US dollar remains weak, but losses are limited. Wall Street rises sharply, US yields at fresh 2-day highs. EUR/USD short-term outlook is bullish, and faces resistance at 1.0730 and 1.0750. The EUR/USD rose further during the American session and printed a fresh daily high at 1.0729. It then pulled back, staying above 1.0700. The euro is
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This Thursday, gold is seeing fresh selling pressure. As FXstreet’s Dhwani Mehta notes, the key $1,838 support could be at risk ahead of US GDP. Gold is teasing a downside break from a symmetrical triangle “The GDP revision could be closely eyed amid looming recession risks in the US. The data could have a significant
The Federal Open Market Committee minutes have been released which are so far sending the US dollar DXY index a touch softer. The softness in the greenback come as there were no discussions on larger rate hikes. At the May 3-4 meeting, the Fed hiked rates from the expected 50 bp to 1.0% and laid out plans for
CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by just 596 contracts on Tuesday. Volume, instead, went up for the second straight session, now by around 20.3K contracts. WTI remains side-lined around $110.00 Tuesday’s inconclusive price action in WTI was amidst a small decrease in open
A sharp drop in UK (and global) yields following weak UK and US PMI data has weighed heavily on GBP/JPY. The pair was last trading in the low 158.00s and eyeing a breakout to fresh monthly lows around 156.00. UK government bond yields had already been on the back foot in the lead up to
Gold Price remains firmer so far this week. As FXStreet’s Dhwani Mehta notes, XAUUSD eyes a sustained move above the 21-Daily Moving Average (DMA) at $1,857. Immediate support is seen at the $1,850 psychological level “Attention turns towards the global Manufacturing and Services PMIs preliminary readings, which will provide fresh hints on a potential recession
The UK has been long supporting the case to modify the Northern Ireland Protocol amid the barriers it creates in Northern Ireland. Another issue comes from delay and prices rises amid checks requirements. Last week, UK Foreign Secretary Liz Truss updated the local parliament, noting that their preference is to reach a negotiated solution with
Considering advanced prints from CME Group for gold futures markets, open interest extended the downtrend and shrank by nearly 61.K contracts on Friday. Volume, in the same line, reversed two consecutive daily builds and dropped by around 29.6K contracts. Gold: Another test of the 200-day SMA looks likely Friday’s uptick in prices of gold was
Reuters reported on the weekend that Shanghai’s central Jingan district, a key commercial area of the Chinese financial hub, will require all supermarkets and shops to shut and residents to stay home until at least Tuesday. ”The district plans to carry out COVID mass testing from Sunday until Tuesday, it said on its official WeChat account.
The Canadian dollar gained 0.47% vs. the greenback in the week, which was soft throughout the whole week. The US Dollar Index reclaimed the 103.000 mark but ended the week with losses of 1.38%. USD/CAD Price Forecast: A daily close above the 20-DMA could pave the way for a move towards 1.3000. The USD/CAD is
GBP/USD Weekly Forecast: Will the recovery sustain above 21 DMA? Bulls were finally rescued, as GBP/USD stalled its four-week downtrend and rebounded firmly from two-year lows of 1.2155 reached a week ago. A temporary bottom seemed in place, with the 400+ pips recovery, as the US dollar embarked on an overdue correction. The currency pair
Despite falling on Friday, the AUD/USD is up in the week by 1.34%. Sentiment fluctuated negatively in the last hour, dragging the AUD/USD lower. AUD/USD Price Forecast: A daily close below the 20-DMA could pave the way towards the YTD low below 0.6850. The Aussie dollar is struggling at the 20-day moving average (DMA) and
USD/CAD is back to trading flat in the 1.2830 area after hitting more than two-week lows earlier in the session. The pair is on course to end the week lower by about 0.5% amid USD weakness and hot Canadian CPI. USD/CAD hit its lowest level in more than two weeks on Friday in the 1.2770s,
A bearish Double Distribution day could bring more offers to the asset. A golden cross, represented by 50- and 200-period EMAs advocates the antipodean. Aussie bulls may find a responsive buying action at the lower boundary of the Rising Channel. The AUD/USD pair has witnessed a steep fall in the Asian session after sensing barricades
The US dollar could remain stronger for a longer than expected period, warn analysts at Rabobank. They view the AUD/USD pair recovering to the 0.71 area in a six-month period. Key Quotes: “The AUD is struggling to push back above the 0.70 level against the USD. The fall in AUD/USD from highs in the 0.76 area
USD/IDR pares recent gains, stays pressured around intraday low. Indonesia Government announces fuel subsidy, crude price range to bring fiscal deficit to 4.3-4.5%. Risk-on mood, softer US dollar also underpin the pullback moves. USD/IDR holds lower grounds near $14,700, after rising the most in two weeks, as the Indonesia Budget Office manages to incentivize Indonesia
US dollar strengthens amid risk aversion, DXY up 0.30%. EUR/USD trims a fraction of its recent gains. EUR/CHF plummets more than a hundred pips in minutes. The EUR/USD is back under 1.0500 as the US dollar strengthened amid a deterioration in market sentiment. At the same time, a sharp slide in EUR/CHF also weighed on
USD/CAD portrays corrective pullback from a fortnight low, snaps three-day downtrend. Headlines from China, Fedspeak weigh on market sentiment. USD rebound stops oil buyers from cheering EU oil embargo fears. BOC Core CPI appears crucial amid talks of faster rate hikes, US housing data, risk catalysts will also entertain traders. USD/CAD prints the first daily