FX

WTI extends the previous day’s decline on profit taking. Spinning top near the YTD high builds up downside pressure. Momentum oscillator tilts in favor of bears, awaiting confirmation. Crude oil gathers downside momentum with substantial losses in the Asian session. After touching YTD high at $74.10, prices fell sharply to close near $72.89. At the

USD/JPY lost its traction after rising to 111.00 on Monday. 10-year US Treasury bond yield is down more than 3%. US Dollar Index struggles to break above 92.00. The USD/JPY pair advanced to a daily high of 111.00 during the European trading hours but reversed its direction in the early American session. As of writing,

GBP/USD Price Analysis: Bulls battle against gravity Early forex prices have cable starting out on the bid by some 20 pips. However, the bulls are up against a strong bearish bias as the monthly chart and structure illustrate: The triple top is bearish and the break of support for a fresh low is also painting a bearish bias

What you need to know on Monday, June 27: The dollar advanced on Friday on the back of higher US PCE inflation, which rose in May 3.4% YoY, its highest reading in almost three decades.  Gains however were modest and the dollar ended the week with modest losses. US stocks soared, with the Nasdaq and

GBP/USD Weekly Forecast: UK GDP, Delta covid strain woes may exacerbate BOE-led pain GBP/USD hit by dovish BOE, Delta plus covid strain despite Fed’s mixed signals. The cable’s fate hinges on UK quarterly GDP, Brexit updates and US data. GBP/USD decline is far from over, speculative interest aims to 1.3660. Central banks’ monetary policy signals

Boston Federal Reserve President Eric Rosengren said on Friday that they have to think about some of the side effects of a low-for-long interest rate strategy, as reported by Reuters. “Monetary policy may not be able to be accommodative for as long if financial stability risks are not addressed,” Rosengren further argued. “I’m worried that if

On Thursday, the Bank of Mexico unexpectedly rose the key interest rate by 25 basis points to 4.25%; it was the first hike since 2018. As a consequence, analysts at Rabobank have shifted their USD/MXN point forecast from 20.5 in one month to 20, with the risk skewed to the downside. They still expect the

S&P 500 Futures edge higher after refreshing record top the previous day. Biden’s infratructure spending and EU-US trade optimism battle Fed’s move, covid woes amid a quiet session. US Core PCE, Fedspeak will be the key to follow for fresh impulse. S&P 500 Futures remain firmer around all-time high, flashed Thursday, amid subdued markets on

Atlanta Federal Reserve President Raphael Bostic said on Thursday that FOMC policymakers need to aim for both growth and sustainability, as reported by Reuters. “Business leaders are reluctant to hire to full capacity because they don’t know what steady state is,” Bostic noted. “It’s still a very open question if there will be less demand

Bears are moving in at an acritical level of resistance confluence. EUR/JPY bears are seeking a test of the 4-hour support structure.  At the highs of 132. 70, EUR/JPY is testing the critical counter-trendline and the confluence of the 21-EMA as well as the horizontal resistance with the 61.8% Fibonacci retracement slightly below.  The following illustrates

Tesla shares break $635 in a powerful surge. TSLA had been making slow but steady progress higher but has now charged ahead. $667 above is the next level but the volume profile predicts a struggle. Update: It is nice when things work out and some nice calls on Bitcoin and Tesla this morning have helped reaffirm

EUR/JPY bulls pressing against compelling supply stricture.  A 61.8% Fibo will be a big test ahead of prior daily support.  EUR/JPY bulls are taking charge and have moved on a prior area of the daily structure in late April and early May business.  The following illustrates the anticipated trajectory of a break or failure in

Since the start of the year, AUD/USD has evolved in a tight horizontal range centred on 0.77 and capped at 0.80. Economists at Société Générale see this phase as only a pause in the uptrend. RBA/Fed divergence on tapering “Regarding monetary policy, we expect the RBA to start implementing tapering in 2H, and the first

Commenting on the European Central Bank’s (ECB) exit timetable,  Sven Jari Stehn, Chief European Economist at Goldman Sachs said that the central bank could start stimulus withdrawal towards the end of 2021. Key quotes Given where the FOMC is placed in regards to adjusting policy this “should make the [ECB] Governing Council more confident that

Wall Street’s main indexes started the new week in the green. Energy stocks post strong gains on rising crude oil prices. Technology shares stay in the negative territory after the opening bell. After posting large losses last week, major equity indexes in the US started the new week modestly higher. As of writing, the Dow

The Retail Sales released by the Australian Bureau of Statistics has been released as follows: Retail Sales (MoM) May P 0.1% (est 0.4%; prev 1.1%). Analysts at Westpac said prior to the data that there was renewed COVID turbulence following Victoria’s move into a 14-day lockdown. ”That said, this occurred late in the month and was

What you need to know on Monday, June 21: The greenback kept rallying on Friday, posting its best weekly performance for this year. The advance was an extension of the post-Fed rally, as the US central bank catch investors off guard by bringing forward chances of rate hikes to 2023. Stocks fell in Europe and

Next week, the Bank of England will have its monetary policy meeting. Analysts at Wells Fargo, believe the central bank will signal another slowdown in asset purchases over the next few month. They see the next tapering taking place by the end of the summer. Key Quotes:  “Over the past few months, the Bank of