Annual HICP inflation in Germany was 7.8% in April, a tad above expected. FX markets did not react to the latest figures, which didn’t deviate to much from expectations. Inflation in Germany according to the Harmonised Index of Consumer Prices (HICP) rose at a YoY pace of 7.8% in April, according to a preliminary data
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Reuters reports the Bank of Canada Governor Tiff Macklem saying on Wednesday that Canada needs higher interest rates, though how high those rates go will depend on how the economy responds and how the outlook for inflation evolves. Key comments “The economy needs higher rates and can handle them,” Macklem told a Senate committee, reiterating recent
NVDA stock crashes 6% on Tuesday in line with broad market sell off. Nasdaq and other main indices finish Tuesday lower. NVDA suffering a tech sector sell off with NFLX and now GOOGL disappointing. Tuesday saw fears mount for the health of the global economy and with a catalyst of geopolitical events in place the
The cable has plunged around 3.70% in the last four trading sessions. A breakdown of the Falling Channel formation has strengthened the greenback bulls. Investors seek a pullback for making a short entry. The GBP/USD pair is falling like a house of cards since Friday after slipping below the two-week-old barricade at 1.2973. The asset
NASDAQ:GOEV gained 4.65% during Monday’s trading session. Tesla CEO Elon Musk officially acquires Twitter for $44 billion. A couple of legacy automakers boost EV production on classic models. NASDAQ:GOEV extended its mini win streak to three straight sessions as the EV startup rose higher alongside the late-day broader market rally. On Monday, shares of GOEV
The Silver Price will extend its losses if a daily close below the 200-DMA is achieved. The market sentiment shifted positive, but China’s coronavirus outbreak could turn it sour. The greenback remains in the driver’s seat, as shown by the US Dollar Index, reaching a new YTD high at 101.85 Silver Price Forecast (XAG/USD): A
USD/JPY witnessed some selling on Monday, though the downtick lacked bearish conviction. Weakness below the 100-hour SMA/ascending trend-line could stall near the 23.6% Fibo. level. Sustained move back above the 129.00 mark will set the stage for an extension of the bullish trend. The USD/JPY pair edged lower on the first day of a new
GBP/USD bulls moving in and eye a significant correction. The M-information is compelling and eye a key confluence area. GBP/USD is under pressure but the bulls could be on the verge of making a move which would be anticipated to be a significant correction in the days ahead. The following illustrates the market structure and
The US Dollar Index (DXY), hits a fresh 25-month high on Fed official’s comments. Fed speakers in the week support 50-bps rate hikes at the May 4-5 meeting. US Dollar Index Price Forecast (DXY): Bulls target January’s 2017 highs near 103.82. The US Dollar Index, a measurement of the greenback’s value against a basket of
The S&P 500, the Dow Jones, and the Nasdaq Composite recorded losses in a risk-off market mood. Fed speakers in the week support 50-bps rate hikes at the May 4-5 meeting. US Treasuries and the greenback finished the week higher amidst hawkish Fed comments. US equities finished the week with substantial losses, reflecting a gloomy
USD/CAD rallied roughly 140 pips on Friday to hit its highest level in over one month above the 1.2700 mark. That marks the largest one-day percentage gain since November. The pair rallied as a function of risk-off flows, with recent BoC hawkishness and strong data failing to support CAD. USD/CAD rallied roughly 140 pips on
Cleveland Fed President and FOMC member Lorreta Mester, speaking in an interview on CNBC, said on Friday that the Fed wants to see tighter financial conditions, though not all at once. “We are in a recalibration phase for monetary policy,” she said, adding that the Fed’s goal is to bring inflation under control, but also
USD/CAD gained strong positive traction for the second successive day on Friday. Weaker oil prices undermined the loonie and acted as a tailwind amid stronger USD. Investors look forward to Canadian Retail Sales, flash US PMIs for a fresh impetus. The USD/CAD pair added to its intraday gains and shot to its highest level since
The odds of a 50 bps interest rate hike have elevated after Fed Powell’s comments at the IMF meeting. Higher inflation pressures in a very tight labor market are compelling for squeezing the liquidity. A double bottom formation has raised expectations of a reversal in the gold prices. Gold (XAU/USD) has bounced back sharply after
EUR/GBP gained strong positive traction on Thursday and rallied to a near two-week high. The overnight hawkish comments by the ECB policymaker underpinned the shared currency. Subdued action around the British pound did little to hinder the strong intraday positive move. The EUR/GBP cross added to its strong intraday gains and jumped to a nearly
NZD/USD bulls come up for air and US dollar sinks. US yields have corrected and the market gives a sigh of relief. Trading at 0.6804, NZD/USD is firmly bid just over 1% higher on the day as Wall Street draws to a close. The US dollar was sliding as US yields corrected which gave a
Commenting on the European Central Bank’s (ECB) monetary policy outlook on Wednesday, policymaker Martins Kazaks said that “a rate hike is possible as soon as July.” Additional quotes Gradual approach doesn’t mean slow response. ECB doesn’t need to wait to see stronger wage growth. Ending APP early in Q3 is possible and appropriate. 0% is not
On Tuesday, the AUD/USD gained 0.32% but recorded a daily close below March’s 21 low, which opened the door for further losses. Geopolitics and Fed speaking capped the AUD/USD upside St. Louis Fed President Bullard opens the door for 75 bps rate hikes. AUD/USD Price Forecast: It is upward biased, but failure at 0.7400 paved