FX

In 2023, the Canadian Dollar may emerge as a more attractive pro-cyclical bet. Economists at ING believe that the USDCAD pair could plunge to the 1.25 level. Overall commodity picture should prove rather supportive for the CAD in 2023 “We expect Brent to average slightly above $100/bbl next year, and Western Canadian Select around $85/bbl.

Open interest in gold futures markets shrank by more than 16K contracts on Wednesday, extending the downtrend for the third session in a row according to preliminary readings from CME Group. Volume followed suit and dropped by around 123.2K contracts. Gold: Further upside targets the 200-day SMA Gold prices corrected from recent peaks and printed

Economic data from the United States was mixed and bolstered the US Dollar. US Retail Sales grew the most in eight months, while Industrial Production disappointed. Albeit Australia’s WPI jumped, it won’t deter the Reserve Bank of Australia from 25 bps hikes. The AUDUSD retreats from weekly highs around 0.6800 after a sales report in

CME Group’s flash data for gold futures markets noted open interest shrank for the second session in a row on Tuesday, this time by around 14.8K contracts. Volume, instead, increased by around 150.5K contracts after two consecutive daily drops. Gold: Next on the upside comes the 200-day SMA Prices of the ounce troy of gold

Wall Street is printing in the red with benchmarks at the lows of the day following news that at least two are dead after Russian missiles landed in NATO state Poland on the Ukraine border, according to the Express.  Poland has convened a national security committee meeting according to a spokesman.  More to come… Market reaction US

WTI pares the biggest daily loss in seven weeks, prints mild gains of late. Convergence of 50% Fibonacci retracement level, monthly support line restricts immediate downside. Bearish MACD signals and sustained trading below 200-SMA favor sellers. Buyers need validation from $88.10 to retake control. WTI crude oil remains pressured around $84.70 while consolidating the previous

The USDCAD is seen moving to the upside over the next quarters, although at a slower pace after the recent decline of the US Dollar, according to analysts from Danske Bank. They forecast USDCAD at 1.36 in a month, and at 1.39 in a six-month horizon.  Key Quotes:  “Similar to other central banks that have

USDCAD has sensed buying interest around 1.3250 as DXY rebounds ahead of US midterm elections outcome. The change of the House of Representatives’ stewardship to Republicans will dampen expansionary policies. Loonie investors are eyeing the release of the inflation figures. The USDCAD pair is displaying a rangebound structure after gauging the cushion around 1.3250 in

The USDJPY is set to finish the week with losses of more than 5%. From a daily chart perspective, the USDJPY is neutral-to-downward biased if the major stays below the 100-day EMA. The USDJPY extended its free fall and plummeted another 200 plus pips on Friday, below the 100-day Exponential Moving Average (EMA) at 140.76.

The Euro finds sellers at 0.8775 and remains moving sideways. UK economy contracts less than expected in Q3. EURGBP: Still keeping the three-month forecast at 0.89 – Rabobank. The Euro recovery attempt from Thursday’s lows at 0.8695 has been capped at 0.8775 in Friday’s early US session before retreating to 0.8740. From a wider perspective, the

EURUSD finished up in the week close to 4%, spurred by a weak US Dollar. Softer-than-expected US CPI report and consumer inflation expectations rising tumbled the US Dollar. The double-digit inflation level in Germany underpinned the Euro. EURUSD Price Analysis: Upward biased, might test the 200-DMA in the short term. The Euro (EUR) finished the

The GBP extended its gains towards 1.1790s after a soft US inflation report. The US Dollar plunges sharply, as shown by the US Dollar Index, down 1.20%, below the 107.000 mark. Consumer sentiment in the United States worsened as inflation expectations rose. The Pound Sterling rises in the North American session, following a softer inflation

The Dollar dives to fresh six-week lows at 1.3255. The CAD extends gains on higher oil prices and risk appetite. US consumer sentiment deteriorated beyond expectations in November. The US Dollar has extended losses against its Canadian counterpart on Friday, reaching a fresh six-week low at 1.3255. The pair remains on the defensive after having depreciated

Open interest in gold futures markets rose for the 4th consecutive session on Thursday, this time by around 4.7K contracts according to preliminary readings from CME Group. Volume followed suit and increased by around 81.7K contracts. Gold now targets the $1,800 mark Prices of the ounce troy of gold advanced markedly on Thursday amidst rising

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EURJPY has resurfaced after dropping to near 146.50 as bets escalate for hawkish ECB policy. It is premature to determine Eurozone’s interest rate peak as the current inflation rate is far from target. An end to BOJ’s easy policy seems not in vision as the administration has announced more stimulus packages. The EURJPY pair has

USDCAD rose by 0.35% as buyers are eyeing to reclaim the 50-day EMA at 1.3515. Risk aversion kept CAD buyers from extending the USDCAD losses towards the head-and-shoulders chart pattern 1.3030 targets. Canadian and US jobs data suggests that the BoC and the Fed need some work to do. The American Dollar is recovering some

Japanese Economy Minister Shigeyuki Goto said on Wednesday, it is “desirable for FX to move stably reflecting fundamentals.” He further said that there is “no plan to compile the third extra budget.” His comments come after Japan’s Ministry of Finance (MOF) announced on Tuesday that the country’s cabinet approved a second supplementary budget for this fiscal