FX

Share: GBP/USD declined toward 1.2100 during the European trading hours but regained its traction amid renewed US Dollar (USD) weakness. The pair seems to have stabilized at around 1.2150 in the American session and remains on track to end the week in positive territory. Read More… The GBP/USD pair builds on the previous day’s strong move

Share: Financial turmoil weighs on investors’ mood and drags black gold lower. WTI bounced modestly after posting a fresh 2023 low of $65.22 a barrel. The barrel of West Texas Intermediate fell to $65.22 on Friday, its lowest since November 2022. It currently trades at around $67.30 a barrel, breaking lower amid financial turmoil weighing

Share: There is still some chances that USD/JPY could weaken further in the near term, comment UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia. Key Quotes 24-hour view: “We highlighted yesterday that the outlook is mixed and we expected USD to trade in a choppy manner between 132.30 and 134.30.

Share: Here is what you need to know on Friday, March 17: The stock market stole volatility on Thursday. Wall Street indexes opened in the red to finish in the green with a gain of more than 1%. The Nasdaq led with a rally of 2.48%. Systemic risk fears eased, helping the market’s mood. Contributing

Share: The selling pressure around USD/CNH is expected to mitigate on a breakout of 6.9300, said UOB Group Quek Ser Leang and Senior FX Strategist Peter Chia. Key Quotes 24-hour view: “We highlighted yesterday that USD ‘appears to have moved into a consolidation phase and it is likely to trade between 6.8650 and 6.9050’. USD

Share: Here is what you need to know on Thursday, March 16: Wall Street indexes finished far from the lows on a wild session that included moments of panic. The Nasdaq scratched a 0.05% gain while the Dow Jones lost 0.80%. Expectations of central bank tightening continue to ease, boosting government bonds. The banking crisis

Share: The selling pressure in USD/JPY is expected to alleviate once the pair surpasses the 135.10 level, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang. Key Quotes 24-hour view: “Yesterday, we expected USD to trade in a range between 132.70 and 134.50. USD subsequently dipped to 133.02 before rebounding to

Share: Here is what you need to know on Wednesday, March 15: The US Dollar dropped again on Tuesday, but it held above Monday’s lows. The Greenback remained weak despite US Consumer Price Index (CPI) numbers and a rebound in US Treasury yields. US stocks rose significantly, with the Dow Jones up by more than

Share: NZD/USD needs to clear the 0.62754 level to allow for a potential move to 0.6315 in the near term, suggest UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang. Key Quotes 24-hour view: “We did not expect the strong rise in NZD to 0.6263 yesterday (we were expecting NZD to trade

Share: GBP/USD has run up towards an area of potential resistance area on the daily chart as the following will illustrate. This gives rise to the prospects of a significant correction over the coming week. Read More… The GBP/USD broke above 1.2150, reaching the highest level since mid-February, boosted by a sharp decline of the US Dollar Index (DXY). A sharp drop

Share: Market focus remains on the collapse of Silicon Valley Bank (SVB) and the repercussions for the wider US banking system. Economists at Commerzbank expect the US Dollar to suffer Has Fed monetary policy failed? “At the end of last week, a medium-sized Californian bank had to close after the losses that in the end

Share: Analysts at CIBC point out that the February Canadian employment report wasn’t as dramatic as January’s surge, but a slightly above consensus employment gain is another sign that the Canadian economy has more momentum to start 2023 than had initially been expected. Less drama, still solid momentum “Although employment growth wasn’t as dramatic this

Share: EUR/USD reached a two-week high at 1.0700 and finished the week with minimal gains. Sentiment shifted sour on a default by the Silicon Valley Bank in the US, at the risk of spillover in the sector. US jobs data was mixed but flashed signs of cooling down. Germany’s inflation was unchanged and warranted further

Share: USD/CHF extended its drop past the 20/50-day EMAs after facing resistance at the 200-day EMA. USD/CHF Price Forecast: Shifted bearish, though needs to crack 0.9130s to test YTD lows. USD/CHF falls below the confluence of the 20 and 50-day Exponential Moving Averages (EMAs), extending its daily losses to more than 1% Friday. A mixed

Share: The California Department of Financial Protection and Innovation closed Silicon Valley Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. Equity prices of SVB Financial Group collapsed during the week. On Wednesday the bank surprised by announcing it needed to raise $2.25 billion in stock, triggering concerns. The situation around Silicon Valley

Share: USD/MXN to finish flat on Friday after rallying to a new two-week high of around $18.60.  The US Bureau of Labor Statistics revealed the US economy added more jobs than expected. A rise in the US unemployment rate would warrant a less hawkish Federal Reserve. USD/MXN is almost flat after hitting a daily high

Share: The continuation of the downtrend in AUD/USD should meet a tough support around the 0.6500 region, suggest Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group. Key Quotes 24-hour view: “Yesterday, we held the view that ‘there is room for AUD to weaken, any decline is likely part of a

Share: WTI bears are in the market as the countdown to NFP is underway. WTI dropped around 1% on the third day of losses. West Texas Intermediate is down by some 1% on the day in late Wall Street trade. The black gold fell from a high of $78.01bbls to a low of $75.63 despite