Australian Dollar has suffered extended declines in recent sessions as RBA gains slowly fade. PMI figures from Australia reveal weaker-than-expected data. Fragility in the Australian economy seems to be driving demand off the Aussie. In Friday’s session, the Australian Dollar (AUD) intensified its losses against its peers. The AUD/USD duo has been testing its notable
The USDJPY has lifted back to the upside and is back above the 159.00 level after the stronger-than-expected S&P/global manufacturing and services index flash data. The high price traded up to 159.206. That gets it to 100 pips short of the 2024 high price at 160.208. That I was the highest level going back to
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Crude oil futures slid in early trade on Friday on the prospect of higher-for-longer interest rates in Asia and the United States, while falling U.S. oil inventories kept prices from moving lower. Brent futures for August delivery dipped 11 cents to $85.60 a barrel by 0013 GMT, while U.S. crude was down 9 cents to
Wall Street advanced during this holiday-shortened trading week, with the S & P 500 and Nasdaq both reaching new all-time highs in the first half of the week before pulling back some. The S & P 500 and Nasdaq were able to finish the week slightly higher. The Dow , which had recently come off
Gold reverses gains after hitting daily high of $2,368, down more than 1.70%. Strong US S&P Global PMI data boosts the US Dollar, with the DXY rising 0.14% to 105.80. Mixed US economic data keeps Fed rate cut speculation alive. Gold prices reversed course on Friday, moving down more than 1.70%. Economic data from the
Yen ended as the runaway loser last week as its decline reaccelerated towards the end. With the crucial 160 level against Dollar now within reach, market participants are keenly watching to see if Japan will intervene soon to prop up the Yen, or just let it depreciate further. Swiss Franc was the second weakest currency
The AUDUSD this week traded down to test a swing area between 0.6575 and 0.6590. The subsequent move to the upside then tested the high of a swing area between 0.6677 and 0.66896 (see the chart below). Staying with the confines of the “red box” where most of the trading has taken place over the
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
After a brief pause, silver prices remained in the limelight followed by feeble US economic numbers, which fuelled hopes that the US Federal Reserve would cut interest rates this year. In the key domestic futures market, prices were placed well above Rs 90,000 a kg level while it crossed the key $30-level mark in the
Norges Bank kept rates steady at 4.5%, as expected. The bank is delaying the easing to Q1 of 2025. As long as the NB policy diverges with its peers the NOK might see further upside. On Friday, the USD/NOK recovered towards 10.575 and cleared most of Thursday’s losses. That being said, the NOK is holding
As markets await rate decisions from SNB and then BoE today, both Swiss Franc and Sterling are trading largely within established ranges. SNB’s decision is particularly uncertain, with a close call on whether they will implement a second consecutive rate cut. If SNB opts to hold rates steady, Swiss Franc could see notable gains, especially
As the clock ticks to the end of the trading week, the USDCAD has moved higher after reaching a new low for the week earlier in the trading day. On the way to the low, the price did move back below its 200 bar moving average on the 4-hour chart at 1.3687. It also fell
The week is coming to a close with the USD being the strongest of the major currencies. The JPY is the weakest.The gains in the greenback today were helped by stronger-than-expected flash PMI data that saw services index rise to 55.1 vs 53.7 expected, and the manufacturing rise to 51.7 above estimate of 51.0. For
Crude prices eased about 1% on Friday on worries that global oil demand growth could be reduced by a strong U.S. dollar and negative economic news from some parts of the world. Prices declined despite signs of improving U.S. oil demand and falling fuel inventories that boosted crude prices to a seven-week high a day
A worker assists with checkout at a Costco store in Teterboro, New Jersey, on Feb. 28, 2024. Stephanie Keith | Bloomberg | Getty Images Retail spending was weaker than expected in May as consumers continued to wrestle with stubbornly higher levels of inflation. Sales rose just 0.1% on the month, one-tenth of a percentage point
Central bank events in Europe gave the Dollar some support on Thursday, Francesco Pesole, FX Strategist at ING argues. DXY may trade closer to 106.00 “The surprise rate cut by the Swiss National Bank and a dovish hold by the Bank of England reinforced the notion that central banks in Europe are way ahead of the
Euro fell notably today, along with decline in Eurozone government bond yields, following weaker-than-expected PMI data. Political instability in France is negatively impacting business activity, while Germany’s economic recovery has lost momentum. At the same time, surge in Germany’s services inflation pressures suggests that ECB is unlikely to implement back-to-back rate cuts in July. The