The Pound Sterling (GBP) sold off after failing to test the crucial resistance of 1.2800 as higher interest rates by the Bank of England (BoE) started deepening recession fears. The GBP/USD pair drops significantly as higher interest rates are threatening the United Kingdom’s economic outlook. The UK’s strong labor market is loosening its resilience as firms slow down […]
Forex
Forex
Forex
04
Aug
Aug
Oil market outlook: Impact of production cuts and economic indicators on price trends
Oil prices are set to continue their upward trajectory, marking their sixth consecutive week of gains. This comes after Saudi Arabia and Russia, two of the world’s largest crude producers, pledged to reduce output through the next month. Brent crude futures for October rose slightly to $85.24 a barrel, while U.S. West Texas Intermediate crude for […]
04
Aug
Aug
USD/CAD Analysis: Bulls pause near 50% Fibo., US/Canadian jobs data eyed for fresh impetus
The USD/CAD pair oscillates in a narrow trading range around mid-1.3300s heading into the European session on Friday and remains well within the striking distance of a four-week high touched the previous day. The overnight sharp rise in Crude Oil prices continues to underpin the commodity-linked Loonie, which, along with subdued US Dollar (USD) price action, acts […]
04
Aug
Aug
US July payrolls expected to point to a slowdown in jobs growth
European markets underwent another negative session yesterday as this week’s sell off continued to gather momentum, with the DAX falling for the 4th day in a row, while the FTSE100 finished lower for the 3rd straight session, although it was notable that we closed well off the lows of the day. US markets also fell […]
04
Aug
Aug
BoE hike rates to another 25bps!
Inflation is falling, but still too high… BoE has raised interest rates to make sure inflation keeps on falling and stays low… BoE expect inflation to fall markedly further this year and meet their 2% target by early 2025… Inflation is falling, but still too high… Amidst a backdrop of a declining infection rate and […]
04
Aug
Aug
US Dollar keeps strength towards NFP
A sell-off at the long end of the US Treasury market has cast a shadow over risk assets and hit cyclical currencies. The dollar has been the main beneficiary. Expect focus to remain on the US bond market very much into next week’s quarterly refunding. USD: Tracking treasuries In Wednesday’s session, the focus was on […]
03
Aug
Aug
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Fx technical analysis and forecast: Majors, equities and commodities
EUR/USD, “Euro vs US Dollar” EUR/USD has completed a wave of decline to the 1.0920 level. Today the market is forming a consolidation range above this level. A downward breakout is expected with the wave continuing by the trend to the 1.0868 level and the structure potentially extending to the 1.0840 level. A correction to 1.0944 […]
03
Aug
Aug
USD/JPY: The pair could rise to its resistance level of ¥144.40
Looking at USDJPY’s chart, we can see that USD is gaining ground over JPY in the past weeks, traded at the current rate of around ¥143.61. Today, we should expect it to test the resistance level of ¥144 and if it is able to pass it, then it could approach the next one at around […]
03
Aug
Aug
Currency market: FX next week
DXY for the past 8 weeks traded in a fairly straight line from 103.00’s to 99.00’s As the July lows achieved 99.00’s , DXY not only traded to high 102.00’s but supports were created at 100.38, 100.81, 101.07 and 101.20. This week, DXY traded freely at 128 pips inside open ranges from 101.00’s to overbought […]
03
Aug
Aug
Chart of The Day
The dollar continues to appreciate after yesterday’s strong labor market data and the latest dovish comments from the ECB president, Lagarde. Yesterday’s ADP report showed employment growth of 324,000, compared to significantly lower expectations of 190,000. If the good ADP data are confirmed by Friday’s NFP reading, it may encourage the Fed to continue raising interest […]