2024-01-03 09:26

Market Update - 03 January 2024 EUR/GBP posts modest losses around 0.8670 on Wednesday. The UK S&P Global PMI arrived at 46.2 vs. 46.4 prior, below the consensus. The Eurozone HCOB Manufacturing PMI climbed to 44.4 in December 2023 from 44.2 in November, beating the expectation. Traders will take more cues from the release of German employment data, due on Wednesday. (FXStreet) USD/CAD moves sideways after halting a winning streak that began on December 27. MACD indicator suggests a potential shift in the pair’s direction. A break above the 23.6% Fibonacci retracement at 1.3351 could lead the pair to surpass the 21-day EMA at 1.3363. (FXStreet) EUR/JPY gains ground near 155.61 on Wednesday. The cross maintains a bearish outlook below the key EMA; the RSI indicator stands below the 50 midline. The first upside barrier will emerge at 156.38; 155.05 acts as an initial support level for EUR/JPY. (FXStreet) USD/CHF retraces recent gains as the US Dollar halts its winning streak. IMF Managing Director Kristalina Georgieva’s moderate comments could weaken the Greenback. Traders await Swiss Manufacturing PMI data to gain fresh impetus on the Swiss economy. (FXStreet) EUR/USD regains positive traction on Wednesday and snaps a three-day losing streak. A modest USD downtick lends support ahead of the US macro data and FOMC minutes. A convincing break below the 50% Fibo. might shift the bias in favour of bearish traders. (FXStreet) GBP/USD halts its losing streak while US Dollar stays calm after a recent surge. IMF Managing Director Kristalina Georgieva expects policy rates to be reduced in 2024 due to a decline in inflation. UK executives urge the BoE to lower interest rates as the Economic Confidence Index fell to 28 from the previous month's decline of 21. (FXStreet) USD/JPY trades in positive territory for two straight days on Wednesday. The US final Manufacturing PMI for December came in weaker than expected, easing from 48.2 to 47.9. BOJ’s Ueda said that the possibility of the BoJ sustainably achieving the inflation target seems to be gradually rising. Investors await the final US ISM Manufacturing PMI report and the Fed’s latest Meeting Minutes, due later on Wednesday. (FXStreet) NZD/USD recovers from 0.6250 as the US Dollar turns sideways ahead of FOMC minutes. The likelihood of an interest rate cut by the Fed in March 2024 has dropped slightly. NZD/USD manages to sustain inside the Rising Channel chart pattern. (FXStreet) WTI price receives downward pressure US Dollar improves on risk-off sentiment. The expected higher oil supply in the first half of 2024 put pressure on Crude oil prices. OPEC+ plans to convene a JMMC meeting in early February to assess the adherence to its production agreements. (FXStreet) Gold price attracts some intraday sellers amid a modest USD uptick, albeit lacks follow-through. Elevated US bond yields lend some support to the buck and act as a headwind for the XAU/USD. Fed rate cut bets, geopolitical risks and China’s economic woes should help limit deeper losses. Traders might also prefer to wait for the US macro data and the crucial FOMC meeting minutes. (FXStreet) Silver drifts lower for the fourth straight day and touches a near three-week trough. The technical set-up favours bearish traders and supports prospects for further losses. A sustained strength beyond the $24.00 mark is needed to negate the negative 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.

2024-01-02 09:31

Market Update - 02 January 2024 The Japanese Yen weakens a bit against the USD on Tuesday, albeit lacks follow-through. Bets that the BoJ will exit the negative interest rates regime should help limit further losses. Dovish Fed expectations cap the USD recovery and should act as a headwind for USD/JPY. (FXStreet) GBP/USD seems to hold its position above 1.2730 on the hawkish stance of BoE. MACD suggests a transition to a bearish market sentiment. A breach below 1.2700 could push the pair toward the 23.6% Fibonacci retracement at 1.2643. (FXStreet) EUR/JPY holds positive ground around 156.06 on Tuesday. After European inflation fell to 2.4% in November, traders increased their expectations of rate cuts in 2024. The anticipation that the Bank of Japan (BoJ) will exit its ultra-loose policy by the first half of 2024 might limit JPY’s downside. Investors await the Eurozone HCOB Manufacturing PMI for December. (FXStreet) EUR/USD drifts lower to 1.1028 amid the rebound of the USD. EUR/USD maintains the bearish outlook above the key EMA; RSI indicator stands in bearish territory below the 50 midline.The key support level to watch is seen at 1.1000; 1.1080 acts as an immediate resistance level for the major pair. (FXStreet) USD/CHF rises to near 0.8450 major level as the Greenback gains ground. US-Houthi clash in the Red Sea could reinforce the demand for the Safe-haven Swiss Franc. Traders are expected to adopt caution as recent US data indicated the slowing of the US economy. (FXStreet) The DXY jumped towards 101.30 after bottoming near 101.20. The only highlight during the session was December’s Chicago PMI, which came in lower than expected. US Treasury yields gained some ground but remain near multi-month lows. The DXY will post a modest 2% yearly loss, opening the 2023 above 103.00 and closing just above 101.00. (FXStreet) The EUR/GBP suffers losses, positioned at 0.8660 with a decline of 0.30%. Daily chart indicators reveal signs of bearish momentum with RSI's negative bias and MACD's waning positive momentum. Despite a temporary bearish outlook, the broader term sees bulls in control. The Cross will close a 2% yearly loss. (FXStreet) USD/CAD oscillates in a range and is influenced by a combination of diverging forces. Rising US bond yields act as a tailwind for the USD and lend some support to the pair. An uptick in Crude Oil prices is seen underpinning the Loonie and capping the upside. (FXStreet) NZD/USD trades on a softer note near 0.6313 on the downbeat Chinese economic data. The Chinese NBS Manufacturing PMI came in at 49.0 in December vs. 49.4 prior, worse than expected. The markets expect that the Fed will begin its easing cycle with a quarter-point drop in March. Market players await December's Caixin Manufacturing PMI and US S&P Global Manufacturing PMI, due on Tuesday. (FXStreet) AUD/USD trades on a negative note amid the quiet session in the first trading day of 2024. December’s Australian Judo Bank final Manufacturing PMI arrived at 47.6 from the flash reading of 47.8, weaker than expected. The US Chicago PMI came in at 46.9 in December vs. 55.8 prior, below the market consensus. Traders will monitor December’s US S&P Global Manufacturing PMI, due on Tuesday. (FXStreet) WTI prices gain ground on the growing possibility of Red Sea disruptions. US helicopters repelled a Houthi attack on a Maersk vessel on Sunday. Iran-led groups launched attacks on US forces and Israel in Gaza. US ExxonMobil Corp has officially transferred operations of West Qurna 1 oilfield to PetroChina. (FXStreet) Gold price regains positive traction and stalls its corrective slide from a multi-week peak. Dovish Fed expectations and geopolitical risks continue to lend support to the XAU/USD. Rising US bond yields underpin the US Dollar and might cap any further appreciating move. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-12-29 09:55

The Euro maintains its bullish trend whilst the Dollar’s recovery attempt stalls. Investors bets on Fed cuts in 2024 keep USD buyers in check. US data released on Thursday strengthened the case for a soft landing in Q4. (FXStreet) USD/JPY ticks higher on a light trading season and approaches 142.00. The Greenback is trading at intra-day highs nearing previous support at the 141.90 area. The US Dollar Index is resuming its recovery on thin holiday trade. Longer-term, the downtrend from mid-November highs remains intact. (FXStreet) NZD/USD may revisit the five-month high at 0.6369 as the Kiwi Dollar cheers risk-on mood. The market sentiment is biased toward the dovish Fed’s stance following the lower US bond yields. RBNZ may maintain a hawkish stance due to the improved Consumer Confidence and Business Confidence data for November. (FXStreet) GBP/USD retraces its recent losses as the US Dollar seems to lose ground. The Greenback failed to stay in the positive territory on downbeat US bond yields. Softer US data reinforces the bets on the dovish Fed outlook on interest rate trajectory. Pound Sterling cheers on the expectation of the BoE to maintain a restrictive stance. (FXStreet) Australian Dollar gains ground amid weaker US Dollar. Australian central bank’s future interest rate decisions will be data-dependent. Downbeat US economic data reinforces the bets on a dovish Fed outlook. (FXStreet) USD/CHF trades lower as the Greenback weakens on improved risk appetite. Lower US bond yields indicate a strong bias toward easing of Fed’s tightening. Swiss Franc gains ground on heightened risk aversion due to Middle East conflict. (FXStreet) USD/CAD attracts some buyers around 1.3230 on the modest USD rebound. A decline in oil prices weighs on the commodity-linked Loonie. The US Initial Jobless Claims figure for the third week of December fell short of expectations. Traders await the December’s Chicago Purchasing Managers' Index (PMI). (FXStreet) USD/CNH attracts some sellers around 7.0990 amid the quiet session on Friday. The bearish outlook remains intact as the pair holds below the key EMA on the daily chart. The initial support level will emerge at 7.0668; the first resistance level is located at 7.1206. (FXStreet) USD/MXN retraces its recent gains as US Dollar fails to continue gaining. Mexico's Jobless Rate remained consistent at 2.7% against the expected 2.6% in November. The downbeat US data pushed the market bias toward the dovish Fed’s outlook in early 2024. (FXStreet) Indian Rupee holds positive ground despite the mild recovery of the USD. RBI’s Das said that India is one of the world’s fastest-growing major economies with a rising potential growth profile. The December’s US Chicago Purchasing Managers’ Index (PMI) is due on Friday. (FXStreet) WTI prices trade in negative territory for the third consecutive day on Friday. The concern about shipping disruptions due to tensions in the Red Sea has started to fade. EIA reported that crude inventories fell by more than expected last week. (FXStreet) The US major equity index is inches away from new all-time highs. A late-day pullback sparked by rising Treasury yields pushed assets lower. 2023 set for deja vu with the S&P challenging familiar peak levels. (FXStreet) Gold price demonstrates strength as US Dollar faces challenges on improved market sentiment. The investor risk appetite improves as softer US data backs the Fed to be dovish in the upcoming policy meetings. The downbeat US bond yields represent investors' mood bias toward lowered Fed’s policy rates anytime soon. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-12-28 09:17

Market Update - 28 December 2023 EUR/USD maintains its winning streak, with the Euro (EUR) gaining ground against the subdued US Dollar (USD). This trend is likely influenced by the anticipated dovish stance of the US Federal Reserve (Fed) on the interest rate trajectory. The EUR/USD pair trades around the 1.1110 level during the Asian session on Thursday. (FXStreet) USD/JPY extends its losses as the US Dollar (USD) weakens on the back of the dovish Federal Reserve’s (Fed) outlook in the first quarter of 2024. The USD/JPY pair trades lower around 140.80 during the early European session on Thursday. The 141.00 psychological level emerges as the immediate resistance following the next barrier at the 142.00 level. (FXStreet) The GBP/USD pair extends its upside above the 1.2800 mark during the Asian trading hours on Thursday. The decline in inflationary pressure in the US economy and dovish comments from the Federal Reserve (Fed) have dragged the US Dollar (USD) lower and lent some support to GBP/USD. At press time, the major pair is trading at 1.2810, up 0.09% on the day. (FXStreet) USD/CHF posted an all-time low at 0.8394 during the Asian trading hours on Thursday, trading around 0.8400 at the time of writing. The USD/CHF faces challenges due to the weaker US Dollar (USD). The escalated geopolitical situation in the Middle East is fostering risk aversion, leading to an increase in demand for the safe-haven Swiss Franc (CHF). (FXStreet) The USD/CAD pair trades in negative territory for the third consecutive week during the early European session on Thursday. The downward momentum of the pair is backed by the softer US Dollar (USD) and the lower US Treasury bond yields. The last week of 2023 is likely to be quiet as traders turn to holiday mode. At press time, USD/CAD is trading at 1.3204, losing 0.02% on the day. (FXStreet) USD/MXN attempts to snap its recent losses, holding ground near 16.91 during the European session on Thursday. The USD/MXN faces challenges due to the weaker US Dollar (USD), which could be attributed to the potential for rate cuts by the Federal Reserve (Fed) in the first quarter of 2024. (FXStreet) The NZD/USD pair trades on a stronger note above the 0.6350 area. The upward momentum of the pair is supported by the weaker US Dollar (USD) and risk appetite amid the thin trading volume in the last week of 2023. At press time, NZD/USD is trading at 0.6360, up 0.34% for the day. (FXStreet) Indian Rupee (INR) holds positive ground on Thursday amid the US Dollar (USD) weakness. India is set to become the world's third-biggest by 2032 and will eventually surpass China and the United States to become the "world's largest economic superpower" by 2100, the Centre for Economics and Business Research (CEBR) stated in its report on Wednesday. Earlier this week, Fitch Ratings projected India to be the world’s fastest-growing country, with resilient GDP growth of 6.5% during fiscal 2024–25. (FXStreet) USD/JPY continues its losing streak for the second straight session, trading lower around 141.30 during the Asian hours on Thursday. The improved Japanese trade data for November put pressure on the USD/JPY pair. However, the less aggressive remarks from the Bank of Japan (BoJ) Governor Kazuo Ueda could weigh on the Japanese Yen (JPY). (FXStreet) Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $74.30 on Thursday. The recovery of WTI prices is bolstered by the softer US Dollar (USD), which lends some support to USD-denominated commodities. (FXStreet) Gold price trades higher around its three-week high near $2,088 per troy ounce during the Asian session on Thursday. The improved risk appetite due to the potential for rate cuts by the Federal Reserve (Fed) in the first quarter of 2024, is giving rise to the price of the yellow metal. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-12-27 09:20

Market Update - 26 December 2023 The EUR/USD pair oscillates in a narrow range during the early European session on Wednesday. The market is likely to trade in a quiet session amid the holiday season in the last week of 2023. The major pair currently trades near 1.1041, down 0.01% on the day. (FXStreet) The USD/JPY pair gains ground during the early Asian session on Wednesday. The pair has reached 142.84 following the release of the Bank of Japan's (BoJ) Summary of Opinions and currently trades around 142.60. The market is likely to be quiet amid the light trading volume in the last week of 2023. (FXStreet) GBP/USD hovers around 1.2720 during the Asian session on Wednesday. The US Dollar (USD) encounters downward pressure against Pound Sterling (GBP) as growing speculations of potential easing by the US Federal Reserve (Fed). (FXStreet) USD/CHF pair is relatively quiet, hovering around 0.8540 during the early European hours on Wednesday. Heightened risk aversion seems to lead to the increased demand for safe-haven currencies like the Swiss Franc (CHF). (FXStreet) USD/CAD hovers below 1.3200 during the Asian trading hours on Wednesday. However, Canadian economic data showed an economic slowdown. Canadian Gross Domestic Product (GDP) (MoM) failed to print growth for a fourth straight in October, coming in flat at 0.0% after September’s GDP print saw a downside revision from a meager 0.1% to flat. (FXStreet) NZD/USD trades slightly lower around 0.6320 during the European session on Wednesday. However, market participants bet on the US Federal Reserve’s (Fed) dovish stance on interest rate trajectory in early 2024, which weakens the demand for US Dollar (USD). This reinforces the strength of the NZD/USD pair. (FXStreet) Indian Rupee (INR) drifts lower on Wednesday amid the holiday season's thin trading. In its latest research report on ’India Corporates: Sector Trends 2024’, Fitch Ratings forecasted that India’s resilient economic growth will boost the performance of the corporate sector and offset weaknesses from global market challenges. Furthermore, the leading credit rating agency stated that India is expected to be the world’s fastest-growing country, with resilient GDP growth of 6.5% during the fiscal 2024-25. (FXStreet) The GBP/JPY cross holds positive ground during the early European session on Wednesday. The cross edges higher following the Bank of Japan's (BoJ) publication of its Summary of the December Meeting. The cross currently trades near 181.63, up 0.21% on the day. (FXStreet) West Texas Intermediate (WTI) price trades higher around $75.50 per barrel during the Asian session on Wednesday. The increase in Crude oil prices is partially attributed to optimism surrounding potential US interest rate cuts, which could stimulate economic growth and increase fuel demand. (FXStreet) Gold price hovers above $2,060 per troy ounce during the early European session on Wednesday. The upward movement in Gold prices is attributed to traders factoring in the potential for rate cuts by the Federal Reserve (Fed). Moreover, WIRP indicated that the market has priced in a 15% probability of a cut on January 31 and has fully priced in cuts by March 20, with six cuts fully priced in by the end of 2024. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-12-26 09:48

The US Dollar is rebounding from Friday’s selloff as investors gear up for holiday. The Loonie briefly rallied to a fresh 19-week high as rate-hungry markets pummel the USD. USD/CAD set for a fifth weekly decline in six straight weeks. (FXStreet) EUR/USD hits 18-week high on Friday. Pre-holiday markets are producing some rough chop heading towards the Friday close. Slowing US inflation is pushing down the Greenback as markets bet on rate cuts. (FXStreet) USD/JPY continues to decline further towards 140.00 amid soft US Dollar. Investors await the US core PCE price index data for further guidance. USD/JPY may find an intermediate cushion near upward-sloping trendline. (FXStreet) The GBP/USD is holding on the high side after US PCE inflation settled further on Friday. UK Retail Sales grew in November, Pound Sterling bidders shrug off UK GDP QoQ decline. US Dollar flows are decidedly bearish, propping up the broader market. (FXStreet) US consumer inflation declined more than expected in November. US Dollar Index slides to its lowest level since July 27. The AUD/USD holds firm, maintaining important weekly gains. (FXStreet) The New Zealand Dollar bounces up and heads to levels beyond 0.6300. The US Dollar remains on the defensive following downbeat US GDP data on Thursday. Investors await the release of the US PCE inflation to assess the timing of the Fed's pivot. (FXStreet) USD/CHF: Retail trader data shows 91.27% of traders are net-long with the ratio of traders long to short at 10.46 to 1. Our data shows traders are now at their most net-long USD/CHF since Jul 14 when USD/CHF traded near 0.86. The number of traders net-long is 0.59% higher than yesterday and 17.01% higher from last week, while the number of traders net-short is 19.67% lower than yesterday and 25.76% lower from last week. (DailyFX) USD/MXN extends losses as the Greenback weakens on speculation of Fed to ease policy tightening. The softer US bond yields contributed to downward pressure on the US Dollar. US GDP Annualized eased at 4.9% in Q3, while the Philadelphia Fed Manufacturing Survey declined by 10.5 in December. Mexico's 1st half-month Inflation rose by 0.52%, while Core Inflation eased to 0.46% in December. (FXStreet) The Euro fails at 0.8690, the 61,8% Fib. retracement of the late November decline. UK economy contracted in the third quarter, against expectations. UK retail sales bounce up unexpectedly and ease negative pressure on the Pound. (FXStreet) GBP/JPY retreats from 181.00 as recession fears in the UK economy deepen. BoE policymakers may get puzzled between recession and persistent inflation fears. Japan’s inflation remains above 2% for the 20th month in a row. (FXStreet) WTI Oil pops back above $74 in a volatile week ahead of Christmas. Angola announced on Thursday it will leave OPEC in January. The DXY US Dollar Index flirts with a substantial breakdown that could erase a half year worth of gains. (FXStreet) The US Dollar Index (DXY) lost ground for the second week in a row, falling to monthly lows, below 102.00. It continues to move with a bearish bias, on the back of risk appetite and lower yields. Market repricing expectations from the Federal Reserve (Fed) in 2024 keep the Greenback under pressure. (FXStreet) Gold pulls back after testing $2,070 ahead of Friday’s pre-holiday close. Rising investor bets of faster, more frequent Fed rate cuts squeeze Gold higher. US inflation continues to cool off, Treasuries ease back amidst risk appetite recovery. (FXStreet) Silver price recovers swiftly after softer-than-projected US core PCE inflation report. Sost underlying inflation data has boosted Fed’s rate cut bets. The US Durable Goods Orders rose strongly by 5.4% vs. consensus of 2.2%. (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.