FX

Share: In an interview with the Financial Times late Monday, Thomas Barkin, president of the Federal Reserve Bank of Richmond, “if inflation persists, or God forbid accelerates, there’s no barrier in my mind to further increases in rates.” Additional quotes “Would advocate for a “steady” approach that would “lessen the damage of any potential overcorrection”. “It is not

Share: USD/CAD made a U-turn after hitting a daily high of 1.3567 due to overall US Dollar weakness. The risk-on impulse and higher oil prices underpinned the Canadian Dollar. Canadian housing started increasing by 22% in April, with total units rising to 261,600. USD/CAD makes a U-turn after hitting a daily high of 1.3567 due

Share: Open interest in gold futures markets shrank by around 2.3K contracts after four consecutive daily builds on Friday, according to preliminary readings from CME Group. Volume followed suit and dropped by around 127.2K contracts following three daily advances in a row. Gold remains supported by $2000 Friday’s third consecutive daily drop in gold prices

Share: USD/CAD bulls tear through prior resistance with eyes on the 1.3580s. Bears are lurking, waiting to pounce on a correction.  USD/CAD is on the front side of the bullish trend and momentum is strong. At the time of writing, USD/CAD is trading higher by some 0.48% and rallied from a low of 1.3477, scoring a

Share: AUD/USD bears are in the money but bulls are lurking from daily support.  A move back to challenge channel resistance could be on the cards for the initial balance at the start of the week.  AUD/USD could be on the verge of moving back inside of the sell-off range. The M-formation is a reversion pattern and

Share: GBP/USD bears move into the 1.2450s that are holding up currently. 1.2480/2500 is eyed to the upside should the bulls take over.  GBP/USD is down on the day by some 0.45% and has fallen from a high of 1.2540 to a low of 1.2448 on the day as speculators continue to cut their short GBP positions.

Share: The Board of Directors of the Bank of Canada (BoC) announced on Friday the appointment of Rhys R. Mendes as Deputy Governor, effective July 17, 2023.  “As Deputy Governor, Mr. Mendes will join the Bank’s Governing Council, which sets the strategic direction of the Bank and is its policy-making body. He will oversee the

Share: US Dollar heads for important weekly gains across the board. Higher US yields and weaker sentiment weigh on EUR/USD. The pair is having its worst week since September 2022. The EUR/USD is falling on Friday, the fourth time in the last five days, extending its weekly losses. The pair is hovering near 1.0850, at

Share: GBP/USD Price Analysis: Cable bears need validation from 1.2500 and UK GDP to keep the reins GBP/USD seesaws around 1.2515 during early Friday morning in Asia, after posting the biggest daily fall since March 07. In doing so, the Cable pair justifies the downside break of a two-month-old ascending trend line, as well as

Share: Pound Sterling vs US Dollar weakens after the BoE meeting, after Andrew Bailey’s comments on easing inflationary pressures.   Nevertheless, BoE Chairman adds that inflationary risks are still skewed to the upside and secondary effects are persistent.  Another shooting star candlestick reversal pattern forms at the GBP/USD May highs but requires confirmation from a

Share: Gold price struggles to defend weekly gains as $2,050 hurdle keeps pushing back XAU/USD buyers. Mixed details of US inflation, cautious optimism and softer China data prod Gold price upside. US PPI, consumer inflation expectations eyed for clear directions. Gold price (XAU/USD) stays on the way to posting a three-week uptrend despite the previous

Share: Silver price slides from a daily high of nearly $26.00, down nearly 1%. Disinflationary trends in the US economy persist, but core readings hold at 5.5% YoY. XAG/USD technical outlook suggests the potential for further decline, testing key support levels. Silver price slides after hitting a daily high of $25.91, following the release of

Share: AUD/USD pair has resumed its upside journey amid a correction in the US Dollar Index. The USD Index has refreshed its day’s low at 101.54 as a delay in US debt ceiling issues is impacting US long-term outlook. AUD/USD is oscillating in an accumulation phase in which inventory is shifted from retail participants to

Share: Pound Sterling vs US Dollar drops to around the 1.26 handle ahead of key macroeconomic events for the week.  The Pound Sterling is likely to be impacted by the Bank of England meeting on “Super Thursday”. The US Dollar will look for impetus from the US Consumer Price Index data for April on Wednesday. 

Share: AUD/USD remains pressured around intraday low during the first loss-making day in seven. China Trade Balance improves in USD terms, eases per CNY rates while Exports, Imports both drop in April. Sour sentiment, firmer yields underpin US Dollar’s corrective bounce ahead of the key debt ceiling talks. Australia’s annual budget, up for publishing around

Share: USD/CHF pair begins the week with minimal losses as risk aversion continues in the driver’s seat. US Wholesale inventories were unchanged in March, jumping 9.1% annually despite a first-quarter decline. Traders are eying the Fed’s Senior Loan Officer Survey alongside US inflation data. The USD/CHF pair commenced the week with minimal losses of 0.15%,

Share: USD/JPY holds lower ground near intraday low after reversing from 50-SMA. 61.8% Fibonacci retracement level restricts immediate downside ahead of six-week-old support line, 200-SMA. Multiple hurdles toward the north stand tall to challenge Yen pair buyers past 50-SMA, oscillators favor further upside. USD/JPY bulls struggle to keep the reins after snapping three-day downtrend the

Share: USD/CAD bears stay strong and the bulls are pressured to below a key structure.  A move to 1.3320 is eyed for the sessions ahead.  USD/CAD is heading lower on the day and is down some 1.17% as we head towards the forex close in New York. The pair has been pressured below 1.3500 to