USD/CAD picks up bids to defend the previous day’s rebound from one-week low. WTI crude oil remains pressured around monthly low amid chatters over gas tax holiday. Bulls stay hopeful amid market’s anxiety, Fed Chair Powell’s defense to the biggest rate hike since 1994. USD/CAD refreshes intraday high around 1.2960 during the initial Asian session
FX
Revlon has had to file for Chapter 11 bankruptcy protection. Despite this, REV stock has moved from $1.25 to over $6. REV gains over 400% last week as the company gets another loan. Revlon stock (REV) is top of the leaderboard of the favorite short squeeze mentions across social media this week as the stock
An Inverted Flag formation is strengthening the Swiss franc bulls. The 50-period EMA is acting as a major resistance for the counter. The RSI (14) has shifted into a 40.00-60.0 range which awaits a potential trigger for volatility expansion. The USD/CHF pair is oscillating in a narrow range of 0.9650-0.9672 in the Asian session. On
NASDAQ:SNDL posted a 0.48% loss over the past five trading sessions. Sundial is entering a bid for the acquisition of Zenabis Global. Sundial could be looking to open its warchest to grow through acquisitions. NASDAQ:SNDL managed to reclaim the $0.30 price level at the end of last week but the stock still posted a loss
AUD/USD picks up bids to refresh intraday high, extends week-start recovery. RBA praises yield targeting method and mentioned reputational damage as it ended. Market sentiment remains mixed, US holiday allowed European/UK shares to improve. RBA Meeting Minutes, speech from Governor Lowe gain major attention ahead of the full markets. AUD/USD renews intraday high around 0.6960,
Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggested further upside in USD/THB could retest 35.40 ahead of 35.70. Key Quotes “We highlighted last Monday (13 May, spot at 34.85) that USD/THB ‘is likely to break 35.00 but any further advance is expected to face solid resistance at 35.40’. While USD/THB subsequently
NZD/USD stays defensive after three-week downtrend, pares recent losses amid a quiet session. New Zealand Business PSI rose past 52.2 prior to 55.2 in May. Hawkish Fed, recession fears favor US dollar, news from China probe Kiwi bears. Light calendar highlights the risk catalysts for fresh impulse. NZD/USD grinds higher around 0.6320 while consolidating the
The Swiss franc is on the driver’s seat, as shown by the USD/CHF dropping 1.82%. Sentiment in the FX space fluctuated, with safe-haven peers gaining, except for the JPY. USD/CHF Price Forecast: Subject for a mean reversion move towards 0.9850. The USD/CHF recovered some ground after falling to fresh weekly lows around 0.9620, bounced off,
US stocks recovered some ground after a bumpy trading week. The Nasdaq Composite rose and led the pack, followed by the S&P 500, while the Dow Jones fell. The US Dollar Index rose, contrarily to US Treasury yields dropping US equities recovered some ground after a rough trading week and recorded gains between 0.13% and
The Australian dollar prepares to finish the week with losses of almost 1.60%. Fluctuating sentiment in the FX space boosts the USD and weighs on the AUD. St. Louis Fed President Bullard: Achieving a soft landing is feasible. AUD/USD plummets from weekly highs reached on Thursday around 0.7069, down below the 0.7000 mark, after Wednesday’s
The gold spot is falling due to broad US dollar strength and steady US real yields. US Industrial Production expànded at a lower rate than in April, showing that the US economy is slowing. Gold Price Forecast (XAUUSD): To consolidate amid the lack of a catalyst. Gold spot (XAUUSD) drops courtesy of a buoyant greenback,
Gold met with a fresh supply on Friday and snapped a two-day winning streak. Resurgent USD demand, the risk-on impulse turned out to be a key bearish factors. The ongoing decline in the US bond yields offered some support and helped limit further losses. Gold struggled to capitalize on its strong gains recorded over the
NZD/USD has remained flat despite a higher release of the NZ PMI at 52.9. The DXY is performing vulnerable after a 75 bps rate hike announcement by the Fed. Next week, the kiwi bulls will react to the interest rate decision by the PBOC. The NZD/USD pair has not displayed any wild or one-sided moves
USD/JPY came under some fresh selling pressure on Thursday and dived to over a one-week low. The downward trajectory confirmed a bearish break below the ascending trend-channel support. A subsequent fall below the 200-hour SMA might have already set the stage for additional losses. The USD/JPY pair witnessed aggressive selling near the 134.65-134.70 region on
A swift move above the 20- and 50-EMAs has strengthened the pound bulls. The cable has attacked the formed inventory distribution, which supports the bullish reversal. A (60.00-80.00) bullish range shift by the RSI (14) adds to the upside filters. The GBP/USD pair displayed a firmer rebound after hitting a low of 1.1933 on Wednesday.
Gold gained traction on Wednesday and snapped a two-day losing streak to a near one-month low. Retreating US bond yields prompted some USD profit-taking and extended some support to the metal. Hawkish Fed expectations might cap gains for the XAUUSD ahead of the key central bank event risk. Gold attracted some buying on Wednesday and
US Treasury Secretary Wally Adeyemo said on Tuesday that Russia’s oil profits have likely risen despite lower crude exports, and the United States and its allies must find ways to reduce Moscow’s oil revenue, possibly by capping prices, per Reuters. Adeyemo told a U.S. Senate Appropriations subcommittee hearing. Additional comments US goal needs to be
In his first appearance after the 50 bps June interest rate hike, Reserve Bank of Australia (RBA) Governor Dr. Phillip Lowe warned that Australians should be ready for significant interest rate hikes in the balance of this year. Key quotes “The RBA would do “what’s necessary” to get inflation back to between 2 to 3