The EURUSD on Monday of this week reached up to test the 38.2% retracement of the move down from the July high to the October low near 1.07642. A high price on Monday reached 1.0756 just 8 pips short of that key target.EURUSD stalled the rally this week at the 38.2%...
USDCHF price action volatile but finds support at key technical levels today. What next?
The USDCHF is higher on the week, but the price action has been up and down, especially over the last 4 trading days. Technically, the price has been moving above and below technical levels like the:200-day moving average currently at 0.8999, 100-hour moving average...
From earlier: Lagarde says rates cuts not coming for at least “the next couple of quarters
Markets and ECB President Christine Lagarde are at odds.Right now, the rates market is pricing in s 68% chance of an ECB rate cut in April and a certainty of one in June (and two in September). Meanwhile, Lagarde spoke with the FT today and said that inflation could...
European equity close: Weak trading on Friday erases the weekly gain
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,...
AUDUSD dips for 5th consecutive day, Testing key support levels
The AUDUSD is down for the 5th consecutive day. Recall on Friday last week, and then on Monday, the price of the AUDUSD was testing/moving above it's key 100-day MA near 0.6515. The high price reached 0.65224, but ultimately stalled and started a run to the downside,...
10 reasons for the drop in oil prices this week, and what’s next
WTI crude oil dailyWTI crude oil has rebounded $1.22 today but it was flushed lower this week on a series of factors that offer hints on what's coming next.1) Technical sellingThe first reason is the simplest: $80 broke. Oil tested $80 several times before finally...
Weekly Market Recap (06-10 November)
ECB President Lagarde (neutral – voter) over the weekend spoke with a Greek newspaper and reaffirmed their commitment to bring inflation down to target by 2025:We are determined to bring inflation down to 2%.According to our projections we will get there in 2025.Our...
US November prelim UMich consumer sentiment 60.4 vs 63.7 expected
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,...
USDCAD surges to new highs for the day. Topside targets eyed.
The USDCAD is extending higher on the day (see hourly chart below), and in the process is trading to new highs for the week as well. The high price in the USDCAD just reached 1.38292.Looking at the hourly chart below, the pair is also extending away from a swing level...
US stock market sees positive start as the week works toward the close with NASDAQ leading
The major US stock indices are starting the final day of the week in positive territory. The gains are led by the NASDAQ index which is up around 0.55% after snapping its 9-day winning streak yesterday. The S&P index snapped its 8-day winning streak yesterday.A...
Eurozone Stagflation Does Not Shift ECB Stance
With inflation coming down and growth indicators flashing recession risks, ECB officials are walking a fine line between trying to keep rate cut expectations under control and dampening fears that restrictive policies will hurt the labour market and overall growth....
Biden and Xi to meet next week, engage in ‘in-depth discussions’
Beijing has released a statement saying that during next week's trip to San Francisco, Biden and Xi will engage in in-depth discussions on strategic, global and directional issues concerning US-China relations along with major global issues.The APEC summit is in San...
Fed’s Bostic: There’s still more work to be done on inflation
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,...
Unveiling the currency market technically: A look at the EURUSD, USDJPY, and GBPUSD
In this morning video on November 10, 2023, I kickstart the Forex trading day with a technical look at the EURUSD, USDJPY and GBPUSD. What are the biases, the risks, the targets for those three major currency pairs? What is the longer term daily chart saying and what...
USD/CAD Technical Outlook: Mixed Technical Signals Could Halt Upside Rally
USD/CAD PRICE, CHARTS AND ANALYSIS:Hawkish BoC Fails to Inspire CAD Bulls.A Rebound in Oil Today has Failed to Spark USDCAD into life, Will Fedspeak do the Trick?Taking a look at the IG client Sentiment Data and we can see that Retail Traders are Currently Net-SHORT...
FX Market Update: The CHF is the strongest and the AUD is the weakest as NA trading starts
The strongest to the weakest of the major currenciesThe CHF is the strongest and the AUD is the weakest as the North American session begins. The USD is mixed with gains in the GBP, JPY, CAD, AUD (the biggest mover with the USD up 0.22%) and the NZD. The EUR and the...
UMich consumer sentiment highlights the US economic calendar
University of Michigan Consumer SentimentHappy Friday.Or at least it would be if US consumers were in a better mood. UMich consumer sentiment has struggled to reach its pre-pandemic levels for years despite a robust economy with plenty of jobs.Does that mean it's a...
Forexlive European FX news wrap 10 Nov || Friday vibes
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,...
China commerce minister discusses trade ties, EV and other issues with EU’s Breton
China commerce minister discusses trade ties, EV and other issues with EU's BretonFULL STORYChina's Commerce Minister Wang Wentao had "in-depth" discussions with the EU's industry chief Thierry Breton on China-EU trade relations, electric vehicles, 5G, supply chain...
Brazil CPI (YoY) (Oct) $BRL Actual: 4.82% Expected: 4.87% Previous: 5.19%
Brazil Inflation Data (Oct)Consumer prices as measured by the benchmark IPCA index, rose 0.24 percent in October, below market forecasts, government statistics agency IBGE said on Friday. Prices rose 4.82 percent in the 12 months through October, down from an increase...