FX

Here is what you need to know on Thursday, April 4: The US Dollar (USD) came under renewed selling pressure on Wednesday and the USD Index closed the second consecutive day in negative territory. S&P Global will release revisions to Services PMI data for Germany, the Eurozone and the UK on Thursday. Later in the

Dow Jones gives away initial gains as investors digest Powell, US services data.  US Services activity softened against expectations in March with the Prices Paid sub-index posting its lowest reading in years.  Intel is leading losses in the Dow Jones after news of hefty losses in its foundry business. The Dow Jones Industrial Average (DJIA) has returned

EUR/USD is rebounding from intraday-chart oversold lows.  Eurozone inflation data on Wednesday could impact interest-rate expectations and the exchange rate.  The recovery could rise a little further but the short-term trend remains bearish.    EUR/USD is edging higher on Wednesday, making it back into the 1.0770s and extending the previous day’s rebound from six-week lows. It

Mexican Peso climbs on Greenback as Mexico’s stable Business Confidence overshadows climbing US Treasury yields. Mexico’s economic schedule will feature Gross Fixed Investment and upcoming Banxico minutes. Despite positive US job and factory order figures, the Greenback’s rally loses momentum. The Mexican Peso recovered some ground against the US Dollar on Tuesday after upbeat economic

EUR/USD is heavy around 1.0730. Economists at Société Générale analyze the pair’s outlook. Next support is 1.0710/1.0695 EUR/USD has staged a steady pullback after forming a lower peak near 1.0980 last month. It has failed to defend 50-DMA resulting in deeper decline.  Daily MACD has dipped within negative territory highlighting lack of steady upward momentum. 

DXY Index stands positively at 104.95, reflecting a noticeable gain for the day. Investors focus on incoming data amidst speculation of an easing cycle commencing in June. ISM PMI readings from March beat expectations. Markets await Nonfarm Payrolls, Average Hourly Earnings, and Unemployment Rate from March to gauge insights into the economy’s health.  The US

Indian Rupee recovers some lost ground on Monday, despite the firmer US Dollar.  India’s growth and inflation dynamics might convince the RBI to hold rates higher for longer. The US ISM Manufacturing PMI will be due on Monday.  Indian Rupee (INR) trades on a stronger note on Monday despite the stronger US Dollar (USD). The

GBP/USD mildly up after PCE figures from the US meet expectations In Friday’s session, GBP/USD is being traded around 1.2640, registering a variation of 0.14% as investors digest the US February Personal Consumption Expenditures (PCE) figures. Read More… GBP/USD Price Analysis: The first downside target is seen at the 1.2600-1.2605 zone The GBP/USD pair trades on

The daily chart reveals slightly bullish momentum, with RSI at 52, signifying resilient buying traction. Indicators in the hourly chart denote a mild downward trend, which could hint at a potential shift. Buyers must successfully maintain the main SMAs to mitigate bearish threats and ensure bullish continuation. The EUR/JPY pair is currently trading at 163.13,

Australian Dollar remains tepid as market bias leans towards RBA adopting a dovish stance. Australia’s central bank may consider cutting interest rates in the second half of 2024. US Dollar strengthens as recent data suggests that the Fed may delay implementing rate cuts shortly. The Australian Dollar (AUD) extends its losses for the second successive

AMC Entertainment tumbles after disclosing plan to sell $250 million worth of stock. Cash would be used to pay down existing debt load. Kung Fu Panda 4 and Dune: Part 2 are doing well at the box office. Support from February awaits AMC stock at $3.60. AMC Entertainment (AMC) stock is back on the dilution train.

ASX 200 Index extends its gains on expectations of RBA reducing interest rates in the second half of 2024. Australia’s Consumer Inflation Expectations increased to 4.3% in March, against the previous rise of 4.5%. Allup Silica has extended its application potential by achieving high-purity results from its Sparkler project. The ASX 200 Index rises to nearly

Mexican Peso skyrockets sharply toward 16.53 against the US Dollar as USD/MXN contracts 0.65%. Mexico’s narrowed trade deficit and the tighter labor market in Mexico contributed to Peso’s ascent, surpassing expectations. Attention turns to Federal Reserve Governor Christopher Waller’s comments on Wednesday. The Mexican Peso rallied to a new eight-year high against the US Dollar

EUR/USD loses traction around 1.0830 on the renewed USD demand on Wednesday.  The pair maintains the bearish outlook above the key EMA; RSI lies below the 50-midline.  The first upside barrier is seen near 1.0853; the potential support level is located at 1.0800.  The EUR/USD pair trades in negative territory for two straight days near

The daily technical analysis reveals a steady bearish momentum but with indicators recovering. The hourly chart hints at initial signs of bullish momentum with the RSI in the positive territory. Despite the bearish short-term indicators, the pair is trading above the main SMAs, indicating a persisting bullish sentiment in the larger trend. During Tuesday’s session,

Gold price struggles to gain any meaningful traction, though the downside seems cushioned. The Fed projected three rate cuts in 2024 undermines the USD and continues to lend support. Tuesday’s US macro data to provide some impetus ahead of the US PCE Price Index on Friday. Gold price (XAU/USD) extends its sideways consolidative price move

Mexican Peso benefits from US Dollar weaknesses, shrugging off Banxico rate cut. Banxico Governor emphasized cautious approach to rate adjustments, stressing ongoing inflation battle. Mixed economic updates from both Mexico and the US leave traders weighing Fed’s rate cut discourse against actual data. The Mexican Peso capitalized on broad US Dollar weakness on Monday, climbing

Australian Dollar rises on stronger Chinese Yuan and higher ASX 200 on Monday. Australia’s government has committed to backing a minimum wage increase aligned with inflation in 2024. CNY experienced a significant upward movement due to FX intervention, with Chinese major state banks observed selling USD/CNY. Fed Atlanta President Raphael Bostic revised his earlier forecast