FX

Gold price is displaying topsy-turvy moves as investors await the release of the US economic data. The US GDP is expected to deliver positive growth despite an extreme hawkish environment. Advancing core CPI has failed to deliver a decline in demand for durable goods. Gold price (XAU/USD) is broadly auctioning in a bounded territory as

Data released on Wednesday showed that New Homes Sales fell 10.9% in the United States in September to an annual rate of 603K, above 583K of market consensus. Analysts at Wells Fargo point out sales are likely to continue to decline in the months ahead.  Key Quotes:  “August’s robust growth in sales, which was driven

GBP/USD is consolidating its retreat around 1.1450 as the US dollar finds demand in Asia. Investors turn cautious amid discouraging US tech giants’ earnings, flaggings recession fears. Cable buyers will hold the fort so long as the price stays above the bearish 50DMA. GBP/USD is consolidating the latest pullback from six-week highs of 1.1499, as the

Consumer confidence in the US deteriorated in October. US Dollar Index trades deep in negative territory below 111.00. The data published by the Conference Board showed on Tuesday that the Consumer Confidence Index declined to 102.5 in October from 107.8 in September (revised from 108). This reading came in worse than Reuters’ estimate of 105.9.

Short term Elliott Wave view on Nasdaq (NQ) shows an incomplete bearish sequence from 11.22.2021 high favoring further downside in the higher time frame. Near term, cycle from 8.16.2022 high has ended and the Index is now rallying to correct this cycle in 3, 7, or 11 swing before the decline resumes. Down from 8.16.2022

GBP/USD remains steady but pound pulls back versus other rivals. UK: Rishi Sunak will become UK Primer Minister. US S&P Global drops more than expected in October. The GBP/USD is hovering around 1.1300 since the beginning of the American session, unable to benefit from a modestly weaker US dollar. Economic data from the US came

Gold price prints mild losses while reversing from one-week high. DXY pares the first weekly loss in three amid geopolitical, market meddling concerns. Fed speakers’ absence, likely hawkish outcome from ECB could test XAU/USD bears. Preliminary readings of US PMI for October, Q3 GDP are also important for near-term directions. Gold price (XAU/USD) remains pressured

Western Texas Intermediate (WTI) s set to finish the week with losses of 0.55%. China’s demand and a soft US Dollar underpinned oil prices. WTI buyers unable to crack the 50-day EMA keeps the commodity downward biased. WTI is about to finish Friday’s trading session almost flat, as Wall Street ended the day with hefty

The Federal Reserve is laying the ground to shrink the size of upcoming interest rate hikes, weighed on the US Dollar. Falling US bond yields undermined the USD and boosted the EUR. The EURUSD is downward biased, though a break above 0.9900, could propel the EURUSD higher. The US Dollar tumbled as traders braced for

The aussie bounces up from 0.6210 and erases the previous two days’ losses. Fed speculation and BoJ intervention hit the USD. AUD/USD is expected to remain capped below 0.6390. The Australian dollar has featured a strong recovery on Friday’s US trading session. The pair bounced up from session lows at 0.6210, rallying all the way

USD/CHF is set to finish the week with losses of 0.45%. Failure to reclaim 1.0027 would confirm the USD/CHF rising wedge break, which would target the 200-day EMA at 0.9567. USD/CHF retraces from daily highs reached in the North American session around 1.0147 but trimmed its gains, plunging below 1.0000 towards its daily low at

Is global intervention on the cards to weaken the US Dollar? Economists at Nordea do not think so and see an even stronger USD ahead. Uncoordinated FX intervention will not stop the USD rally “The FX intervention whereby countries are actively intervening to prop up their currencies against the USD may dampen the strengthening of

The 20-EMA at around 1.3080 has acted as major support for the counter. The dismal market mood is supporting the greenback bulls. The asset may test October high at 1.3978 after overstepping the round-level hurdle of 1.3900. The USD/CAD pair is attempting to re-test the critical hurdle of 1.3811 as the risk-off market mood has

EUR/USD downtrend has undergone a pause recently. Looking ahead, economists at Société Générale expect the world’s most popular currency pair to resume its decline toward 0.9535. Break below 0.9535 to open up next projections at 0.9200/0.9150 “The high formed earlier in October at 1.0000 is near-term resistance. Failure to cross this would mean persistence in

USD/CAD is marching towards 1.3800 as the market mood has soured amid soaring yields. Fed’s Beige Book has indicated labor demand moderation due to economic slowdown anticipation. Oil prices have recovered firmly despite an addition in global oil supply from US SPR. The USD/CAD pair has picked bids around 1.3760 and is aiming to recapture the

In the opinion of economists at TD Securities, dips into and below 1.37 in USD/CAD should be faded and a return to a 1.40 handle is likely. There is zero reasons to like the loonie “We see strong markers of support and dips in USD/CAD should be shallow. Dips into 1.36/37 should be strongly faded.” 

Silver price fails to extend two-day uptrend, eases from intraday top of late. 50-HMA adds strength to the weekly triangle’s support. Hidden bearish RSI divergence teases XAG/USD sellers but break of $18.60 is necessary. Silver price (XAG/USD) remains sidelined around $18.75-80, fading the two-day uptrend during Wednesday’s Asian session as the bright metal trades inside

GBP/USD weakens as it fades an uptick above 1.1400. Economists at Scotiabank expect the pair to slump to the mid-1.11s on failure to hold support in the upper 1.12s. Resistance aligns at the 1.1340/50 area “Intraday support in the upper 1.12s is coming under pressure. Below here, cable risks dipping back to the mid-1.11s.” “Resistance