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Publish Date: Thu, 13 Jul 2023, 08:46 AM
The EUR/USD pair is consistently moving north with sheer momentum as soft United States Consumer Price Index (CPI) data drummed that only one interest rate hike option has left in the toolkit of the Federal Reserve (Fed) by year-end. The major currency pair has climbed to near 1.1150 as the US Dollar Index (DXY) is facing winter and the market mood is quite cheerful. (FXStreet)
The GBP/USD pair trades with a positive bias for the sixth successive day on Thursday and touches a fresh 15-month peak during the Asian session, with bulls now looking to build on the momentum beyond the 1.3000 psychological mark. (FXStreet)
USD/JPY remains weak and could extend the decline to the 137.15 level in the next few weeks, note UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang. (FXStreet)
The AUD/USD pair edges higher during the Asian session on Thursday and looks to build on the overnight breakout rally through a technically significant 200-day Simple Moving Average (SMA). Spot prices currently trade near a three-week top and remain well supported by the prevailing US Dollar (USD) selling bias, with bulls now awaiting a sustained strength beyond the 0.6800 mark before placing fresh bets. (FXStreet)
The NZD/USD pair gains strong positive traction for the second straight day on Thursday and jumps to over a two-month peak, around the 0.6350-0.6355 region during the early European session. (FXStreet)
The USD/CAD pair struggles to capitalize on the previous day's late rebound from the 1.3145-1.3140 area and meets with a fresh supply on Thursday. The intraday downfall - marking the third straight day of a negative move and the fourth in the previous five - drags spot prices back closer to over a two-week low touched on Wednesday. (FXStreet)
USD/CNH could slip back to the 7.1250 level once 7.1500 is breached, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang. (FXStreet)
The USD/JPY pair has retreated after a short-lived pullback to near 138.83 in the European session. The asset has resumed its downside journey as soft inflationary pressures in the United States have provided assurance that the Federal Reserve (Fed) will come out with only one more interest rate hike by the year-end. (FXStreet)
USD/INR continues to hold within the 81-83 range since the start of the year. Economists at Commerzbank analyze the Rupee outlook. (FXStreet)
The EUR/JPY pair remains steady, close to 154.50 region in the early European session., the cross stands below the 100-hour Exponential Moving Average (EMA) with a downward slope, indicating that the path of least resistance is to the downside. (FXStreet)
The AUD/JPY cross builds on the previous day's late recovery from the 93.25-93.20 area, or its lowest level since June 9 and gains some positive traction for the second successive day on Thursday. Spot prices climb to a two-day high, around the 94.40 region during the Asian session and now look to extend the momentum further beyond the 100-hour Simple Moving Average (SMA). (FXStreet)
The USD/MXN pair struggles to capitalize on the previous day's modest bounce from the 16.8085 region, or its lowest level since December 2015 and oscillates in a narrow trading band through the Asian session on Thursday. Spot prices, meanwhile, now seem to have found acceptance below the 17.0000 mark and remain vulnerable to depreciate further. (FXStreet)
As the Asian session begins, the CAD/JPY extends its losses to seven straight days, registering minimal losses of 0.07%. Despite the Bank of Canada (BoC) raising rates by 25 bps to 5% on Wednesday, the CAD/JPY pair failed to gain traction and lost 0.99% or 100 pips. As of writing, the CAD/JPY trades at 104.96, nearby the weekly low of 104.79. (FXStreet)
Prices of WTI extended the move higher on Wednesday and surpassed the $75.00 mark per barrel on the back of increasing open interest and volume. That said, the commodity could attempt a challenge to the key 200-day SMA, today around $77.20. (FXStreet)
Prices of natural gas reversed two daily advances in a row on Wednesday. The uptick was amidst increasing open interest and volume and suggests a potential decline in the very near term. So far, there are no changes to the range bound theme in the commodity. (FXStreet)
Gold price (XAU/USD) has faced fragile barricades while attempting to surpass the immediate resistance of $1,960.00 in the late Asian session. The precious metal has is expected to resume its upside journey as inflationary pressures in the United States have softened dramatically and are sufficient to encourage the Federal Reserve (Fed) to go with only one interest rate hike by year-end. (FXStreet)
Silver builds on the overnight breakout momentum beyond the 100-day Simple Moving Average (SMA) and gains follow-through traction during the Asian on Thursday. The white metal touches a one-month high, around the $24.25 region in the last hour and seems poised to prolong its recent appreciating move witnessed over the past three weeks or so. (FXStreet)
Source: FXStreet
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