FX

Share: S&P 500 (SPX) rally from 10.13.2022 low was in 3 swing and ended wave (2) at 4194.16 as the 1 hour chart below shows. Wave (3) lower is now in progress as a 5 waves impulse Elliott Wave structure. Down from wave (2), wave ((i)) ended at 3943.08 and rally in wave ((ii)) ended

Share: “We are very confident that capital and liquidity positions of the Euro area banks are well in excess of requirements,” European Central Bank (ECB) President Christine Lagarde told  European Parliament’s Committee on Economic and Monetary Affairs on Monday. “Financial tensions might dampen demand, do some of the work that would otherwise be done by monetary policy,”

Share: WTI slides below $67 as global banking turmoil overshadows central banks’ liquidity efforts. OPEC in trouble as falling prices persist: Can coordination among oil-exporting nations stabilize the market? Oil prices could hit the $60 mark if the banking crisis continues to unfold.   West Texas Intermediate (WTI) price fell below the $67 mark despite reassurance

Share: Gold price surged on Friday, extending weekly gains to over $100.  New context of lower yields and banking jitters boost gold’s demand.  XAU/USD eye best week in years.  Gold price moved further to the upside during the American sessions, breaking above $1,980. Late on Friday, XAU/USD stands at $1,982 the highest level since April

Share: Next Thursday, the Bank of England (BoE) will announce its decision on monetary policy. A 25 basis point rate hike to 4.25% is expected. Analysts at Rabobank also see a quarter-point rate increase and warn that such scenario is not fully priced in the interest market, “which indicate that the chance of a hold

Share: On Wednesday, the Federal Reserve will announce its decision on monetary policy. Analysts at Danske Bank see the Fed raising rates by 25 basis points despite recent turmoil amid banking sector jitters.  Fed cannot afford to stop tightening monetary policy “This week, the ECB emphasized that there is no trade-off between inflation and financial

Share: USD/CAD still down for the week and pointing to the upside. US Dollar mixed on Friday between lower US yields and risk aversion. Key events for next week: Canada CPI (Tuesday) and FOMC meeting (Wednesday). The USD/CAD printed a fresh daily high on Friday at 1.3772, amid a weaker Loonie and a mixed Greenback.

Share: Financial turmoil weighs on investors’ mood and drags black gold lower. WTI bounced modestly after posting a fresh 2023 low of $65.22 a barrel. The barrel of West Texas Intermediate fell to $65.22 on Friday, its lowest since November 2022. It currently trades at around $67.30 a barrel, breaking lower amid financial turmoil weighing

Share: Gold price grinds higher amid US Dollar pullback, sluggish sentiment. Sustained trading beyond $1,920 and $1,925 supports keep XAU/USD buyers hopeful. Receding fears of banking crisis, lack of major data/events strengthen bullish bias. Second-tier US data, bond market moves eyed for clear directions as Fed’s 0.25% rate hike seems given. Gold price (XAU/USD) braces

Share: Citing three sources familiar with the matter, Reuters reported on Thursday that European Central Bank (ECB) policymakers agreed to go ahead with a 50 basis points increase in key rates after the Swiss National Bank (SNB) “threw a lifeline” to Credit Suisse. Reuters further noted that the ECB’s policy debate was between a 50

Share: USD/INR has slipped to near 82.68 as USD Index has extended its correction. Investors are anticipating a less-hawkish monetary policy stance from the Fed after scrutiny of February’s US economic data. Oil price is struggling to extend its recovery above $68.00 as fears of a banking sector meltdown would result in lower advances. The

Share: Gold has found a floor as expected above its 200-Day Moving Average (DMA), currently seen at $1,775. A weekly close above $1,890/1900 is needed to clear the way for a retest of $1,973/90, strategists at Credit Suisse report. 55-DMA at $1,869 now holds to keep XAU/USD within its range “A solid weekly close above

Share: Oil price has gradually scaled to near $72.50, further upside looks capped ahead of oil inventory data. A fresh monthly low by the USD Index at 103.44 has infused fresh blood into the oil price. Declining 20-period EMA and weak RSI (14) are indicating further downside for black gold. West Texas Intermediate (WTI), futures

Share: US inflation remains stubbornly high. With core prices rising at an accelerated pace of 0.5% in February, terminal pricing has moved higher. The repricing in terminal has hit CHF and JPY right off the bat, but the move is set to be short-lived, economists at TD Securities report. Market will place more weighting on

Share: USD/CAD clings to mild gains after bouncing off short-term key technical supports. Convergence of 50-SMA, one-month-old ascending trend line restricts immediate downside. Horizontal area comprising early January lows adds to the downside filters. Descending resistance line from Friday, bearish MACD signals challenge Loonie pair buyers. USD/CAD bulls struggle to keep the latest rebound from

Share: The Federal Reserve Bank of New York’s monthly Survey of Consumer Expectations showed on Monday that the US consumers’ one-year inflation expectation dropped to the lowest level since May 2021 at 4.2% in February, compared to 5% in January. Further details of the publication showed that the three-year ahead expected inflation remained unchanged at

Share: The US Dollar has come under renewed selling pressure in Asia this Monday after Goldman Sachs revised downward its expectations of the US Federal Reserve (Fed) rate hike outlook, in the face of the Silicon Valley Bank (SBV) fallout. Key quotes “In light of recent stress in the banking system, we no longer expect

Share: EUR/USD reached a two-week high at 1.0700 and finished the week with minimal gains. Sentiment shifted sour on a default by the Silicon Valley Bank in the US, at the risk of spillover in the sector. US jobs data was mixed but flashed signs of cooling down. Germany’s inflation was unchanged and warranted further