Euro dips mildly a in Asian session after French parliamentary elections on Sunday delivered unexpected results. The markets had anticipated a challenging outcome for centrist President Emmanuel Macron, including a hung parliament. Yet, the outcome was particularly surprising for Marine Le Pen’s National Rally. Despite being a frontrunner, her party only secured the third spot.
EUR/USD clipped into 1.0840 after broad-market risk appetite rally after US NFP print. Sharp NFP revisions have reignited hopes for a September Fed rate cut. Coming up next week: Fed Chair Powell, US CPI print, German Retail Sales. EUR/USD whipsawed after a mixed US Nonfarm Payrolls (NFP) print on Friday before settling on the high
When the market trends, traders are better served to understand when the market shifts the trend, versus trying to pick a top or bottom depending on which way the market is trending. For the GBPJPY, it has been trending over the last seven or so months. The price has also been above (and comfortably) its
As is usual for a Monday morning, market liquidity is very thin until it improves as more Asian centres come online … prices are liable to swing around, so take care out there. The mover in this very time is EUR, down from its level late Friday after the French election appears to have reulsted
Gold prices were flat near a two-week high on Thursday after softer-than-expected US economic data spurred hopes of interest rate cuts as early as September, and the market spotlight is now on Friday’s non-farm payrolls data. Spot gold edged 0.1% higher to $2,358.19 per ounce as of 9:53 a.m. ET (1353 GMT), after prices hit
The past week marked a significant downturn for Dollar, which found itself at the bottom of the currency performance chart. A slew of unfavorable economic reports has highlighted the tangible effects of sustained high interest rates on the American economy, fostering a growing consensus that Fed may begin to ease these rates as soon as
NZD/USD edged higher and closed above the 20 SMA support around 0.6120. With the technical outlook now showing signs of bullishness, the pair tests resistance around the 0.6150 level. On Friday, the NZD/USD saw gains of 0.40% to 0.6050, as it managed to close above the 20, 100, and 200-day Simple Moving Averages (SMA). As
The USDCAD traded to the lowest level since June 3 earlier today, and in doing so tested the lower basement area down to 1.35972. The 200-day moving years was just below that level at 1.35953. The low price today reached 1.3601 as buyers /profit takers leaned against the swing area. The combination of the US