FX

Share: Silver scales higher for the third straight day and climbs to a fresh weekly high on Thursday. The technical setup seems tilted in favour of bulls and supports prospects for further gains. A sustained break below the $24.00 mark is needed to negate the near-term positive bias. Silver gains strong follow-through positive traction for

Share: The Fed hiked rates by 25 bps as expected to 5.25-5.50%, its highest in 22 years. All eyes are now on ECB’s decision on Thursday, expected to deliver a 25 bps hike. The EUR/USD is trading positive after 6 consecutive days of losses, precisely at 1.1090 and 0.37% gains during the session. As expected,

Share: Further decline could drag USD/CNH to the 7.1240 level in the short term, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group. Key Quotes 24-hour view: We expected USD to edge lower yesterday. However, we were of the view that “any decline is unlikely to break 7.1500.” We did not

Share: Sterling moved out of consolidation in the later part of the New York morning and is finding demand at a daily support area on the charts. However, at 1.1900, the pair is remaining precariously close to recent trend lows ahead of Wednesday’s expected Fed 25bp hike. Read More… The Pound Sterling (GBP) struggles to

Share: In its quarterly survey of 158 big banks, the European Central Bank (ECB) highlighted that “firms’ demand for credit dropped to lowest since the survey started in 2003.” Additional takeaways Net 14% of Eurozone banks tightened credit standards in 2Q23 vs 27% in 1Q23. Banks expect more moderate net tightening on loans to firms

Share: EUR/USD bears are in the market and eye last month’s highs.  A break of support will leave a 61.8% ratio vulnerable on the daily chart. The Euro is under pressure due to economic data that continues to show the resilience of the US economy in contrast to those that are topping on the edge of a

Share: EUR/GBP meets with heavy supply in reaction to the dismal Euro Zone PMI prints for July. The weaker data eases pressure on the ECB to hike rates further and weighs on the Euro. Diminishing odds for a more aggressive BoE cap gains for the GBP and could limit losses. The EUR/GBP cross comes under

Share: S&P 500 corrective mode following TSLA, NFLX earnings and Thu manufacturing plus unemployment data, continued Friday – too early yet to call this correction as over as the encouraging open had been eventually sold into. It‘s all about Fed tightening bets meeting soft landing estimates. Well, what estimates I say when LEIs are still

Share: USD/JPY bears are waiting to make the move. Bears eye key resistance near a 61.8% Fibonacci, but note higher prospects. The yen dropped against the dollar on Friday after Reuters reported the Bank of Japan (BoJ) is leaning toward keeping its key yield control policy unchanged next week. We have seen a range of

Share: EUR/GBP fails to decisively break above the 100 and 200-day EMAs at 0.8664 and 0.8679, respectively, after hitting a two-month high at 0.8700. If EUR/GBP pulls back, support levels emerge at 50-day EMA at 0.8619, 0.8600, 20-day EMA at 0.8594, and July 10 high at 0.8584. A break above 0.8700 will set sights on

Share: Mullen stock falls sharply at end of week. Volume is tapering off for MULN over past 10 sessions. Mullen to hold event in Mississippi for first production of Mullen Three. Bollinger Motors is also releasing its B4 cab chassis. Mullen Automotive (MULN) stock is selling off by 6% on Friday, despite a generally advancing market. The

Share: Japan’s Consumer Price Index (CPI) for June reports a YoY increase of 3.3%, slightly above the previous 3.2% figure, but falls short of the anticipated 3.5%. Reuters report on BoJ’s monetary stance causes USD/JPY to break away from the 140.00 range seen through most of the Asian session. The USD/JPY uptrend could continue based

Share: The South African Rand is holding up despite the lack of a rate hike. Economists at ING analyze ZAR’s outlook. Market thinks that the SARB has concluded its tightening cycle The vote was close – three to two in favour of unchanged rates – but now the market thinks that the SARB has concluded

Share: GBP/JPY trades with losses at the 180.20 area, recording a fourth consecutive day of losses. Exports in Japan expanded at a slower pace than expected in June. Dovish bets on the BoE limit the GBP’s advance. The GBP/JPY retreated below 181.0 on Thursday as markets stay cautious ahead of Japanese inflation figures and the respective

Share: NZD/USD is now seen trading within the 0.6210-0.6370 range in the next few weeks, suggest UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang. Key Quotes 24-hour view: Yesterday, we held the view that NZD “could retest the 0.6260 level before the risk of a more sustained rebound increases.” Instead of “testing

Share: The GBP/JPY tallied its third daily loss in a row and slid to a daily low below 180.50. UK’s June CPI came in lower than expected. Governor Ueda hinted that the monetary policy will remain unchanged in the next meeting. The GBP/JPY retreated to the 180.30 area and then settled around 181.60 on Wednesday

Share: USD/CAD is looking vulnerable above the immediate support of 1.3160 amid weakness in the US Dollar. The recovery move in the USD Index seems fragile due to an absence of supportive fundamentals. USD/CAD is expected to continue its downside journey toward the horizontal support at 1.3077. The USD/CAD pair is struggling in maintaining an

Share: GBP/USD struggles at 1.3100 and retreats as the United States (US) economy continued to show signs of weakening, suggested by not-so-good economic data revealed on early Tuesday. In addition, the United Kingdom (UK) inflation report, just around the corner, is set to keep the GBP/USD pair within familiar levels. At the time of writing,