GBP/USD outlook: Bulls regain traction but more evidence needed to signal reversal Cable regained traction on Friday after negative tone prevailed during this week, with three-day drop ending with a hammer candle that generated initial bullish signal. Fresh advance nearly fully reversed losses of this week but needs lift above pivotal barriers at 1.3887/97 (falling
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USD/INR extends pullback from weekly top, refreshes intraday low of late. India covid recovery rate risen 97.19% amid record infections, death tolls elsewhere in Asia-Pacific. Fitch cuts India growth forecast, India–UK negotiations on free trade agreement will begin during late 2021. Risk-off mood backs US dollar amid a light calendar, virus updates are the key.
According to analysts at Wells Fargo, the US Dollar could remain strong in the short term supported by Federal Reserve policy expectations. They see the greenback weakening over the medium-term. Key Quotes: “We see a period of U.S. dollar resilience for now given the Fed’s “hawkish” surprise at its June meeting. We still expect a
US T-bond yields steady around multi-day low, two-day downtrend probed. UK registers highest infections since January, Thailand marks record virus-led deaths. FOMC minutes reiterate cautious optimism, Fed’s Bostic cites Delta variant risk for US economy. ECB Special Meeting, US Jobless Claims to decorate calendar but risk catalysts are the key. US bond bears test the
The US Energy Information Administration (EIA) announced on Wednesday that it lowered its forecast for 2021 world oil demand growth by 80,000 barrels per day (bpd) to an annual increase of 5.33 million bpd, as reported by Reuters. On a positive note, the EIA also noted that it raised the forecast for 2022 world oil demand
Sheng Songcheng, a former Director of the People’s Bank of China’s (PBOC) statistics department, called for a moderate rate cut in the second half of 2021, in order to ward off any risks from a potential economic slowdown and US rate hikes. Key quotes “China’s monetary policy should remain stable with a tilt to looser
USD/CAD gains almost two hundred pips from European session lows. Loonie among worst G10 performers, hit by reversal in crude oil prices. The USD/CAD rose further and reached at 1.2494 the highest intraday level since April 23. The combination of a stronger US dollar and the decline in crude oil prices boosted the pair. Sharp
The Reserve Bank of Australia (RBA) board members announced a no change to the official cash rate (OCR), leaving it at a record low of 0.10% at their July monetary policy meeting, more to come … About RBA rate decision RBA Interest Rate Decision is announced by the Reserve Bank of Australia. If the RBA is hawkish about
The Consumer Price Index rose by 1.94% in June in Turkey surpassing expectations; the annual rate reached 17.53%. Analysts at BBVA expect inflation to hover around 18.5% till November and end the year at near 16% with base effects. Key Quotes: “Core inflation reflected the continuing exchange rate pass-thru impact and strengthening supply-side factors after
The rising trend in Eurozone’s inflation may not be temporary, the European Central Bank (ECB) Governing Council member and Dutch central bank President Klaas Knot said in an interview published in NRC Handelsblad on Sunday. Key quotes “We should not over-estimate our ability to determine what is temporary inflation and what is not.” If that
CareDx, CrowdStrike, Fate, Therapeutics, HDFC Bank, Spotify Elliott Wave Technical Analysis: Elliottician is Alessio Barretta TradingLounge CareDx Inc.,CDNA: Daily Chart, We were expecting an incoming wave 4. CrowdStrike Inc.,CRWD: Daily Chart, we were expecting further upside to continue wave iii) Fate Therapeutics IncFATE: Daily Chart, We were expecting a resumption of the trend to start wave iii) HDFC
GBP/USD analysis: Reaches below 1.3750 The 1.3820 level provided enough resistance for the GBP/USD to pass below the lower trend line of the channel down pattern, which guided the rate since June 23. During Friday’s trading hours, the rate fluctuated sideways near the 1.3750 mark. In theory, the pair should decline, as it has no
The US economy is expected to grow by 3.2% and 3.9% in the second and the third quarter of 2021, respectively, the Federal Reserve Bank of New York’s latest Nowcasting Report showed on Friday. “News from this week’s data releases decreased the nowcast for 2021:Q2 by 0.2 percentage point and decreased the nowcast for 2021:Q3
NZD/USD remains under pressure in the Asian trading hours. More downside envisioned for pair if price decisively breaks 0.6960. Momentum oscillator holds onto the oversold zone with negative bias. NZD/USD extends the previous day’s losses on Friday. The pair started the fresh month of trading on a lower note. At the time of writing, NZD/USD is
Mexican peso falls for the second day in a row versus the US dollar. USD/MXN turns bullish in the short-term, next resistance at 20.25. The USD/MXN is rising again on Thursday, and it climbed to 20.07, the highest level in a week. It is hovering near the top with the bullish tone intact. More gains
YSE:CCIV adds 7% on Monday as merger date nears. CCIV and Lucid vote to be held on July 22. Merger should then go ahead on July 23 if the vote passes. Update June 29: Churchill Capital Corp IV snapped its two-day losing streak and rallied over 7% on Monday, kicking off the week on a positive
It is the end of the month – and the quarter – and money managers are rushing to adjust their portfolios, unwinding some of the recent market moves. For gold, that means reversing Tuesday’s fall to the lowest levels since April. That drop was attributed to new Basel III regulations and also to the Fed’s
AAPL shares add another 1% so far on Tuesday and are close to breaking $137 resistance. Apple builds on Monday’s strong bullish continuation candle, breaking $135.51. AAPL stock targetting next resistance at $137 where it can gap higher from. Update June 30: Apple shares kept pushing higher on Tuesday, sharply up for the second straight