Month: June 2022

Technical Analysis

Oil falls to $107.00 as OPEC+ stands pat

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Me and Eamonn both highlighted the bearish outside day in oil yesterday and it’s coming to pass. There was a bearish outside day yesterday and it came after a test of the 50-61.8% fibonacci retracement level of the June swoon. OPEC+ today was a non-factor as it endorsed the August production hike that was already
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News

Video: Why the Canadian dollar is holding on despite the global macro deterioration

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The airwaves are filled with non-stop stories warning on global growth and a looming recession but you wouldn’t no it from the Canadian dollar. It’s among the most growth-sensitive currencies in the world but it’s also right near the top of the global pack. It’s second only to the US dollar this year among major
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News

OPEC+ oil boost likely not much help to high gasoline prices

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New York: The OPEC oil cartel and allied producing nations decided Thursday to boost production of crude by an amount that will likely do little to relieve high gasoline prices at the pump and energy-fuelled inflation plaguing the global economy. The increase of 648,000 barrels per day in August leaves the world thirsty for oil
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News

Euro Under Broad Based Pressure as Selling Spreads

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Euro is under broad-based pressure today as selloff against Swiss Franc spreads to other pairs. Yen is currently the best performer following another round of pull back in Germany, and to a lesser extent US, benchmark yields. Aussie and Kiwi are also recovering while Dollar is firm. But for the week, Swiss Franc is still
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Finance

Walgreens profits squeezed as Covid vaccine wanes, health-care investment rises

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The Walgreens store at State and Randolph Streets in Chicago. Nancy Stone | Chicago Tribune | Tribune News Service via Getty Images Walgreens Boots Alliance on Thursday reported quarterly sales and earnings that came in above expectations as it grew online sales and continued to administer Covid-19 vaccines. The drugstore chain stood by its outlook
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FX

US: Atlanta Fed GDPNow for Q2 drops to -1% from +0.3%

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According to the Federal Reserve Bank of Atlanta’s GDPNow model, the US economy is expected to contract by 1% in the second quarter, down from the June 27 forecast of +0.3%. “After recent releases from the US Bureau of Economic Analysis and the US Census Bureau, the nowcasts of second-quarter real personal consumption expenditures growth and
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Blockchain

Binance taps Tiktok star Khaby Lame to drive Web3 adoption

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Crypto exchange platform Binance has partnered with Khaby Lame, the most-followed creator on TikTok, to increase the awareness for Web3. The influencer would act as a global brand ambassador for the exchange, helping debunk myths surrounding the crypto and blockchain space.  Lame rose to fame on TikTok gaining 142 million followers with his videos calling
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Technical Analysis

Oil technical analysis – daily chart prints a reversal candle – unleash the bear?

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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, experience level, and risk tolerance. You could lose some or all your initial investment; do not
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News

Bitcoin down 4% in fall back below $20,000 again

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Price is now falling by over 4% to a low of $19,332 and that is the lowest since 19 June. The drop below $20,000 in the middle of this month was somewhat salvaged by sentiment remains on the rocks and there hasn’t been much confidence of a major rebound in  Bitcoin  and cryptocurrencies this time
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News

Gold rate today: Yellow metal flat; silver trades below Rs 60,000

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NEW DELHI: Gold prices were trading flat on Thursday in the Indian market, bucking the global trend. The yellow metal is headed for its worst quarterly performance since early 2021. US Treasury yields dipped but a firm dollar took the sheen off the safe-haven asset. Gold futures on were trading almost flat, shedding 0.01 per
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News

Swiss Franc Staying the Strongest, Dollar and Loonie Competing for Second

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Swiss Franc remains the runaway leader for the week so far. Dollar and Canadian are competing for the second place. On the other hand, New Zealand Dollar is the worst, followed by Sterling and then Euro. Yen is mixed for now. Overall market sentiment is indecisive with stocks lacking follow through buying to the near
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FX

WTI Price Analysis: Weekly ascending trend channel defends buyers above $108.00

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WTI pares the biggest daily losses in a week inside a bullish chart pattern. Pullback from 200-SMA, bearish MACD signals challenge buyers. Bears need validation from $106.40, RSI hints at gradual recovery. WTI crude oil prices consolidate the week’s biggest daily loss while picking up bids to $108.70 heading into Thursday’s European session. The black
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Technical Analysis

Oil reverses to finish $2 lower, ending winning streak

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Oil came into the day on a three-day winning streak and looked to be extending that to four as gains stretched to $114.01 at the highs. But a sharp turnaround started four hours ago and it finished just below $110. One of the reasons was a comment from a US OPEC envoy who said he
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News

The bond market is no longer freaking out about inflation

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This chart isn’t getting enough attention at the moment. The bond market is no longer seeing a big inflation problem. Five year breakevens are down to 2.64% from as hig has 3.7% in late April. The market has gotten the message that the Fed will tame prices, even if it takes a recession to do
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News

Gold declines Rs 176 amid weak global trends

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New Delhi: Gold price in the national capital fell by Rs 176 to Rs 50,649 per 10 grams on Wednesday, reflecting a decline in international precious metal prices, according to HDFC Securities. In the previous trade, the yellow metal settled at Rs 50,825 per 10 grams. Silver also fell by Rs 443 to Rs 59,725
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News

Swiss Franc Power Continues, EUR/CHF Breaks Parity

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Swiss Franc continues to rise broadly today, with additional help from selloff in Euro. The common currency is weighed down by Germany CPI, which unexpectedly slowed in June. But for now, Aussie, Sterling and Yen are even weaker than Euro. On the other hand, Canadian Dollar is second strongest as supported by rebound in oil
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Finance

Bed Bath & Beyond replaces CEO as retailer’s sales plummet

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In this article BBBY A pedestrian walks by a Bed Bath and Beyond store in San Francisco, California. Justin Sullivan | Getty Images Bed Bath & Beyond said Wednesday that it is replacing CEO Mark Tritton as part of a leadership shakeup as the retailer’s quarterly sales and earnings sharply missed Wall Street expectations. Shares
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FX

Gold Price Forecast: XAU/USD erases gains, back under pressure below $1820

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Gold reversed from two-day highs and is back near weekly lows. US dollar rises across the board following comments from Portugal. Gold prices dropped sharply during the American session, erasing daily gains. XAU/USD peaked at $1833, the highest level in two days and then turned lower, falling to $1814, slightly above the daily low of
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