FX

EUR/USD drops further and revisits the 1.0120 area. Extra losses should meet solid support around 1.0100. EUR/USD challenges the August lows in the vicinity of 1.0120 on turnaround Tuesday. While further correction appears likely in the short-term horizon, the lower end of the recent range in the 1.0100 zone should offer decent support prior to

US Dollar Index steadies around weekly top, prints three-day uptrend. Growth concerns, Fedspeak challenge market sentiment amid a sluggish session. Second-tier US data, risk catalysts to entertain traders ahead of Wednesday’s FOMC Minutes. US Dollar Index (DXY) rises for the third consecutive day while picking bids to 106.58 during Tuesday’s Asian session. In doing so,

Chinese economic slowdown exacerbates the case of slowing oil demand. Market players keep an eye on nuclear discussions between the US and Iran. WTI trades near the August low at $86.99 and with a firmly bearish technical stance. Crude oil prices are in free fall at the beginning of the week, with the barrel of

EUR/USD is finding buyers amid sluggish market conditions. Investors turn cautious amid US-Sino tensions, ahead of Fed minutes. The European energy crisis deepens as Germany’s Rhine river dry up. EUR/USD is trading better bid above 1.0250, as buyers seemingly find support from a dismal market mood and sluggish US Treasury yields. The US rates pause their

USD/CAD is set to finish the week with losses of 1.22%. The University of Michigan Consumer Sentiment for August surprises the upside and boosts the greenback. US Fed officials are still committed to tackle inflation and reiterated their job is not done. USD/CAD advances on Friday, erasing Thursday’s losses, after a positive US consumer sentiment

Based on a softer US inflation report, USD/JPY climbs during the week by 1.14%, after a volatile last three days. USD/JPY is neutral biased, but a doji emerging in the daily chart could pave the way for further upside. In the near term, the major is sideways, though oscillators point upwards, so it is slightly

Richmond Fed President Thomas Barkin said on Friday that there is more to come to get rates into the restrictive territory and noted that he would like to see PCE inflation running at target for some time, as reported by Reuters. Additional takeaways “Economy weathering rate hikes well.” “Economy is fundamentally sound.” “Inflation is being

CSSE stock tanked 10.4% in Friday’s premarket. Chicken Soup for the Soul reported a wide GAAP loss of $-1.39 in Q2. CSSE just concluded its acquisition of Redbox on Thursday. UPDATE: Chicken Soup for the Soul stock is down 12.4% to $12.42 in the first hour of Friday’s session. This is actually worse than the premarket where

Sterling is underperforming despite better-than-expected data and is currently trading near 1.2125. The GBP/USD pair could tumble to the 1.20 level, economists at BBH report. A recession is a foregone conclusion “A break below 1.2110 would set up a test of the August 5 low near 1.20.” “Q2 GDP came in at -0.1% QoQ vs.

EUR/GBP is sensing selling interest around 0.8470 despite the lower consensus for UK economic data. UK households are making higher payouts as subdued earnings are unable to offset soaring inflation. The second-tier Eurozone data is expected to display a vulnerable performance. The EUR/GBP pair is facing barricades around the immediate hurdle of 0.8465 continuously since

UOB Group’s Senior Economist Julia Goh and Economist Loke Siew Ting comment on the publication of the Malaysian jobs report. Key Takeaways “Malaysia’s labour market continues its steady march towards full recovery with the number of employed persons and unemployment rate improving further. Total number of employed persons rose for the 11th month by 36.3k

Downside momentum is indicating that the DXY will re-visit its six-week low at 104.64. The odds of a Fed rate hike will remain steady while the hawkish guidance will trim abruptly. A meaningful decline in the US CPI has underpinned risk-sensitive assets. The US dollar index (DXY) witnessed an intense sell-off on Wednesday after a

Founder and CEO Elon Musk has sold $6.9 billion in TSLA stock. Musk said the sale was to prepare for the possibility he will be forced to buy Twitter. Musk offered $43 billion for the social media platform this spring before reneging on the deal. Elon Musk’s sale of $6.9 billion in Tesla (TSLA) stock in

EUR/JPY picks up bids to refresh intraday high near two-week top. US Treasury yields await more clues after regaining upside momentum the previous day. Russian pipeline halt, hopes of no change in BOJ policy despite acceleration in price rise challenge buyers. Japan PPI improved on YoY, inflation data from China, Germany and the US will

Rio Tinto Group is the world’s second largest metals and mining corporation which has its headquarters in London and Melbourne. Founded in 1873 and traded under tickers $RIO at LSE, ASE and also in US in form of ADRs, it is a component of both the FTSE100 and ASX200 indices. In terms of operations, Rio Tinto

EUR/GBP is facing hurdles around 0.8440 as investors await Wednesday’s Germany HICP. The German inflation data is likely to remain unchanged at 8.5% annually. A vulnerable UK GDP data may weaken the pound bulls ahead. The EUR/GBP pair is struggling to cross the immediate hurdle of 0.8440 in the early Tokyo session. The asset is

In the view of FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research, USD/IDR is likely to trade within the 14,825-14,900 range for the time being. Key Quotes “Our expectation for USD/IDR to dip below 55-day exponential moving average support last week was incorrect as it popped briefly to 14,900 before

AUD/USD dribbles around intraday high amid mixed concerns surrounding Taiwan, Fed. US employment report for July offered fresh life to hawkish Fed bets. Risk-aversion due to US-China tussles over Taiwan also challenges pair buyers. Firmer China trade numbers appeared to have triggered recovery ahead of the key US CPI. AUD/USD struggles to extend the week-start