2024-01-11 09:16

Market Update - 11 January 2024 EUR/USD extends its gains on the second consecutive day, trading around 1.0980 during the Asian session on Thursday. The EUR/USD pair receives upward support as US Dollar (USD) faces challenges on risk-on market mood ahead of the US Consumer Price Index (CPI data. (FXStreet) The GBP/USD pair holds positive ground around 1.2765 during the early European session on Thursday. The uptick of the pair is supported by the weaker US Dollar (USD) and improved risk-on sentiment. Traders await the December US Consumer Price Index (CPI) for fresh impetus. The Core CPI is projected to grow 3.8% YoY, while headline inflation is estimated to rise 3.2% YoY versus 3.1% prior. (FXStreet) USD/CHF moves on a downward trajectory for the second successive day, trading near 0.8510 during the European hours on Thursday. The USD/CHF pair encounters difficulties as investors shift their focus away from the US Dollar (USD), possibly due to speculation about five interest rate cuts by the Federal Reserve (Fed) in 2024. (FXStreet) The USD/CAD pair drops to near 1.3360 after failing to sustain above the crucial resistance of 1.3400. The Loonie asset continues to struggle as demand for safe-haven assets has dampened due to improved risk-appetite of the market participants. (FXStreet) NZD/USD advances to near 0.6250 during the European session on Thursday. The NZD/USD pair receives upward support due to the improved market sentiment ahead of the inflation data from the United States (US). (FXStreet) USD/MXN halts its two-day winning streak, which could be attributed to the improved risk appetite as traders price in the possibility of five rate cuts in 2024. The US Dollar (USD) loses ground on downbeat US Treasury yields. The USD/MXN pair trades lower near 16.95 during the early European session on Thursday. (FXStreet) Indian Rupee (INR) trades on a positive note on Thursday, supported by robust foreign inflows. On Wednesday, India’s Prime Minister Narendra Modi stated that India is set to become one of the top three global economies. Modi acknowledged India's economic development as a decade of structural reforms that improved the country's capacity and competitiveness amid global headwinds. (FXStreet) The EUR/GBP cross snaps the two-day winning streak during the early European trading hours on Thursday. The cross hovers around the 0.8600 mark after retreating from the weekly high of 0.8620. (FXStreet) EUR/JPY pulls back from its six-week high at 160.00, retracing its recent profits registered on Wednesday. The EUR/JPY pair trades lower near 159.60 during the Asian session on Thursday. The remarks from Organisation for Economic Co-operation and Development (OECD) Secretary-General Mathias Cormann regarding the Bank of Japan's (BoJ) monetary policy could offer some support to the Japanese Yen (JPY). (FXStreet) On Thursday, the People’s Bank of China (PBoC) sets the USD/CNY central rate for the trading session ahead at 7.1087 as compared to the previous day's fix of 7.1055 and 7.1667 Reuters estimates. (FXStreet) West Texas Intermediate (WTI) price retraces its recent losses, trading higher near $71.70 per barrel during the Asian session on Thursday. Crude oil prices are gaining upward momentum due to concerns about potential supply disruptions following recent developments where Yemen's Houthis criticized the United Nations (UN) resolution on Red Sea navigation. (FXStreet) Gold price (XAU/USD) drifted higher during the early Asian trading hours on Thursday. The softer US Dollar (USD) lends some support to the yellow metal ahead of the key US CPI report on Thursday. At press time, the gold price is trading at $2,026, gaining 0.15% on the day. (FXStreet) Silver (XAG/USD) gains some positive traction on Thursday and for now, seems to have snapped a three-day losing streak to the weekly low, around the $22.80-$22.75 region touched the previous day. The white metal sticks to its intraday gains through the first half of the European session and currently trades around the $23.00 round figure, up 0.60% for the day. (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.

2024-01-10 09:13

Market Update - 10 January 2024 EUR/USD consolidates after posting recent losses in the previous session, trading near 1.0930 during the Asian session on Wednesday. The EUR/USD pair could meet the barrier at the major level at 1.0950 following the psychological resistance area at 1.1000. (FXStreet) USD/JPY turned higher after reaching the late December swing low but momentum was culled last Friday after the ISM services PMI report revealed a sharp drop in the composite measure as well as the employment component of the report. Admittedly, the drop can be attributed to fewer hires and less so to increased layoffs, but the lower reading speaks to a labour market that is easing, while remaining resilient overall. (DailyFX) GBP/USD is in focus as it hovers around 1.2710 during the Asian session on Wednesday. After a recent dip that interrupted a four-day winning streak, the Pound Sterling (GBP) found support against the US Dollar (USD). The improved market risk appetite, driven by comments from Federal Reserve (Fed) members speculating about potential rate cuts by the end of 2024, contributed to a weaker US Dollar. However, a sudden shift in sentiment towards risk aversion added pressure, impacting the GBP/USD pair. (FXStreet) USD/CHF stays calm after gaining profits in the previous session, hovering near 0.8520 during the Asian session on Wednesday. The US Dollar Index (DXY) maintains its position above 102.50 amid steady US bond yields, with the 2-year and 10-year yields standing at 4.35% and 4.02%, respectively. (FXStreet) The USD/CAD pair edges higher to the 1.3400 neighbourhood heading into the European session on Wednesday, albeit remains below a multi-week high touched the previous day. (FXStreet) The NZD/USD pair struggles for a direction as investors await the United States Consumer Price Index (CPI) data for December, which is scheduled for Thursday. The Kiwi asset trades back-and-forth around 0.6240 amid hopes that the release of the US inflation data will provide fresh cues about the likely monetary policy action by the Federal Reserve (Fed) for January’s monetary policy meeting. (FXStreet) USD/MXN continues to gain ground, advancing further near 16.99 during the European session on Wednesday. The USD/MXN pair received upward support from the risk-off market sentiment. However, the upward trend in Mexico's consumer inflation might influence the Bank of Mexico (Banxico) to adopt a measured approach to easing monetary policy in the upcoming period. This is expected to provide support for the Mexican Peso (MXN) in the foreseeable future. (FXStreet) NZD/USD attempts to recover the recent losses registered on Tuesday, trading slightly higher near 0.6240 during the Asian session on Wednesday. The New Zealand Dollar (NZD) registered losses against the US Dollar in the previous session as the risk-on sentiment shifted to risk aversion. Traders are now looking ahead to Thursday's release of November's Building Permits data from New Zealand, following a reported 8.7% rise in October. (FXStreet) The People’s Bank of China (PBoC) sets the USD/CNY central rate for the trading session ahead on Wednesday at 7.1055 as compared to the previous day's fix of 7.1010 and 7.1618 Reuters estimates. (FXStreet) EUR/JPY regained lost ground last week after bouncing off trendline support and the 200-day simple moving average, but its recovery stalled when prices failed to clear a major ceiling around the 158.75 mark, a rejection that triggered a modest pullback in recent sessions. (DailyFX) GBP/JPY staged a strong rally and climbed nearly 2.5% last week, but bullish momentum has started to wane over the past few days after an unsuccessful attempt at overtaking cluster resistance around the psychological 184.00 level, as shown in the daily chart below. (DailyFX) West Texas Intermediate (WTI) Crude Oil prices attract some buyers for the second successive day on Wednesday, albeit lack follow-through and remain below the overnight swing high through the first half of the European session. The commodity currently trades just below mid-72.00s, up nearly 0.35% for the day. (FXStreet) Gold price (XAU/USD) struggles to gain any meaningful traction following the previous day's late pullback from the $2,040 area and oscillates in a narrow trading band during the Asian session on Wednesday. Traders now seem reluctant and prefer to wait for the release of the latest consumer inflation figures on Thursday before placing fresh directional bets. (FXStreet) Silver (XAG/USD) drifts lower for the third successive day on Wednesday and drops to a fresh weekly low, around the $22.80 region during the early European 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.

2024-01-09 09:08

Market Update - 09 January 2024 EUR/USD retraces its recent gains as the US Dollar (USD) attempts to recover its recent losses. The EUR/USD pair trades lower near 1.0950 major support during the Asian session on Tuesday. A break below could lead the pair to test the psychological level at 1.0900 as the key support region. (FXStreet) GBP/USD halts a four-day winning streak, trading lower near 1.2750 during the early European session on Tuesday. The GBP/USD pair is at a critical juncture, and the possibility of a break below the major level raises the potential for further downward pressure. The 21-day Exponential Moving Average (EMA) at 1.2684 serves as an immediate support level to monitor. (FXStreet) USD/CAD consolidates near 1.3350 during the Asian session on Tuesday, attempting to retrace its recent losses registered on Monday. The Canadian Dollar (CAD) could have some balance on steady Crude oil prices. (FXStreet) NZD/USD moves on an upward trajectory, extending gains for the third successive session. The NZD/USD pair trades higher near 0.6260 during the Asian hours on Tuesday. The pair rebounded from a three-week low at 0.6181 on Friday after mixed economic data from the United States (US). (FXStreet) USD/MXN grapples to snap its losing streak that began on January 3, hovering near 16.84 during the European trading hours on Tuesday. The USD/MXN pair faced downward pressure following remarks from Atlanta Fed President Raphael W. Bostic. (FXStreet) West Texas Intermediate (WTI) price hovers near $71.10 per barrel during the Asian session on Tuesday. The Crude oil prices move sideways after recent losses registered in the previous session. (FXStreet) Gold price (XAU/USD) regains positive traction during on Tuesday and recovers further from a near three-week low, around the $2,017-2,016 region touched the previous day. A fall in US Consumer Inflation Expectations boosts market bets that the Federal Reserve (Fed) may start cutting interest rates as early as March. This, in turn, is seen as a key factor acting as a tailwind for the non-yielding yellow metal, though the intraday uptick lacks bullish conviction. (FXStreet) Bitcoin ETF fever is pushing the price of the largest cryptocurrency by market capitalization back to highs last seen in April 2022. At least 10 companies have handed in amended and updated Bitcoin ETF applications and are waiting to hear from the SEC. The ARK 21Shares Bitcoin ETF will be the first exchange-traded fund ruled on by the Securities and Exchange Commission (SEC). The SEC has until January 10th to approve or reject this ETF and the thinking is that if this application is approved, then the other 10 or so applications will also be approved to prevent any first-mover advantage. (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.

2024-01-08 09:24

Market Update - 06 January 2024 The EUR/USD pair loses ground around 1.0935 during the early European session on Monday. The downtick of the major pair is backed by a stronger US Dollar (USD) and higher US Treasury bond yields. The US labor data on Friday cast doubt on the Federal Reserve's (Fed) rate cut expectation. The US Nonfarm Payrolls (NFP) rose by 216,000 in December from 173,000 in November, better than the market expectation of 170,000. (FXStreet) GBP/USD halts its winning streak that began on Wednesday, trading around 1.2710 during the Asian session on Monday. However, the Pound Sterling (GBP) received upward support against the US Dollar (USD) on improved risk appetite after the mixed economic data from the United States (US). (FXStreet) The USD/CHF pair gains momentum during the early European trading hours on Monday. The recovery of the US Dollar (USD) and higher US Treasury bond yields lend some support to the pair. USD/CHF currently trades near 0.8515, up 0.13% on the day. (FXStreet) USD/CAD continues to gain ground for the second straight day, trading near 1.3380 during the European session on Monday. The Canadian Dollar (CAD) receives downward pressure against the US Dollar (USD) due to the decline in Crude oil prices. (FXStreet) NZD/USD displays sideways movement amid a steady US Dollar (USD), trading higher around 0.6240 during the early European hours on Monday. The technical indicator, the 14-day Relative Strength Index (RSI), is positioned above the 50 level, signaling strong momentum. This suggests that the NZD/USD pair could gear up to test the major resistance at 0.6250, followed by the nine-day Exponential Moving Average (EMA) at 0.6261. (FXStreet) USD/MXN hovers around 16.88 during the European session on Monday. The USD/MXN pair faced downward pressure following the release of the latest Bank of Mexico (Banxico) minutes on Thursday, indicating concerns about the inflationary scenario in the country. The minutes suggest a challenging environment, prompting the decision to maintain interest rates at their current levels for a certain period. (FXStreet) Indian Rupee (INR) kicks off the new week on a positive note on Monday. Foreign capital inflows and the Reserve Bank of India’s (RBI) intervention have been supporting the INR from any major depreciation. The government revealed the First Advance Estimates (FAEs) of India’s GDP on Friday. The report suggested that India's Gross Domestic Product (GDP) will expand by 7.3% in the current fiscal year (2023–24), which is slightly faster than the 7.2% growth in 2022–23. (FXStreet) GBP/USD halts its three-day winning streak, trading around 1.2700 psychological level during the Asian session on Monday. The GBP/USD pair seems to face a critical juncture, with the possibility of a break below the psychological level. If this occurs, it could surpass the 14-day Exponential Moving Average (EMA) at 1.2692. (FXStreet) On Monday, the People’s Bank of China (PBoC) sets the USD/CNY central rate for the trading session ahead at 7.1006 as compared to Friday's fix of 7.1029 and 7.1499 Reuters estimates. (FXStreet) EUR/GBP remains a pair for range traders with the body of the rough 0.8500 to 0.8765 range solidly in place for a few months. The CCI indicator at the bottom of the chart has been effective, showing oversold and overbought conditions, and while it is a lagging indicator it has been timely in highlighting a range trend change. The current price is nearing the middle of the recent range, suggesting a neutral approach to the pair, but if all three simple moving averages are broken then the move lower looks set to continue. (DailyFX) The West Texas Intermediate (WTI) price retraces its recent gains, trading lower near $73.00 per barrel during the Asian session on Monday. The decline in Crude oil prices is attributed to a combination of factors, including price cuts by top exporter Saudi Arabia. (FXStreet) Gold price (XAU/USD) meets with a fresh supply on the first day of a new week and slides back closer to over a two-week low touched in the aftermath of the upbeat US monthly employment details on Friday. The popularly known Nonfarm Payrolls (NFP) report pointed to a still resilient US labor market and gives the Federal Reserve (Fed) more headroom to keep rates higher for longer. Furthermore, the recent hawkish remarks by Fed officials forced investors to continue scaling back their expectations for a more aggressive policy easing. This, in turn, remains supportive of elevated US Treasury bond yields and is seen driving flows away from the non-yielding yellow metal. (FXStreet) Silver (XAG/USD) extends Friday's retracement slide from the mid-$23.00s and continues losing ground through the early part of the European session on the first day of a new week. The white metal currently trades just below the $23.00 round figure and remains well within the striking distance of a three-week trough touched last Thursday. (FXStreet) Bitcoin had a strong performance this year, rallying from an opening level of around $16.6k to a recent high of $44.7k with little in the way of notable pullbacks along the way. The strong bottoming-out pattern between November 2022 and January 2023 prompted a wave of higher lows and higher highs throughout the year, culminating in an 80% rally between early September and early December. The next target on the weekly chart is just above $48k, the end of March swing high. (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.

2024-01-05 09:17

Market Update - 05 January 2024 EUR/USD retreats from 1.0950 amid caution ahead of US labor market data. The Eurozone HICP data is seen higher due to base effects. Eurozone bulls may find interest after further correction to near 1.0880. (FXStreet) USD/CHF continues to gain mild profits as the US Dollar retraces its recent losses. The prevailing risk-off mood, driven by expected sluggish global growth, supports the Greenback. Traders await pivotal Swiss Inflation and Real Retail Sales data to gain further impetus on the economic scenario. (FXStreet) USD/CAD recovers its losses on improved US Dollar. The improvement in WTI price could contribute to support for the Canadian Dollar. Improved US bond yields steer the Greenback on an upward pathway. (FXStreet) GBP/USD gains ground as the US Dollar moves in the negative territory. Low-impact upbeat UK data might have reinforced the strength of the British Pound. Upbeat US labor data limited the losses of the Greenback. (FXStreet) EUR/USD attracts buyers for the second straight day and draws support from a combination of factors. Reduced bets for more aggressive ECB easing in 2024 underpin the Euro and subdued USD demand. Diminishing odds for multiple Fed rate cuts to limit the USD downside and cap gains for the major. Traders might also prefer to wait on the sidelines ahead of the Eurozone CPI and the US NFP report. (FXStreet) The EUR/GBP currently stands at 0.8630, marking a slight gain of 0.20%. The RSI and MACD on the daily chart suggest that bears are taking a breather. The pair remains below key SMAs, reflecting a broader selling bias. (FXStreet) EUR/JPY's rallies but the bearish bias remains in place Technical outlook shows potential resistance near 158.35, with 159.00 and 160.00 as subsequent targets on a break higher. Sellers could target supports at Kijun-Sen, Tenkan-Sen, and the January 2 low at 155.06. (FXStreet) NZD/USD consolidates post-recent losses ahead of US Nonfarm Payrolls data. The pair could surpass 0.6250 to test seven-day EMA at 0.6261. MACD suggests a shift toward bearish market sentiment. (FXStreet) NZD/JPY's 0.70% surge driven by Japanese Yen's broad weakness, indicating a bullish turn above the Ichimoku cloud. Upcoming resistance challenges include cycle high at 90.43 and the key 91.00 psychological level. Bears could regain ground, targeting supports at Kumo’s top, the Kijun-Sen, and Kumo’s bottom. (FXStreet) AUD/JPY saw a significant rally, currently positioned at 96.90, marking an uptick of 0.60%. Positive momentum is highlighted in the daily chart, with indicators signaling bullish activity. Consolidating gains are evident in the four-hour chart outlook. (FXStreet) The DXY Index recovered from a daily low of around 102.20 to trade flat on the day. ADP Employment Change figures from December came in better than expected. Weekly Jobless Claims were also positive. Weak S&P Global PMI data may limit the upside for the USD. Dovish bets on the Federal Reserve (Fed) eased somewhat but are still high. (FXStreet) WTI price experienced losses on a surge in US gasoline and distillate inventories. US EIA Crude Oil Stocks Change declined to 5.503M barrels against the estimated 3.725M barrel decline. US administration has repurchased 13.82M barrels of domestically produced oil to replenish the SPR. (FXStreet) Gold price struggles to gain any meaningful traction and oscillates in a narrow range on Friday. Reduced bets for more aggressive policy easing by the Fed seem to cap the upside for the metal. Traders also seem reluctant to place aggressive bets ahead of the US monthly jobs report (NFP). (FXStreet) Silver meets with a fresh supply following an intraday uptick to the $23.20 area on Friday. The technical setup favours bearish traders and supports prospects for a further downfall. Any attempted recovery move might continue to attract fresh sellers and remain capped. 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.

2024-01-04 09:33

Market Update - 04 January 2024 EUR/USD gains ground on the decline of the US Dollar. Eurozone Composite and Services PMI improved to the figures of 47.6 and 48.8, respectively. The decline in the US bond yields weakens the Greenback. (FXStreet) GBP/JPY rises swiftly above 182.00 amid uncertainty over timeframe of BoJ’s exit to loose policy. The UK Composite and Services PMI are seen remaining unchanged. Advancing 20-EMA indicates strength in the bullish bias. (FXStreet) EUR/GBP remains on the defensive near 0.8625, ahead of Eurozone mid-tier data. The German Unemployment Rate remained flat at 5.9%, as expected. Traders anticipate that the Bank of England (BoE) will cut rates as soon as May 2024. (FXStreet) EUR/JPY holds positive ground near 157.10 on Thursday. The cross resumes its uptrend above the key 100-hour EMA; RSI indicator stands above the 50 midline. The first upside barrier is seen at 157.73; 155.65 acts as an initial support level for EUR/JPY. (FXStreet) USD/CHF faces barriers despite improved Greenback. SNB might have intervened in the foreign exchange market to support the Swiss Franc. The risk-off mood turned the investors toward the US Dollar. (FXStreet) USD/CAD receives downward pressure as Crude oil prices improve. WTI price gains ground on the heightened situation in the Red Sea. US Dollar might have cheered up the improved ISM Manufacturing data. (FXStreet) GBP/USD struggles to gain any meaningful traction amid a mixed fundamental cue. An uptick in the US bond yields underpins the USD and cap the upside for the pair. Traders also seem reluctant and keenly await the release of the US NFP on Friday. (FXStreet) AUD/NZD briefly sagged below 1.0770 in early Thursday trading. Long-term congestion around the 200-day SMA continues below 1.0800. 2024 kicks off with continued sideways grind between familiar peaks and lows. (FXStreet) NZD/USD could face challenges on risk-off market sentiment. A break above 0.6300 could support the pair to approach the weekly high at 0.6329. The lagging indicator MACD could give confirmation of the downward trend. (FXStreet) AUD/JPY edges down to 96.35 after a 0.46% gain, with bullish-harami pattern suggesting potential upside momentum. Buyers aim for the January 2 high of 96.71 and the 97.00 mark, with subsequent resistance levels at 97.67 and 98.00. If the upside is capped, sellers might target Senkou Span B at 96.14 and Kijun Sen at 95.90, with 94.58 as further support. (FXStreet) The NZD/JPY stands elevated after a rally towards 89.40, giving it a breather from its recent trailing losses. Daily chart indicators like the hint at potential buying momentum despite being in negative territory. Regardless of the short-term negative outlook, above 20,100,200-day SMAs indicates a broader bullish control. (FXStreet) WTI price soars on heightened tensions about maritime security in the Red Sea. Houthis launched two anti-ship ballistic missiles targeting a container ship on its way to Israel. Libya's major Sharara oilfield with a capacity of up to 300,000 bpd, has been completely shut down due to local protests. (FXStreet) Gold price attracts some buying and moves further away from over a one-week low set on Wednesday. Geopolitical risks, China's economic woes and renewed USD selling lend some support to the metal. An uptick in the US bond yields cap gains for the XAU/USD ahead of the key US labor market reports. (FXStreet) Silver consolidates its recent losses to a near three-week low touched on Wednesday. The technical setup favours bearish traders and supports prospects for further losses. Any attempted recovery could be seen as a selling opportunity and remain capped. (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.