The GBPUSD has been trading up and down today and consolidated the gains after reaching a high on Friday in the pair near the low of a swing area on the daily chart. The US session low has so far tested it rising 100-hour moving average of 1.30729. The price of the...
US May industrial production -0.5% versus 0.0% expected
Prior was -0.2% (revised to -0.5%)Manufacturing output -0.3% vs 0.0% expectedPrior output +0.1% (revised to -0.2%)Capacity utilization 78.9% vs 79.5% expectedThis is a soft reading that takes the shine off the strong retail sales data earlier. It's certainly a...
US dollar climbs after beat on the retail sales control group
Underlying momentum remains strong for US consumers and that's helped to lift the US dollar today, threatening an eight-day winning streak for the euro.EUR/USD was trading at 1.1256 ahead of the report but has fallen to 1.1229, down slightly on the day.EURUSD daily...
EURUSD consolidates after reaching a key retracement target. What next?
The EURUSD has chopped to a new high for the year and in doing so extended up to test the 61.8% retracement of the trading range for the pair since the 2021 high. That level comes in at 1.1274. The high price today reach 1.12749 just one PIP above that target level....
Canada June CPI 2.8% y/y versus 3.0% expected
Prior was 3.0%CPI m/m % vs +0.3% expectedPrior m/m reading was 0.4%Gasoline prices -% vs -18.3% y/y in prior month Gasoline prices % m/m vs -0.8% prior monthEx gasoline +4.0% y/y vs +4.4% priorFood +8.3% y/y vs +8.3% y/y priorMortgage interest costs 30.1% y/y vs 4.9%...
US June retail sales 0.2% versus 0.5% expected
US retail sales for June rises 0.2%Prior was 0.3% revised higher to 0.5%Details:Retail sales MoM 0.2% versus 0.5% expectedEx Autos 0.2% versus 0.3% expected. Prior ex autos 0.1% revised higher to 0.3% Control group 0.6% versus 0.3% expected. Prior control group 0.2%...
The CHF is the strongest while the NZD is the weakest as the North American session begins
The strongest to the weakest of the major currenciesThe CHF is the strongest currency while the NZD is the weakest as the North American session begins.In the European session, ECB policymaker Klaas Knot stated that while rate hikes beyond July are possible, they are...
Canada June housing starts 281.4K vs 220.0K expected
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Big morning of data greets North American traders
It will be a lively day in North America with a pair of top-tier economic indicators coming up at the bottom of the hour. The duo of US retail sales and Canadian CPI are coming up and will certainly be market movers.Watch the 'retail control' line, which is expected...
Markets Reigned In Tightening Expectations
Oil prices rose with stock markets last week as tightening expectations were reigned in. Supply restrictions are also starting to bite, although China’s weak recovery continues to weigh on sentiment, and the IEA cut its forecast for global demand for the first...
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ForexLive European FX news wrap: Dollar stays on the ropes, awaits US retail sales
Headlines:Markets:JPY leads, NZD lags on the dayEuropean equities little changed; S&P 500 futures flatUS 10-year yields down 3.7 bps to 3.760%Gold up 0.5% to $1,965.22WTI crude up 0.4% to $74.46Bitcoin up 0.4% to $30,040It was a quiet session with there being no...
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Will UK inflation data give sterling another boost this week?
The UK CPI data for June is out tomorrow and headline annual inflation is estimated to drop from 8.7% in May to 8.2% in the last month. However, core annual inflation is estimated to hold steady at 7.1%. The latter is still the main focus as food price inflation...
GBPUSD Technical Analysis – Bullish Bias Intact
Last week the US CPI report missed across the board and led to a strong rally in GBPUSD as the market priced out the more hawkish path for the Fed and now expects the July hike to be the last one. The resilient labour market and the rising consumer sentiment has also...
Markets stick with the more tepid mood so far on the session
The euro's early gains have been pared with EUR/USD now flat at 1.1235 and the dollar is little changed overall once again. The Japanese yen is still slightly higher, with USD/JPY down 0.3% to 138.28 and that owes a to the slightly lower Treasury yields on the...
ECB’s Knot: Rate hikes beyond July possible but not certain
It loos like core inflation has plateauedWe need to hike rates in JulyOptimistic to see inflation reaching 2% in 2024There is still lots of data due between now and SeptemberKnot is a perennial hawk but he's not really pushing the issue on September just yet. I would...
FX option expiries for 18 July 10am New York cut
There is just one to take note of for the day, as highlighted in bold.That being for AUD/USD at 0.6850, although it doesn't hold much of a pull I would argue. The level doesn't really have any technical significance but might just be a spot that could see price action...
EUR/USD inches higher as buyers get a little impatient
The pair is up 0.3% now to 1.1270 at the highs for the day, with the dollar keeping slightly lower across the board. The gains are now starting to run into the 61.8 Fib retracement level of the swing lower from 2021 to 2022, seen at around 1.1274:EUR/USD weekly chartI...
European equities open little changed to start the day
Eurostoxx flatGermany DAX -0.1%France CAC 40 flatUK FTSE flatSpain IBEX +0.1%This speaks to broader market sentiment, in the sense that traders and investors are likely waiting on the US retail sales data before firming up any convictions on the day. In FX, the dollar...