2023-11-27 09:20

EUR/USD continues the winning streak, hovering below the psychological level at the 1.0950 level during the Asian session on Monday. The Euro receives upward support, which could be attributed to the weaker US Dollar (USD) following the mixed US S&P Global PMI data. (FXStreet) USD/JPY lowers by almost 0.30%, trading near 148.90 during the early European session on Monday. The USD/JPY pair's decline is attributed to market speculation suggesting that the US Federal Reserve (Fed) could potentially adopt a more accommodative monetary policy in the coming year. (FXStreet) The GBP/USD pair kicks off the week in a positive mood above 1.2600, the highest level since late August during the early Europen session on Monday. The uptick of GBP/USD is bolstered by the stronger-than-expected UK S&P Global/CIPS PMI data for November and the softer US Dollar (USD). The pair currently trades near 1.2610, unchanged for the day. (FXStreet) USD/CAD recovers the recent losses registered in the previous session. The USD/CAD pair trades higher near 1.3660 during the Asian session on Monday. The decline in Crude oil prices weighs on the Canadian Dollar (CAD). Western Texas Intermediate (WTI) price continues the losing streak that began on Wednesday, bidding lower around $75.00 per barrel, by the press time. (FXStreet) The NZD/USD pair snaps the two-day winning streak during the Asian trading hours on Monday. Investors await the Reserve Bank of New Zealand (RBNZ) monetary policy meeting on Wednesday, which is likely to keep the Official Cash Rate (OCR) at 5.50%. The pair currently trades near 0.6063, down 0.38% on the day. (FXStreet) Indian Rupee (INR) edges lower on Monday amid US Dollar (USD) demand. IPO-related inflows offered some support to the Indian rupee last week, but the INR struggled to gain ground as the sustained Dollar demand from domestic firms kept the pressure on. Underlying growth trends continue to look robust in India, with activity underpinned by domestic consumption. (FXStreet) On Monday, the People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead at 7.1159 as compared to the previous day's fix of 7.1151 and 7.1461 Reuters estimates. (FXStreet) Prices of the WTI extended their downtrend on Friday amidst rising open interest, which leaves the door open to the continuation of this move to, initially, the area of November lows near the $72.00 mark per barrel (November 16). (FXStreet) Prices of natural gas dropped to multi-week lows around $2.800 on Friday, extending the monthly retracement for the third week in a row at the same time. The daily pullback was accompanied by increasing open interest, exposing further weakness in the very near term and with immediate contention at the key 200-day SMA near the $2.600 mark per MMBtu. (FXStreet) Gold price maintains its position above $2,010 per troy ounce during the European session on Monday. The US Dollar's (USD) weakness, fueled by increasing speculation that the Federal Reserve (Fed) has concluded its interest rate hikes, has proven advantageous for the yellow metal. Gold price has benefited from this trend, alongside indications of a global economic slowdown. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-11-24 09:04

The Japanese Yen strengthens a bit on Friday amid hawkish BoJ expectations. A weaker risk tone further benefits the JPY's safe-haven status against the USD. The JPY bulls seem unaffected by softer domestic Core CPI print and PMI data. (FXStreet) USD/CAD extends gains ahead of Canada’s Retail Sales release. The recovery in Crude oil prices could support the Canadian Dollar. US S&P Global PMI data is expecting a slight decline in November. (FXStreet) EUR/USD loses ground as US Dollar attempts to rebound. Technical indicators suggest revisiting the major level at 1.0950 near the three-month high. The nine-day EMA at 1.0867 could act as the key support followed by the major level at 1.0850. (FXStreet) NZD/USD receives upward support after support from upbeat Kiwi Retail Sales data. The new Chinese stimulus plan has given a boost to market sentiment. The increase in US Treasury yields could support the US Dollar. (FXStreet) GBP/USD gains traction near 1.2540 ahead of the US PMI data. The pair holds above the 50- and 100-hour EMA; the RSI indicator stands in bullish territory above 50. 1.2550 will be the first resistance level; the critical support level will emerge at 1.2525. (FXStreet) Australian Dollar could extend gains on the hawkish tone of RBA Governor Bullock. Australia’s chief policymaker highlighted that the inflation challenge is fueled by domestic demand. US Dollar receives downward pressure from the growing likelihood of further rate hikes by the Fed. Improved US Treasury yields could provide support for the Greenback. (FXStreet) USD/CHF could register losses on the less likelihood of Fed interest rate hikes. Swiss Franc could lose ground as SNB reduced foreign currency reserves to a seven-year low. Improved US Treasury yields attempt to push the US Dollar into positive territory. (FXStreet) GBP/JPY meets with some intraday sellers following an intraday uptick to over a one-week top. Bets for a shift in BoJ’s policy stance and a softer risk tone benefit the JPY, exerting pressure. BoE Governor Bailey’s hawkish remarks earlier this week and the upbeat UK PMIs to limit losses. (FXStreet) UR/GBP attracts some sellers around 0.8700 ahead of the German GDP data. Eurozone Manufacturing PMI hit a six-month high, climbing to 43.8 vs. 43.1 prior. UK composite PMI surges unexpectedly in November, rising to 50.1 in November vs. 48.7 prior, above the market consensus. Traders await the German GDP Q3 and IFO Survey on Friday. (FXStreet) USD/MXN faces a challenge as the Fed is expected to have ended policy-tightening. The recent hawkish FOMC minutes might have limited the losses of the US Dollar. Banxico minutes revealed the importance of keeping rates higher to bring inflation to its target. (FXStreet) Indian Rupee edges lower amid the recovery in USD. Many analysts predicted Q2 Indian GDP to expand faster than the RBI's 6.5%. Investors will monitor the US S&P Global PMI ahead of India’s quarterly growth numbers next week. (FXStreet) SARB keeps rates at 8.25% since their last hike in May 2023. Low trading volumes today will likely extend throughout the remaining trading session. USD/ZAR hovers around key resistance. (DailyFX) WTI prices post modest gains near $76.50 ahead of US PMI data. OPEC+ confirmed to hold their next meeting on November 30 virtually. US crude oil inventories increased by 8.70M barrels last week vs. 4.60M barrels gain prior. US S&P Global PMI data will be in the spotlight on Friday. (FXStreet) The index extends the consolidative theme near 103.70. Low volatility should persist following the Thanksgiving Day holiday. Advanced Manufacturing and Services PMIs are next on tap. The USD Index (DXY), which gauges the greenback vs. a bundle of its main competitors, extends the weekly consolidative mood below the 104.00 hurdle on Friday. (FXStreet) Gold price extends its sideways consolidative move through the early European session. A goodish pickup in the US bond yields is seen acting as a headwind for the XAU/USD. The Fed rates uncertainty and a softer risk tone lend some support to the precious metal. (FXStreet) Silver oscillates in a narrow trading band for the second successive day on Friday. Bullish oscillators on the daily chart support prospects for some short-term gains. A breakout through an ascending trend line is needed to confirm the bullish bias. (FXStreet) Bitcoin Remains Below the $38k Mark as Rangebound Trade Continues. Crypto Industry Relatively Calm Despite Record Breaking Binance Fine and New CEO for the World’s Largest Crypto Exchange. Coinbase Appears to be an Unlikely Winner as it Continues to Advance. (DailyFX) Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-11-23 09:41

USD/CAD weakens due to the likelihood of no more rate hikes by the Fed. Downbeat Crude oil prices could limit the advances of the Canadian Dollar. WTI prices declined as the OPEC+ meeting delay introduced uncertainty over the magnitude of additional supply cuts. UoM Consumer Sentiment poll revised annual inflation expectations from 4.4% to 4.5%. (FXStreet) NZD/USD gains ground as the market prices out the possibility of any rate hike by the Fed. Technical indicators suggest a bullish sentiment to revisit the three-month high aligned with the 0.6100 psychological level. A decisive break below 0.6050 could lead the pair to navigate the 23.6% Fibonacci retracement. (FXStreet) EUR/USD gains strong positive traction and draws support from a combination of factors. Fed rate cut bets drag the US bond yields lower and prompt fresh selling around the USD. The German PMIs ease fears of a deeper economic downturn and lift the shared currency. (FXStreet) GBP/USD moves above the 1.2500 level while recovering recent losses. The pair's bulls could explore the 1.2550 major barrier as technical indicators suggest strong momentum. Seven-day EMA appears as a key support aligned with the 1.2450 major level near to the weekly low. (FXStreet) USD/CHF retraces recent gains as SNB repatriates the Swiss Franc. SNB's currency reserves reduced to a seven-year low of CHF 657 billion as of October. Traders are cautious as recent US data raised the likelihood of further tightening by the Fed. (FXStreet) AUD/USD loses traction around 0.6538, up 0.04% on the day. Australian Judo Bank Manufacturing PMI for November came in at 47.7 vs. 48.2 prior; Services PMI eased to 46.3 vs. 47.9 prior. The University of Michigan Consumer Sentiment Index came in at 61.3 from an initial reading of 60.4. (FXStreet) USD/MXN moves sideways following the upward revision of US inflation expectations. UoM Consumer Sentiment poll revised inflation expectations for one year to 4.5% from 4.4%. Mexico Retail Sales decelerated from 3.2% to 2.3% annual growth in September. (FXStreet) Indian Rupee loses ground despite the weaker USD, lower oil prices. RBI’s Das said the Indian Rupee has witnessed “low volatility” and orderly movements as compared to its peers. Das estimates India's real GDP to grow by 6.5% in fiscal years 2023-24 and 2024-25. (FXStreet) EUR/JPY remains capped below 163.00 ahead of the Eurozone PMI data. The cross maintains a positive outlook above the 100-hour EMA; RSI indicator is located in the bullish territory above 50. The key resistance level is located at the 163.00–163.10 zone; 162.10 acts as an initial support level for EUR/JPY. (FXStreet) EUR/GBP holds positive ground around 0.8720 ahead of Eurozone, UK key data. ECB President Christine Lagarde said the discussion about rate cuts is premature. BoE Governor Andrew Bailey stated that the Middle East conflict could add to the risk that inflation could go back up. Traders will closely monitor the Eurozone and UK PMI data on Thursday. (FXStreet) AUD/JPY remains bullish in the near term after bulls reclaimed the Kijun-Sen, eyeing 98.00. If the cross drops below 97.50, the AUD/JPY could challenge 97.00, ahead of dropping below 96.50. (FXStreet) The GBP/JPY is trading into the high side near the 187.00 handle. The Pound Sterling saw light gains on Wednesday, setting a new weekly high. Japanese markets to be dark on Thursday in observation of Labor Thanksgiving Day. (FXStreet) The USD/NOK rallies 0.75% upwards, navigating near the 10.750 level. The US Dollar pushes higher on robust Jobless Claims data and steady expectations of inflation revealed by the UoM. (FXStreet) WTI prices lose ground near $76.20 amid concern about global crude oil supplies. OPEC+ unexpectedly delayed a meeting on production cuts from November 25–26 to November 30. US S&P Global PMI data on Friday will be in the spotlight. (FXStreet) Gold price regains positive traction on Thursday amid the emergence of fresh USD selling. Dovish Fed expectations drag the US bond yields lower and exert some pressure on the buck. The XAU/USD needs to move beyond the $2,010 barrier for bulls to seize near-term control. (FXStreet) Silver price loses some territory for the second time in the week, down more than 0.50%. High US Treasury bond yields and XAG/USD’s failure to climb above $24.00 would pave the way for a pullback. If XAG/USD retraces past the 200-DMA, sellers target $22.70. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-11-22 10:06

GBP/USD halts a three-day winning streak as the Greenback rises. Fed will tighten policy even more If the inflation target is not met. BoE Governor Bailey brushed down rumors that the BoE may start loosening its policies by June 2024. (FXStreet) EUR/USD strengthened as ECB President Lagarde stated that it is premature to declare victory over inflation. The pair could re-attempt to reach the 1.1000 psychological level as technical indicators support the upward trend. The psychological level at 1.0900 acts as the immediate support backed by the seven-day EMA at 1.0874. (FXStreet) USD/CAD attracts fresh buyers on Wednesday and draws support from a combination of factors. Softer Canadian CPI undermines the Loonie and acts as a tailwind amid a modest USD strength. The mixed technical setup warrants caution before positioning for a firm near-term direction. (FXStreet) NZD/USD retreats from the three-month high at 0.6086. US Dollar gains ground on improved US bond yields. Fed is open to tightening policy further if the inflation target fails to be met. The positive China’s outlook supports the rise in the New Zealand Dollar. (FXStreet) AUD/USD loses traction around the mid-0.6500s in early Wednesday. The FOMC showed members agreed policy to remain at a restrictive stance for some time until inflation moves down toward the objective. The November RBA Board meeting showed a hawkish tone with a focus on risk management along with a data-dependent approach. Market players will focus on the Australian Westpac Leading Index for October ahead of the RBA’s Bullock speech. (FXStreet) USD/CHF halts a losing streak on the likelihood of further policy tightening by the Fed. Nine-day EMA appears as the key barrier followed by the 0.8900 psychological level. A break below the 0.8850 level could push the pair toward three-month lows. (FXStreet) USD/MXN gained ground on hawkish FOMC minutes. FOMC committee could raise interest rates further if data fails to show progress toward the inflation target. Markets expect that Mexican Retail Sales will show a rise on Wednesday's release. (FXStreet) EUR/JPY gains traction around 162.35, gaining 0.26% on the day. The bullish outlook remains intact, as the cross still holds above the key 100-hour EMA. The key resistance level is located at 163.00; 161.62 acts as an initial support level for EUR/JPY. (FXStreet) GBP/JPY oscillates in a range on Wednesday and is influenced by a combination of diverging forces. Speculations that the BoJ will soon end its negative rates policy lend support to the JPY and cap gains. The overnight hawkish remarks by BoE’s Bailey continue to underpin the GBP and limit the downside. (FXStreet) AUD/JPY halts a three-day losing streak, forming a 'gravestone doji' pattern, indicating potential trend reversal. Despite global risk aversion, RBA's hawkish minutes provide support; the AUD/JPY may resume uptrend after dropping to five-day low. Technical analysis suggests a neutral to slightly upward trajectory, with key resistance and support levels in focus for short-term direction. (FXStreet) NZD/JPY showcases 0.25% gains, marking a strong start to the week. Bulls are command on broader timeframe with the pair above the 20,100,200-day SMAs. On the shorter time frames, bulls are gathering traction. (FXStreet) Indian Rupee loses traction amid the renewed USD demand. The Ministry of Finance stated that they remain on high alert over inflationary risks. Market players await the US Jobless Claims Durable Goods Orders and UoM Consumer Sentiment survey. (FXStreet) Rand remains buoyant on weaker USD and positive leading business cycle figures. FOMC minutes to come later today. Bullish divergence progressing off long-term support. (DailyFX) Crude oil prices face pressure due to a large buildup of US Crude oil stockpiles. API Weekly Crude Oil Stock increased by 9.047M barrels from 1.335M barrels prior. OPEC+ is expected to increase its oil production restrictions into 2024. (FXStreet) Gold price gains some positive traction for the second straight day on Wednesday. Bets that the Fed is done raising rates continue to benefit the non-yielding metal. Some follow-through USD buying keeps a lid on further gains for the XAU/USD. (FXStreet) Silver gains positive traction for the second straight day and trades closer to the weekly top. The technical setup favours bulls and supports prospects for a further appreciating move. Move beyond a multi-month-old descending trend line is needed to confirm the positive bias. (FXStreet) Bitcoin Faces a Key Test at the $38k Mark with Another Rejection Likely Leading to a Deeper Retracement. ETF Approval Delay Has Not Had a Negative Impact on Bitcoin Prices Yet as January Eyed for a Decision. Ethereum is Throwing Mixed Signals as the 2124 Handle Holds the Key. (DailyFX) Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-11-21 09:51

USD/JPY moves on the downward trajectory to an eight-week low. 147.00 psychological level appears to be a key support following the 38.2% Fibonacci retracement. A breakthrough above the 148.00 level could support the pair to explore the region near the nine-day EMA. (FXStreet) EUR/USD registered modest gains on Monday and rose above 1.0950 early Tuesday. European Central Bank Governing Council member Francois Villeroy de Galhau said on Tuesday that interest rates have reached a plateau, where they will remain for the next few quarters. (FXStreet) GBP/USD scales higher for the third successive day and advances to over a two-month top. Dovish Fed expectations, sliding US bond yields and a positive risk tone undermine the USD. Technical buying above the 100-day SMA fuels the momentum ahead of the FOMC minutes. (FXStreet) NZD/USD trades higher on the expectation that the Fed has ended its rate-hike cycle. Technical indicators suggest a bullish sentiment to explore the psychological resistance around 0.6100. 23.6% Fibonacci retracement at 0.6004 could act as the support aligned with the nine-day EMA. (FXStreet) USD/CHF moves on a downward trajectory on improved risk appetite. Downbeat US CPI for October leads investors to view rate cuts in 2024. Swiss Franc receives strength on the possibility of more interest rate hikes by SNB. (FXStreet) USD/CAD faces challenges on improved Crude oil prices. WTI improves on speculation that OPEC may decide on more production cuts. CPI Canada is anticipated to have eased at 3.2% in October. (FXStreet) GBP/JPY drifts lower for the fourth straight day and is pressured by a combination of factors. Expectations of a policy shift by the BoJ continue to boost the JPY and drag the cross lower. Bets that the BoE will cut rates in 2024 further contribute to Sterling’s underperformance. (FXStreet) USD/MXN faces challenges on improved risk appetite. Mexico’s mid-November inflation is expected to rise slightly. Downbeat US bond yields contribute to pressure on the US Dollar. Indian Rupee loses momentum on the renewed US Dollar demand. Sustained dollar demand from state-run and foreign banks, overseas outflows, and higher crude oil prices might cap the INR’s upside. The FOMC Meeting Minutes will be in the spotlight on Tuesday. (FXStreet) EUR/JPY loses traction amid the lack of a catalyst in early European session on Tuesday. The bullish outlook remains intact as the cross still holds above the key 100-hour EMA. The immediate resistance level is located at 161.46; the initial support level is seen at 161.60. (FXStreet) WTI prices trade in positive territory for the third consecutive day on Tuesday. Saudi Arabia is planning to prolong oil production cuts of 1 million barrels per day through next year. The concern about a slowing global economy outweighed the prospect of deepening supply cuts by OPEC+. Oil traders will focus on the FOMC Meeting Minutes and US crude oil inventory data. (FXStreet) Gold price gains strong positive traction on Tuesday and climbs to over a two-week top. Dovish Fed expectations, sliding US bond yields and a weaker USD remain supportive. A positive risk tone keeps a lid on any further gains ahead of the crucial FOMC minutes. (FXStreet) XAG/USD attracts fresh buying on Tuesday and reverses the previous day’s slide. The technical setup favours bullish traders and supports prospects for further gains. A move beyond a descending trend-line is needed to reaffirm the positive outlook. (FXStreet) Bitcoin Faces a Key Test at the $38k Mark with Another Rejection Likely Leading to a Deeper Retracement. ETF Approval Delay Has Not Had a Negative Impact on Bitcoin Prices Yet as January Eyed for a Decision. Ethereum is Throwing Mixed Signals as the 2124 Handle Holds the Key. Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-11-20 10:08

GBP/USD scales higher for the second straight day and remains supported by a weaker US Dollar. Dovish Fed expectations and the optimism over Chinese stimulus undermine the safe-haven buck. Bets that the BoE will start cutting rates during the first half of 2024 might cap gains for the major. (FXStreet) EUR//USD rose more than 2% in the previous week and advanced beyond 1.0900 for the first time in over two months. The pair continued to stretch higher toward 1.0950 in the Asian session on Monday but struggled to preserve its bullish momentum. (FXStreet) USD/CAD extends its downside to 1.3700 on the weaker USD. The bearish outlook for USD/CAD remains intact below the 50- and 100-day EMAs. The first upside barrier will emerge at 1.3745; the critical support level is seen at 1.3655. (FXStreet) USD/JPY trades around 149.00 followed by 23.6% Fibonacci retracement. Technical indicators suggest a bearish sentiment to navigate the support region around 146.50. 150.00 psychological level could be the resistance, followed by the nine-day EMA. (FXStreet) Australian Dollar gains ground after China’s interest rate decision. Australia's Dollar receives upward support due to the downbeat Greenback. PBoC kept LPR unchanged at 3.45% as expected. US Dollar plunged on Friday despite upbeat US housing data. (FXStreet) NZD/USD extends gains above 0.6000 on China’s interest rates decision. Kiwi PPI data raises questions about whether the window for a rate hike is closed. PBoC kept benchmark rates unchanged at 3.45%. (FXStreet) USD/CHF continues to lose ground as US bond yields face pressure. Bank of America forecasts higher Fed Funds rates across the curve. Swiss Franc gains strength as SNB could raise interest rates in the future. (FXStreet) USD/MXN extends losses as the Fed is expected to adopt a dovish stance. US Dollar fails to gain despite improved US bond yields. Banxico’s policy decision will be influenced by Mexico's inflation context. (FXStreet) Indian Rupee trades weaker on the rebound in oil prices, USD demand. Global uncertainties will have a limited impact on the Indian economy. Market players will monitor the FOMC Meeting Minutes on Tuesday for fresh impetus. (FXStreet) US oil is down nearly 16% in the last month and over 23% in the last seven weeks as sellers continue to control price action. After touching a $95/bbl. high on September 28th, US crude hit a multi-month low of $72.22/bbl. on Thursday with today’s marginal move higher seen as short closing ahead of the weekend. A decisive break below the 200-day simple moving average, made on Wednesday, now leaves oil vulnerable to further losses. Recent data has weighed on oil and added to the bearish market tone. US continuing jobless claims and initial jobless claims came in higher than forecast on Thursday, while industrial production also fell by more than expected. (DailyFX) Gold price struggles to capitalize on its modest intraday move up to the $1,985 region. Hopes for more stimulus from China boost investors' confidence and act as a headwind. Bets that the Fed is done raising rates undermine the US Dollar and should lend support. (FXStreet) Silver edges lower and retreat further from over a two-month peak touched on Friday. The technical setup supports prospects for the emergence of dip-buying at lower levels. A sustained move beyond a descending trend line is needed to reaffirm the positive bias. (FXStreet) Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.