2023-01-17 09:38

Market Update - 17 January 2023 EUR/USD regains some poise near the 1.0830 region. German 10-year yields look to extend the recovery near 2.20%. Economic Sentiment in Germany and EMU come next in the docket. The European currency attempts to leave behind the recent weakness and motivates EUR/USD to advance modestly and revisit the 1.0830 region on Tuesday. (FXStreet) GBP/USD takes offers to refresh intraday low, extends week-start pullback from one-month high. UK Claimant Count Change eased to 19.7K in December, Unemployment Rate remains unchanged for three months to November. US Dollar’s failure to track rebound in yields propel Cable prices despite negatives surrounding labor strike, inflation fears. Second-tier US data, risk catalysts can entertain traders ahead of the key Wednesday. (FXStreet) GBP/JPY is struggling to sustain above 157.00 as UK wage growth might trigger inflation projections. The Japanese Yen is gaining strength despite rising uncertainty ahead of the Bank of Japan policy. A shortfall of labor in the UK economy is creating troubles for the Bank of England policymakers. GBP/JPY is demonstrating an Inverted Flag formation which might result in further weakness in the cross. (FXStreet) The index extends the range bound theme around 102.30. US markets return to normal activity following Monday’s holiday. NY Empire State index, short-term auctions, Fedspeak next on tap. The greenback, in terms of the USD Index (DXY), navigates under some downside pressure in the 102.30 region on turnaround Tuesday. (FXStreet) USD/CAD oscillates in a narrow band and is influenced by a combination of diverging forces. A modest uptick in crude oil prices underpins the Loonie and acts as a headwind for the pair. A softer risk tone benefits the safe-haven greenback and helps limit any meaningful downside. Traders now look to Canadian consumer inflation and the US macro data for a fresh impetus. (FXStreet) AUD/USD is displaying topsy-turvy moves in a 0.6960-0.6978 range amid caution in the market mood. The formation of a Rising Channel indicates an upside trend in a limited territory. The Aussie asset has been overlapped by the 20-EMA, which indicates a consolidation added. (FXStreet) NZD/USD edges higher on Tuesday, though lacks follow-through buying beyond 0.6400. The upbeat Chinese macro data lends support, though a combination of factors cap gains. Recession fears, a modest USD strength keeps a lid on any meaningful upside for the pair. (FXStreet) USD/CHF takes offers to reverse the week-start rebound. DXY retreats despite firmer Treasury bond yields, sour sentiment as full markets return. Updates from Davos can entertain traders ahead of US Retail Sales. (FXStreet) USD/INR picks up bids to portray three-day winning streak, extends bounce off monthly low. China’s upbeat data-dump fails to trigger risk-on mood as full markets return. US Dollar Index traces yields to pare recent losses around multi-month low. Risk catalysts are the key ahead of US Retail Sales for December. (FXStreet) WTI picks up bids to reverse the week-start pullback from fortnight high. Confirmation of bullish chart pattern, looming bull cross on MACD favor buyers. Convergence of 100-EMA, flag’s lower line restricts immediate downside. (FXStreet) Gold price depressed for the second successive day amid modest uptick in US Dollar strength. A combination of factors should help limit any meaningful pullback from a multi-month peak. Bets for smaller Fed rate hikes could lend support amid the risk of a potential global recession. (FXStreet) Silver ticks down on Tuesday, though lacks any follow-through selling. The setup still favours bulls and supports prospects for additional gains. A break below the $23.40-35 confluence might negate the positive bias. (FXStreet) Bitcoin prices (BTC) have made an incredible recovery over the past seven days, driving the major cryptocurrency above $20,000. Despite growing concerns of a global recession, BTC/USD has risen over 26% this month, pushing prices to another barrier of resistance at the November high of $21,473. (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.

2023-01-16 09:57

Market Update - 16 January 2023 EUR/USD advances to fresh highs near 1.0880 earlier on Monday. The dollar gathers some traction after dropping to new lows. The Eurogroup meeting will be the salient event later in the session. (FXStreet) The index prints fresh lows in the sub-102.00 region. Sentiment continues to favour the risk complex on Monday. Markets’ focus remains on a probable Fed’s pivot. The greenback, in terms of the USD Index (DXY), loses further ground and trades in the area below the 102.00 support for the first time since early June. (FXStreet) GBP/USD continues scaling higher on Monday and hits a one-month high amid a weaker USD. Bets for smaller Fed rate hikes and a positive risk tone weigh on the safe-haven greenback. Recession fears keep a lid on any further gains ahead of the BoE Governor Bailey’s speech. (FXStreet) USD/JPY has sensed buying interest after dropping to near 127.20. The USD Index has recovered to near 101.60 despite the upbeat market mood. Downward-sloping 20-and 50-EMAs indicate more weakness ahead. (FXStreet) USD/CAD comes under renewed selling pressure on Monday amid sustained USD weakness. Rising bets for smaller Fed rate hikes and a positive risk tone continue to weigh on the buck. A modest pullback in oil prices could undermine the Loonie and help limit any further losses. (FXStreet) AUD/USD gains some follow-through traction on Monday and climbs to a fresh five-month high. Bets for smaller Fed rate hikes, a positive risk tone undermines the USD and offers some support. Looming recession fears cap the optimism and act as a headwind for the risk-sensitive Aussie. (FXStreet) A recovery in the US Dollar Index has also provided support to USD/INR. Growing expectations for a smaller Fed’s interest rate hike have weakened the USD Index broadly. Upbeat oil prices and FII outflows might trigger volatility for the Indian Rupee. (FXStreet) A bullish reversal seems likely on an Inverted H&S formation on the daily chart. The 20-and 50-EMAs have resumed their upside journey which adds to the upside filters. A shift into the bullish range of 60.00-80.00 by the RSI (14) will strengthen the New Zealand Dollar. (FXStreet) The recovery in prices of the WTI finally reached the key $80.00 mark per barrel on Friday. The uptick was in tandem with rising open interest and declining volume, which leaves the door open to extra gains, although a probable corrective move or some consolidation in the short term should not be ruled out. (FXStreet) Prices of the natural gas continued its march south at the end of last week amidst rising open interest and volume. Against that, the continuation of the downtrend looks the most likely scenario for the time being, with the immediate target at the key $3.00 mark per MMBtu. (FXStreet) Silver edges higher for the third straight day and inches back closer to the multi-month top. The set-up favours bulls and supports prospects for an extension of the appreciating move. A convincing break below the $23.00 mark is needed to negate the near-term positive bias. (FXStreet) Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-01-13 09:49

Market Update - 13 January 2023 USD/JPY drifts lower for the second straight day and drops to a fresh multi-month low. Bets for smaller Fed rate hikes continue to weigh on the USD and exert some pressure. Speculations for another BoJ policy tweak boost the JPY and contribute to the decline. (FXStreet) EUR/GBP struggles to gain any meaningful traction and oscillates in a narrow band on Friday. A bleak outlook for the UK economy undermines the Sterling and continues to lend support. The recent hawkish ECB rhetoric underpins the Euro and supports prospects for further gains. (FXStreet) The index attempts a tepid rebound just above 102.00. Investors keep pricing in a 25 bps rate hike by the Fed in February. Advanced Michigan Consumer Sentiment only due later in the docket. The greenback, when tracked by the USD Index (DXY), advances marginally on Friday following a marked drop to the 102.00 neighbourhood in the previous session. (FXStreet) GBP/USD is seen oscillating in a narrow trading band through the early European session on Friday. A modest USD recovery from a multi-month low acts as a headwind amid dovish BoE expectations. The mixed UK macro data fails to impress traders or provide any meaningful impetus to the major. (FXStreet) USD/CAD has picked strength amid caution in the market mood, however the overall sentiment is still positive. Federal Reserve is likely to trim the pace of policy tightening due to a downward trend in US inflation. A sheer recovery in oil prices led by expectations of economic recovery in China may strengthen the Canadian Dollar. USD/CAD is likely to continue its downside journey toward the horizontal support plotted at 1.3226. (FXStreet) EUR/USD has slipped marginally to near 1.0860 as the strength of the risk-on mood has eased. Fed Bostic has favored a 25 bps rate hike culture amid slowing US inflation. The ECB is expected to reach the terminal rate by the Summer. (FXStreet) NZD/USD takes offers to pare weekly gains strong China trade figures. China Customs fail to cheer the strong trade volume in 2022 as figures jumped 40 trillion Yuan. Weekly resistance line guards immediate upside, 100-HMA probes bears. MACD, RSI also favor the pullback moves despite firmer China trade numbers for 2022. (FXStreet) AUD/USD retreats from a multi-month high touched on Thursday amid a modest USD uptick. Rebounding US bond yields and a softer risk tone helps revive demand for the safe-haven buck. Rising bets for smaller Fed rate hikes should cap the USD and limit the downside for the major. (FXStreet) USD/INR has displayed a responsive buying action amid a recovery in US Treasury yields. The 20-and 50-EMAs are on the verge of delivering a bearish crossover around 82.15. A bearish range shift by the RSI (14) has triggered the downside momentum. (FXStreet) Oil prices have turned sideways after failing to extend recovery to near $80.00. The black gold price has not run out of steam as the US administration is ceasing oil supply to China. Falling US inflation has triggered odds of a slowdown in the pace of the Fed’s policy tightening. (FXStreet) Natural gas prices charted an inconclusive session on Thursday in tandem with a small uptick in open interest and diminishing volume. Against that, extra consolidation appears the most likely scenario for the commodity for the time being, with decent contention around the $3.50 mark per MMBtu. (FXStreet) Gold price remains firmer around multi-month high, fades upside momentum of late. Challenges to sentiment, market’s post-inflation consolidation probe XAU/USD bulls. Further upside hinges on successful break of $1,918 and more clues for Fed’s next moves. (FXStreet) Silver is seen consolidating in a narrow trading band below the $24.00 mark on Friday. The recent two-way price moves warrant some caution before placing directional bets. A convincing break below the 200-SMA on H4 should pave the way for deeper losses. (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.

2023-01-12 09:05

Market Update - 12 January 2023 USD/CAD attracts fresh buying on Thursday, though the upside potential seems limited. A modest downtick in oil prices undermines the Loonie and lends support to the major.,Smaller Fed rate hike bets weigh on the USD and could cap gains ahead of the US CPI. (FXStreet) The index extends the decline and challenges 103.00. US inflation figures is expected to have retreated further in December. US yields trade slightly on the defensive on Thursday. The greenback, when tracked by the USD Index (DXY), adds to Wednesday’s tepid losses and pokes with the 103.00 neighbourhood on Thursday. (FXStreet) USD/JPY has refreshed its day’s low at 131.40 as odds for further US inflation softening soar. Federal Reserve might look to tweak its monetary policy projections if US inflation continues its downside spree. The Bank of Japan is firmly considering an exit from its secular long ultra-loose monetary policy. USD/JPY is hovering near the lower portion of the inventory adjustment phase. (FXStreet) GBP/JPY drops the most in a week while reversing from the key hurdle. Convergence of 21-DMA, fortnight-long descending trend line guards immediate upside. 61.8% Fibonacci retracement level lures bears, 164.30 appears strong resistance. (FXStreet) EUR/JPY stands on slippery grounds as it snaps four-day uptrend. Upbeat BOJ economic assessment favors previous hawkish calls to exit easy money policy. ECB policymakers back further rate hikes to ward off the inflation risks. (FXStreet) GBP/USD grinds near intraday high, snaps two-day losing streak. Bullish candlestick formation, sustained bounce off key moving average favor buyers. Sellers remain off the table unless witnessing fresh monthly low. (FXStreet) EUR/GBP is facing barricades while crossing the 0.8878-0.8882 hurdle. The 20-EMA at 0.8853 is providing support to the Euro bulls. A slippage of the RSI (14) into the 40.00-60.00 range indicates a loss in the upside momentum. (FXStreet) USD/INR seesaws near five-week low as bears take a breather after six-day downtrend. Upbeat Oil prices, unimpressive details from India join mixed China inflation to keep buyers hopeful. Markets brace for softer US inflation but a surprise can’t be ruled out. (FXStreet) AUD/USD surrenders modest intraday gains and retreats below the 0.6900 mark in the last hour. The cautious market mood lends some support to the safe-haven buck and acts as a headwind. Bets for an additional RBA rate hike in February should limit losses ahead of the key US CPI. (FXStreet) AUD/JPY snaps four-day winning streak, stays pressured around intraday low of late. Descending trend line from September 2022 challenges buyers. Impending bearish moving average crossover keeps sellers hopeful despite bullish MACD signals. (FXStreet) Prices of the WTI rose markedly on Wednesday amidst increasing open interest and volume, opening the door to the continuation of the recovery in the very near term. Against that, the next target of note comes at the January high at $81.44 per barrel recorded on January 3. (FXStreet) Gold price remain firmer around the highest levels since May 2022. Resistance-turned-support from mid-November, upbeat China CPI put a floor under XAU/USD price. Downbeat market consensus for US CPI, Fed’s hesitance keeps Gold buyers hopeful. (FXStreet) Silver attracts fresh buying in the vicinity of support marked by the 200-SMA on the 4-hour chart. The recent two-way price moves warrant some caution before placing aggressive directional bets. Bulls might wait for a sustained move beyond the $24.00 mark before positioning for further gains. (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.

2023-01-11 09:05

Market Update - 11 January 2023 The index treads water in the low-103.00s on Wednesday. Markets continue to wait for the release of US inflation figures. MBA Mortgage Applications will be the sole data scheduled today. The greenback extends the consolidative mood above the 103.00 hurdle when tracked by the USD Index (DXY) on Wednesday. (FXStreet) USD/JPY steadily climbs back closer to the weekly high, though lacks bullish conviction. A positive risk tone undermines the safe-haven JPY and acts as a headwind for the pair. Rising bets for smaller Fed rate hikes weigh on the USD and continue to cap the upside. (FXStreet) GBP/JPY is failing to surpass the immediate resistance of 161.00 as BOJ is discussing an exit from its ultra-loose policy. Japanese administration and the BOJ will review their decade-long loose policy under novel BOJ leadership. The Pound Sterling may display significant action after the release of UK’s economic activities data. (FXStreet) USD/CAD takes offers to pare intraday gains around 1.3420 during early Wednesday morning in Europe. In doing so, the Loonie pair fails to trace options market signals as it consolidates the previous day’s recovery moves from a six-week low. (FXStreet) EUR/USD is juggling below seven-month high at 1.0760 ahead of the United States inflation release. Federal Reserve policymakers are revising their policy projections after a drop in wage inflation. European Central Bank Centeno sees a deceleration in the inflationary pressures from March. EUR/USD is likely to display a volatility expansion while the direction will be based on the US CPI report. (FXStreet) GBP/USD remains sidelined after snapping two-day uptrend the previous day, picks up bids of late. Cautious optimism allows Cable buyers to retake control ahead of the US CPI. UK, Japan brace for defense agreement, British PM praises healthcare conditions despite workers’ strikes. Risk catalysts could entertain traders ahead of inflation data. (FXStreet) USD/INR pares recent losses with mild gains around the key support, snaps five-day losing streak. Nearly oversold RSI conditions add strength to recovery expectations. Previous support line from early August, two-month-old horizontal resistance challenge bulls. Lows marked during December, November can entertain bears ahead of 200-DMA. (FXStreet) Australian Dollar has picked strength as Chinese firms have resumed Australian coal imports. The USD Index has sensed sheer selling pressure after failing to surpass 103.00. Aussie has resumed its upside journey after sensing support around the demand zone plotted in a 0.6884-0.6896 range. (FXStreet) USD/CHF takes offers to refresh intraday bottom, fades bounce off nine-month low. Downside break of weekly support line, bear cross underpin downside bias. Recovery moves remain elusive unless crossing 0.9275 hurdle. (FXStreet) NZD/USD edges higher on Thursday amid renewed USD selling bias, albeit lacks follow-through. Bets for less aggressive Fed rate hikes keep the US bond yields depressed and weigh on the USD. A positive risk tone further undermines the safe-haven buck and benefits the risk-sensitive Kiwi. Traders, however, seem reluctant to place aggressive bets ahead of the US CPI print on Thursday. (FXStreet) Tuesday’s small downtick in prices of the barrel of the WTI was amidst rising open interest and volume. That said, the current range bound theme in the commodity is therefore expected to persist at least in the very near term, with the initial contention around $72.50 and the immediate target at the so far weekly high at $76.70. (FXStreet) Tuesday’s marked retracement in prices of the natural gas was in tandem with increasing open interest and is indicative that a deeper drop could lie ahead in the very near term. On this, there is a solid contention region around the $3.50 mark per MMBtu, which exposes further decline in case the commodity clears it. (FXStreet) Gold price rises for the fourth consecutive day amid sluggish markets. Mixed clues, light calendar and pre-data anxiety weigh on the US Dollar. Global economic slowdown fears join softer US Dollar to highlight Gold’s traditional haven status. Expectations of PBOC rate cut, cautious optimism surrounding China adds strength to the XAU/USD upside. (FXStreet) Silver catches aggressive bids on Wednesday and snaps a two-day losing streak. The technical setup supports prospects for a further intraday appreciating move. A convincing break below the $23.00 mark is needed to negate the positive bias. (FXStreet) Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-01-10 09:34

Market Update - 10 January 2023 USD/JPY remains confined in a narrow trading band through the early European session. Rebounding US bond yields revives the USD demand and extends support to the major. Bets for less aggressive Fed rate hikes could cap the buck and limit any meaningful gains. (FXStreet) GBP/USD portrays cautious markets ahead of key central bank leaders’ speeches. Upbeat prints of second-tier UK data fail to overcome inflation woes, tight labor market adds strength to the price pressure. Hawkish Fed talks, easing optimism surrounding China also probe Cable buyers. Panel discussion at Riksbank will be crucial as BoE Governor Bailey, Fed Chair Powell will speak there. (FXStreet) USD/CAD is displaying back-and-forth moves, following the footprints of the US Dollar Index. Federal Reserve Powell’s speech has become critical after a decline in US economic activities and wage inflation. Bank of Canada Macklem’s speech could be hawkish after upbeat December employment data. USD/CAD may remain in the grip of bears on a broader note amid declining 20-and 50-EMAs. (FXStreet) EUR/USD looks to consolidate further the breakout of 1.0700. The dollar trades in an inconclusive fashion so far on Tuesday. Investors’ focus gyrates to Chief Powell’s speech later in the session. The optimism around the European currency remains well and sound for yet another session and helps EUR/USD revisit the 1.0750 region on turnaround Tuesday. (FXStreet) EUR/GBP attracts fresh buying on Tuesday and recovers further from over a two-week low. Dovish BoE expectations weigh on the British Pound and remain supportive of the move. The recent hawkish ECB rhetoric underpins the Euro and supports prospects for further gains. (FXStreet) USD/CHF picks up bids to pare recent losses around the lowest levels since March 2022. Bearish MACD signals, failure to cross the support-turned-resistance signal further downside. 61.8% Fibonacci retracement level guards immediate upside, bears can aim for previous yearly bottom. (FXStreet) USD/CHF picks up bids to pare recent losses around the lowest levels since March 2022. Bearish MACD signals, failure to cross the support-turned-resistance signal further downside. 61.8% Fibonacci retracement level guards immediate upside, bears can aim for previous yearly bottom. (FXStreet) AUD/USD remains sidelined around four-month high, snaps two-day uptrend. Eight-week-long ascending trend channel, sustained breakout of 200-DMA favor bulls. Multiple Fibonacci retracement levels add to the downside filters. (FXStreet) Monday’s decent gains in prices of the natural gas was in tandem with increasing open interest and volume, suggesting that extra gains could be in store for the commodity in subsequent sessions. However, the inability to gather convincing upside traction in the very near term could expose another potential visit to the contention area near the $3.50 mark per MMBtu. (FXStreet) Prices of the WTI started the week in a positive mood amidst rising open interest and volume. That said, further upside should not be ruled out with the immediate target at the so far January peak at $81.44 per barrel (January 3). (FXStreet) A decline in the US Dollar Index has shifted traction in favor of Silver price. Investors’ risk appetite has improved amid a rebound in S&P500 futures. The 200-period EMA is overlapping with the white metal prices, which indicates a lackluster performance ahead. Silver price (XAG/USD) has rebounded firmly after dropping to near $23.50 in the Asian session. (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.