Japanese Yen registered notable slump today, recording a new low for the year against Dollar, a move driven largely by ascending benchmark yields in the US and European markets. Meanwhile, sentiment in risk markets appears to be on the upswing, partly propelled by encouraging economic data emerging from China, fostering an environment where commodity currencies
Share: The dovish ECB hike and another round of strong US activity data sent the Dollar on another rally on Thursday. Economists at ING analyze Greenback’s outlook. Risks remain skewed towards further strengthening in the near term The next resistance for DXY is the 105.85 March high: beyond that, it would explore levels last seen
USDCAD falls to new session lows The USDCAD is trading to a new session alone in the process is testing a swing area between 1.3494 and 1.35039. Below that is the September 1 low at 1.34889. Get below those levels and traders will start to think about the 200 day moving average down at 1.3464
MCX Gold traded in the green in the opening trade on Friday despite weakness in the international prices. The domestic yellow metal prices were up, aided by the uptick in greenback which made dollar-priced commodities expensive. The MCX October gold futures were trading up by Rs 106 or 0.18% from the Thursday closing price at
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Australian Dollar rises broadly today, as lifted by stronger than expected headline employment data. But the details are less impressive, as the vast majority of job growth were part-time, while hours worked decline. That’s nonetheless welcome news for RBA, as the job markets while starting to cool, appeared to have absorb prior rate hikes well.
Two more top executives are leaving Binance.US, one day after the departure of CEO Brian Shroder and the layoff of a third of its staff, The Wall Street Journal reported. Binance.US is the United States offshoot of the international cryptocurrency exchange. Head of legal Krishna Juvvadi and chief risk officer Sidney Majalya were said to
Share: XAG/USD declined to a low of $22.30 but settled at $22.60. Indicators on the daily chart near oversold conditions. Fundamentals favour more bearish movements. In Thursday’s session, the Silver spot price XAG/USD declined but defended the critical resistance at $22.30 and closed the session at $22.60. However, the bearish momentum persists, and fundamentals back
The ‘sell the fact’ mode continues in the euro. The surprise rate hike was priced in after the leak on Monday and now the sellers are arriving with ECB President Christine Lagarde strongly suggesting that the central bank is done hiking rates. A close below the 1.0635 level would confirm a fresh leg lower.
Oil rebounded on Thursday, with Brent crude topping $93 a barrel for the first time this year, as expectations of a tighter supply outlook for the rest of 2023 overshadowed concerns over weaker economic growth and rising U.S. inventories. Saudi Arabia and Russia’s extension of oil output cuts will result in a market deficit through
AI image Canadian Prime Minister Justin Trudeau is watching his popularity plummet. The country is two years away from an election unless his coalition partners in the NDP want to pull the plug but waiting isn’t likely to do him any good. The nation has completely soured on his plans to add 1 million immigrants
In a twist of events today, Euro takes a considerable hit following ECB’s dovish rate hike which communicated a possibly peak in the tightening cycle. The downgrading of core CPI and GDP growth forecasts for the coming years – 2024 and 2025 – further aggravates the descent. This bearish sentiment spills over to Sterling and
A shopper peruses the meats section of a grocery store on September 12, 2023 in Los Angeles, California. Mario Tama | Getty Images Inflation at the wholesale level rose more than expected in August, countering recent data showing that price increases have tempered lately. The producer price index, a measure of what producers get for
Share: Kit Juckes, Chief Global FX Strategist at Société Générale, analyzes EUR/USD outlook ahead of the ECB meeting and US Retail Sales. Short Cable for the ECB? A 25 bps ECB hike and a clear indication of a pause would risk leaving the Euro in a range, especially if US Retail Sales aren’t strong. ECB
Yesterday, the US CPI report came basically in line with expectations as the market was already expecting higher energy prices to push up the August inflation readings. The Core measure, which is what the Fed is focused on, was in line with forecasts with the monthly figure just a touch higher than expected. The core
Gold traded in the red on Thursday after US retail inflation accelerated, though lower than what was anticipated raising odds for another rate hike. While the jury is still out on whether the Fed will do it in its upcoming monetary policy meeting next week. However the losses were capped on account of slippages in
The report is via Reuters, citing two sources with knowledge of the matter. It is said that the PBOC has asked some of the big banks to refrain from immediately squaring their market positions and to let it run open in order to alleviate further downside pressure on the Chinese yuan. Adding that the banks
In Asian trading session today, the forex markets remained steady with no significant movements outside of yesterday’s range among major pairs and crosses. Sterling stood slightly firmer, holding much anticipation for the forthcoming UK employment data, notably the insights on wage growth which can potentially delineate its next significant move. In contrast, Euro presented a