The US Department of Energy has requested to meet with refiners to discuss prices no later than June 21, Reuters reported, citing sources with knowledge of the matter. The sources also reported that the US Energy Secretary has requested a meeting with refining executives about gas prices no later than June 21. This comes after
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Markets now expect the Federal Reserve (Fed) to hike its policy rate by a total of 150 bps at the next two meetings. Economists at TD Securities believe that gold and risk markets alike could be set-up for a short-squeeze. Sell-the-news rally could catalyze a counter-intuitive knee-jerk reaction in gold “Careful: this Fed day, a
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EUR/USD has bounced back from sub-1.04 levels. However, the pair has struggled to surpass the 1.0485 mark, that stands as key resistance, economists at Scotiabank report. Support past 1.04 does not come in until the mid-1.03s “The EUR’s daily gains stalled around 1.0485, that stands as key resistance ahead of the 1.05 zone, that triggered
Markets turn dicey amid sluggish Asian session, allowing traders to pare recent moves. S&P 500 Futures lick its wounds near yearly low, stays around the lowest levels since early 2021. US 10-year Treasury bond yields dribble around the highest levels since 2011. Hawkish Fed bets, China-linked pessimism keep bears hopeful. After a heavy selloff and
EUR/USD has slid into the mid-1.0400s as the buck benefits from safe-haven demand and hawkish Fed bets. Some are eyeing a test of annual lows in the mid-1.0300 against an increasingly bearish backdrop. The main event of the week will be Wednesday’s Fed meeting, plus US Retail Sales and PPI data. Though
The DXY has registered a fresh three-week high at 104.36 on soaring inflationary pressures. Higher US CPI has unfolded the chances of a rate hike by 75 bps by the Fed. Weak Michigan CSI displays that inflation has dented the confidence of consumers. The US dollar index (DXY) is advancing sharply higher as soaring price
Financial Japanese authorities met regarding a weaker JPY and accorded to act if the yen continues weakening. Despite falling on threats of an FX intervention by Japan, the GBP/JPY gained 1.30% weekly. GBP/JPY Price Analysis: To continue falling towards 164.25 before resuming to the upside. The GBP/JPY plunged on Friday and trimmed weekly gains of
On Friday, the USD/JPY climbs 0.11%, and in the week, 2.80%. Risk-aversion initially weighed on the USD, but late in the North American session, higher US Treasury yields lifted the USD/JPY. USD/JPY Price Analysis: The USD/JPY might retrace as intervention looms, towards 131.00s. The USD/JPY is registering gains close to 2.80% during the week, and
Next week, the Bank of England will have its monetary policy meeting. Analysts at MUFG Bank consider it poses some upside risk for the pound but they warn any rally should be short-lived in light of the still unfavourable UK cyclical backdrop. Key Quotes: “The GBP has been consolidating at weaker levels after correcting lower
The GBP/USD tanks close to 180 pips after elevated US inflation data. Consumer sentiment in the US has collapsed to a 5-decade low. GBP/USD Price Forecast: In the near term will test the YTD low at 1.2155. The GBP/USD plummets following a hotter than expected US inflation report and extends its losses in the week,
AUD/USD turned lower for the third straight day in reaction to stronger US inflation figures. The latest US CPI report reaffirmed hawkish Fed expectations and boosted the greenback. The risk-off impulse further underpinned the buck and weighed on the risk-sensitive aussie. The AUD/USD pair witnessed aggressive selling during the early North American session and turned
GBP/USD is likely to witness more downside as stable US inflation forecasts have underpinned the risk-off impulse. There is no visible impact on the US CPI despite balance sheet reduction and two rate hikes by the Fed. The inflation in the UK economy is expected to kiss the double-digit mark. The GBP/USD pair is balancing
GBP/USD Forecast: Additional losses likely with a violation of 1.2480 support GBP/USD has continued to edge lower toward 1.2500 early Thursday after having registered modest losses on Wednesday. The pair stays within a touching distance of the critical 1.2480 support and sellers could take action if that level turns into resistance. The greenback managed to
Overlapping of the 200-EMA with the cable price adds to the consolidation filters. The Darvas Box formation is hitting for an extreme squeeze in volatility. A 40.00-60.00 range by the RSI (14) is indicating the unavailability of momentum in the counter. The GBP/USD pair is oscillating in a narrow range of 1.2530-1.2550 in Tokyo. On Wednesday,
AMC stock rises to $13.07 on Tuesday, closing nearly 10% higher. Other meme stocks also see strong gains with GameStop rising 14%. GME short squeeze is back as Reuters report boosts retail sentiment. AMC Entertainment (AMC) is a name that has been well covered by us and other outlets, but just for those new to the story here
DXY teases recovery after reversing from a fortnight’s high. US Treasury yields rebound, stock futures retreat as growth fears join geopolitical headlines during sluggish Asian session. WB’s Malpass, US Treasury Secretary Yellen allowed USD bulls to take breather. Fed’s September rate hike depends upon Friday’s US CPI while ECB, risk catalysts are important too. US
NASDAQ:SNDL fell by 0.42% during Monday’s trading session. ATB Capital Markets remains bullish on Sundial’s stock moving forward. A Cannabis ETF reverse split shows the state of the sector right now. NASDAQ:SNDL dipped further below $1.00 to start the week as the company mulls over being delisted from the NASDAQ or being forced to perform