2023-12-22 09:03

EUR/USD retreats from a three-week high at 1.1012. A breakthrough above the 1.1000 level could lead the pair to test a two-month high at 1.1017. 1.0950 major level could act as a key support followed by the seven-day EMA at 1.0938. (FXStreet) USD/CHF dropped to a five-month low at 0.8557 on heightened speculation of the dovish Fed outlook. Subdued US GDP data increased the chances of the Fed’s rate cuts in early 2024. Middle East conflict could give rise to the demand for the safe-haven Swiss Franc. (FXStreet) GBP/USD drifts lower to 1.2682 ahead of UK GDP and US PCE data. The pair keeps the bullish vibe intact above the 100-hour EMA; RSI momentum indicator stands above 50. The first resistance level will emerge at 1.2740; 1.2625 acts as a key support level for the pair. (FXStreet) USD/CAD continues to lose ground on the subdued US Dollar. Technical indicators suggest the confirmation of further decline towards the major level at 1.3250. A break above 1.3300 could provide support for the pair to aim the seven-day EMA at 1.3354. (FXStreet) US Dollar Index faces negative sentiment due to the expected dovish stance from the Fed. Subdued US GDP data increased the chances of the Fed’s rate cuts in early 2024. Fed members rejected the speculation of rate cuts in early 2024. Traders await Core PCE - Price Index data to gain more cues on the US economic scenario. (FXStreet) EUR/GBP attracts some sellers around 0.8660 after the UK growth numbers data. UK Q3 final GDP came in worse than expected, shrinking 0.1% QoQ versus 0% prior. ECB’s Guindos said it’s premature to start easing monetary policy; November’s German PPI came in worse than expected. (FXStreet) NZD/USD finds sell-off near 0.6300 as focus shifts to US core PCE price index data. A sticky US core PCE report could offer some support to the US Dollar. The Kiwi pair trades in an upward-sloping chart pattern. (FXStreet) WTI price experiences upward support on disruptions in the Red Sea by Houthi attacks. Germany's Hapag-Lloyd and Hong Kong's OOCL will avoid the Suez Canal waterway. Angola decided to exit the OPEC+ as the country's interests were not being served. (FXStreet) Gold price hits a near three-week high amid bets for an early rate cut by the Federal Reserve. The US bond yields and the USD languish near a multi-month low, lending additional support. Traders now look to the US PCE Price Index for fresh cues about the Fed’s interest rate outlook. (FXStreet) Silver edges higher for the fourth straight day and climbs a near three-week top on Friday. The technical setup favours bulls and supports prospects for a further appreciating move. Corrective pullback could now be seen as a buying opportunity near the 24.00 round figure. (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.

2023-12-21 09:12

USD/CHF edges lower as the US Dollar fails to continue gaining. The Greenback faces challenges despite upbeat US bond yields. SNB can intervene in the foreign exchange market to support the Swiss Franc. (FXStreet) USD/CAD moves down in the negative territory as US Dollar fails to hold gains. A break above 1.3350 could lead the pair to approach the seven-day EMA at 1.3398 aligned with the psychological level at 1.3400. Technical indicators suggest the confirmation of further decline and testing the weekly low at 1.3311. (FXStreet) GBP/USD remains calm due to lowered inflation from the United Kingdom. UK CPI and Core CPI YoY eased at 3.9% and 5.1%, respectively. Several Fed officials have denied speculations on the Fed's rate cuts and called it premature. (FXStreet) EUR/USD recovers on the back of the weaker Greenback. The 1.1000 level could act as the psychological barrier before the two-month high at 1.1017. The seven-day EMA at 1.0922 emerges as the key support followed by the psychological level at 1.0900. (FXStreet) EUR/GBP trades in positive territory for two straight days on Thursday. The sharp fall in UK inflation data raises the odds that the Bank of England (BoE) will cut interest rates by May 2024. Many ECB policymakers warned markets against betting on imminent rate cuts. Investors will closely watch the UK’s GDP growth numbers for the third quarter (Q3), due on Friday. (FXStreet) NZD/USD grapples to gain ground after retreating from a five-month high at 0.6298. Improved US data showed positive signs for the US economy, providing support for USD. Investors await US GDP data for further impetus on the US economy. (FXStreet) USD/MXN retraces its recent profits despite the dovish Banxico’s outlook. Mexico’s Retail Sales MoM rose to 0.8%, while year-on-year improved to 3.4%. US Dollar demonstrates weakness despite the Fed’s dismissal of rate cut speculations. (FXStreet) EUR/JPY loses traction around 156.60, backed by the positive economic outlook from the Japanese government. The cross maintains the bearish vibe as it holds below the key EMA; RSI indicator stands in bearish territory below 50. The immediate resistance level is seen at 157.71; the initial support level is located at 155.38. (FXStreet) WTI price faced the challenge as US Crude inventories rose unexpectedly. US EIA Crude Oil Stocks Change rose to 2.909M barrels against the expected decrease of 2.233M barrels. US-led coalition revised its compliance regime to confirm that the Russian oil was sold within the imposed price cap. US Treasury Department imposed fresh sanctions on a ship manager and three oil traders engaged in the Russian oil trade. (FXStreet) Gold price catches fresh bids on Thursday and reverses a major part of the overnight losses. Dovish Fed expectations keep the USD bulls on the defensive and lend support to the metal. A softer risk tone further benefits the safe-haven XAU/USD ahead of the US macro releases. (FXStreet) Silver gains some positive traction for the third successive day on Thursday. The technical setup favours bulls and supports prospects for further gains. A break below an ascending trend line 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.

2023-12-20 09:06

USD/CHF finds an intermediate support near 0.8600, however, the more downside remains favoured. The USD Index remains on backfoot as rate cut expectations outweigh. USD/CHF is seen declining further towards 0.8555. (FXStreet) USD/CAD trades in positive territory on improved US Dollar. A break above 1.3350 could lead the pair to target the psychological level at 1.3400 before the seven-day EMA at 1.3410. Technical indicators suggest further decline and testing the weekly low at 1.3330. (FXStreet) US Dollar Index struggles to halt losses amid dovish Fed’s outlook. Technical indicators suggest that DXY could test the support region around the weekly low at 102.06. The major level at 102.50 could act as a key barrier followed by the seven-day EMA at 102.58. (FXStreet) GBP/USD edges lower ahead of CPI, PPI data from the United Kingdom. UK CPI (MoM) is expected to rise by 0.01%, while yearly inflation may ease at 4.4%. US Dollar retraces its recent losses amid a dovish sentiment surrounding the Fed. (FXStreet) EUR/USD loses its recovery momentum around 1.0966 ahead of November’s German Producer Price Index (PPI) data. The pair maintains the bullish vibe above the key 100-hour EMA; the RSI indicator stands in bullish territory above 70. The first resistance level is seen at 1.0987; 1.0934 acts as an initial support level for the pair. (FXStreet) EUR/GBP gains ground around 0.8645 following the UK inflation data. The UK Consumer Price Index (CPI) came in worse than market expectations. The European Central Bank’s Lagarde warned that inflation might rise again in December as a result of colder weather. Traders will monitor October’s Eurozone Current Account, Construction Output, and ECB’s Lane speech. (FXStreet) NZD/USD extends its gains on bullish sentiment despite a stable US Dollar. Kiwi Consumer Confidence improved to 93.1 from 91.9 prior. Chicago Fed President Austan Goolsbee mentioned that the market's enthusiasm for interest rate trajectory exceeded realistic expectations. (FXStreet) USD/MXN continues to lose ground despite the dovish Banxico. Mexico Retail Sales (MoM) are expected to be flat at 0.0% and yearly data to ease at 2.0%. US Dollar remains stable despite downbeat US bond yields. (FXStreet) WTI edges lower as US Dollar attempts to retrace its recent losses. US appointed a task force to protect shipping commerce in the Red Sea. US is expected to increase oil production which may exceed the growing global demand in 2024. (FXStreet) Gold price consolidates near the weekly top amid a modest USD uptick and the risk-on mood. The fundamental backdrop favours bullish traders and supports prospects for additional gains. The US Consumer Confidence Index is eyed for some impetus ahead of the US PCE Price Index. (FXStreet) Silver lacks any firm intraday direction and oscillates in a range on Wednesday. The setup seems tilted in favour of bulls and supports prospects for further gains. Dips towards the 200-day SMA are likely to be bought into and remain limited. (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.

2023-12-19 09:20

EUR/USD extends its gains ahead of inflation data from the Eurozone. Technical indicators suggest positive sentiment to aim for the significant level at 1.1050. 1.0900 acts as key support followed by the seven-day EMA and the 23.6% Fibonacci retracement level. (FXStreet) GBP/USD holds positive ground around the mid-1.2600s amid the USD softness. BoE’s Broadbent said the central bank needs to see signs of clearer decline in inflation before it can conclude a downward trend. The markets anticipate potential rate cuts worth 75 basis points by the Fed in the second half of 2024. (FXStreet) AUD/USD holds positive ground near 0.6715 after the release of RBA meeting minutes. RBA members will examine further data to evaluate risk balance and how to balance it in policymaking. The US Building Permits and Housing Starts for November will be due later on Tuesday. (FXStreet) USD/CAD remains on the defensive, though a combination of factors helps limit losses. BoC Governor sees rate cuts in 2024 and overshadows the recent bounce in Oil prices. Fed officials push back against bets for early rate cuts and lend some support to the USD. (FXStreet) USD/CHF loses ground as investors are concerned about the situation between Hamas and Israel. Swiss Franc gains as risk sentiment emerges due to Houthi’s attacks on commercial ships. San Francisco Fed President Mary Daly mentioned that speculating about rate cuts in 2024 is premature. (FXStreet) EUR/GBP drifts lower to 0.8630 ahead of the Eurozone HICP report. ECB’s Vasle said the ECB would need at least until spring to evaluate its policy stance. Investors anticipate the BoE to cut rates five times next year due to the recent drop in annual inflation and annual earnings growth. (FXStreet) GBP/JPY gains strong positive traction and spikes to a four-day high after the BoJ decision. The mixed technical setup warrants some caution for bulls and positioning for further gains. A convincing break below the 181.15 support will shift the bias in favour of bearish traders. (FXStreet) EUR/JPY gained ground ahead of the economic data from the Eurozone. BoJ maintained its interest rate at -0.1% as widely expected. Geopolitical tension, as Houthi attacks on ships, could support the safe-haven JPY. Traders await Eurozone Harmonized Index of Consumer Prices data to gain fresh impetus on economic conditions. (FXStreet) NZD/USD gains ground despite downbeat trade data from New Zealand. Technical indicators suggest bullish sentiment to revisit a five-month high at 0.6251. The psychological level at 0.6200 could act as key support followed by the nine-day EMA at 0.6186. (FXStreet) AUD/JPY attracts some buyers to 96.50 after the Bank of Japan's (BoJ) monetary policy meeting. BoJ decided to maintain the status quo and keep the Yield Curve Control (YCC) policy unchanged. The Reserve Bank of Australia stated that whether further tightening is required would be decided by data and assessment of risks. Market players await November’s Japanese Trade Data and the Australian Westpac Leading Index, due on Wednesday. (FXStreet) WTI price gained ground on a threat of trade and supply disruption. Houthi militant group attacked a Norwegian commercial vessel in the Red Sea. US Defense Secretary Lloyd Austin to have virtual talks with other defense ministers to address the Houthi threat. (FXStreet) Gold price lacks any firm direction and is influenced by a combination of diverging factors. A slew of Fed officials pushed back against bets for early rate cuts in 2024 and cap the upside. Geopolitical risks act as a tailwind for the metal ahead of the US PCE Price Index on Friday. (FXStreet) Silver attracts dip-buying on Tuesday and snaps a two-day losing streak. The mixed technical setup warrants caution for aggressive bullish traders. A break below an ascending trend line will shift the bias in favour of bears. (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.

2023-12-18 09:25

EUR/USD recovers its recent losses on prevailing upward movement. Technical indicators suggest positive sentiment to revisit the psychological resistance at the 1.1000 level and the two-month high at 1.1017. The break below 1.0900 could push the pair to meet the 23.6% Fibo at 1.0884 and seven-day EMA at 1.0881. (FXStreet) GBP/USD gains momentum around 1.2688, backed by the weaker USD and the BoE’s hawkish remarks. The pair holds above the 50- and 100-hour EMA; the RSI indicator stands in bullish territory above 50. The first upside barrier is seen at 1.2724; the initial support level is located at 1.2637. (FXStreet) USD/CAD snaps its losing streak as the US Dollar holds its position above 102.50. BoC Governor Tiff Macklem’s hawkish comments might have supported the Canadian Dollar. Traders await Canadian Core CPI data for fresh impetus in inflation conditions. Fed members’ dovish remarks put pressure on the US Dollar. (FXStreet) USD/CHF trades lower as the US Dollar Index moves below 102.50. Downbeat US Treasury yields contributed to the downward pressure on the Greenback. SNB Chairman Thomas Jordan’s hawkish remarks might have supported the Swiss Franc. (FXStreet) The US Dollar Index (DXY) drifts lower to 102.45 on Monday. The dovish remarks from Federal Reserve (Fed) officials triggered a rally in US equities and weighed on the USD. Traders await the US Building Permits and Housing Starts, due on Tuesday. (FXStreet) EUR/GBP receives upward support ahead of German economic data. The Euro faced challenges on downbeat PMI data from the Eurozone. UK PMI data indicated an uptick in growth at the end of the year. (FXStreet) USD/MXN receives upward support as the Greenback suffers losses. The decline in US bond yields reinforces the weakening of the US Dollar. Banxico survey increased their growth forecast from 2.10% to 2.29%, with inflation to reach 4.0% in 2024. (FXStreet) NZD/USD gains traction around 0.6224 amid the USD weakness. New Zealand’s Business NZ PSI climbed to 51.2 in November from 48.9 in the previous reading. Fed’s Goolsbee said on Sunday that it’s premature to declare victory over the inflation battle. Market players will monitor New Zealand’s Trade Balance, and US housing data, due on Tuesday. (FXStreet) WTI attempts to recover recent losses on Russia’s deepened oil export cuts. Russian Deputy Prime Minister Alexander Novak said that Russia would deepen oil cuts in December by 50,000 bpd. The leading shipping firms to avoid the Suez Canal route as Houthi militants escalated their assaults on commercial vessels. (FXStreet) Gold price attracts some dip-buying on Monday amid a modest US Dollar downtick. Geopolitical tensions and looming recession risks also benefit the safe-haven metal. The prevalent risk-on environment is seen acting as a headwind and capping gains. (FXStreet) Silver regains positive traction and reverses a part of Friday’s pullback from over a one-week top. The technical setup remains tilted in favour of bulls and supports prospects for additional gains. A convincing break below a multi-month-old ascending trend-line will negate the positive outlook. (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.

2023-12-15 10:05

The Dollar remains on the defensive, capped below 0.8700. The Fed’s Dovish turn keeps weighing on the USD. US ISM PMIs and the NY Fed index might increase dollar volatility later today. (FXStreet) NZD/USD extends its gains amid the improved Kiwi Manufacturing Index. Business NZ PMI advanced to 46.7 in November from the previous readings of 42.5. Technical indicators suggest retesting the five-month high at 0.6249. (FXStreet) The Japanese Yen continues to be undermined by expectations for a hawkish BoJ pivot in 2024. Fed rate cut bets drag the USD to over a four-month low and act as a headwind for USD/JPY. The risk-on mood might cap the JPY and limit losses for the pair ahead of the flash global PMIs. (FXStreet) USD/CAD plummets to a near three-month low and is pressured by a combination of factors. The Fed’s dovish shift, along with the risk-on mood, continues to weigh heavily on the USD. The recent goodish recovery in Oil prices underpins the Loonie and contributes to the decline. (FXStreet) GBP/USD stays tranquil as it anticipates the upcoming PMI data from both countries. A break above the 1.2800 could lead the pair to approach August’s high at 1.2841. A breach below the 1.2700 could push the pair towards the 14-day EMA at 1.2624. (FXStreet) USD/CHF continues its losing streak on a weaker US Dollar. SNB maintained the key interest rate at 1.75%. SNB Chairman Thomas Jordan’s hawkish remarks reinforced the strength of the Swiss Franc. DXY hit a four-month low at 101.77 on Thursday on the Fed’s dovish outlook. (FXStreet) EUR/USD continues to draw support from the divergent ECB-Fed policy outlook. The technical setup favours bullish traders and supports prospects for further gains. Some follow-through buying beyond the 1.1015 area will reaffirm the positive bias. (FXStreet) USD/MXN rebounds as US Dollar attempts to recover recent losses. Banxico maintained policy rates at the level of 11.25% in December’s meeting. Fed’s dovish stance contributed to undermining the Greenback. (FXStreet) GBP/JPY pulls back ahead of the release of Purchasing Managers Index data from the UK. BoE Governor Andrew Bailey’s hawkish remarks bolster the Pound Sterling. Japanese Yen could gain ground from growing expectations of a change in the BoJ's policy stance in 2024. (FXStreet) AUD/JPY holds positive ground around 95.15 during the early European session on Friday. Chinese leaders agreed to set China’s 2024 growth target at around 5.0% and target a budget deficit of 3% of GDP in 2024. The report that the Bank of Japan (BoJ) might exit its negative rate policy sooner than expected lends support to the JPY. Market participants will closely watch the BoJ monetary policy meeting next week. (FXStreet) EUR/GBP trades sideways around 0.8609 on Friday. The European Central Bank (ECB) held interest rates steady at 4.0% at its December meeting. The Bank of England (BoE) maintained the benchmark rates unchanged at a 15-year high of 5.25%. The Eurozone and UK’s Purchasing Managers' Index (PMI) data will be released on Friday. (FXStreet) Indian Rupee edges higher amid the softer US Dollar. India's Wholesale Price Index (WPI) inflation emerged from the deflationary zone, rising to 0.26% in November. Investors await the Indian Trade Balance and the US S&P Global PMI report for fresh impetus. (FXStreet) WTI price continues to gain ground on the subdued US Dollar. IEA predicts that Global oil consumption will increase by 1.1 million bpd in 2024. China's Industrial Production improved to 6.6% in November. (FXStreet) Gold price is seen consolidating its weekly gains registered over the past two days. Rebounding US bond yields and a positive risk tone act as a headwind for the metal. The Fed’s dovish tilt, along with sustained USD selling, continue to lend support. (FXStreet) Silver struggles to capitalize on a two-day-old strong uptrend and edges lower on Friday. The technical setup favours bullish traders and supports prospects for additional gains. Corrective slide back towards the 200-day SMA could get bought into and remain limited. (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.