FX

Silver price prepares to finish the week with losses of 0.64%. Fed’s Chair Powell reiterated the US central bank goal of bringing inflation down, even if it generates “pain to households and businesses.” Upbeat US economic data weighed on the white metal prices, plummeting more than $0.30. Silver price tumbles from around weekly highs around

EUR/GBP prepares to finish the week almost flat, compared to last week’s marginally down 0.06%. The cross-currency pair is range-bound in the 0.8400-0.8490 area, though risks are skewed to the upside. A EUR/GBP break of 0.8500 could put a re-test of the YTD high into play. The EUR/GBP advances to fresh weekly highs, above the

NZD/USD plunges more than 1% on Friday, in a risk-off mood. Powell said it would “bring some pain to households and businesses” in achieving the Fed’s 2% goal. US inflation readings show signs of peaking while US consumer sentiment improves. The NZD/USD dropped to fresh weekly lows of 0.8150 on Friday, following hawkish remarks by

USD/CHF bounces from weekly lows, set to finish the week with gains of 0.73%. From a daily chart perspective, the USD/CHF has nowhere to go; it would likely remain in consolidation. Near-term, a symmetrical triangle in the USD/CHF 4-hour chart targets 0.9767. The USD/CHF stages a comeback after hitting weekly lows around 0.9577 earlier in

The University of Michigan Surveys of Consumers Sentiment was revised upwards in August, with the final print arriving at 58.2 vs. the preliminary reading of 55.1 and 55.2 expected. Additional takeaways University of Michigan Surveys of Consumers Current Conditions Index Final Aug 58.6 vs. Prelim Aug 55.5 and Final July 58.1. University of Michigan Surveys

USD/JPY pares the biggest daily loss in two weeks inside a bullish chart pattern. Firmer RSI adds strength to the bullish bias, 100-SMA offers additional hurdle. Convergence of 200-HMA, fortnight-old ascending trend line appears key support. USD/JPY picks up bids to refresh intraday high near 136.80 during Friday’s Asian session. In doing so, the yen

GameStop stock falls again on Wednesday as market turns risk-off ahead of Jackson Hole. GME suffering from the backlash against Ryan Cohen for exiting his BBBY stake. GME stock also suffering as retail momentum begins to dry up. UPDATE: GameStop stock is off 2% at $31.86 one hour into Thursday’s session. The videogame retailer has traded between $31.72

GBP/JPY takes offers to refresh intraday low, down for the second consecutive day. Market sentiment improves on mixed US data, China stimulus. Cautious optimism of Japan government, challenges for BOJ’s easy money policy seem to underpin JPY strength of late. A light calendar keeps risk catalysts in the driver’s seat, Jackson Hole in focus. GBP/JPY

AUD/USD has failed to sustain above 0.69. But economists at Rabobank expect the pair to move back higher towards 0.71 over the coming months. Aussie to catch its breath “Going forward Australian growth is set to slow. The central bank forecasts growth at 3.25% over 2022, underpinned by growth in consumption and a recovery in

EUR/USD takes offers to renew intraday low, reverses the bounce off multi-year low. US data triggered USD pullback, statistics from Germany, Eurozone appeared mixed and helped EUR to pare recent losses. Fears of economic slowdown, hawkish Fedspeak weigh on the prices amid sluggish session. US data should be watched for proof of recession in the

Here is what you need to know on Tuesday, August 23: The meme stock massacre looked to be continuing on Monday as AMC Entertainment (AMC) stock opened with a 40% loss, but including the APE shares the combined holding closed higher on the day. The recent risk aversion did expand with the main indices losing 2% or more

Oil prices have scaled to near $91.00 on growing supply worries after OPEC signaled production cuts. PBOC’s dovish stance on PLR will improve the oil demand in China ahead. Fed chair Jerome Powell may discuss a slowdown in the pace of hiking interest rates at Jackson Hole. West Texas Intermediate (WTI), futures on NYMEX, has

Chicago Fed National Activity Index moved into positive territory in July. US Dollar Index clings to daily gains above 108.00 after the data. The Federal Reserve Bank of Chicago’s National Activity Index (CFNAI) improved to 0.27 in July from -0.25 (revised from -0.19) in June. “The CFNAI Diffusion Index, which is also a three-month moving

Reuters reports that the Reserve Bank of New Zealand Deputy Governor Christian Hawkesby said on Monday that policymakers had “certainly considered 25 or 75” basis point increases before ultimately deciding to raise the cash rate by 50 basis points (bps). Hawkesby told Reuters in a phone interview that if the committee thought that market pricing

The gold price plunged 3% in the week, despite investors’ perceived dovishness of July’s FOMC minutes. US central bank policymakers continued their campaign against inflation, even though they acknowledged downside risks to growth. Gold Price Analysis (XAU/USD): Break below $1750 opened the door towards the $1711-$1739 range. Gold price drops for the fifth-consecutive day, set to

AUD/USD plunged more than 0.50% on Friday amidst a buoyant greenback. The major slid in each day of the week; losing between Monday-Wednesday almost 3%. A break below 0.6869 clears the path towards 0.6800, followed by 0.6718. The AUD/USD refreshed four-week lows preparing to finish the week with hefty losses, equal to 3.50%. The Aussie

EUR/USD prepares to finish the week with hefty losses above 2%. Fed officials insist it’s not time to declare “victory” while adding that further rate hikes are coming. ECB Schnabel and Kazaks expect another rate hike in September. The EUR/USD slides for the second consecutive day due to broad US dollar strength, courtesy of a

Richmond Federal Reserve Bank President Thomas Barkin said on Friday that FOMC policymakers had “a lot of times still” before they decide on the size of the September rate increase, as reported by Reuters. Additional takeaways “Fed will need to move rates to restrictive territory but will take signal from the economy on how high that