FX

Share: Bank of England (BoE) Deputy Governor Dave Ramsden acknowledged that the Consumer Price Index (CPI) inflation has begun to fall significantly in the UK but noted that it was still “much too high,” per Reuters. Key takeaways “If there is evidence of more persistent pressures, then further tightening in monetary policy would be required.” “Monetary

Share: Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group note EUR/USD could climb to the 1.1300 region in the near term. Key Quotes 24-hour view: We highlighted yesterday that EUR “is likely to continue to trade sideways.” However, we indicated that “the underlying tone has firmed a tad, and EUR is

Share: The AUD/USD traded in the 0.6790 – 0.6838 range, holding daily gains. Retails Sales in the US increased in June but were below expectations. RBA minutes showed board members adopted a cautious stance. On Tuesday, the USD faced additional selling pressure following soft Retail Sales and Industrial Production data from June, which helped the AUD/USD

Share: The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) has been trading within a tight channel during the past year, hovering between the $420 and $375 per share marks. This trading range could be seen as ‘indecision’ from broader market participants, and only ‘directional’ data can bring certainty for these same participants to push the market

Share: AUD/USD registers 0.20% loss, buffeted by weak Chinese GDP and Retail Sales data; USD rebounds after its worst week since November 2022. US equities remain unscathed despite mixed Chinese economic data; Forex traders eye Tuesday’s US Retail Sales and Industrial Production figures. Leadership change at the Reserve Bank of Australia (RBA) adds an element

Share: EUR/USD has turned sideways as investors are awaiting a fresh trigger for further guidance. S&P500 futures have generated some losses, portraying caution among market participants as the result season has kicked off. The Euro has got extreme strength as the ECB is expected to conclude its rate-hiking spell beyond July. The EUR/USD pair has

Share: EUR/USD may have run its course and bulls are laying the table. A break of key support structures could be on the cards for the week ahead. EUR/USD is stalling on the bid but underlying momentum is undeniable. At the time of writing the Single Currency is probing key resistance as the following illustrates,

Share: US Dollar Index (DXY), which measures the US Dollar’s performance against a basket of six currencies, shows slight gains after reaching a fresh 15-month low of 99.578. June’s US CPI grew 3.0% YoY, underperforming the 3.1% forecast, while Core CPI fell by 0.5%. Concurrently, June’s PPI rose less than the expected 0.1% YoY. Considering

Share: Mullen completes production of 350 Class-1 EV vans. On Thursday, Mullen also announced a new delivery van pilot program with the New York Power Authority. MULN stock gained 10.7% on Thursday. After lacking ignition at the beginning of the week, Mullen Automotive (MULN) stock has made a silent comeback in the second half. The stock has

Share: AUD/USD retreats below 0.6850, still poised to make a 2.40% weekly gain, its highest in 2023. UoM US Confidence data provided some support to the USD. DXY Index stabilised below 100.00 but remains vulnerable. At the end of the week, the Aussie lost some ground agains the Greenback as US Treasury yields somewhat recovered, lending the

Share: The emergence of an El Niño weather event threatens to disrupt the already uncertain outlook for commodity markets, economists at ANZ Bank report. El Niño is expected to increase demand for electricity An El Niño typically brings drought to the western Pacific, rains to the equatorial coast of South America, and storms and hurricanes

Share: “China has not seen deflation, no deflationary risks in the second half of 2023 (H2 2023),” per the latest comments from People’s Bank of China (PBoC) Deputy Governor Guoqiang Liu. The PBoC official also mentioned that the Consumer Price Index (CPI) could decline further in July before improving in August. “Central Bank has ample tools,”

Share: Canadian Dollar continues rallying against the US Dollar on Thursday after the BoC’s decision to raise rates at its meeting on the previous day.  The Bank of Canada cited Canada’s robust economic growth as the main reason for raising rates as it fears inflationary forces building.  Data released on Thursday shows a slowdown in the

Share: Gold price climbs to a four-week high on Thursday and seems poised to appreciate further. The softer US CPI reaffirms expectations that the Fed will hike only one more time this year. The US Dollar languishes near a 15-month low and adds credence to the positive outlook. Gold price trades with a positive bias

Share: After a turbulent year in 2022, the excitement in the European Gas market has subsided. Economists at Commerzbank the outlook for Gas prices. Calm before the (winter) storm? There has been no real shortage in the European Gas market. On the contrary, thanks to massive savings and the development of new supply sources, the

Share: GBP/USD rallied to a 15-month high of 1.2934 after a solid employment report in the United Kingdom (UK) increased the chances the Bank of England (BoE) will need to raise rates further. That, alongside broad US Dollar (USD) weakness, underpinned the GBP/USD pair. The GBP/USD trades at 1.2923 after hitting a daily low of 1.2853. Read More….

Share: Nio stock has overtaken the March 30 range high. Last week’s EV price war truce came apart on Saturday. NIO stock closed up 7.9% on Monday. Consultancy AlixPartners says 2023 will see Chinese brands sell more than half of all new models in the country for the first time. UPDATE: Nio stock lost 1.8%

Share: AUD/USD retreats from intraday high but reverses the week-start losses. Australia’s Westpac Consumer Confidence match upbeat forecasts for July, NAB figures came in firmer for June. US inflation expectations join downbeat NFP to raise doubts about hawkish Fed talks. Wednesday’s US CPI will be the key as China-linked fears prod Aussie pair buyers. AUD/USD