US Dollar Index grinds higher after positing the first weekly gain in three. US Treasury yields regain upside momentum following strong US NFP, hawkish Fedspeak. Increasing odds of September rate hike, mixed concerns allow DXY to stay firmer. Headlines from China, optimism ahead of ECB test greenback buyers before Thursday’s US CPI. US Dollar Index
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On Monday Amazon will give investors 20 shares for every one they owned on Friday, June 3. The new split-adjusted shares are trading at $123.33 in Monday’s premarket. Typically, share splits cause a rally in price action. Amazon (AMZN) is set to trade in the low $120s for the first time since 2010. That is because
EUR/USD reverses pullback from a six-week-old resistance line. Sustained trading beyond 200-SMA, firmer RSI hints at further recovery. The previous support from mid-May also challenges bulls, 1.0460 appears a tough nut to crack for bears. EUR/USD picks up bids to consolidate Friday’s losses as buyers eye another battle with the short-term key resistance line. That
The USD/CHF bounces off weekly lows and is back above 0.9600. Risk appetite remains dampened, US equities tumble, and the greenback rise, underpinned by elevated US Treasury yields. USD/CHF Price Forecast: The major is upward biased, though a daily close above 0.9660 would exacerbate a rally towards the 20-DMA. On the week’s last trading day,
The EUR/USD is set to finish the week almost flat, though with a minimal loss, Risk-aversion boosted the appetite for the greenback, though it weighed on the EUR/USD. EUR/USD Price Forecast: To consolidate in the 1.0627-1.0787 range, but downside risks remain. The EUR/USD edges lower as the New York session winds down, trimming some of
US dollar strengthens on Friday amid risk aversion and higher US yields. Positive employment report partially offset by a weaker reading of ISM Service PMI. EUR/USD flat for the week at around 1.0700. The EUR/USD failed to recover the 1.0750 zone and pulled back during Friday’s American session toward the 1.0700 area. It is about
The employment report released on Friday showed a gain in payrolls of 390K, above the 325K of market consensus. According to analysts at Wells Fargo, the report “lands in a sweet spot for the Fed”. They point out that while the labor market remains clearly tight and is adding to inflationary pressures, improving labor supply
CRWD stock falls in afterhours trading as earnings beat estimates. CrowdStrike beats on both top and bottom lines. OKTA beats on top and bottom lines and pushes ahead in the afterhours market. CrowdStrike (CRWD) shares fell in the afterhours market on Thursday as the stock had put in a very strong performance during the regular session. CRWD stock closed
USD/JPY has climbed to near 130.00 despite weaker DXY. A poor US ADP Employment Change is advocating a dismal show from the US NFP. The Japanese docket will report its GDP numbers next week. The USD/JPY pair is oscillating in a narrow range of 129.70-130.05 in the early Asian session. The asset has turned rangebound
Economist at UOB Group Lee Sue Ann assesses the latest inflation figures in the euro area and its potential impact on the ECB’s policy. Key Takeaways “Eurozone CPI rose to an all-time high of 8.1% y/y in May, up from 7.5% y/y in Apr. The acceleration was driven by food and energy largely affected by
AUD/USD is consolidating the recent volatility and has left a doji on the daily chart. The price could be in for some sideways action as markets take a rest bite ahead of more critical US events. At 0.7150, AUD/USD is flat on the day and trading in the middle of the overnight ranges. It has
USD/CAD continued with its struggle to capitalize on modest intraday recovery gains. An uptick in oil prices underpinned the loonie and acted as a headwind for the major. The downside seems cushioned amid sustained USD buying and ahead of the BoC. The USD/CAD pair surrendered modest intraday gains and slipped below mid-1.2600s during the first
EUR/USD is juggling around 1.0733 ahead of multiple economic events. An improvement is expected in the eurozone jobless rate at 6.7% vs. 6.8% earlier. ECB policymaker is expecting two consecutive rate hikes in June and September by 25 bps. The EUR/USD pair is displaying back and forth moves in a narrow range of 1.0730-1.0740 in
USD/JPY gained traction for the second straight day amid resurgent USD demand. The risk-off impulse benefitted the safe-haven JPY and capped gains for the major. The mixed fundamental backdrop warrants caution before placing fresh bullish bets. The USD/JPY pair built on the previous day’s positive move and gained some follow-through traction for the second successive
The weekly correction into the 38.2% Fibonacci has a confluence with the May swing lows. A firm break through the resistance will be needed if the bulls are going to stay in control towards 0.6720. The NZ dollar is attracting a bid as the US dollar nurses last week’s losses and continues to bleed out on Monday. As
The risk-on mood undermined the safe-haven JPY and extended support to USD/JPY on Monday. The prevalent selling bias around the USD held back bulls from placing fresh bets and capped gains. Expectations that the Fed would pause the rate hike cycle later this year weighed on the greenback. The USD/JPY pair gained some positive traction
GBP/USD Weekly Forecast: The pound has room to rise in the NFP week The US dollar’s retracement from two-decade highs alongside a positive shift in risk sentiment emerged as the key catalysts that helped GBP/USD extend its recovery rally. Dip-buying remains the underlying theme for cable traders, as they head into a holiday-shortened US Nonfarm
The Australian dollar extends its weekly rally to two straight weeks, up 1.68%. The AUD/USD rises on positive Australian and US economic data as recession fears wane and expectations for a non-aggressive US Fed. Next week, the US economic docket will be busy and will feature releases of ISM PMIs, Fed speakers, and employment data