2023-02-28 09:58

Market Update - 28 February 2023 USD/JPY touches a fresh YTD top on Tuesday and is supported by a combination of factors. Hawkish Fed expectations, elevated US bond yields continue to underpin the Greenback. The incoming BoJ Governor Ueda’s dovish remarks weigh on the JPY and remain supportive. Looming recession risks benefit the JPY’s safe-haven status and might cap gains for the pair. (FXStreet) USD/CAD regains positive traction on Tuesday amid the emergence of fresh USD buying. Hawkish Fed expectations, elevated US bond yields and recession fears benefit the buck. A pickup in Oil prices does little to underpin the Loonie and hinder the intraday move up. (FXStreet) The index reclaims ground lost following Monday’s decline. US yields maintain the February rally well in place. Consumer Confidence, housing data, trade balance next on tap. The greenback, in terms of the USD Index (DXY), leaves behind part of Monday’s retracement and revisits the 104.80 region on Tuesday. (FXStreet) GBP/JPY holds lower ground near the intraday bottom, snaps two-day uptrend. Doubts over Brexit deal’s capacity to gain British Parliamentary approval probe the earlier hopes of overcoming month-long political deadlock. Yields grind higher amid month-end positioning mixed sentiment. Unimpressive Japan data, incoming BoJ policymakers’ defense of easy money policy keep buyers hopeful. (FXStreet) EUR/USD has refreshed its day low at 1.0582 as a recovery in the risk appetite theme has faded. Federal Reserve could push interest rates to 6%in the battle against stubborn inflation. European Central Bank looks set to deliver one more 50 bps interest rate hike in March. EUR/USD has sensed selling pressure while attempting to deliver a breakout of the downward-sloping trendline from 1.0805. (FXStreet) GBP/USD takes offers to refresh intraday low, fades week-start run-up. DUP raises doubts on UK PM-inspired Brexit deal on grounds of practicality, NI’s place in the UK. Former British PM Boris Johnson also pushed DUP to check new deal thoroughly. Hawkish Fed bets, mixed concerns keep Cable bears hopeful despite sluggish end of February. (FXStreet) AUD/USD struggles to capitalize on its modest uptick amid renewed USD buying. Hawkish Fed expectations, elevated US bond yields help revive the USD demand. Recession fears offset the upbeat Australian Retail Sales and act as a headwind. (FXStreet) NZD/USD is exposed to 0.6130 after retreating from 0.6180 as the risk-on mood has faded. The 10-year US Treasury yields have jumped above 3.93% amid rising fears of more rates by the Fed. Investors are expecting an increase in the Caixin Manufacturing PMI to 50.2. (FXStreet) USD/INR has shifted its range below 82.70 amid an overnight correction in the USD Index. The Indian Rupee will display a power-pack action after the release of the Q3 GDP data. S&P500 futures have further added gains after a modest positive Monday, portraying ease in the risk-off mood. (FXStreet) AUD/USD is facing hurdles in stretching its recovery above 0.6750 despite upbeat Australian Retail Sales data. The Aussie has formed a Hammer candlestick pattern near the crucial support plotted near 0.6710. A pullback move to near five-period EMA cannot be ruled out. (FXStreet) Prices of the WTI started the week on the back foot, although the daily decline was amidst declining open interest and volume, which warns against the continuation of the retracement and favours further recovery instead. That said, the immediate target for the commodity emerges at the interim 55-day SMA, today near $77.50. (FXStreet) Prices of the natural gas extended further the rebound on Monday. The bullish move, however, was on the back of shrinking open interest, which removes strength from the current uptrend and opens the door to some corrective decline in the very near term. That said, another retracement to the area of recent lows in the sub-$2.00 mark per MMBtu should not be ruled out for the time being. (FXStreet) Gold price stays in bearish mode, approaching $1,800 psychological support. US Dollar stays dominant across the board as US macroeconomic data keeps beating expectations. ISM Manufacturing and Services PMI releases headline a mid-tier economic data week. (FXStreet) Silver price snaps four-day downtrend while bouncing off the lowest levels since early November 2022. Bearish MACD signals, sustained trading below 200-DMA keep sellers hopeful. Multiple hurdles stand tall to challenge XAG/USD buyers. (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.

2023-02-27 09:59

Market Update - 27 February 2023 USD/JPY eases from a fresh YTD peak touched on Monday amid a modest USD downtick. The Fed-BoJ policy divergence acts as a tailwind for the pair and helps limit the downside. Investors now look forward to the US macro data to grab short-term trading opportunities. (FXStreet) GBP/USD continues to find some support and attracts some buyers near the 200-day SMA. A modest USD pullback from a multi-week high is seen as a key factor acting as a tailwind. Hawkish Fed expectations should help limit the USD losses and cap the upside for the pair. (FXStreet) The index picks up pace past the 105.00 mark on Monday. US 2-year yields reach new multi-year peaks past 4.80%. Durable Goods Orders, housing data next of note in the docket. The USD Index (DXY), which gauges the greenback vs. a bundle of its main competitors, advances marginally and maintains the multi-session rally well in place for the time being. (FXStreet) USD/CAD attracts some dip-buying on Monday and draws support from a combination of factors. Sliding Oil prices undermines the Loonie and acts as a tailwind for the pair amid a stronger USD. The fundamental backdrop favours bullish traders and supports prospects for a further move up. (FXStreet) GBP/JPY takes offers to extend pullback from one-week-old horizontal resistance. Looming bear cross on MACD, RSI retreat add strength to downside bias. 50-SMA restricts immediate downside, bulls need validation from monthly high. (FXStreet) EUR/USD remains depressed near the seven-week low as bears poke intraday bottom. Upbeat US Treasury bond yields, hawkish Fed bets contrast with hopes of higher ECB rates to challenge Euro pair sellers. US data, UN Human Rights Council session eyed for intraday directions. (FXStreet) EUR/GBP is awaiting the outcome of UK-EU discussions over the Brexit deal for fresh impetus. ECB Lagarde confirmed a continuation of the policy tightening spell of 50 bps amid an absence of supportive fiscal policy. The German economy has shrunk by 0.4% in the fourth quarter of 2022 as stick inflation has weighed on households’ spending. (FXStreet) USD/INR struggles for clear directions after five-week uptrend, grinds higher of late. Hawkish Fed concerns, upbeat US Treasury bond yields underpin US Dollar strength. RBI’s hawkish mood contrasts with fears of easy growth figures to weigh on Indian Rupee. US data, risk catalysts eyed for clear directions past India Q3 GDP. (FXStreet) USD/MXN retreats from intraday high, fails to extend the previous week’s rebound from the lowest levels since April 2018. US Dollar struggles for clear directions after posting the heaviest run-up since September 2022 amid hawkish Fed concerns. Mixed risk catalysts, sluggish bond markets keep Mexican Peso illiquid ahead of US Durable Goods Orders. (FXStreet) NZD/USD drops to the lowest levels in three months, grinds near intraday low of late. Downbeat NZ Retail Sales, comments from RBNZ’s Conway keep bears hopeful. US Dollar cheers strong inflation clues, hawkish Fed talks amid upbeat yields. US Durable Goods Orders, risk catalysts eyed for fresh impulse. (FXStreet) AUD/USD has refreshed its seven-week low at 0.6700 amid geopolitical tensions and rising hawkish Fed bets. The USD Index has refreshed its day’s high above 104.90 and is expected to recapture the 105.00 resistance.A higher-than-projected Australia GDP will accelerate troubles for the RBA. (FXStreet) WTI prints mild losses to probe the previous rebound from three-week low. Russia’s halt of Oil supplies to Poland joins more Western sanctions on Moscow to highlight geopolitical woes. US SPR woes challenge energy buyers amid hawkish central bank concerns. (FXStreet) Prices of the natural gas extended the rebound on Friday. However, the move was against the backdrop of shrinking open interest and volume, suggesting that the ongoing bounce could be short-lived. So far, further upside should meet the next hurdle at a Fibo retracement of the December-February drop near the $3.20 mark peer MMBtu. (FXStreet) Friday’s daily retracement in gold prices was amidst increasing open interest, which is supportive of further decline in the very near term and with the immediate target at the key contention area around $1800 per ounce troy. (FXStreet) Silver continues losing ground for the fourth straight day and refreshes the YTD low on Monday. Oversold oscillators on the daily chart help the XAG/USD to find support near the 61.8% Fibo. The setup still favours bearish traders and supports prospects for a further depreciating move. (FXStreet) Bitcoin’s recent retreat appears to be part of the consolidation that started earlier this month. The two-month-long uptrend remains intact. The retreat in recent days in Bitcoin appears to be a consolidation rather than a reversal of the two-month-long uptrend, at least yet. Bitcoin has pulled back from a tough barrier at the August 2022 high of 25200, near the 200-week moving average (now at about 25100) – a possibility highlighted in the previous update. (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.

2023-02-24 09:31

Market Update - 24 February 2023 EUR/USD registered small losses on Thursday. The pair stays in a consolidation phase at around 1.0600 in the early European session. The data from Germany revealed that the GDP contracted by 0.4% on a quarterly basis in the fourth-quarter, compared to the initial estimate of -0.2%. (FXStreet) GBP/USD is struggling to keep its feet above 1.2000 as geopolitical tensions amid Russia and Ukraine are escalating. China’s dubious gestures towards the Russia-Ukraine war are dampening the market mood. the shortage of labor and absence of signs of easing labor cost index are clocking for more rates by the BoE. (FXStreet) USD/JPY is showing a volatility squeeze after some wild moves post-speech from BoJ Governor Nominee Kazuo Ueda. Bank of Japan Ueda considered the current monetary policy as appropriate for achieving the persistent 2% inflation target. Federal Reserve to continue policy tightening spell as upbeat US labor market could propel inflation ahead. USD/JPY is auctioning in a Rising Wedge which indicates a loss in the upside momentum and cements a bearish reversal. (FXStreet) NZD/USD meets with a fresh supply on Friday and drifts back closer to the monthly low. Bets for more rate hikes by the Fed, recession fears benefit the USD and exert pressure. Investors now look to the US Core PCE Price Index before placing fresh directional bets. (FXStreet) AUD/USD remains depressed near its lowest level since January amid a bullish USD. Bets for additional rate hikes by the Fed, recession fears continue to benefit the buck. Traders now look to the Fed’s preferred inflation gauge for a fresh directional impetus. (FXStreet) USD/CAD picks up bids to pare day-start losses, reverses the previous day’s pullback from seven-week high. Oil price cheers hopes of economic recovery, geopolitical tension amid sluggish session. Talks surrounding Fed concerns join mixed moves of bond market to probe Loonie traders. (FXStreet) USD/CHF bears are coming to the table following three days or higher closes. The bears eye a break of trendline support for a move into Wednesday's and Thursday's lows. USD/CHF is trading between key support and resistance on top of the prior week's highs of 0.9331, potentially trapping breakout traders for a move to the downside with Wednesday's highs near 0.9320 and Thursday's low near 0.9290 eyed. (FXStreet) EUR/GBP retreats from intraday high, snaps two-day rebound from monthly low. One-week-old resistance line, key Fibonacci retracement level challenge immediate upside. 0.8840 appears a tough nut to crack for the EUR/GBP bulls. Multiple levels surrounding 0.8760 can probe bears afterward. (FXStreet) EUR/JPY has shown wild gyrations amid commentary from BoJ Governor Nominee Ueda. The discussions over widening Yield conversion control were absent in Ueda’speech. BoJ Ueda is of the view that rising Japan’s inflation is backed by higher import prices. (FXStreet) GBP/JPY attracts some dip-buying on Friday and snaps a two-day losing streak. BoJ Governor candidate Ueda's dovish remarks weigh on JPY and lend support. Bets for additional BoE rate hikes underpin the GBP and also act as a tailwind. (FXStreet) USD/INR picks up bids to pare the biggest daily loss in a month. Firmer Oil price, hawkish Fed bets weigh on Indian Rupee. US Core PCE Price Index eyed for clear directions on US inflation conditions and Fed’s next move. (FXStreet) USD/MXN is oscillating in a narrow range below 18.40 ahead of US PCE Inflation. S&P500 futures have recovered their entire morning losses, portraying a rebound in the risk-appetite theme. USD/MXN is auctioning in a Descending Triangle that indicates a sheer contraction in volatility. (FXStreet) On the daily chart below, natural gas finds itself revisiting the 100% Fibonacci extension level at 2.326. This was after prices established a new low at 1.967 before turning higher. Broadly speaking, a bearish Head & Shoulders chart formation remains in play, offering a downward technical bias towards the 2020 low at 1.44. Immediate resistance is at 2.326. Breaking higher exposes the 20-day Simple Moving Average (SMA). The latter is helping maintain the downward focus and could play out as key resistance. Extending higher exposes the May 2021 low at 2.832. (DailyFX) WTI picks up bids to extend previous day’s rebound from three-week low. Confirmation of bullish chart pattern, upbeat MACD signals favor Oil buyers. Convergence of 50-SMA, 100-SMA appears short-term key upside hurdle. (FXStreet) The index maintains the positive bias well past 104.00. US yields recede further ahead of key US data. US inflation tracked by the PCE takes centre stage. The greenback, in terms of the USD Index (DXY), looks to extend the weekly advance well north of the 104.00 barrier at the end of the week. (FXStreet) Gold price remains bearish despite improving market mood. US Dollar stays dominant after US Gross Domestic Product growth disappointed on the second estimate for Q4 2022. PCE disinflation should continue, but any surprise could have a notable impact on Gold. (FXStreet) Silver is seen consolidating this week’s downfall back closer to the YTD low. The setup favours bearish traders and supports prospects for further losses. A sustained move beyond the $22.00 barrier could negate the bearish bias. (FXStreet) Bitcoin declined for the third straight day on Thursday and continued to edge lower early Friday. BTC/USD was last seen trading at around $23,900. Ethereum registered small losses on Thursday but lost its recovery momentum near $1,700. In the European morning on Friday, ETH/USD trades flat on the day at $1,650. (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.

2023-02-23 09:49

Market Update - 23 February 2023 EUR/USD remains under pressure and breaches 1.0600. EMU Final inflation figures next of note in the calendar. Q4 GDP takes centre stage in the US docket. Sellers keep the price action around the European currency subdued and prompt EUR/USD to pierce the 1.0600 support to clock new multi-week lows on Thursday. (FXStreet) USD/CAD retreats from its highest level since January and is pressured by a combination of factors. A modest recovery in Oil prices undermines the Loonie and prompts some selling amid a softer USD. Bets for additional Fed rate hikes, recession fears should help limit the USD losses and lend support. (FXStreet) NZD/USD attracts some buying in the vicinity of a technically significant 200-day SMA. A positive risk tone undermines the USD and lends support to the risk-sensitive Kiwi. Recession fears, bets for more Fed rate hikes limit the USD losses and cap the major. (FXStreet) GBP/USD regains positive traction amid a modest USD pullback from a multi-month top. Signs of stability in the equity markets turn out to be a key factor weighing on the buck. Bets for additional BoE rate hikes underpin the GBP and remain supportive of the uptick. Hawkish Fed expectations, looming recession risks to limit the USD losses and cap the pair. (FXStreet) AUD/USD picks up bids to defend the bounce off key DMA, pokes five-week-old previous support. Bearish MACD signals, downbeat RSI keeps sellers hopeful. Buyers need to cross 0.6975 to retake control. (FXStreet) USD/JPY fades bounce off intraday low, prints mild losses to snap four-day uptrend. Treasury bond yields remain lackluster on Japan holiday. Retreat in US inflation expectations joins mixed geopolitical, Fed headlines to probe momentum traders. (FXStreet) EUR/GBP looks vulnerable around 0.8800 as hawkish BoE bets soar after a recovery in UK preliminary PMI data. UK’s Hunt is facing calls from within his Conservative Party to cut taxes and raise pay for public service workers. ECB Lagarde is set to continue its policy tightening spell of 50 bps to March. (FXStreet) USD/CHF retreats from weekly top, snaps two-day winning streak. Cautious optimism prevails as US President Biden thinks no imminent fears of nuclear use in Russia-Ukraine war. Easing US inflation expectations also favor pullback moves amid off in Japan. (FXStreet) USD/INR is displaying wild moves as investors are discounting the impact of the release of the overnight FOMC minutes. Fed policymakers are favoring the continuation of policy tightening to avoid fears of a recovery in US inflation. The asset is testing the breakout of the Descending Triangle chart pattern around 82.70. (FXStreet) USD/MXN grinds near the lowest levels since April 2018. Nearly oversold RSI conditions challenge bears on their way to three-month-old support line. Two-week-long descending trend line challenges bulls before $18.50 resistance confluence. Sustained trading below the key trend line, moving average joins bearish MACD signals to favor sellers. (FXStreet) EUR/JPY is expected to deliver a downside move below 143.00 ahead of BoJ Ueda’s speech. Some further yield-widening discussions are expected from BoJ Ueda’s speech. ECB Lagarde’s announcement of one more 50 bps rate hike will push rates to 3.5%. (FXStreet) USD/TRY struggles for clear directions after two-day downtrend. Turkish government announces economic support for quake-hit areas. CBRT expected to leave benchmark rates unchanged for the fourth consecutive month. US Dollar struggles to justify hawkish Fed bets, geopolitical fears amid sluggish session. (FXStreet) USD/ZAR is currently hovering around 18.200, finding support above the psychological level of 18.00. With the emerging market (EM) currency currently on track to achieve six consecutive weeks of gains, the resilient US economy has helped drive the pair lower. As South Africa continues to suffer from hours of planned electricity outages (known as load shedding), the country has succumbed to the effects of declining productivity. (DailyFX) WTI prints mild gains at a fortnight low, snaps two-day downtrend. Previous support line, 50-DMA guards immediate upside while bearish MACD signals lure sellers. RSI conditions suggest limited downside room and highlight seven-week-long horizontal support. (FXStreet) The index meets some initial resistance in the 104.50 region. FOMC Minutes noted some members favoured a 50 bps rate hike. Another revision of Q4 GDP, Initial Claims next on tap in the docket. The USD Index (DXY), which gauges the greenback vs. a basket of its main competitors, struggles for direction in the mid-104.00s on Thursday. (FXStreet) Gold price triggered another bearish run after FOMC Minutes showed a somewhat hawkish stance. US Dollar stays dominant across the board ahead of US Gross Domestic Product second estimate for Q4. PCE disinflation should continue, but any surprise could have a notable impact on Gold. (FXStreet) Silver regains positive traction on Thursday and reverses a part of the overnight slide. The formation of a rectangle on the daily chart marks a bearish consolidation phase. A sustained break below the 50% Fibo. level will set the stage for a further downfall. (FXStreet) Oil edged higher — after the longest run of losses this year — as the dollar fell and traders took stock of a mixed demand outlook dominated by tightening US monetary policy and China’s reopening. West Texas Intermediate rose above $74 a barrel after slumping around 3% on Wednesday following Federal Reserve minutes that showed further interest-rate hikes are expected to combat inflation. That’s overshadowed more evidence of a robust rebound in China’s demand after it scrapped Covid Zero curbs last last year. A weaker dollar makes crude cheaper for most buyers. (Bloomberg) Bitcoin lost more than 1% on Wednesday after having failed to stabilize above $25,000. BTC/USD edges higher early Thursday and trades near $24,400. Following a two-day slide, Ethereum rises toward $1,700 and is up more than 1% on the day. (FXStreet) Palladium prices are heading for a third consecutive weekly losing streak, with the rare metal down about 0.7% so far. Last week, prices confirmed a breakout under the 2021 low at 1531, exposing the 2020 bottom at 1355. Broadly speaking, palladium has been aiming lower since finding a top in March 2022 at 3425. Since then, a falling trendline from then has been guiding prices lower, maintaining the dominant downside focus. (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.

2023-02-22 09:48

Market Update - 22 February 2023 EUR/USD edged lower and closed in negative territory at around 1.0650 on Tuesday. However, economists at ING expect the pair to move back higher toward 1.0700-50 before the weekend. Support around 1.0640-1.0660 is enough of an encouraging sign. (FXStreet) USD/JPY bulls take a breather as the quote drops to 134.70 while printing the mild losses, the first in four days, during early Wednesday. In doing so, the Yen pair portrays a U-turn from the upward-sloping resistance line from late December 2022. (FXStreet) The GBP/USD pair comes under some selling pressure following an early uptick to the 1.2135 region and drops to a fresh daily low during the first half of the European session. Spot prices currently trade around the 1.2080-1.2075 region, down nearly 0.30% for the day, and for now, seem to have snapped a three-day winning streak. (FXStreet) The AUD/USD pair adds to the previous day's heavy losses and remains under some selling pressure for the second successive day on Wednesday. The steady intraday descent extends through the early European session and drags spot prices to the 0.6825-0.6820 area, back closer to the lowest level since January 6 touched last week. (FXStreet) The USD/CAD pair attracts some buying for the second straight day on Wednesday and touched its highest level since January 6 during the first half of the European session. The pair currently trades around the 1.3550 region and seems poised to prolong its recent upward trajectory witnessed over the past week or so. (FXStreet) USD/CHF seesaws around 0.9265 as it consolidates the previous day’s gains with mild losses heading into Wednesday’s European session. In doing so, the Swiss Franc (CHF) pair makes a U-turn from the 61.8% Fibonacci retracement level, also known as the golden Fibonacci ratio, to pare the biggest daily jump since early February. (FXStreet) The EUR/GBP cross enters a bearish consolidation phase and oscillates in a narrow trading band near a fresh monthly low touched earlier this Wednesday. The cross is currently placed just below the 0.8800 mark and seems vulnerable to extending its recent retracement slide from its highest level since September 2022 touched earlier this month. (FXStreet) USD/KRW is defending the $1,300 mark on the above comments, trading 0.24% lower on the day at $1,303, as of writing. The pair jumped to the highest level in two months at $1,314.53 on a broad-based US Dollar strength. (FXStreet) GBP/JPY bulls take a breather around 163.30, after rising the most in seven days during early Wednesday. The cross-currency pair’s latest gains could be linked to the upbeat UK data and hawkish concerns surrounding the Bank of England (BoE). However, sluggish yields and the Bank of Japan (BoJ) concerns seem to exert downside pressure on the GBP/JPY prices. Also likely to challenge the pair’s moves are the mixed data from the UK and Japan. (FXStreet) NZD/USD has turned sideways around 0.6230 in the early European session after wild movements showed post-hawkish monetary policy by the Reserve Bank of New Zealand (RBNZ). Volatility in the Kiwi asset has squeezed dramatically as investors have shifted their focus towards the release of the Federal Open Market Committee (FOMC) minutes, which are scheduled in the late New York session. (FXStreet) USD/TRY slides to $18.81, retreating from the all-time high marked the previous day, as the US Dollar eases ahead of the key Federal Open Market Committee’s (FOMC) Monetary Policy Meeting Minutes. Adding strength to the pullback moves could be the Turkish Lira (TRY) traders’ cautious mood before Thursday’s Central Bank of the Republic of Türkiye (CBRT) Interest Rate Decision. (FXStreet) The USD/INR pair is attempting to surpass the immediate resistance of 82.80 in the Asian session. The asset is expected to yet discount the impact of the overnight jump in the US Treasury yields, supported by upbeat preliminary S&P United States PMI data. (FXStreet) NZD/JPY bulls flirt with the 84.00 threshold, after cheering a jump to 84.22, as they reassess the Reserve Bank of New Zealand (RBNZ) headlines early Wednesday. Also challenging the pair buyers could be the recently sluggish Treasury bond yields. (FXStreet) AUD/NZD slumps nearly 60 pips to 1.0980 during early Wednesday morning in Europe as the Reserve Bank of New Zealand (RBNZ) announced its much-awaited interest rate decision. In doing so, the cross-currency pair ignores geopolitical fears surrounding Chin and North Korea, as well as fears of less hawkish RBNZ move due to the natural calamities in New Zealand. (FXStreet) WTI crude oil takes offers to extend the previous day’s losses to $76.00, refreshing the intraday low amid early Wednesday in Europe. In doing so, the black gold breaks a two-week-long ascending trend line, currently around $76.10. (FXStreet) Natural gas prices are off to a rough start this week, which in recent memory, is not something out of the ordinary. Following a very brief pause in early February, the commodity is now aiming for a second consecutive weekly loss. If we ignore the negligible 4.32% rise in early February, natural gas is practically heading for a 10th weekly loss. You would have to go back to 2001 to find the same losing streak. This is bringing lows from 2020 closer into view. (DailyFX) Gold price (XAU/USD) probes a two-day downtrend as it treads water around $1,835 during early Wednesday. In doing so, the bright metal remains inside the one-week-old trading range of around $30.00 as traders await the Federal Open Market Committee’s (FOMC) Monetary Policy Meeting Minutes. It’s worth noting that the geopolitical fears and the US Dollar’s lackluster moves around the multi-day top seem to add filters to the XAU/USD traders. (FXStreet) Silver struggles to gain any meaningful traction on Wednesday and oscillates in a narrow trading range through the early European session. The white metal remains below the $22.00 round-figure mark and the technical setup still seems tilted in favour of bearish traders. (FXStreet) The gradual drift lower in the Hang Seng Index (HSI) reflects some of the unwindings of extreme overbought conditions. While the index could have a bit more downside in the near term, it is too soon to conclude that the uptrend has reversed. (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.

2023-02-21 09:51

Market Update - 21 February 2023 Sellers seem in control of the sentiment around the European currency and drag EUR/USD back to the 1.0670/60 region on Tuesday. EUR/USD extends the pessimism seen at the beginning of the week and trades slightly on the defensive on Tuesday on the back of the mild recovery in the greenback, as US markets return to the usual activity following Monday’s holiday. (FXStreet) USD/JPY seesaws around intraday high near 134.40 as bulls keep the reins for the third consecutive day amid early Tuesday morning in Europe. In doing so, the Yen pair also prints mild gains near the highest levels in two months, poked on Friday. (FXStreet) The GBP/USD pair comes under some selling pressure on Tuesday and stalls its recent recovery from the 1.1915 area, or the lowest level since January 6, touched last week. Spot prices remain on the defensive through the early European session, though manage to hold above the 1.2000 psychological mark, at least for the time being. (FXStreet) The AUD/USD pair comes under some renewed selling pressure on Tuesday and reverses a major part of the previous day's positive move. The pair remains depressed below the 0.6900 mark through the first half of the European session and for now, seems to have stalled the recent bounce from its lowest level since January 6 touched last Friday. (FXStreet) The USD/CAD pair attracts fresh buying near the 1.3445-1.3440 horizontal support zone and continues scaling higher through the early part of the European session. Spot prices reverse the previous day's downfall, with bulls now awaiting a sustained move beyond the 1.3500 psychological mark before placing fresh bets. (FXStreet) USD/CHF remains mildly bid around 0.9240, despite recently easing from the intraday high, as the Swiss pair (CHF) traders benefit from the US Dollar rebound amid sour sentiment. It’s worth noting, however, that the cautious mood ahead of the key data/events favors the USD/CHF buyers. (FXStreet) EUR/GBP holds lower ground around 0.8870, after recently reversing from the daily top, as bears keep the reins for the third consecutive day to early Tuesday in Europe. In doing so, the cross-currency pair portrays the broad retreat in the Euro, as well as the recovery in the British Pound (GBP), ahead of the key data for the bloc and Britain. (FXStreet) The GBP/JPY cross edges higher for the third straight day on Tuesday and sticks to its mildly positive bias through the early European session. The cross is currently placed just above the 161.50 area and remains well within the striking distance of a nearly two-month high touched last week. (FXStreet) The NZD/USD pair has slipped below 0.6240 in the early European session. The Kiwi asset is expected to continue its downside movement as anxiety among investors is soaring ahead of the opening of the US markets after an extended weekend. (FXStreet) The USD/INR pair is approaching 82.80 as the US Dollar Index (DXY) has rebounded firmly amid the risk-off market mood. Investors are channelizing their funds into the USD Index amid rising uncertainty ahead of the US opening after an elongated weekend. (FXStreet) EUR/JPY is flat in Tokyo and sticking to the opening ranges for the week following a low liquidity day in the US holiday markets. However, from a technical standpoint, the coiled conditions could be the foundations for some explosive moves in the forthcoming days. (FXStreet) The EUR/GBP pair is displaying a sideways auction in a narrow range of 0.8870-0.8890 in the Tokyo session. The cross has turned sideways as investors are awaiting the release of the preliminary PMI figures for the Eurozone and the United Kingdom for further impetus. (FXStreet) The AUD/JPY pair has climbed to near 93.00 in the Tokyo session after observing a hawkish stance from the minutes released by the Reserve Bank of Australia (RBA). The message from the RBA minutes is clear that more interest rates are warranted as strong consumer demand is not allowing Australian inflation to soften from its peak. (FXStreet) The Swedish Krona eased slightly today after having a blistering rally yesterday with EUR/SEK hitting a 2-month low. The Riksbank monetary policy meeting minutes revealed a very hawkish tone and core CPI data was higher than anticipated for January, coming in at 0.4% m/m rather than -0.2% anticipated. (DailyFX) The downward pressure on natural gas continued unabated with prices falling to a new 20-month low on Monday. Even then, there is no sign of a reversal of the downtrend. However, on some measures, the slide is beginning to look stretched. (DailyFX) Gold price (XAU/USD) retreats towards the previous weekly low, also the lowest since late December, as risk aversion joins the return of full markets to underpin the US Dollar. Adding strength to the greenback, as well as weighing on the XAU/USD, could be the upbeat US Treasury bond yields. (FXStreet) Silver price (XAG/USD) remains depressed around $21.70 during the first loss-making day in three heading into Tuesday’s European session. In doing so, the bright metal portrays a clear reversal from the 200-Hour Moving Average (HMA), as well as the 50% Fibonacci retracement level of its moves between February 09 and 17. (FXStreet) Ethereum is pushing higher and is set to test levels last seen in mid-September last year. The second largest cryptocurrency by market cap has tried and failed, to conclusively break above the $1,680 level over the last month, but the latest test looks more promising. A series of higher lows over the last month, combined with resistance around $1,680 has produced a bullish triangle pattern which is set to be broken as we near its apex. (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.