2023-08-22 09:37

Market Update - 21 Aug 2023 GBP/JPY attracts some buying on Monday, albeit struggles to capitalize on the move. Intervention fears, along with a softer risk tone, lend support to the JPY and cap gains. The BoJ-BoE policy divergence favours bulls and should continue to limit the downside. (FXStreet) USD/CAD consolidates and seeks fresh impetus on monetary policies from both countries. BoC adjusted its forecast that a slowdown in inflation would take longer. Traders aim to gather more cues on the economic situation and inflation outlook. (FXStreet) The index extends the corrective move to 103.30. US yields kicks off the week in a positive tone. Markets’ attention will be on the Jackson Hole event. The greenback extends the bearish note into the beginning of the new trading week and drags the USD Index (DXY) to the 103.30 zone. (FXStreet) EUR/GBP gains momentum above the 0.8540 mark on Monday. The annual German Producer Price Index (PPI) for July fell to -6% versus of -5.1% expected. Markets anticipate that the Bank of England (BoW) will maintain a tightening cycle. Investors await Eurozone, UK S&P PMI data for fresh impetus. (FXStreet) USD/JPY consolidates around the 145.15-145.65 region in a narrow trading band. The major pair stands above the 50- and 100-hour EMAs with an upward slope. The immediate resistance level appears at 145.85; he key contention level is seen at 144.90-145.00 region. (FXStreet) EUR/USD recovers some lost ground near 1.0800 ahead of German economic data. The easing Eurozone inflation data alleviated pressure on the European Central Bank to continue rates hike. Investors raise their bets on more rate hikes by the Federal Reserve (Fed) despite the US upbeat data. Traders await the German PPI data, the highlight this week will be Fed Chairman Jerome Powell Speaks. (FXStreet) EUR/JPY gains some positive traction on Monday, albeit lacks strong follow-through. Intevention fears, along with a softer risk tone, lend support to the JPY and cap gains. The BoJ-ECB po. (FXStreet) USD/CHF remains idle at the highest level in six weeks. Bulls and bears struggle for clear directions amid light calendar, cautious mood. China-inspired optimism weigh on Swiss Franc prices but anxiety ahead of Jackson Hole event puts a floor under the price. China news, PMIs act as additional trading filters to watch for clear directions. (FXStreet) AUD/USD kicks off the new week on a softer note and is pressured by a combination of factors. China’s economic woes continue to weigh on investors’ sentiment and the risk-sensitive Aussie. Bets for one more Fed rate hike in 2023 underpin the USD and contribute to a mildly softer tone. (FXStreet) NZD/USD remains depressed at YTD low, down for 10 consecutive days. Kiwi portrays bearish consolidation within weekly pennant, 0.5910 becomes necessary for sellers fresh entry. Buyers remain off the table below fortnight-old resistance line. (FXStreet) WTI crude oil prints three-day uptrend but lacks bullish bias of late. Clear upside break of short-term resistance line, firmer RSI (14) line allows Oil buyers to retake control. 10-DMA checks energy bulls amid bearish MACD signals and cautious mood ahead of Jackson Hole Symposium. PBoC announced rate cuts, China braces for more stimulus to defend economic recovery. (FXStreet) Friday’s downtick in prices of natural gas was accompanied by increasing open interest and volume, exposing the likelihood of further retracement in the very near term. That said, the commodity’s downside still faces decent contention around the $2.50 region per MMBtu. (FXStreet) Gold Price remains bearish at five-month low, lacks momentum of late. Sustained trading below $1,900 upside hurdle, China woes underpin bearish bias about XAU/USD. August PMIs, US Durable Goods Orders and Jackson Hole Symposium will be in the spotlight for clear directions. Central bankers’ hesitance to welcome policy pivot can drag Gold Price further towards the south. (FXStreet) Silver attracts some buyers for the third successive day, though lacks bullish conviction. The intraday technical setup favours bulls and supports prospects for additional gains. A convincing break below the $22.70-65 confluence might negate the positive outlook. (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

2023-08-18 09:51

Market Update - 18 Aug 2023 The EUR/USD pair edges higher during the Asian session on Friday and for now, seems to have snapped a five-day losing streak to a six-week low, around the 1.0855 region touched the previous day. The uptick, however, lacks follow-through, with spot prices currently trading with only modest intraday gains around the 1.0885-1.0890 region, up 0.15% for the day. (FXStreet) The USD/JPY pair loses its traction below mid-145.00s heading into the early European session on Friday. The upbeat Japanese data supports the Japanese Yen against its rivals. The major pair retraces from a Year-To-Date (YTD) high of 146.56 and currently trades near 145.18, losing 0.45% on the day. (FXStreet) GBP/USD snaps a three-day winning streak, currently hovering around 1.2720 in the Asian session on Friday. The GBP/USD pair is experiencing downward pressure due to softer retail sales data from the United Kingdom (UK). (FXStreet) USD/CHF struggles for clear directions around 0.8780 after posting the first daily loss of the week the previous day. In doing so, the Swiss Franc (CHF) pair traces the market’s lackluster moves amid anxiety ahead of the mid-ties Swiss data, as well as the next week’s annual event at the Jackson Hole Symposium where the top-tier central bankers speak. (FXStreet) The AUD/USD pair surrenders its modest intraday gains to the 0.6425-0.6430 region and hovers near the lower end of its daily range during the early European session on Friday. Spot prices currently trade around the 0.6400 round-figure mark and remain well within the striking distance of the lowest level since November 2022 touched the previous day. (FXStreet) USD/CAD languishes at the highest level since June 01, recently easing from the multi-day top, as market players seek more clues to defend the five-day uptrend heading into Friday’s European session. In doing so, the Loonie pair justifies recently firmer prices of the WTI crude oil, Canada’s key export item, as well as benefits from the US Dollar’s retreat. (FXStreet) NZD/USD consolidates the weekly losses, the fourth consecutive one, amid a sluggish Friday morning as the Kiwi pair bounces the 0.5900 key support to print the first daily gain, so far, in nine. That said, the quote clings to mild gains around 0.5930 by the press time. (FXStreet) The USD/MXN pair struggles to gain any meaningful traction on Friday and oscillates in a narrow trading band through the early part of the European session. Spot prices, however, manage to defend the 17.0800-17.0850 confluence support and for now, seem to have stalled the previous day's modest pullback from over a one-week high. (FXStreet) EUR/GBP picks up bids to extend the intraday high near 0.8545 as it cheers the downbeat UK data amid early Friday morning in London. In doing so, the cross-currency pair also benefits from the recently easing fears about the economic slowdown in Eurozone and Germany. Above all, sluggish markets and cautious mood ahead of the next week’s key events allow the quote to print the first daily gains in six while bouncing off the lowest level in five weeks. (FXStreet) The GBP/JPY cross remains under pressure for the second consecutive day heading into the early European session on Friday. Market turn cautious amid the fear of China’s debt crisis and real-estate woes, which boost the Japanese Yen, a traditional safe-haven currency. However, the release of the UK Retail Sales could provide a clear direction for the cross. (FXStreet) EUR/JPY holds lower ground at the intraday bottom of around 158.20 heading into Friday’s European session. In doing so, the cross-currency pair takes clues from the recent pullback in the Treasury bond yields, as well as upbeat prints of Japan’s inflation data, amid a sluggish trading day. (FXStreet) The GBP/USD pair struggles to gain any meaningful traction on Friday and oscillates in a narrow range below a one-week high, around the 1.2785 region touched the previous day. Spot prices currently trade around mid-1.2700s, nearly unchanged for the day and holding steady around the 23.6% Fibonacci retracement level of the recent downfall from a 15-month peak touched in July. (FXStreet) USD/INR remains pressured around 83.00, down for the third consecutive day heading into Friday’s European session, as market players prepare for the next week’s top-tier events amid a light calendar at home. Also favoring the Indian Rupee (INR) buyers is the downbeat US Dollar as it traces the Treasury bond yields after refreshing the Year-To-Date (YTD) top. (FXStreet) USD/CNH struggles to keep bears on the throne amid Friday’s sluggish trading, despite wading through the bullish bias by reversing from the yearly high the previous day. That said, the offshore Chinese Yuan (CNH) pares intraday losses, the second one in the row, to around 7.2900 by the press time. (FXStreet) People’s Bank of China (PBoC) set the USD/CNY central rate at 7.2006 on Friday, versus the previous fix of 7.2076 and market expectations of 7.3065. It's worth noting that the USD/CNY closed near 7.2888 the previous day. (FXStreet) WTI prices attempted a bounce on Thursday amidst diminishing open interest and volume, which is suggestive that the continuation of this move seems not favoured in the very near term. In the meantime, the $78.00 region is expected to hold the downside for the time being. (FXStreet) Prices of natural gas rebounded mildly on Thursday amidst dwindling open interest and volume. That said, further recovery appears under pressure while the commodity appears so far well underpinned around the $2.50 region per MMBtu. (FXStreet) Gold price gains some positive traction on Friday and for now, seems to have snapped a four-day losing streak to its lowest level since March 13, around the $1,885 region touched the previous day. The XAU/USD maintains its bid tone through the early part of the European session and currently trades just above the $1,890 level, up around 0.30% for the day. The intraday uptick, however, lacks bullish conviction, warranting some caution before positioning for any meaningful recovery move. (FXStreet) Silver gains some positive traction for the second successive day on Friday and climbs back closer to over a one-week top touched the previous day. The white metal currently trades around the $22.85 region, up just over 0.80% for the day, and seems poised to build on its steady intraday ascent amid a modest US Dollar (USD) weakness. (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

2023-08-17 09:50

Market Update - 17 Aug 2023 The EUR/USD pair remains under selling pressure and trades on a negative note for the fifth consecutive day during the Asian session on Thursday. The major pair currently trades around 1.0863, losing 0.14% on the day. (FXStreet) USD/JPY refreshes the Year-To-Date (YTD) high to 146.55 but lacks follow-through amid fears of the Japanese policymakers’ market intervention to defend the Yen. That said, broad risk aversion and hawkish Fed concerns underpin the major currency pair’s run-up early Thursday. (FXStreet) The GBP/USD pair edges lower during the Asian session on Thursday and extends the overnight pullback from the 1.2765 area, or a multi-day peak. The downtick is exclusively sponsored by the underlying bullish sentiment surrounding the US Dollar (USD), though spot prices manage to hold above the 1.2700 mark in the wake of rising bets for further interest rate hikes by the Bank of England (BoE). (FXStreet) The USD/CHF pair trades flat with mild gains above the 0.8800 area heading into the early European session on Thursday. The pair has been trading within a consolidation phase since July 27. (FXStreet) The GBP/JPY cross ticks lower after touching its highest level since November 2015, around the 186.45 area, this Thursday and trades with a mild negative bias during the early part of the European session. The supportive fundamental backdrop, however, assists spot prices to hold above the 186.00 mark and supports prospects for an extension of the recent breakout momentum through the 184.00 round figure, or the previous YTD peak. (FXStreet) The USD/CAD pair retreats a few pips from the vicinity of mid-1.3500s, or the highest level since June touched this Thursday and drops to a fresh daily low during the early part of the European session. Spot prices, however, manage to hold above the 1.3500 psychological mark and seem poised to prolong the recent strong upward trajectory witnessed since the beginning of this month. (FXStreet) AUD/JPY slumps 50 pips on the downbeat Australian employment report for July during early Thursday. Adding strength to the bearish bias are the fears of the Japanese intervention to defend the Yen. The same joins sour sentiment to exert downside pressure on the risk-barometer pair, down 0.67% intraday near 93.35 by the press time. (FXStreet) EUR/GBP continues to experience losses, trading near the monthly low at 0.8540 during the Asian session on Thursday. The EUR/GBP downward trajectory is further driven by better-than-expected inflation figures from the United Kingdom (UK) on Wednesday. (FXStreet) EUR/JPY clings to mild losses around the intraday low of 159.03 as it prints the first daily fall in four heading into Thursday’s European session. In doing so, the cross-currency pair fails to justify the firmer Treasury bond yields amid fears of the Japanese intervention to defend the Yen, as well as chatters that Germany can continue weighing on the Eurozone’s economic optimism. (FXStreet) AUD/USD bears take a breather after refreshing the yearly low as oversold RSI joins the key Fibonacci ratio to mark an unimpressive effort to prod downside. That said, the Aussie pair dropped to 0.6364 before recently poking 0.6390 heading into Thursday’s European session. (FXStreet) The USD/INR pair edges lower during the Asian session on Thursday and moves further away from the record high touched earlier this week. Spot prices slide back to the 83.00 strong horizontal resistance breakpoint, though seems poised to prolong the recent upward trajectory witnessed over the past three weeks or so. (FXStreet) NZD/USD bears keep the reins for the eighth consecutive day as they refresh the yearly low to 0.5902 amid early Thursday. In doing so, the Kiwi pair justifies the previous week’s downside break of the 0.5985 support comprising May’s low while poking the 61.8% Fibonacci retracement of October 2022 to February 2023 upside, near 0.5900 by the press time, also known as the golden Fibonacci ratio. (FXStreet) USD/CNH remains on the front foot as bulls flirt with 7.3400 after refreshing the yearly high early Thursday. In doing so, the offshore Chinese Yuan (CNY) not only justifies the US Dollar’s strength but also the downbeat concerns about China and the People’s Bank of China’s (PBoC) struggle to defend the domestic currency. (FXStreet) The AUD/NZD cross remains under some selling pressure for the third successive day and retreats further from a two-and-half-week high, around the 1.0875-1.0880 region touched on Tuesday. The downfall picks up pace during the Asian session on Thursday and drags spot prices to a one-week low, around the 1.0780 area in the last hour. (FXStreet) USD/MXN gains momentum above the 17.00 area amid the firmer US dollar (USD) broadly. The FOMC Minutes suggest the possibility of a further tightening cycle from the Federal Reserve (Fed), and it boosts the Greenback to the highest level since June, above 103.50. The pair currently trades near 17.1730, up 0.22% on the day. (FXStreet) WTI prices extended the weekly leg lower and broke below the key $80.00 mark per barrel on Wednesday. The marked downtick was amidst shrinking open interest, however, bolstering the idea that a sustained decline seems out of favour for the time being. On the upside, the 2023 peak near $85.00 emerges as quite a decent resistance for bulls so far. (FXStreet) Prices of natural gas extended the marked weekly pullback on Wednesday amidst shrinking open interest and volume, which is indicative that extra losses seem unlikely and opening the door to a potential short-term rebound instead. On the upside, the commodity remains capped by the key $3.00 region per MMBtu. (FXStreet) Gold price recovered its losses registered on Wednesday, currently trying to hold the ground near the $1,900 per troy ounce during the early trading hours in the European session on Thursday. The recent release of strong macroeconomic data from the United States (US) on Wednesday exerted downward pressure on the price of gold. Investors seek additional momentum from upcoming US economic indicators in order to gain a clearer perspective on the potential further tightening of monetary policy by the US Federal Reserve (Fed). (FXStreet) Silver attracts fresh buying near the $22.35 region on Thursday and sticks to its modest intraday gains through the early part of the European session. The white metal currently trades around the $22.60-$22.65 area, up just over 1.0% for the day, though remains well within the striking distance of a nearly two-month low touched on Tuesday. (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

2023-08-16 09:46

Market Update - 16 Aug 2023 The EUR/USD pair trades on a defensive note around the 1.0915 mark heading into the early European session on Wednesday. Market players await the Eurozone Gross Domestic Product (GDP) Q2 and Harmonized Index of Consumer Prices (HICP) for July, due later this week. The Eurozone growth number are expected to remain at 0.3% and 0.6% on a quarterly and yearly basis, respectively. While the Eurozone HICP MoM is expected to stay at -0.1%. (FXStreet) The USD/JPY pair remains confined around the 145.45–70 region in a narrow trading band in the Asian session on Wednesday. Traders continue to fear intervention by the Bank of Japan (BoJ) as the JPY weakens to a 9-month low. The major currently trades near 145.52, losing 0.02% for the day. (FXStreet) USD/CHF stays defensive around 0.8780 as it struggles to keep the five-week uptrend heading into Wednesday’s European session. That said, the Swiss Franc (CHF) pair’s latest inaction could be linked to the market’s cautious mood ahead of the Federal Open Market Committee’s (FOMC) latest Monetary Policy Meeting Minutes. (FXStreet) The AUD/USD pair stages a goodish intraday recovery from the 0.6430-0.6425 region, or its lowest level since November 2022 touched this Wednesday and builds on the momentum through the early part of the European session. Spot prices climb to a fresh daily top, around the 0.6480 region in the last hour and for now, seem to have snapped a six-day losing streak. (FXStreet) USD/CAD bulls take a breather at the highest level since early June, keeping the reins around 1.3500 heading into Wednesday’s European session. In doing so, the Loonie pair struggles between the contrasting catalysts, namely the US Dollar’s retreat and the WTI crude oil’s downbeat performance, amid the cautious mood ahead of today’s Federal Open Market Committee’s (FOMC) latest Monetary Policy Meeting Minutes. (FXStreet) The NZD/USD pair gains momentum and edges higher to 0.5980 heading into the early European session on Wednesday. The pair bounces off the yearly low of 0.5930 following the Reserve Bank of New Zealand (RBNZ) monetary policy meeting earlier in the day. (FXStreet) AUD/JPY trades higher around 94.10 in the early European trading hours on Wednesday. The pair is rebounding from the losses recorded on Tuesday, with the resilience of the Australian Dollar (AUD) potentially linked to the drop in US bond yields. (FXStreet) The GBP/JPY cross gains traction and edges higher to the 185.00 area heading into the early European session on Wednesday. The positive UK inflation data is supporting the cross's momentum. Meanwhile, the possible FX intervention by the Japanese central bank remains in focus. (FXStreet) USD/MXN retreats to 17.35 as bulls struggle to keep the reins amid the market’s consolidation ahead of the Federal Reserve’s (Fed) monetary policy meeting minutes. That said, the Mexican Peso (MXN) pair drops for the first day so far in three while fading the previous day’s rebound from the 200-Hour Moving Average (HMA). (FXStreet) The EUR/JPY cross struggles to gain any meaningful traction and oscillates in a narrow trading band through the Asian session on Wednesday. Spot prices currently trade around the 158.70 region, nearly unchanged for the day, though remain well within the striking distance of the highest level since September 2008 touched on Tuesday. (FXStreet) USD/INR prints mild losses around 83.30-25 as the Indian Rupee (INR) licks its wounds around the record low on early Wednesday. In doing so, the Asian currency justifies the market’s consolidation ahead of the Fed Minutes while also cheering downbeat WTI crude oil prices, India’s major import burden. (FXStreet) USD/CNH takes offers to refresh intraday low near 7.3160 during early Wednesday morning in China. In doing so, the offshore Chinese Yuan (CNH) pair reverses from the Year-To-Date (YTD) high marked earlier in the day as markets prepare for the Federal Open Market Committee (FOMC) Monetary Policy Meeting Minutes. (FXStreet) The AUD/NZD cross comes under heavy selling pressure after the Reserve Bank of New Zealand (RBNZ) announced its policy decision and dives to a multi-day low during the Asian session on Wednesday. Spot prices currently trade around the 1.0800 mark, which bears now awaiting a break below the 100-day and the 200-day Simple Moving Averages (SMAs) confluence before positioning for a further pullback from a two-and-half-week high set on Tuesday. (FXStreet) The GBP/JPY cross consolidates its recent gains near 184.80 during the Asian session on Wednesday. Markets turn cautious ahead of the release of the UK Consumer Price Index (CPI) data later in the European session. (FXStreet) Daily USD/ZAR price action surpassed the July swing highs today; however, the corresponding Relative Strength Index (RSI) levels show opposing levels indicative of bearish divergence. Taking this into account, there may be a pullback to come which will require a fundamental catalyst to drive the move (DailyFX) Prices of WTI extended the weekly leg lower on Tuesday. The downtick, however, was on the back of shrinking open interest, which suggests that a deeper pullback may not be favoured in the very near term. On the upside, the 2023 peaks near the $85.00 mark per barrel (August 10) emerge as the immediate obstacle for bulls for the time being. (FXStreet) Prices of natural gas dropped markedly on Tuesday amidst the sharp rejection from last week’s tops around the key $3.00 mark per MMBtu (August 9). The strong decline was accompanied by a drop of interest rate, which removes some strength from the deep sell-off. In the meantime, the commodity is expected to face provisional support at the 55-day SMA near $2.58. (FXStreet) Gold Price (XAU/USD) recovers from the lowest level since late June as the market prepares for the US Federal Reserve (Fed) monetary policy meeting minutes. Adding strength to the corrective bounce could be the latest cautious optimism in the market amid hopes of more stimulus from China, as well as an end to Fed’s tightening cycle due to the recently mixed US data. It’s worth noting that the inaction of major central banks in the last few days also suggests an end of the rate-hike cycle and puts a floor under the XAU/USD price, especially when China shows readiness for more stimulus and Indian statistics remain firmer. (FXStreet) Silver gains some positive traction on Wednesday and builds on the previous day's late rebound from the $22.20 area, or a nearly two-month low. The white metal extends its steady intraday ascent through the early part of the European session and climbs to a fresh daily high, around the $22.65-$22.70 region in the last hour. (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

2023-08-15 09:48

The EUR/USD pair recovers some lost ground and bounces off the low of 1.0875 heading into the early European session on Tuesday. The major pair currently trades around 1.0925, up 0.17% for the day. Markets await US Retail Sales data, and it could trigger volatility in EUR/USD in the next sessions. (FXStreet) USD/JPY clings to mild losses around 145.50-45 heading into Tuesday’s European session as it prints the first daily loss in seven. In doing so, the Yen pair takes clues from the upbeat Japanese statistics and the US Dollar’s retreat amid a sluggish Asian session. (FXStreet) The AUD/USD pair fades an intraday bullish spike to the 0.6520 region and retreats to the lower end of its daily range during the early part of the European session on Tuesday. Spot prices currently trade around the 0.6470 area, down for the sixth straight day and well within the striking distance of the YTD trough touched on Monday. (FXStreet) The USD/CAD pair meets with some supply during the Asian session on Tuesday and erodes a major part of the overnight gains to a multi-day peak. Spot prices drop to a fresh daily low, below mid-1.3400s in the last hour and the intraday downtick could be solely attributed to some repositioning trade ahead of the latest Canadian consumer inflation figures, due for release later during the early North American session. (FXStreet) The GBP/JPY cross jumps to a fresh high since December 2015 following the release of the UK employment details, with bulls now looking to build on the momentum further beyond the 185.00 psychological mark. (FXStreet) EUR/GBP slides 25 pips to refresh intraday low near 0.8585 heading into Tuesday’s European session. In doing so, the cross-currency pair takes clues from the upbeat UK average earnings while paying a little heed to the downbeat employment change and unemployment rate figures per the latest release from the UK National Statistics. (FXStreet) The AUD/JPY cross holds positive ground for the second consecutive day. The cross attracts some buyers following the Reserve Bank of Australia (RBA) Minutes and the economic data releases from Australia and Japan. AUD/JPY currently trades near 96.65, gaining 0.26% for the day. (FXStreet) GBP/USD sticks to mild gains around 1.2700 as market players brace for the top-tier UK/US statistics on early Tuesday. That said, the Cable pair recently bounced off the lowest level in 1.5 months amid the US Dollar’s pullback but fails to extend the recovery moves amid cautious mood in the markets ahead of the data, as well as due to mixed concerns about the frontline risk catalysts. (FXStreet) USD/INR defends the previous day’s upside break of the key resistance line while sticking to mild intraday gains around the yearly high amid early Tuesday. With this, the Indian Rupee (INR) pair prints a three-day winning streak near 83.20 by the press time. (FXStreet) The NZD/USD pair recovers some lost ground and snaps five-day losing streaks below the 0.6000 barrier during the Asian session on Tuesday. The pair currently trades around 0.5980, up 0.04% for the day. (FXStreet) USD/CNH bulls cheer a slew of downbeat catalysts surrounding China to refresh the yearly high to 7.3126 during early Tuesday, close to 7.2940 by the press time. In doing so, the offshore Chinese Yuan (CNH) also ignores the US Dollar’s retreat from the monthly high ahead of the US Retail Sales data. However, comments from China Stats Bureau Official and the Chinese banks’ efforts to defend the Yuan, via the money market operations, prod the pair buyers of late. (FXStreet) People’s Bank of China (PBoC) set the USD/CNY central rate at 7.1768 on Tuesday, versus the previous fix of 7.1686 and market expectations of 7.2648. It's worth noting that the USD/CNY closed near 7.2580 the previous day. (FXStreet) The USD/CHF pair holds ground around 0.8782 during the early Asian session on Tuesday. The pair remains sideways after retreating from multi-week high of 0.8827. Meanwhile, the US Dollar Index (DXY), a measure of the value of the USD against six other major currencies, trades The major pair remains capped around the 0.8800 barrier ahead of the Swiss Producer and Import Price Index for July and the US Retail Sales data. (FXStreet) Price action on the daily AUD/NZD chart above shows a golden cross formation (green) developing and has already produced some uptick from AUD bulls - which I expect to rally further. In addition, the Relative Strength Index (RSI) has recently edged above the 50 mark which suggests short-term upside momentum. (DailyFX) Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around the $82.00 mark so far on Tuesday. The Chinese real estate sector is concerned, and a stronger USD exerts some selling pressure on the WTI price. (FXStreet) Natural Gas Price (XNG/USD) stays defensive around $2.89 as it seeks fresh clues to extend the previous two-day winning streak amid the initial Asian session on Tuesday. In doing so, the XNG/USD struggles to extend recovery from the 50-bar Exponential Moving Average (EMA) and an upward-sloping trend line from August 02. (FXStreet) Gold Price (XAU/USD) cheers a pullback in the US Dollar, as well as mixed the market’s consolidation ahead of the top-tier US data/events to portray a corrective bounce off a five-week low. Adding strength to the XAU/USD’s rebound could be the People’s Bank of China’s (PBoC) rate cut and a slew of downbeat China data suggesting more stimulus from the Dragon Nation. Above all, a retreat of the US Dollar Index (DXY) joins the sluggish Treasury bond yields and cautious optimism in the market to allow the Gold bears to take a breather. (FXStreet) Silver struggles to capitalize on the previous day's modest bounce from the $22.35 region, or its lowest level since June 30 and oscillates in a narrow band through the early part of the European session on Tuesday. The white metal currently trades just above the mid-$22.00s and remains vulnerable to prolong the recent downward trajectory witnessed over the past four weeks or so. (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

2023-08-14 09:54

EUR/USD remains pressured at the lowest level in a week, declining to 1.0925 amid the early hours of Monday’s European session. In doing so, the Euro pair justifies the market’s rush toward the US Dollar despite the recently positive headlines from Italy. (FXStreet) USD/JPY bulls take a breather at the highest level in a year as market players seek more clues to defend the Yen pair’s early-day run-up towards refreshing the Year-To-Date (YTD) peak amid the initial hour of Monday’s European session. In doing so, the Yen pair also justifies the Bank of Japan’s (BoJ) bond market moves, as well as the US Dollar’s retreat despite sour sentiment. (FXStreet) The GBP/USD pair remains under pressure and trades in a negative territory for the fourth consecutive week. The major pair currently trades around 1.2665, down 0.23% for the day. The upbeat UK data fails to lift the Pound Sterling as investors are concerned about the possibility of a further rate hike that would impact the UK economy. (FXStreet) USD/CHF stays defensive around 0.8770 heading into Monday’s European session as it edges higher past 200-SMA within a fortnight-old symmetrical triangle. In doing so, the Swiss Franc (CHF) pair struggles to justify the US Dollar’s strength amid the risk-off mood, as well as backed by the firmer Treasury bond yields. It’s worth noting that the fresh debt woes from China join the cautious mood ahead of the FOMC Minutes and indecision about the Fed’s next move weighs on sentiment and puts a floor under the quote. (FXStreet) The AUD/USD pair drops to its lowest level since November 2022 on the first day of a new week, albeit manages to rebound a few pips heading into the European session. Spot prices currently trade around the 0.6480 region, still down over 0.25% for the day, and remain vulnerable to prolonging the downward trajectory witnessed over the past month or so. (FXStreet) The USD/CAD pair trades in positive territory in the Asian trading hours on Monday. The uptick in the pair is bolstered by mixed US economic data and the rise in US 10-year Treasury bond yields. Meanwhile, the uptick in oil prices supports the Loonie against the US Dollar. The major pair currently trades near 1.3457, gaining 11% for the day. Market participants will keep an eye on the Canadian Consumer Price Index (CPI) YoY for July on Tuesday. The figure is expected to rise from 2.8% to 3.0% on a yearly basis. (FXStreet) The NZD/USD pair stages a goodish intraday recovery from the vicinity of mid-0.5900s, or its lowest level since November 2022 touched this Monday and hits a fresh daily peak during the early European session. Spot prices currently trade just below the 0.600 psychological mark, up nearly 0.10% for the day, and for now, seem to have snapped a four-day-losing streak, though any meaningful appreciating move still seems elusive. (FXStreet) The AUD/USD pair drops to its lowest level since November 2022 on the first day of a new week, albeit manages to rebound a few pips heading into the European session. Spot prices currently trade around the 0.6480 region, still down over 0.25% for the day, and remain vulnerable to prolonging the downward trajectory witnessed over the past month or so. (FXStreet) The EUR/GBP cross struggles to gain and remains on the defensive above the 0.8600 mark in the Asian session on Monday. Market players await the Eurozone Gross Domestic Product (GDP) Q2 due on Wednesday. The growth numbers are expected to remain at 0.6% and 0.5% on a yearly and monthly basis, respectively. (FXStreet) The AUD/JPY cross loses traction and remains capped below the 94.00 barrier on Monday. Earlier in the day, the Bank of Japan (BoJ) offers unlimited Japanese Government Bonds (JGBs) with a residual maturity of 5 to 10 years at a fixed rate. Following the data, AUD/JPY edges lower to 93.57 and rebounded to the 93.75 mark in the Asian session. (FXStreet) USD/IDR retreats from the five-week high of 15,350, marked earlier in the day, as Bank Indonesia (BI) defends Rupiah (IDR) traders from high volatility heading into Monday’s European session. Following the BI meddling, the Indonesia Rupiah pair drops to 15,325, retreating to the day-start levels by the press time. (FXStreet) USD/INR bulls cheer risk aversion in Asia, as well as the anxiety ahead of India inflation data, to refresh yearly high near 83.10 during early Monday. In doing so, the Indian Rupee (INR) pair also justifies the domestic struggle to take over China amid the Reserve Bank of India’s (RBI) inaction. (FXStreet) The EUR/JPY cross kicks off the new week on a softer note and moves further await from its highest level since September 2008, around the 159.20 region touched on Friday. Spot prices drop to the 158.25 region during the Asian session, down for the second straight day, though any meaningful corrective decline still seems elusive. (FXStreet) The NZD/USD pair remains under some selling pressure for the fifth successive day and drops to its lowest level since November 2022, closer to mid-0.5900s during the Asian session on Monday. (FXStreet) People’s Bank of China (PBoC) set the USD/CNY central rate at 7.1686 on Monday, versus the previous fix of 7.1587 and market expectations of 7.2461. It's worth noting that the USD/CNY closed near 7.2388 the previous day. (FXStreet) GBP/JPY takes offers to refresh the intraday low near 183.50 during the first loss-making day in six amid early Monday morning in Asia. In doing so, the cross-currency justifies the market’s sour mood amid a light calendar, as well as ignores the hawkish concerns about the Bank of England. (FXStreet) Price action on the daily AUD/NZD chart above shows a golden cross formation (green) developing and has already produced some uptick from AUD bulls - which I expect to rally further. In addition, the Relative Strength Index (RSI) has recently edged above the 50 mark which suggests short-term upside momentum. (DailyFX) Western Texas Intermediate (WTI) Crude Oil prices come under some renewed selling pressure on the first day of a new week and retreat further from the YTD peak, around the $84.30-$84.35 region touched last Thursday. The black liquid, however, manages to recover a major part of its intraday losses and trades around the $82.35 region during the early European session, down only 0.20% for the day. (FXStreet) Silver kicks off the new week on a softer note and touches a fresh low since July 7 during the Asian session, though lacks follow-through selling. The white metal now seems to have entered a bearish consolidation phase and is seen oscillating in a narrow trading band just above mid--$22.00s. The technical setup, meanwhile, remains tilted in favour of bearish traders and suggests that the path of least resistance for the XAG/USD is to the downside. (FXStreet) Gold Price (XAU/USD) keeps bears on the driver’s seat at the monthly low, after witnessing a four-week downtrend, as headlines from China roil market sentiment and underpin the US Dollar’s haven demand. Adding strength to the risk-off mood are the geopolitical concerns about Russia and the firmer US Treasury bond yields, which in turn allows the US Dollar Index (DXY) to remain firmer after rising in the last four consecutive weeks despite looming policy pivot at the Federal Reserve (Fed). (FXStreet) Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. 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