2024-01-30 09:21

Market Update - 30 January 2024 EUR/USD hovers around 1.0830 during the Asian session on Tuesday after trimming its intraday gains. The EUR/USD pair grapples to recover the losses registered in the previous session. The significant level at 1.0850 may act as immediate resistance for the EUR/USD pair. (FXStreet) USD/JPY price action appears to have formed a bullish pennant, a bullish continuation pattern. On an intra-day basis though, USD/JPY is down on the day thus far when the likes of EUR/USD and GBP/USD both appear susceptible to dollar strength. The yen has often been driven by the first eventual interest rate hike from the BoJ in years but easing inflation had tempered those expectations. (DailyFX) The GBP/USD pair remains confined in a narrow trading range above the 1.2700 mark during the early European trading hours on Tuesday. Investors prefer to wait on the sidelines ahead of key events from the Federal Reserve (Fed) and the Bank of England (BoE). At press time, GBP/USD is trading at 1.2708, down 0.02% on the day. (FXStreet) USD/CHF attempts to retrace its recent losses, inching higher around 0.8620 during the Asian session on Tuesday. However, the US Dollar (USD) has faced a challenge against the Swiss Franc (CHF) due to the decline in US Treasury yields. The release of an improved US balance sheet has supported prices for US Treasury bonds, which, in turn, puts downward pressure on US yields. (FXStreet) The USD/CAD pair trades on a softer note for the fourth consecutive day during the early European session on Tuesday. The higher oil prices amid the ongoing geopolitical tensions in the Middle East lift the commodity-linked Loonie and weigh on the USD/CAD pair. The pair currently trades around 1.3405, losing 0.04% on the day. (FXStreet) NZD/USD inches higher for another session, trading around 0.6140 during the early European hours on Tuesday. The US Dollar (USD) has faced a challenge on downbeat US Treasury yields. The release of an improved US balance sheet has supported US Treasury bond prices, which, in turn, puts downward pressure on the Greenback. (FXStreet) Indian Rupee (INR) trades flat with a mild positive bias on Tuesday. The Indian Rupee regains its ground against the US Dollar on the back of foreign portfolio inflows, becoming the top-performing currency in the Asian markets for January 2024. According to a review by a finance ministry, the Indian economy remains resilient amid global challenges due to robust domestic demand, investment-led strategies, and macroeconomic stability. (FXStreet) EUR/GBP continues its downward trend for the second consecutive session, leading up to the upcoming Bank of England (BoE) interest rate decision scheduled for Thursday. As of the Asian session on Tuesday, the pair trades around 0.8520, indicating a decline in value. Investors are closely monitoring these developments in anticipation of the impact the BoE's decision may have on the EUR/GBP pair. (FXStreet) The USD/CNH pair attracts some dip-buying near the 7.1810-7.1805 area during the Asian session on Tuesday and climbs to a fresh daily peak in the last hour. Spot prices currently trade with a mild positive bias, around the 7.1885-7.1890 region, though remain below a multi-day top touched on Monday. (FXStreet) GBP/JPY extends its losses for the second session on Tuesday, edging lower to near 187.40 during the Asian session. The GBP/JPY cross faces a challenge of risk-off sentiment due to the escalated situation in the Middle East, which drives the investors toward the safe-haven Japanese Yen (JPY), which in turn, acts as a headwind for the GBP/JPY pair. (FXStreet) The People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead on Tuesday at 7.1055 as compared to the previous day's fix of 7.1097 and 7.1763 Reuters estimates. (FXStreet) West Texas Intermediate (WTI) US Crude Oil prices tick higher during the Asian session on Tuesday and for now, seem to have stalled the previous day's rejection slide from the 100-day Simple Moving Average (SMA) or a nearly two-month peak. (FXStreet) Gold price (XAU/USD) gains some positive traction for the second straight day on Tuesday and steadily climbs back closer to the $2,040-2,042 supply zone during the first half of the European session. Fears that escalating tensions in the Middle East could trigger a wider war in the region keep a lid on the recent optimism in the markets. Apart from this, a further decline in the US Treasury bond yields turns out to be a key factor lending support to the non-yielding yellow metal. (FXStreet) Silver price (XAG/USD) climbs above $23.20 in the early European session. The white metal has capitalized on mounting Middle East tensions, which have improved appeal for safe-haven assets. However, forward action will be guided by the interest rate decision from the Federal Reserve (Fed), which will be announced on Wednesday. (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.

2024-01-29 09:14

Market Update - 29 January 2024 EUR/USD trades lower around 1.0840 during the Asian session on Monday, retracing its recent gains. The pair experiences downward pressure due to the risk-off mood, which could be attributed to the escalated tension in the Middle East after a drone attack on a United States (US) post in Jordon, killed three US personnel. (FXStreet) USD/JPY has lacked directional conviction in recent sessions, moving between overhead resistance at 148.80 and horizontal support at 147.40. Next week, however, could see more significant moves, as the Federal Reserve’s decision should to inject heightened volatility into financial markets. (DailyFX) The GBP/USD pair ticks higher following an Asian session dip on Monday, albeit lacks follow-through and remains confined in a familiar range held over the past two weeks or so. Spot prices currently trade around the 1.2700 mark, nearly unchanged for the day as traders await a fresh catalyst before positioning for a firm near-term trajectory. (FXStreet) The USD/CHF continues to lose ground for the second straight session, edging lower to near 0.8640 during the Asian hours on Monday. The Swiss Franc (CHF) appears to be in demand against the US Dollar (USD), driven by an increase in risk aversion sentiment. This demand for the CHF could be attributed to heightened tensions in the Middle East, as geopolitical uncertainties often lead investors to seek safe-haven currencies like the Swiss Franc. (FXStreet) The USD/CAD pair remains on the defensive for the third successive day on Monday, albeit lacks follow-through selling and manages to hold above last week's swing low, around the 1.3415 region. Moreover, a combination of diverging forces warrants some caution before placing aggressive bearish bets and positioning for an extension of the recent pullback from the vicinity of the monthly peak tested last Thursday. (FXStreet) NZD/USD makes gains after two days of losses, rebounding to near 0.6110 during the early European session on Monday. Despite the risk aversion sentiment following the drone attack on a United States (US) post in Jordan on Sunday, the NZD/USD pair moved upward amid a stable US Dollar (USD). (FXStreet) Indian Rupee (INR) loses traction on Monday amid the rebound of the US Dollar (USD). INR is expected to have a quiet session on Monday as traders turn to cautious mode ahead of the Federal Open Market Committee (FOMC) policy meeting and the presentation of India's federal budget later in the week. (FXStreet) The USD/IDR pair gathers strength during the early European session on Monday. The pair currently trades around 15,830 after retreating from a fresh top of 2024 at 15,844. Investors await the Federal Reserve's (Fed) monetary policy meeting on Wednesday and Indonesia’s inflation report on Thursday for fresh catalysts. (FXStreet) The EUR/JPY cross loses traction below the mid-160s during the early European trading hours on Monday. The preliminary German Gross Domestic Product for the fourth quarter will be released on Tuesday. The quarterly and annual are estimated to shrink by 0.3% and 0.2%, respectively. At press time, the cross is trading at 160.45, losing 0.17% on the day. (FXStreet) On Monday, the People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead at 7.1097 as compared to Friday's fix of 7.1074 and 7.1785 Reuters estimates. (FXStreet) West Texas Intermediate (WTI) oil price extends its gains for the fourth consecutive session, trading higher near $78.30 per barrel on Monday, by the press time. WTI prices reached the monthly peak at $79.19 during the early Asian hours but have since pared some of their intraday gains. However, the surge in Crude oil prices was driven by concerns about potential supply disruptions following a missile attack on a fuel tanker in the Red Sea. (FXStreet) Gold price (XAU/USD) catches fresh bids on the first day of a new week and builds on its steady intraday ascent through the early part of the European session. The precious metal breaks through the 50-day Simple Moving Average (SMA) barrier, though bulls need to wait for a move beyond the $2,040-2,042 supply zone before positioning for any further gains ahead of the FOMC decision on Wednesday. (FXStreet) Silver price (XAG/USD) jumps to near $23 as deepening geopolitical tensions improve appeal for bullions. The white metal witnesses significant buying interest as volatility expands due to deepening Middle East crises. (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.

2024-01-26 09:54

Market Update - 26 January 2024 EUR/USD continues to move in a downward direction after the US GDP data. Technical analysis suggests a bearish sentiment towards the monthly at 1.0821. A break above 1.0850 could support the pair to approach the resistance zone around the 23.6% Fibonacci retracement and the 21-day EMA. (FXStreet) EUR/GBP remains under pressure near 0.8530 amid the ECB’s dovish stance. The European Central Bank (ECB) held interest rates steady at their current record high on Thursday. Improved UK Manufacturing PMI data might convince the BoE to hold interest rates higher for longer than expected. (FXStreet) USD/CHF could gain ground due to the hawkish sentiment surrounding the Fed. US GDP Annualized (Q4) printed a 3.3% figure against the expected 2.0% and 4.9% prior. Swiss policymakers will likely observe Real Retail Sales and the ZEW Survey to decide on the SNB's (SNB) monetary policy. (FXStreet) EUR/JPY recovers some lost ground near 160.20 on the softer Japanese inflation data. The bullish outlook of the cross remains intact above the key Exponential Moving Averages (EMA). The key resistance level is seen at 161.00; the 159.90-160.00 zone is the crucial support level. (FXStreet) USD/CAD grapples to find a direct after registering losses on Thursday. The 23.6% Fibonacci retracement at 1.3455 and the major level at 1.3450 could act as the key support levels. Technical analysis indicates an upward trend towards the psychological level at 1.3500. (FXStreet) GBP/USD remains confined in a narrow trading range during the Asian session on Friday. Traders wait for the release of the US PCE Price Index before placing fresh directional bets. A breakthrough a descending trend-line is needed to support prospects for additional gains. (FXStreet) GBP/JPY languishes above the weekly trough amid mixed fundamental cues. The JPY benefits from geopolitical risks, though weaker Tokyo CPI cap gains. Bets that the BoE will hold rates near a 16-year high help limit the downside. (FXStreet) NZD/USD moves on a downward trajectory after the stronger US GDP figures. Traders await US PCE data to gain cues regarding the Fed’s policy decision in March’s meeting. NZD could gain ground as Kiwi consumer inflation remains above the RBNZ target range of 1.0% to 3.0%. (FXStreet) WTI price is expected to close the week in a positive territory due to multiple factors. US GDP data contributed support to reinforcing the Crude oil prices. PBoC’s strategy to inject liquidity into the economy contributes to the strength in oil prices. Chinese officials asked their Iranian counterparts to help restrain attacks on ships in the Red Sea. (FXStreet) Gold price lacks any firm intraday direction amid a combination of diverging forces. Delayed Fed rate cut bets underpin the USD and act as a headwind for the commodity. Geopolitical risks and the uncertain global economic outlook lend support to the metal. Traders also seem reluctant to place directional bets ahead of the US PCE Price Index. (FXStreet) Silver price faces some pressure while attempting to extend rally above $23. The market mood is downbeat as investors await the core PCE price index data for December. Strong GDP numbers and stubborn inflation data could allow Fed to maintain a hawkish interest rate stance. (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.

2024-01-24 09:27

Market Update - 24 January 2024 EUR/USD trades in positive territory near 1.0862, adding 0.12% on the day. The bearish outlook of the pair remains intact below the key EMA; RSI holds below the 50 midline. 1.0895 acts as an immediate resistance level for EUR/USD; the initial support level is seen at 1.0840. (FXStreet) The Japanese Yen draws support from the BoJ’s hawkish tilt on Tuesday and geopolitical tensions. Reduced bets for an early Fed rate cut favour the USD bulls and should lend support to USD/JPY. Traders might also prefer to wait on the sidelined ahead of this week's important US macro data. (FXStreet) USD/CAD gains ground ahead of the BoC monetary policy decision on Wednesday. Technical analysis suggests a bullish trend towards a weekly high at 1.3491 and a psychological level at 1.3500. The 23.6% Fibonacci retracement at 1.3454 and the 1.3450 major level could act as the immediate support zone. (FXStreet) USD/CHF strives to snap its winning streak as US Treasury yields decline. Markets bets on Fed rate cuts in March have slowed down. Fed’s Bullard has anticipated the central bank to initiate policy rate cuts as early as March. SNB President Thomas Jordan noted that the robust CHF has played a role in capping inflation. (FXStreet) EUR/JPY loses traction around 160.61 ahead of the German and Eurozone PMI data. The cross keeps the bullish vibe above the key EMA; RSI indicator stands below the 50 midline. The first upside barrier is seen at 161.56; the key support level will emerge at 160.40. (FXStreet) GBP/USD maintains its position below the psychological barrier of 1.2700. A break above the 1.2750 major level could lead the pair to revisit the monthly high at 1.2785. The pair could find a support zone around the 1.2650 major level and the 23.6% Fibonacci retracement at 1.2648. Technical analysis suggests a lack of a strong directional bias in the pair. (FXStreet) USD/MXN snaps a two-day winning streak ahead of US PMI data The decline in the US bond yields undermines the US Dollar. Banxico’s former Governor Agustin Carstens suggested being cautious before making policy decisions. (FXStreet) NZD/USD gains ground as US Dollar loses ground on lower US bond yields. Kiwi CPI YoY came above the RBNZ’s target 1-3% target range at 4.7% in Q4. Market expects no adjustment in the Fed’s monetary policy in February’s meeting. (FXStreet) AUD/USD registers a 0.14% gain in the Asian session, stabilizing at the 200-DMA. Business activity slightly recovered in Australia but remains shy of expanding. High US Treasury yields capped the AUD/USD rise on Tuesday’s session.Traders eye key US GDP data and the core PCE index on the horizon. (FXStreet) WTI edges lower to $74.30 amid the rising oil supply. US crude oil inventories fell by 6.674M barrels for the week ending January 19 vs. 0.483M barrels gains previously. The rising geopolitical tensions in the Red Sea are a primary driver behind lower demand for oil. (FXStreet) Gold price reverses an intraday dip amid geopolitical tensions, reiterating US bond yields and a softer USD. Reduced bets for an early interest rate cut by the Fed to limit the USD losses and cap the upside for the metal. Traders might also refrain from placing aggressive directional bets ahead of this week's key US macro data. (FXStreet) Silver attracts some buyers for the second straight day and climbs back closer to the weekly top. The technical setup warrants caution before positioning for any meaningful appreciating move. A descending trend-line hurdle extending from the December swing high might cap further gains. (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.

2024-01-23 09:30

Market Update - 23 January 2024 The Japanese Yen attracts some dip-buying following the post-BoJ downtick earlier this Tuesday. The Japanese central bank decided to leave its ultra-loose monetary policy settings unchanged. Bets for an eventual policy pivot in March or April underpin the JPY and weigh on USD/JPY. (FXStreet) EUR/JPY trades on a stronger note near 161.50 after BoJ rate decision. The BoJ held the interest rate and 10-year JGB yield target steady, allowing the 10-year JGB to move up to around 1.0%. The European Central Bank (ECB) will announce an interest rate decision on Thursday, with no changes in policy expected. Investors await the German, Eurozone HCOB PMI reports ahead of the ECB rate decision. (FXStreet) GBP/USD moves in an upward direction as BoE is expected to maintain its current restrictive policy stance. Economists in a Reuters poll anticipated the BoE to maintain the policy rate at 5.25% in February’s meeting. The escalated geopolitical situation improves the risk aversion sentiment and increases the demand for US Dollar. (FXStreet) USD/CHF pulls back as the US Dollar faces the challenge of lower US Treasury yields. US Dollar might have cheered the hawkish remarks from the Fed’s officials. The risk aversion sentiment contributed support to underpinning the Greenback. Swiss Franc experienced selling pressure on SNB Jordan’s concern over inflation. (FXStreet) EUR/USD hovers below the psychological resistance at 1.0900. A break above the 14-day EMA at 1.0916 could lead the pair to reach the major barrier at 1.0950. Technical indicators suggest a bearish sentiment towards the key support at 1.0850. (FXStreet) USD/CAD faces a challenge due to the improved Crude oil prices. WTI price gains ground on concerns over global supply disruptions. BoC is expected to maintain its current policy rate of 5.0% in Wednesday's meeting. The escalated geopolitical situation has prompted investors to move towards the safe-haven US Dollar. (FXStreet) EUR/USD trades with a mild negative bias on Tuesday, though the downside seems limited. Reduced bets for a March Fed rate cut underpin the USD and act as a headwind for the pair. The uncertainty over the timing of a rate cut by the ECB holds traders from placing fresh bets. (FXStreet) AUD/JPY loses traction to 97.30 following the BoJ’s Ueda comments. The cross keeps the bullish vibe above the key EMA. The immediate resistance level will emerge at 97.76; the initial support level for AUD/JPY is seen at 97.24. (FXStreet) USD/MXN gains ground on improved US Treasury yields. Mexican Peso could perform on factors associated with the United States. Fed members’ remarks indicated a more hawkish interest rate trajectory. (FXStreet) NZD/USD retraces its recent losses on weaker US Dollar. The downbeat US bond yields weaken the Greenback. Kiwi Business NZ PSI came in at 48.8 in December 51.2 prior. (FXStreet) WTI price moves higher on concerns over global supply disruptions. Ukraine conducted a drone attack on a Russian fuel terminal Novatek. US-led coalition continues air strikes against Iran-backed Houthi terrorist targets in Yemen. Libya’s Sharara oilfield resumed operations to bring back the supply of 270,000 bpd. (FXStreet) Gold price sticks to the range-bound theme near $2,021 ahead of the Bank of Japan (BoJ) meeting. Federal Reserve (Fed) officials indicated that they are in no hurry to cut rates, even if the hikes are probably done. The January US Richmond Fed Manufacturing Index will be due on Tuesday. (FXStreet) Silver stages a goodish recovery from over a two-month low touched on Monday. The setup favours bears and supports prospects for the emergence of fresh selling. A sustained strength beyond the $23.00 mark is needed to negate the negative bias. (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.

2024-01-22 09:45

Market Update - 22 January 2024 EUR/GBP extends gains as the ECB is expected to not adjust its monetary policy. ECB President Christine Lagarde has shifted expectations for a rate cut to late summer. The disappointing UK Retail Sales data has contributed pressure to undermining the Pound Sterling. (FXStreet) USD/CAD drops to near 1.3440 on upbeat market mood. Lower oil prices weigh on the Canadian Dollar. USD/CAD hovers near the lower leg of the Rising Channel pattern. (FXStreet) EUR/JPY gains ground near 161.48 ahead of the Bank of Japan's (BoJ) key event. The bullish outlook of the cross remains intact above the key EMA; RSI indicator stands in bullish territory. 161.60 acts as an immediate upside barrier for the cross; the critical support level to watch is at 160.65. (FXStreet) GBP/USD gains traction near 1.2722 on a risk-on mood. The pair resumes its uptrend above the 100-hour EMA; RSI indicator stands in bullish territory above the 50 midline. The first upside barrier is located at 1.2725; the initial support level is seen at 1.2655. (FXStreet) USD/CHF moves on an upward trajectory after hawkish remarks from the Fed members. Fed’s Mary Daly stated that the central bank has substantial work in achieving the 2.0% inflation target. Swiss Franc continues to lose ground after SNB Jordan’s warning on appreciated CHF. (FXStreet) The DXY Index trades just below the 200-day SMA as bulls are struggling to hold their ground. Existing Home Sales from December were weak, while the University of Michigan Consumer Sentiment arrived better than expected. Dovish bets on the Fed remain high. (FXStreet) GBP/JPY fluctuates, impacted by Japanese CPI and weak UK retail sales; currently at 188.11. Bullish bias persists, but a close below 188.22 may trigger retracement towards 187.00 and potential support levels. Break above 188.00 sets the stage for further gains, targeting YTD high at 188.92 and potentially reaching 190.00. (FXStreet) EUR/USD could find immediate resistance at 23.6% Fibonacci retracement level at 1.0913. A breakthrough above the 14-day EMA at 1.0922 could lead the pair to reach the major level at 1.0950. A break below the psychological level at 1.0900 could push the pair to revisit the monthly low at 1.0884. (FXStreet) GBP/USD moves higher on the subdued US Dollar amid a risk-on sentiment. The softer UK Retail Sales data might have contributed to the losses of the British Pound. US Dollar could draw support from safe-haven status during escalated geopolitical threats in the Middle East. (FXStreet) NZD/USD continues to lose ground as the US Dollar recovers intraday losses. The improved risk appetite weighs on the Greenback. New Zealand Dollar faces challenges due to the decline in the domestic manufacturing sector. (FXStreet) AUD/USD oscillates near 0.6600 amid the risk rally in the market. US University of Michigan consumer sentiment rose in January to its highest since July 2021. The Australian Unemployment Rate came in at 3.9% in December vs. 3.9% prior; Employment Change arrived at -65.1K vs. 17.6K expected. The US GDP growth numbers (Q4) and the Core PCE will be the highlights this week. (FXStreet) USD/MXN attempts to snap its losing streak on improved Greenback. US Dollar could face pressure as the Fed is expected to reduce policy rates more than other major central banks in 2024. The downbeat Mexico Retail Sales data might have put downward pressure on the MXN. (FXStreet) WTI Oil prices remain under some selling pressure for the second straight day on Monday. Concerns over a near-term slowdown in demand continue to undermine the black liquid. Fears of supply disruptions in the Middle East could lend support and limit deeper losses. (FXStreet) Gold price meets with a fresh supply on Monday and snaps a two-day winning streak. Reduced bets that the Fed will cut rates in March act as a headwind for the XAU/USD. Retreating US bond yields, softer USD and geopolitical risk could limit deeper losses. (FXStreet) Silver holds ground at $22.50, resilient amid losses, finding strong support at this key level. US Consumer Sentiment boost lifts US Treasury yields, affecting XAG/USD dynamics. Mixed economic signals: Wall Street gains, but US Existing Home Sales hit 13-year low; improved inflation 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.