USD/CAD continues to trade near monthly high set on Friday. Rising crude oil prices help CAD limit its losses. US Dollar Index extends sideways grind around 90.50. The USD/CAD pair reached its highest level since mid-May at 1.2178 on Friday and seems to have gone into a consolidation phase on Monday. As of writing, the
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Oil is firm in the open as market attention switches to the Fed. Bulls seeking to retest the multi-year highs. US West Texas Intermediate (WTI) is trading at $70.98 and within a range of $70.69 and $71.01 at the time of writing. WTI is continuing to correct following the sell-off from a multi-year high scored on
What you need to know on Monday, June 14: The dollar advanced on Friday, to close the week with gains against all of its major rivals. However, no critical threshold was broken. Demand for the American currency was backed by solid US data, which points to an underway economic comeback, as the preliminary estimate of
Previewing next week’s FOMC meeting, “given recent data the economic projections of FOMC participants are likely to see an upward revision for PCE inflation in 2021 and the dot plot may be getting closer to a rate hike before the end of 2023,” said Rabobank analysts. Key quotes “The Fed is pushing back verbally against
British Prime Minister Boris Johnson is planning to delay the lockdown lift to July 19, which was originally scheduled to take place on June 21, to July 19 amid rising cases of the coronavirus Delta variant, The Sun reported on Friday. According to the news outlet, the UK will have a two-week review and could
UK PM Johnson planning to postpone June 21 lockdown lift – The Sun British Prime Minister Boris Johnson is planning to delay the lockdown lift to July 19, which was originally scheduled to take place on June 21, to July 19 amid rising cases of the coronavirus Delta variant, The Sun reported on Friday. According
Strategists at Capital Economics think that inflation in the US will prove more persistent than both the Fed and investors appear to anticipate. Notwithstanding, they still expect the S&P 500 to make some further gains over the next couple of years. Higher inflation not to derail US equities “We still expect the US economy to
USD/JPY remains subdued on Friday. Lower US Treasury yields undermine the demand for the US dollar. Yen gains as GDP shrink less than expected. The selling pressure surrounding the US dollar keeps USD/JPY off the cliff in the initial Asian trading hours. The USD/JPY pair touched the intraday high of 109.79 in the New York
Tesla shares remain in low volatility mode. US CPI may give markets some badly needed direction. TSLA again breaks the 200-day moving average. Tesla shares as we mentioned yesterday have gotten a bit, well boring. Being stuck in a range can be good to play but eventually, a catalyst will come and shake the shares
US equities grind lower amid cautious sentiment ahead of the key US CPI. US 10-year Treasury yield drops to the lowest since March. GameStop declines after market on firm’s rejection to forward guidance. US-China tussles escalate, challenges for tech sector identified. Given the risk sensitivity over ahead of the key data/event, US shares remained on
RIDE says in SEC filing that current cash levels are not enough to begin production. Lordstown had stated at its results that it needed extra capital. Investors left trying to read between the lines is this new news? Lordstown Motors continues to take its investors on a bumpy RIDE of late, excuse the pun but
EUR/USD holds lower ground below 10-day SMA, two-week-old resistance line. Further weakness envisioned amid stronger bearish bias of MACD. Bears aim for ascending trend line from April, bulls have a bumpy road. EUR/USD stays pressured around 1.2170 during early Wednesday morning in Asia. The currency major pair snapped a two-day uptrend the previous day while
White House is planning to launch a new “strike force” to combat unfair trade practices, mainly targeting China, Reuters reports, citing senior administration officials. Key takeaways “The “supply chain trade strike force,” led by the US trade representative, will look for specific violations that have contributed to a “hollowing out” of supply chains that could
US equities closed mixed amid doubts economic recovery, Fed’s next move. 15% corporate tax by the G7 battles upbeat news from vaccines, covid. Fed’s Yellen offered mixed comments over inflation, rate hikes. Cautious mood ahead of the key Thursday, light calendar keeps traders on the sidelines. US shares began the trading week on a sluggish
DXY failed to extend the recent bullish attempt beyond 90.60. The leg lower could re-test the May lows in the mid-89.00s. DXY navigates without a clear direction in the lower bound of the recent range and following Friday’s post-NFP sell-off. If the selling impulse picks up extra pace, then a re-test of the 90.00 mark
NZD/USD fades Friday’s recovery moves amid quiet session in Asia. US Treasury Secretary Yellen praised higher interest rate at G7. US jobs report roiled tapering speculations with downbeat NFP, Participation Rate. New Zealand markets are off due to Queen’s Birthday, focus China’s trade numbers for May for immediate direction. NZD/USD portrays a sluggish start to
USD/CAD fell sharply in the early American session. Nonfarm Payrolls in US rose less than forecast in May. Employment in Canada declined by 68,000, Unemployment Rate rose to 8.2%. The USD/CAD pair rose to its highest level in a week at 1.2134 on Friday but turned south in the second half of the day. After
GBP/USD Forecast: To 1.40 or 1.42? All eyes on US Nonfarm Payrolls Sterling has succumbed to data and Fed-related dollar strength. Nonfarm Payrolls and also worries about the Delta variant are set to move the currency pair. Friday’s four-hour chart is showing that cable is at crossroads. Down but not out – that is probably