FX

Share: Canadian Dollar halts the slide but fails to recover ground. Canada’s PMI, Building Permits muddy the waters. BoC Governor Macklem due to speak in Montreal. The Canadian Dollar (CAD) managed to pump the brakes on a two-day backslide on Tuesday, but a recovery seems limited as Canadian economic figures look mixed. Loonie bidders await

Share: The Reserve Bank of Australia (RBA) board members decided to keep the Official Cash Rate (OCR) unadjusted at 4.35% after its February monetary policy meeting on Tuesday. The policy announcement met the market expectations. The RBA extended its pause for the second meeting in a row, having lifted the rate by 25 basis points (bps)

Share: EUR/USD drops 0.40% to 1.0742, influenced by Powell’s hawkish remarks and rising US Treasury yields. Powell emphasizes Fed’s inflation target commitment, suggesting mid-year policy tweaks. US January labor market strength bolsters USD, contrasting with Eurozone’s economic fragility. Euro falters as US Dollar Index climbs, with ECB policy easing expectations and focus on central bank

Share: Gold price drifts lower for the second straight day amid reduced bets for aggressive Fed easing. Rising US bond yields lifted the USD to a nearly two-month high and undermined the XAU/USD. Geopolitical risks and China’s economic woes could lend support to the safe-haven commodity. Gold price (XAU/USD) remains under some selling pressure for

Share: META swings to 20% gain after Q4 earnings beat on Friday. Meta Platforms raised its Q1 guidance range to as much as $37 billion. US Nonfarm Payrolls come in hot for January, reducing chance of March rate cut. Mark Zuckerberg introduces $50 billion buyback policy, $0.50 quarterly dividend. Meta Platforms (META) stock closed up 20.3%

Share: The NZD/USD showed a strong downward swing, falling near the 0.6060 level. US Nonfarm Payrolls added 353K jobs in January surpassing by a wide margin the expectations. The bets of a rate cut in March sharply declined and markets pushed the start of the easing to May. In Friday’s trading session, the NZD/USD took

Share: The DXY rose by more than 0.80% to 103.90 on Friday US Nonfarm Payrolls came in higher than expected for January. US bond yields are sharply increasing as markets push to May the start of the easing cycle. The US Dollar (USD) rose to 103.90 on Friday’s Dollar Index (DXY) chart, mainly fueled by

Share: In January, the Mexican Peso (MXN) weakened from 16.97 to 17.17 against the US Dollar (USD). Economists at MUFG Bank analyze Peso’s outlook. MXN weakening path ahead Ms. Claudia Sheinbaum from the Morena party is favourite to win the presidential election scheduled on 2nd June, benefitting from the high approval rating of incumbent president

Share: The Cocoa price continued its rally from last year in the first weeks of 2024. Economists at Commerzbank expect Cocoa prices in New York to approach all-time high of $5,379. Cocoa market likely to face a supply deficit in the current 2023/24 crop year There are currently concerns that dry weather fanned by Harmattan winds

Share: MULN stock rose more than 3.5% on Thursday. CEO Michery says Mullen is differentiates itself by launching vehicles that are profitable on day one. Mullen Automotive stock has advanced nearly 8% this week but remains down 49% YTD. The EV company received its first order from the Dominican Republic this week. Mullen Automotive (MULN)

Share: Economists at CIBC Capital Markets expect the Canadian Dollar (CAD) to depreciate in the coming weeks before staging a comeback. Final leg weaker before an appreciation The Loonie has been retracing gains made late last year, and will likely continue to depreciate over the first quarter as markets recalibrate central bank rate expectations. As

Share: Australian Dollar depreciated after the Fed’s ruling out of the rate cut in March. Australia’s Business Confidence (QoQ) decreased to -6 in the fourth quarter from the -1 prior. The weak Aussie quarterly inflation report strengthens the speculation of two quarter-point reductions in 2024. US Dollar faced challenges due to the disappointing US ADP Employment

Share: WTI Oil popped to nearly $80 as the US threatened to reimpose sanctions on Venezuela.  Oil is still finding its way to importers through other producers.  The US Dollar Index firms ahead of the first Federal Reserve rate decision for 2024. Oil prices are seeing a pickup in volatility on Wednesday, jumping towards the

Share: NZD/USD loses ground as traders adopt cautious stance ahead of Fed decision. The risk-off sentiment provides support for the US Dollar. RBNZ’s Paul Conway pushed back on expectations for rate cuts. NZD/USD halts its two-day winning streak, trading lower around 0.6120 during the Asian session on Wednesday. The prevailing risk-off sentiment is exerting additional

Share: The number of job openings on the last business day of December stood at 9.02 million, the US Bureau of Labor Statistics (BLS) reported in the Job Openings and Labor Turnover Survey (JOLTS) on Tuesday. This reading followed 8.92 million (revised from 8.79 million) openings in November and came in above the market expectation of 8.75 million.

Share: WTI attracts some buyers on Tuesday amid fears about supply disruptions in the Middle East. Demand concerns in China could act as a headwind for the commodity ahead of the FOMC. Traders now look to the API report on US stockpiles for short-term opportunities on Tuesday. West Texas Intermediate (WTI) US Crude Oil prices

Share: There is a lot more uncertainty in the market right now, and despite reaching a new record, the uptrend is no longer as evident. On Friday, the S&P 500 index set a new all-time high at the level of 4,906.69 before retracing most of the advance and closing 0.07% lower. However, it’s becoming more

Share: Australian Dollar moves on an upward trajectory during a risk aversion sentiment. Australia’s Retail Sales (MoM) is expected to decline by 0.7% in December from the previous growth of 2.0%. Middle East situation has escalated due to the killings of three US service members in a drone attack on a US outpost in Jordan.