Early Tuesday morning, Reuters cites an anonymous source to state that China’s major state-owned banks were seen selling US Dollars to buy China Yuan (CNY) in the onshore spot foreign exchange (Forex) market. The news came in after the People’s Bank of China (PBoC) surprisingly cut the benchmark rates and fueled the USD/CNY to the […]
Economic News
Economic News
Economic News
08
Aug
Aug
GBP/JPY surrenders a major part of its intraday gains, up a little below mid-182.00s
The GBP/JPY cross climbs to a four-day high on Tuesday, albeit struggles to capitalize on the momentum and fails ahead of the 183.00 round-figure mark. Spot prices erase a major part of the intraday gains and retreat to the 182.35-182.30 region during the early part of the European session. Data released earlier today showed that […]
07
Aug
Aug
Euro meets some selling pressure and retreats below 1.1000
The Euro (EUR) starts the week with an offered bias against the US Dollar (USD) and forces EUR/USD to revisit the sub-1.1000 region in the wake of the opening bell on the old continent on Monday. On the flip side of the coin, the Greenback manages to regain traction after two consecutive daily pullbacks, regaining at the same […]
07
Aug
Aug
GBP comes under severe pressure amid BoE’s aggressive rate-tightening spell
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 […]
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 […]
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
US treasury yield rally and BOJ intervention impact forex landscape
Bunds and US Treasuries parted ways yesterday. Yields on the latter surged more than 8 bps at the long end of the curve. That had little to do with the Fitch rating downgrade, though it was related to one reasons for the decision: the deterioration fiscal situation. US Treasury for the first time in over two years […]
03
Aug
Aug
Bank of England set to raises rates to a new 15 year high
European markets underwent another negative session yesterday, clobbered by concerns over weaker than expected economic activity, which in turn is raising concern for earnings growth heading into the second half of the year. Throw in a US credit rating downgrade from Fitch and the catalyst for further profit taking after recent record highs for the […]
01
Aug
Aug
Euro remains depressed in the sub-1.1000 zone ahead of US docket
During the first half of the week, the Euro (EUR) continued to face selling pressure against the US Dollar (USD), causing EUR/USD to once again decline below the 1.1000 level on turnaround Tuesday. Meanwhile, the Greenback remained strong and supported the USD Index (DXY) in its attempt to break the significant resistance level around 102.00. This strength in the […]