Month: November 2022

News

Oil up over $2 on tighter supply while OPEC+ talks limit gains

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Oil prices rose by over $2 on Wednesday on signs of tighter supply, a weaker dollar and optimism over a Chinese demand recovery. But the likelihood that OPEC+ will leave output unchanged at its upcoming meeting limited the gains. Brent crude futures rose $2.22, or 2.67% to $85.25 per barrel by 1340 GMT. The more
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News

Little Reaction to US ADP and Eurozone CPI Miss, Consolidations Continue

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Overall markets remain steady in consolidative trading today. There is little reaction to lower than expected Eurozone CPI and US ADP job data. Fed Chair Jerome Powell’s speech might trigger some volatility, or traders will have to wait for non-farm payrolls on Friday. For now, Dollar is the strongest for the week, followed by Yen
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Economy

Watch Fed Chair Jerome Powell speak on the economy and monetary policy

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[The stream is slated to start at 1:30 p.m. ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chair Jerome Powell is slated to speak Wednesday at the Brookings Institution. His comments will come as investors look for clues on future monetary policy moves by the
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FX

EUR/JPY struggles below 143.80 as Eurozone inflation slowdown weakens hawkish ECB bets

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EUR/JPY is facing hurdles around 143.80 as the ECB is expected to shift to a lower rate hike structure. A decline in Eurozone HICP and an increment in German jobless numbers have weakened hawkish ECB bets. This week, the speech from Haruhiko Kuroda will be keenly watched. The EUR/JPY pair is struggling to cross the
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Technical Analysis

The AUD is the strongest and the JPY is the weakest as the NA session begins

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This strongest to weakest of the major currencies As the market prepares for the Chair Powell’s speech later today (1:30 PM ET), the AUD is the strongest, the JPY is the weakest. The greenback is mostly lower. Will Powell have a dovish pivot or will he continue his more hawkish pitch to the markets? The
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News

ForexLive European FX news wrap: Dollar sluggish, month-end and Powell in focus

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Headlines: Markets: AUD and NZD lead, JPY lags on the day European equities higher; S&P 500 futures up 0.2% US 10-year yields down 1.3 bps to 3.734% Gold up 0.6% to $1,760.73 WTI crude up 2.2% to $79.91 Bitcoin up 2.2% to $16,840 There were quite a number of headlines to sieve through during the
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News

Gold rate today: Yellow metal holds Rs 53,000 on MCX; silver trades flat

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Gold prices ticked up on Wednesday before trading flat, aided by a dip in the US dollar. Investors will now focus on Federal Reserve Chair Jerome Powell’s speech for insights into the US central bank’s monetary policy path. Powell’s speech at a Brookings Institution event, scheduled for 18.30 GMT, will be evaluated for any new
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News

Markets Cautious, Awaiting Eurozone CPI and Development in China

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Overall, the forex markets are very cautious for now, awaiting the key events of the week, including Eurozone CPI flash today and US non-farm payrolls on Friday. There is no breakthrough in the unrest in China, with reports of escalation in protests in manufacturing center of Guangzhou. Yen and Dollar are now the stronger ones
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Economy

Transitory inflation talk is back. But economists say higher prices are here to stay

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Prices of fruit and vegetables are on display in a store in Brooklyn, New York City, March 29, 2022. Andrew Kelly | Reuters Global markets have taken heart in recent weeks from data indicating that inflation may have peaked, but economists warn against the return of the “transitory” inflation narrative. Stocks bounced when October’s U.S.
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FX

USD/CAD: Loonie has limited potential for a recovery – Commerzbank

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Canadian Q3 GDP was up more than expected. Details were more downbeat however. Economists at Commerzbank maintain a CAD bearish stance. Mixed data on growth in Q3 “At 2.9% the seasonally adjusted QoQ rise came in well above Bloomberg consensus expectations of 1.5% (both annualised). Looking at the details revealed a fly in the ointment,
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Blockchain

Brazil passes law to legalize crypto as a payment method

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While Brazil has not made Bitcoin (BTC) legal tender as El Salvador did last year, the South-American nation has passed a law that legalizes crypto payments throughout the country.  The Chamber of Deputies of Brazil, a federal legislative body, has passed a regulatory framework that legalizes the use of cryptocurrencies as a payment method within
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Technical Analysis

Buyers in the USDCAD taking a breather

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USDCAD takes a breather The USDCAD has raced higher in trading today and in the process really had limited corrective price action. There was a brief consolidation after the better-than-expected GDP, but it has been racing back to the upside over the last few hours. However, the last 20 minutes have seen a rotation to
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News

Australian Q3 construction work completed +2.2% q/q (expected +1.5%)

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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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Finance

CrowdStrike shares tumble on weaker-than-expected growth in new revenue

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In this article CRWD Follow your favorite stocksCREATE FREE ACCOUNT George Kurtz, co-founder and CEO of CrowdStrike, speaks at the Wall Street Journal D.Live global technology conference in Laguna Beach, California, on Oct. 17, 2017. Patrick T. Fallon | Bloomberg | Getty Images CrowdStrike shares plunged 18% in extended trading on Tuesday after the cybersecurity
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News

Oil jumps on hopes for easing of China’s COVID controls

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Oil prices jumped by 3% on Tuesday on hopes for a relaxation of China‘s strict COVID-19 controls after rare protests in Chinese cities over the weekend. Brent crude futures gained $1.95, or 2.3%, to $85.14 a barrel at 1445 GMT. U.S. West Texas Intermediate (WTI) crude futures rose $1.51, or 2%, to $78.75. Chinese health
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News

CAD Falls Broadly after GDP, Markets Lag Direction Elsewhere

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Canadian Dollar falls broadly after weaker than expected GDP data. Dollar and Swiss Franc are also weak on steady market sentiment. Australia and New Zealand Dollar are currently the strongest ones, followed by Sterling. But all three are just staying in range against the greenback. Euro is also relatively directionless with mixed trading with Yen
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FX

USD/CAD Price Analysis: Buyers poke key hurdle to the north around 1.3600

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USD/CAD struggles to extend three-day uptrend near the highest levels in three weeks. Break of two-month-old horizontal support, bearish MACD signals favor buyers. 50-DMA, seven-week-long descending trend line restrict immediate upside. USD/CAD remains sidelined around 1.3585-90, recently picking up bids, as traders struggle with the key hurdle during early Wednesday morning in Asia. In doing
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Technical Analysis

GBPUSD falls back to 100 hour MA, swing area.

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The GBPUSD has moved down to retest the 100 hour MA, the high price from November 15 and the Asian session low. All those levels come in between 1.20247 and 1.2036. A move below that area would tilt the short term bias to the downside from a technical perspective, with more work to do for
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