USD/JPY continue to accelerate gains for the third straight session on Wednesday. US dollar at fresh yearly high above 94.50 boosting prospects for USD/JPY. US Inflation, hawkish Fed members, and FOMC minutes steal the spotlight. USD/JPY prints fresh daily gains on Wednesday in the early Asian trading session. The pair started higher this Monday and
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COIN surges on Monday along with other crypto stocks. Bitcoin is the catalyst as it surges higher again. COIN looks better technically on the chart. Crypto stocks were the hot sector on Monday as the rally in Bitcoin continues. The move was started by market man Powell, normally so kind to equity markets, but this
AUD/JPY reaches a fresh three-month high around the 83.50 range. On Monday, the cross-currency broke the 200-day moving average, suggesting upside bias prevails. AUD/JPY: The daily chart depicts that the pair might consolidate or correct lower before resuming the uptrend. The AUD/JPY is trading lower as the Asian session kicks in and is trading at
Apple stock retraces but fails to beak 21-day moving average on Friday. Has Apple bottomed out as a double bottom looks possible? AAPL stock has been falling and Monday is likely to be a quiet session. Friday saw a brief rally for tech stocks after the weak employment number. The weak data, led short-term traders
Silver remains on the recovery mode, reversing late Friday’s pullback. Sustained break of 100-SMA, firmer RSI favor bulls. Three-week-old horizontal area, 200-SMA become strong resistances to watch. Silver (XAG/USD) begins the trading week with an uptick to near $22.70. The bright metal poked the highest levels since mid-September the previous day before easing from $23.20.
XAG/USD is steady as the US 10-year T-bond yield sits firmly around 1.61%. The US Dollar Index seems poised to close above 94.00 for the second consecutive week. Silver (XAG/USD) is advancing during the New York session, climbs 0.69%, trading at $22.76 at the time of writing. Price action throughout the American session has been
GBP/USD closes the week above 1.3600 frem 1.3405 lows in late September. BoE tightening expectations have fuelled the pound’s recovery. GBP/USD seen at 1.41 in 2022 – Westpac. The British pound has found support at 1.3610 after having hit resistance at one-week highs of 1.3660 earlier today. The pair consolidates above 1.3600 after a significant recovery from year-to-date lows
EUR/USD retreats from daily highs around 1.1560’s amid US dollar weakness. EUR/USD: Failure to hold 1.1500 could send the pair tumbling towards 1.1348. The market sentiment is downbeat, as investors believe a Fed’s bond taper announcement is imminent. The EUR/USD rises above Thursday’s daily highs is trading at 1.1572, gaining 0.17% during the New York
The loonie weakened in the third quarter despite fundamentals that remained relatively constructive for the Canadian economy. Looking ahead, economists at the National Bank of Canada expect the USD/CAD pair to edge lower towards the 1.20 level in the next year. Better days ahead for the loonie “Given that we do not see a significant
What you need to know on Friday, October 10: Markets were in a better mood on Thursday, amid news that US Senate majority leader Chuck Schumer announced an agreement on extending the debt ceiling by $408 billion until early December. Also, gas prices declined in Europe, taking off some of the pressure seen these days.
GBP/USD gained some traction on Thursday amid a subdued USD price action. A combination of factors held bulls from placing aggressive bets and capped gains. The GBP/USD pair quickly recovered around 25-30 pips from the early European session lows, albeit struggled to capitalize on the move beyond the 1.3600 round-figure mark. The risk-on impulse in
US stocks rebound over hopes of a short-term solution to the key problem at hand. Improving Sino-US relations, upbeat US ADP data add to the risk-on mood. Acuity Brands jump 11%, gas prices in Europe propel market volatility. US Jobless Claims, risk catalysts in focus ahead of Friday’s NFP. Wall Street managed to post minor
A Kremlin spokesperson said on Wednesday that Russia has no role in the unprecedented increase in energy prices in Europe, as reported by Reuters. Additional takeaways “There are several reasons behind gas prices surge in Europe, including economic recovery, higher energy demand, low level of gas storage.” “Lower gas supplies to spot market in Europe,
Early Wednesday morning in Asia, Reuters came out with the news from the Australian Prudential Regulation Authority (APRA), the Aussie banking regulator, unveiling the efforts to tame housing prices. “Australia’s banking regulator on Wednesday tightened restrictions on home lending as rapid loan growth fed surging prices and posed a risk to financial stability,” said Reuters.
Gold price is consolidating the retreat from weekly highs of $1771, as the market mood improves and caps the rebound in the US dollar across its main peers. However, the downside remains more compelling for gold price as looming concerns about higher price pressures, the US debt ceiling and China’s debt-laden property developers will continue
Lucid Motors (LCID) stock pops and then drops. LCID stock fails at trend line resistance. Lucid Motors is due to deliver the first vehicles this month. Update: Lucid Motors (LCID) posted a 1.91% slide on Monday, ending the day at $24.14 per share. Wall Street opened with modest losses but quickly dipped into the red. The
The Korean won depreciated by nearly 2% against the US dollar in September, making an accumulative 9% year-to-date depreciation. South Korea now is in the middle of its worst wave of the pandemic but reaching full immunity will boost KRW in Q4, according to economists at MUFG Bank. Positive developments in South Korea’s vaccination campaign
AUD/USD recovery from 0.7170 loses steam at 0.7270 area. The US dollar extends its pullback despite bright US data. The aussie remains offered while below 0.7390 – Commerzbank. The Australian dollar has appreciated against the USD for the second day in a row on Friday, to consolidate at 0.7270 after bouncing up from 0.7170 lows earlier