FX

Despite the bearish narrative around some parts of the US market, Apple’s share price has held up reasonably well, significantly above its June lows, and finishing yesterday modestly higher. Expectations around yesterday’s “Far Out” production launch were high with respect to the launch of the new iPhone 14, as well as a new Apple Watch

NASDAQ:MULN adds 1.2% on Wednesday amid encouraging US news.  Tesla sees its sales rise by 105% in the US for the month of August. Mullen is fast approaching its 52-week low price without many positive catalysts ahead. Update: NASDAQ:MULN posted a modest intraday advance on Wednesday, as Wall Street traded with a better tone. The

USD/CAD trims a part of its intraday gains amid a modest USD pullback from a two-decade high. Bearish crude oil prices continue to undermine the loonie and should limit any meaningful slide. Market participants now look to the BoC policy decision and Fedspeak for a fresh trading impetus. The USD/CAD pair builds on the overnight

USD/JPY bears are moving in but there could be some more working of the highs to come yet.  The price has rallied parabolically and a pullback could be on the cards. USD/JPY rallied on Tuesday and took out the symbolic level of 142, scoring a fresh 24-year low as the US dollar sprung into life again and

Further retracements in AUD/USD now seem to have lost some momentum, according to FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang. Key Quotes 24-hour view: “AUD traded between 0.6773 and 0.6802 yesterday, narrower than our expected consolidation range of 0.6770/0.6830. The relatively quiet price actions offer no fresh clues and AUD

What you need to take care of on Tuesday, September 6: The greenback started the week advancing against most major rivals, although a Federal holiday in the US maintained volumes at their lows and major pairs within limited intraday ranges. The EUR/USD pair fell to 0.9877, a fresh 22-year low, as the energy crisis steepens.

FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang noted USD/CNH could see its upside momentum alleviated on a breach of the 6.8700 level. Key Quotes 24-hour view: “We expected USD to ‘trade sideways between 6.8900 and 6.9250’ last Friday. Our view was not wrong even though USD traded within a narrower

The US official employment report showed the US economy added 315K jobs in August, slightly above expectations of 300K; the unemployment rate rose unexpectedly from 3.5% to 3.7%. According to analysts at Wells Fargo, today’s data in isolation tilt the scales toward a 50 basis points interest rate hike at the Fed’s September meeting but

Next week, the Bank of Canada will have its monetary policy meeting. Market consensus is for an increase in the key rate to 3.25%. Analysts at TD Securities look for the BoC to deliver a 75 basis point hike, bringing rates into restrictive territory. They see little incentive for smaller hikes CPI running well above

Short Term Elliott Wave View in GDX suggests rally to 26.40 ended wave (2). Wave (3) lower is in progress to complete a cycle from August 25th, 2022 high. Internal subdivision of wave (2) unfolded as a double three Elliott Wave structure. Up from wave (1), wave ((a)) ended at 25.23 and pullback in wave ((b))

Copper futures are nosediving due to fears of a worldwide economic slowdown, weighed by China’s PMI and other lockdowns in a 21.1 million city. Negative divergence in Copper’s daily chart, alongside fundamental, sent prices below the 20 and 50-DMA. Copper futures are dropping to two-month lows at $3.4165, down almost 3%, on fears that China’s

GBP/USD is declining sharply again. Economists at Credit Suisse assess the next major support levels should the pair break below their long-held core bearish objective at 1.1500/1.1409.  Resistance at 1.1902 ideally caps “GBP/USD has seen a clear break of the 1.1760 July low as expected and we stay bearish for a move to our core

USD/CHF extends its rally to four straight days, refreshed seven-week highs. Solid resistance lies around the confluence of a top-trendline of an ascending channel and a psychological price level of around 0.9800. The USD/CHF advances sharply after hitting a daily low at 0.9726. in the North American session, the USD/CHF is trading at 0.9758 after hitting

In the opinion of FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, GBP/USD still risks a deeper pullback in the short term. Key Quotes 24-hour view: “Our expectations for GBP to ‘trade sideways’ yesterday was incorrect as it plummeted to a low of 1.1622 during NY session. While the rapid drop

The EUR/GBP accelerated the move to the upside and jumped to 0.8601, reaching the highest level since July 6. While the euro is among the best performers, the pound is under pressure amid risk aversion. Read More… The GBP/USD pair struggles to capitalize on its modest intraday uptick to the 1.1760 area and the previous YTD

Open interest in gold futures markets rose for the second session in a row on Monday, this time by just 454 contracts according to preliminary readings from CME Group. On the other hand, volume reversed two consecutive daily builds and shrank by around 24.3K contracts. Gold: Next on the downside comes $1,711 Gold prices charted

USD/MXN fails to break key resistance near 20.20. Break above 20.20 to give momentum to the dollar. Price continues to consolidate around 20.00. The USD/MXN is flat on Monday as it pulled back after reaching the highest level in almost a week at 20.16. The pair tested a critical resistance area around 20.17, the convergence

Gold price is set for fresh selling as Fed declares no bar on interest rates. As per market estimates, the US economy generated 290k jobs in August. The gold prices have slipped below the 61.8% Fibo retracement placed at $1,729.35. Gold price (XAU/USD) is displaying a less-confident pullback move after printing a fresh monthly low of