The strongest to the weakest of the major currenciesThe JPY is the strongest and the NZD is the weakest as the North American session begins. The JPY was the weakest yesterday with declines of -0.36% to -0.68% vs the major currencies with the NZDJPY the biggest mover...
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ForexLive European FX news wrap: Dollar begins to flex its muscles again
Headlines:Markets:JPY leads, NZD lags on the dayEuropean equities lower; S&P 500 futures down 0.2%US 10-year yields up 2.9 bps to 3.747%Gold down 0.5% to $1,958.93WTI crude up 1.0% to $72.75Bitcoin up 1.6% to $27,331Euro area PMI data reaffirmed growth in the...
BOE’s Bailey: We are nearer to the peak on interest rates
Rate hikes must be conducted carefullyCannot try to fight inflation with very severe increase in ratesWe do have a challenge in how we communicateMeanwhile, BOE policymaker, Catherine Mann, is out saying that they can't make a judgment on peak interest rates yet....
Crypto attracts buyer interest, but reversal needs proof
Market pictureCrypto market capitalisation rose 1.4% over the last 24 hours to $1.138 trillion. After quiet trading on Monday, most gains came on Tuesday morning. The timing of the move is due to news on the US debt ceiling, where there is no deal yet, but Biden notes...
AUDUSD Technical Analysis
On the daily chart below for AUDUSD, we can see that the price has recently sold off from the top of the range and it’s now approaching the support at 0.6563. AUDUSD has been trading within this range since the Silicon Valley Bank collapse in March, so it hasn’t done...
Gold erases Friday bounce amid higher dollar, yields
The dollar is gaining further ground now in European morning trade and among the bigger losers today is gold. The yellow metal is down 0.7% to just under $1,956 currently as it erases the advance from Friday. Gold is now threatening a steeper fall towards its 100-day...
Higher yields continue to underpin the dollar for now
That is keeping the dollar in a decent spot today and we are seeing gains extend that bit more in European morning trade. EUR/USD is now down 0.3% to 1.0775 while GBP/USD is down 0.5% to 1.2380 with the greenback also gaining ground against the commodity...
BOE’s Bailey: Inflation has turned the corner
Central Banks Remarks by BOE governor, Andrew Bailey <!--> --> Justin Low Tuesday, 23/05/2023 | 09:21 GMT-0 23/05/2023 | 09:21 GMT-0 <!--> --> Services inflation is tracking more or less as we thought in FebruaryWill adjust bank rate as necessary to...
USDCAD Technical Analysis – Choppy Trading
On the daily chart below for USDCAD, we can see that after bouncing again near the 1.33 handle and rallying back to the 1.3553 resistance, the price action became a bit choppy between the 1.34 handle and the 1.3553 resistance. The market is waiting for further...
A Carry Trade Fight – CHFJPY
The Carry Trade strategy is widely known and used, especially among institutional investors. It consists of borrowing in a currency with low interest rates to invest in products denominated in currencies with higher yields. For example, a global investment firm could...
UK May flash services PMI 55.1 vs 55.5 expected
Prior 55.9Manufacturing PMI 46.9 vs 48.0 expectedPrior 47.8Composite PMI 53.9 vs 54.6 expectedPrior 54.9Similar to the Eurozone economy, there is a contrast in the UK economy as well with manufacturing conditions keeping on the softer side while services activity is...
UnionWealthsManagement: A Top Choice for Trading Education and Funding Opportunities
UnionWealthsManagement is an absolute top choice for proprietary trading and education, and for good reason.The firm's commitment to providing cutting-edge technology and platforms ensures that every client receives the best possible trading experience.Due to its...
GBPUSD Technical Analysis – Crossing Into Downside
On the daily chart below for GBPUSD, we can see that after a long struggle at the 1.2444 resistance, price broke out and rallied to the 1.27 handle. As we got another hot US NFP report though, the price started to top out and eventually reversed as more good US data...
Eurozone March current account balance €45.0 billion vs €21.3 billion prior
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,...
Eurozone May flash services PMI 55.9 vs 55.6 expected
Prior 56.2Manufacturing PMI 44.6 vs 46.0 expectedPrior 45.8Composite PMI 53.3 vs 53.5 expectedPrior 54.1The contrast between the services and manufacturing readings were already outlined earlier by the French and German reports. Despite the divergence in fortunes, the...
HSBC expects ECB to hike rates three more times in the months ahead
This is one of the more hawkish calls as the firm sees the ECB raising interest rates by 25 bps in June, July and then September. For some context, money markets are just pricing in a peak of 3.70% at the moment when it comes to ECB rates. That is just under two more...
Germany May flash manufacturing PMI 42.9 vs 45.0 expected
Prior 44.5Services PMI 57.8 vs 55.3 expectedPrior 56.0Composite PMI 54.3 vs 53.5 expectedPrior 54.2Once again, it's another heavily contrasting report in Germany as manufacturing conditions deteriorate further but that is offset by stronger activity in the services...
Dollar keeps steadier to start European morning trade
As stocks are losing a bit of ground to start the session, the dollar is finding a decent footing now. Looking to the antipodeans, AUD/USD is down 0.3% to 0.6635 with NZD/USD down 0.2% to 0.6270 on the day as the narrow ranges from earlier start to stretch...
France May flash services PMI 52.8 vs 54.0 expected
Prior 54.6Manufacturing PMI 46.1 vs 46.0 expectedPrior 45.6Composite PMI 51.4 vs 52.0 expectedPrior 52.4The readings are slightly softer than estimated but still points to growth in the French economy in May, albeit at a slower pace. The headline reading is a...