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More on the USD as the reserve currency:As long as we have rule of law, relative price stability, open capital accounts, democratic institutions, we will retain dollar as reserve currencyHistory shows this is not a permanent status but it is a lasting oneThere is not...
The NZDUSD has seen up-and-down price action today, with the last push to the upside. That move was helped by support holding against the 200-day moving average of 0.6153. There were three separate tests of that moving average in trading today, and each dip found...
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
EURUSD extends the range for the day/weekThe EURUSD extended the 28 pip trading range seen prior to the Powell testimony. The range is now up to 58 pips. That is still short of the 22 day average of about 69 pips (but it is better).Looking at the 4-hour chart, the...
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
> Central Banks > Powell: There is a gradual cooling in the labor market but we're not there yet Central Banks Comments from the Fed Chair <!--> --> Adam Button Wednesday, 21/06/2023 | 14:55 GMT-0 21/06/2023 | 14:55 GMT-0 <!--> --> Highlights...
The USDCAD has it tried to move above its 100 hour moving average on a number of occasions, but fails before reaching its 200 hour moving average above that level. That keeps the sellers more in control. The buyers need to get above the 100 hour moving average and...
Fed Powell testifies on Capitol HillFed Q&A testimony has begun:Level for rates and speed of hikes are separateIt may make sense to move rates higher, at more moderate paceFed is now moderating the pace of rate hike'sbanking regulation should be transparent,...
As the Fed chair testimony gets underway, a snapshot of the markets shows:EURUSD 1.0925USDJPY 142.22GBPUSD 1.2717USDCHF 0.8978USDCAD 1.3201AUDUSD 0.6764NZDUSD 0.6174In the US stock market :Dow industrial average -115 points at 33939.47S&P index -20.53 points at...
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
The USDCHF moved up to test it 200-hour moving average in trading today near the 0.8997 level and found willing sellers. Also near the area is a 38.2% retracement of the move down from the May 31 high. That level comes in at 0.8995. The natural resistance at 0.9000...
The Fed Chair Powell will testify before the House Financial Services Committee on monetary policy at the top of the hour. The prepared text which he will read at the start of the testimony, can be found in its entirety HERE.You can watch the testimony by clicking...
The major US stock indices are trading lower for the 2nd consecutive day. The Dow Industrial Average is leading the declines with a decline of near 0.45%. Fed chair will begin his testimony at 10 AM ET. The text of his prepared remarks have already been released. You...
The GBPUSD moved lower despite stronger CPI data in the UK today. That move to the downside took the price near the 200 hour moving average at 1.26844. The price has bounced off of that level, keeping the buyers in play in the pair (watch video above). On the top...
The USDJPY moved lower in trading yesterday and in the process tested its 100-hour moving average, finding support buyers there. In the Asian session today, the 100-hour moving average was again tested, and once again found buyers giving the go-ahead to push the price...
The EURUSD is stuck in a narrow 28 PIP trading range for the day so far as the markets prepare for Fed chair Powell's testimony on Capitol Hill. The chair has pre-released his prepared text. There were no major surprises, but the markets will be focused on his tone...
The market didn't like today's high UK core inflation reading and is signaling that the BOE will have to send the economy into a recession. Current market pricing shows a 57% chance of 25 bps tomorrow and 43% chance of 50 bps. Pricing also shows a 75% probability the...
Fed Chair PowellNearly all FOMC participants expect it will be appropriate to raise rates somewhat further by year endSeeing some effects of tightening but it will take time to see full effectsLabor market remains very tight but nominal wage growth showing signs of...
Canada new housing price indexPrior month -0.1%The national index for new home prices in Canada increased by 0.1% month over month in May, marking the first increase since August 2022.Prices were up in 6 out of the 27 census metropolitan areas (CMAs) surveyed, down in...