In the opinion of FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, NZD/USD could revisit the area north of the 0.6300 yardstick in the next weeks. Key Quotes 24-hour view: “NZD dropped to 0.6192 before rising to a high of 0.6261 during NY session. Upward momentum has improved slightly and NZD
FX
AUD/USD bulls move in on a dovish tilt at the Fed. The bulls have broken a key daily resistance level and eye space in the 0.7000s ahead of the RBA. AUD/USD is moving through a critical level on the daily chart (see below) and has reached a high of 0.7000 following a dovish outcome at the
Today’s instrument is Meta Platforms Inc.‘s stock traded on the Nasdaq exchange under the ticker META. When we look at the META‘s chart, we can see that it is traded close to its lowest level at around $159.20. Today we could expect it to stay above its support level which is located at around $154.30
NASDAQ:MULN plummeted on Tuesday’s trading session amid a worsening mood. EV stocks were mostly trading lower as Tesla cooled off to start the week. Canoo announces its quarterly earnings date after officially signing on with WalMart. Update: NASDAQ:MULN collapsed on Tuesday, ending the day at $0.87 per share after losing 14.36%. Financial markets suffered from
Analysts at TD Securities (TDS) offer their outlook on the EM currencies and the main underlying theme impacting them this week. Key quotes “The trend remains for richer G-spread curves across the EM SSA spectrum. Both Asian and Latin American names exhibit a clear tendency in this direction, while this is less obvious in EMEA.”
NYSE:NIO posts a modest advance on Monday amid tepid optimism. EV Stocks erase gains on Friday as markets pull back. Volskwagen’s CEO is stepping down at the end of August. Update: NIO stock changed course on Monday and posted a modest 0.39% advance, settling at $19.32 per share. Wall Street held ground as investors hope the
This/next week forecast (July 25 – 29, 2022) Uptrend scenario The uptrend may be expected to continue, while market is trading above support level 3922, which will be followed by reaching resistance level 4168. Downtrend scenario An downtrend will start as soon, as the market drops below support level 3922, which will be followed by
Gold Price is set to finish the week up by almost 1%, snapping five weeks of losses. Investors’ recession fears re-emerged on weak EU and US PMI data. The US 2s-10s yield curve inversion extended for 14 straight days. Gold Price rises for the second consecutive day after tumbling to a fresh multi-month year low
EUR/JPY finishes negative in the week, down by 0.48% as the yen shows signs of strength. Deteriorated market mood, augmented appetite for safe-haven peers. EUR/JPY Price Analysis: In the near term is downward biased, eyeing a fall below 137.00. The EUR/JPY plummets from weekly highs hit on Thursday at 142.32, drops more than 160 pips
The GBP/JPY finished the week with decent losses of 0.68%. July’s worldwide reported S&P Global PMIs resurfaced recession concerns in the financial markets, shifting sentiment sour. GBP/JPY Price Analysis: In the short-term downward biased unless buyers reclaim 164.00; otherwise, losses would extend towards 161.80. The GBP/JPY slides for the third straight day creep below the
Analysts at MUFG Bank hold onto a short EUR/USD trade idea and see it moving below parity. They consider the euro will be affected by ongoing fears over disruption to the Eurozone economy and fragmentation risks. Key Quotes: “We expect the EUR to remain under downward pressure in the near-term driven by ongoing fears over
AUD/USD is set to finish the week up by 2.23%. US Services and Composite PMIs plummeted below 50, suggesting a recession could be near. Hawkish RBA minutes revealed during the week cushioned the AUD/USD from falling further on weak Aussie PMIs. The AUD/USD rises for the second consecutive day, registering solid gains amidst a fragile
In its quarterly Survey of Professional Forecasters (SPF), the European Central Bank (ECB) expects Eurozone short- and long-term inflation expectations higher. Key takeaways Sees 2022 inflation at 7.3% vs 6.0% seen 3 months ago; 2023 seen at 3.6% vs 2.4%. Sees 2024 inflation at 2.1% vs 1.9% 3 months ago; longer-term seen at 2.2%
Meme stocks are lost momentum despite a better market mood. GME stock ends Thursday in the red as optimism faded. Gamestop stock split is due on Friday, July 22. UPDATE: GME finished the day in the red at $153.47 per share, down 3.19%. Market players remained cautious amid persistent inflationary pressures and signs of global economic
Here is what you need to know on Thursday, July 21: Investors remain on the sidelines and the market mood remains cautious early Thursday ahead of the European Central Bank’s (ECB) highly-anticipated policy announcements. Later in the day, the US economic docket will feature the weekly Initial Jobless Claims data and the Federal Reserve Bank
Italian Prime Minister Mario Draghi won a confidence motion in the upper house Senate on Wednesday, but three main coalition parties refused to take part in the vote, effectively dissolving his administration and he is said to announce his resignation in the chamber tomorrow. The motion asked the house to approve a speech made by Draghi
Here is what you need to know on Wednesday, July 20: The dollar selloff seems to have taken a break on Wednesday with the US Dollar Index moving sideways above 106.50 after having erased more than 1% so far this week. The benchmark 10-year US Treasury bond yield fluctuates above 3% and US stock index futures
USD/CAD’s broadening formation on the daily chart is compelling. USD/CAD could be on the verge of a significant move lower. USD/CAD has moved in on a monthly price imbalance to fill the void which raises the prospects of a move lower according to lower time frame broadening formations as illustrated in the following charts: USD/CAD
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