US Dollar lost ground on lower-than-anticipated Retail Sales figures, which fuel dovish bets on the Fed. Markets are digesting comments from Fed officials for placing their bets on the rate cut cycle. Investors continue challenging the Fed and bet on more than one cut in 2024. On Tuesday, the US Dollar, as measured by the
Swiss Franc breaks higher in early US session as benchmark treasury yields in both the US and Europe plummeted. This rise was partly triggered by US retail sales data coming in much weaker than anticipated. Additionally, investor sentiment in Europe remains fragile due to ongoing political risks in France. On the geopolitical front, Russian President
The AUDUSD has been fluctuating mostly between 0.6575 and 0.66896 over the past 6-7 weeks. This prolonged period of oscillation has led to the near convergence of the 100 and 200 bar moving averages on the 4-hour chart, which are now positioned between 0.66318 and 0.66349. Today, weaker US retail sales data and an RBA
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
MCX Gold August futures contracts on Tuesday opened 0.28% or Rs 200 higher at Rs 71,650 per 10 grams while silver July contracts opened 0.37% or Rs 332 higher at Rs 89,152/kg as both metals traded flat. Gold and silver prices recovered from their lows amid bargain buying at lower levels as domestic and international
Reserve Bank of Australia (RBA) Governor Michele Bullock is due to hold a press conference following the June monetary policy announcement. Bullock will take questions from the press, as part of a new reporting format for the central bank starting this year. At its June policy meeting, the RBA kept the policy rate unadjusted at
The AUDUSD sellers made a play to the get outside of a swing area on the downside at 0.6575. The low price reached 0.6584. that low was also just above the 38.2% retracement of the move up from April at 0.6579. Buyers leaned against the low area. The price has rebounded higher over the last
On Tuesday at 1230 GMT, which is 0830 US Eastern time, we get retail sales for May 2024. Consensus expectations are in the table below. This snapshot is from the ForexLive economic data calendar, access it here. As for the ranges. For Retail sales m/m: While I’m at it, Industrial production will also be a
The dollar drifted lower on Tuesday, extending the previous day’s losses against the euro and sterling, as market jitters over the risks of a far-right French government receded. The U.S. currency failed to get a lift from a rise in Treasury yields overnight, with investors awaiting a key retail sales report and comments from Federal
The forex markets are pretty steady in Asian session today, with Euro stabilizing from its previous sharp sell-off. Meanwhile, Dollar and Yen are posting modest gains. In contrast, commodity currencies showed less resilience, and Swiss Franc surrendered some of its recent strong gains. British Pound demonstrated mixed performance. A noticeable characteristic of today’s market is
Crude Oil’s recovery could start to fade as upside momentum eases, TDS Senior Commodity Strategist Ryan McKay notes. Markets may halt their Brent and WTI buying program “In WTI crude, Commodity Trading Advisors (CTAs) will need to see prices breakthrough $80/bbl to see a continuation of the recent buying program, while liquidations appear to be
The NZDUSD continues the fall from last week’s high. Recall from last week, the price moved higher and extended above swing highs from February 22, March 8, and June 6 up to 0.6215. The high-priced last week extended to 0.6221 but stalled and started the rotation back to the downside. The rotation to the downside
EUR/USD daily Goldman Sachs maintains its EUR/USD forecast at 1.05 for the next 3 to 6 months. The outlook is influenced by potential political uncertainties and the resulting policy divergence, which could weaken the Euro. Key Points: Political Uncertainty Impact: Euro Weakening: Political uncertainty, especially around elections, may erode progress in economic indicators, inviting further
Copper prices slid on Monday after data showed that top consumer China’s industrial output was weaker than expected in May, while a firmer U.S. dollar also weighed on the metal. Three-month copper on the London Metal Exchange was down 1.1% at $9,637 per metric ton as of 0811 GMT, after closing flat last week. The
Australian Dollar declines broadly today, as markets brace for the upcoming RBA rate decision. With the cash rate expected to hold steady at 4.35%, speculation is rife about RBA’s future monetary policy direction. Although the central bank maintains an open stance on rate adjustments, indicating that hikes are still possible, market consensus suggests that further
The Australian Dollar extends decline on the firmer US Dollar in Monday’s Asian session. The hawkish tone of the Fed and challenges in China’s economic recovery weigh on AUD/USD. The RBA interest rate decision on Tuesday will be in the spotlight, with no change in rate expected. The Australian Dollar (AUD) extends downside for the third
The USDCHF rebounded earlier this week in the process extended above the 38.2% retracement of the move down from the May high to the June low. The level came in at 0.8986. However, momentum cannot be sustained in the price started rotation to the downside helped by the weaker CPI on Wednesday. The low for
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