Dow falls 946 points at the low The major indices are all closing lower but off their lowest levels Russell 2000, Dow transports down 10+ percent from the highs NASDAQ down for the fifth consecutive day. Longest losing streak since October 2020 Energy sector sags as oil prices tumble. Crude oil has its worst day
Technical Analysis
USD/CAD hits 1.2800 for the first time since 5 February Invest in yourself. See our forex education hub. The pair is running into some resistance and position covering at around 1.2800 as it falls back to 1.2770-80 levels currently. The dollar is still keeping rather resilient across the board alongside the yen, as risk sentiment
USD/CAD breaks last week’s high USD/CAD is trading at a three-month high as the market grapples with a strong US dollar, a fading reflation trade and fallout from yesterday’s Bank of Canada decision. There were no clear sell signals for the loonie in any of those events but positioning in CAD was crowded and a
GBP/USD falls to 1.3805, keeps more sluggish to start the day The pair hit a high of 1.3898 yesterday after more hawkish remarks by BOE policymaker, Michael Saunders. In case you missed it, you can check them out here. Invest in yourself. See our forex education hub. There was a bit of a pullback after
The range for the week continues to hold Invest in yourself. See our forex education hub. Sellers tried testing waters just below 1.3800 earlier, with the low touching 1.3793 for a brief moment before a turnaround now to a session high of 1.3850. The bounce takes the pair back towards the 100-hour moving average (red
Only one thing can explain the broad market moves this month If you start with the assumption that the pandemic doesn’t matter to markets — and it hasn’t for a year — then the broad price action and macro picture doesn’t make sense. Talk of a Fed policy error or bottleneck problems or anything else
Keep on knocking and they’ll eventually let you in Cable is down 63 pips to the low of the session at $1.3765. That’s the worst level of the week and it will leave GBP/USD just above the cluster of lows that stretches down to 1.3731. If that gives way then the March-April double bottom of
NZD/USD holds above 0.7000, trades near the highs at 0.7025 Growing expectations of a RBNZ rate hike next month is fueling a move higher in the kiwi, with NZD/USD up 0.6% today to 0.7025 currently. The pair is once again looking to try and hold a break above 0.7000 but after the failure to hold
WTI pressured late Oil attempted to get off the floor a few times today and was doing a decent job of it until the latest round of broad risk aversion hit and sent it back towards session lows just ahead of settlement. Ultimately, crude settled at $71.65, down $1.48. Nearly all of the selling came
USD/JPY down 0.2% at 109.75 With Treasury yields keeping lower on the day, it is seeing the yen hold firmer ground so far in European morning trade as USD/JPY keeps below 110.00. The low today hit 109.72 and that nears a test of daily support from the 21 June low @ 109.71. That will be
Gold up $18 I think the reflation trade is about to come back to life as infrastructure comes into focus and Powell emphasizes patience on tapering/raising rates. The bond market also offering a helping hand with 30-year yields giving it all back today, down 5.5 bps to 1.98%. Technically, it’s stalled out right at the
NZD/USD falls back below 0.7000 Invest in yourself. See our forex education hub. The RBNZ produced a more hawkish tilt earlier in the day, signaling an end to QE and setting the platform to raising rates perhaps at next month’s policy meeting. That sent the kiwi soaring with NZD/USD jumping to as high as 0.7030
WTI clears a key technical level WTI crude oil is now up nearly $1 on the day to $75.03. The $75 level isn’t just psychological. It clears a double top made in the past week as well as the 61.8% retracement of last week’s swoon. This is a good sign for bulls, who have been
EUR/USD a little lower to 1.1845-50 but holds above key near-term levels Invest in yourself. See our forex education hub. The range for the day is stretching a little but the overall move is still relatively light, all things considered. The pair is seen on the retreat from 1.1875 to a low of 1.1842, testing
GBP/USD down 50 pips to 1.3849 currently Invest in yourself. See our forex education hub. The pair had a great showing on Friday, erasing the week’s losses altogether in a push to the week’s high of 1.3900 at the time. The opening levels today stuck there but there has been a steady retreat since –
The dollar is slightly higher going into European trading The ranges for the day are still relatively narrow, but they are beginning to stretch a little with EUR/USD easing from 1.1870 to 1.1857 (still sitting in a 22 pips range though). The greenback is also seeing mild gains against the pound and franc, while holding
USD/CAD helped by oil decline Oil is at the lows of the day at $71.48 in a dramatic turnaround from $76.98 just over 24 hours ago. The drop in crude and broad US dollar bid have combined to boost USD/CAD to 1.2514, but 50 pips on the day. The pair is trading at the highest
USD/CAD pushes for more gains after yesterday’s turnaround Invest in yourself. See our forex education hub. The turnaround and further retracement in oil prices yesterday helped to flip the loonie on its head, as USD/CAD went from being lower in European trading to pushing back towards 1.2500 in North American trading. The pair closed below