FX

Gold price retreats from a nine-month high as bulls opt to take some profits off the table. Bets for smaller rate hikes by Federal Reserve weigh on US Dollar and should limit losses. Looming recession risk might further lend some support to the safe-haven precious metal. Gold price edges lower on Wednesday and moves away

AUD/USD is aiming to print a fresh five-month high above 0.7060 ahead of Australian inflation. The USD Index has found an intermediate cushion around 101.50, however, the downside bias is still solid. A bullish momentum will be triggered after a jump by the RSI (14) into the bullish range of 60.00-80.00. The AUD/USD pair is

GBP/USD drifts into negative territory for the second successive day on Tuesday. The USD attracts haven flows amid looming recession risks and exerts pressure. Expectations that the BoE will continue raising rates should limit deeper losses. The GBP/USD pair attracts some sellers following an early uptick to the 1.2415 area and turns lower for the

Silver prices dived more than 2% on Monday as US Treasury yields gained traction. Silver Price Analysis: In consolidation, though appears to be peaking around $24.00. Silver prices appear to have peaked following Monday’s price action, with the white metal unable to hold to the $24.00 figure, collapsing as low as $22.76, beneath the 50-day

Sterling continues to perform well and is holding onto the gains made last week. Economists at ING expect the GBP/USD pair to struggle to surpass the 1.2450/2500 area. Marked improvement in the perception of UK sovereign risk “The market now prices a 45 bps Bank of England (BoE) hike at next week’s meeting. The firming

Reuters reported that the European Central Bank (ECB) is set to raise interest rates by 50 basis points in both February and March and will continue to raise rates in the months after, ECB governing council member Klaas Knot said in an interview with Dutch broadcaster WNL on Sunday. “Expect us to raise rates by 0.5%

GBP/USD seesaws during the North American session, around the 1.2360-1.2390 region, around the London Fix, unable to gain a clear direction. Risk appetite increased, which usually favors the Pound Sterling (GBP), but soft UK economic data weighed on the GBP/USD. At the time of writing, the GBP/USD exchanges hands at 1.2391. Read More… GBP/USD is on the back foot,

EUR/JPY bounced off the day’s lows at 139.03 and hit a daily high of 141.19 before losing steam. The EUR/JPY reclaiming and achieving a daily close above the 200-day EMA keeps bulls hopeful of higher prices. The Euro (EUR) rallies sharply on Friday, ahead of the weekend, as the Japanese Yen (JPY) weakened following the

XAG/USD stays firm and climbs as the US Dollar remains offered across the board. Silver Price Analysis: Range-bound but could turn bullish above $24.50; otherwise, it could re-test the 50-DMA. Silver price extended its gains for the second consecutive day, cleared Thursday’s daily high of $23.93, and held its ground above the 20-day Exponential Moving Average

Silver prices have risen by 27% since mid-October 2022. Economists at ANZ Bank expect XAG/USD to perform well in 2023. Silver should not be ignored “We expect prices to correct in the short-term, but fundamentals are likely to be supportive over the next 12 months.” “The supply-demand balance looks strong. The growing adoption of green

CME Group’s flash data for gold futures markets noted traders increased their open interest positions by around 8.7K contracts on Thursday, reversing at the same time two consecutive daily pullbacks. Volume followed suit and went up by around 17.3K contracts after three straight daily drops. Gold: Door open to extra gains near term Gold prices

USD/CAD bears are taking on a double bottom near 1.3450 support area. Bears eye a 61.8% Fibonacci retracement near 1.3415 should the double bottom (DB) be breached.  USD/CAD is eating into the bullish rally’s tracks from yesterday’s business with 1.3450/30 eyed as a potential support structure in what has been a choppy descent from above 1.3500 on

European Commissioner for Economy Paolo Gentiloni said in a statement on Thursday, “we’re in a period of economic contraction.” Further comments “Contraction can be limited to two quarters.” “A technical recession in Germany is uncertain.” “China’s reopening means LNG prices are going up.” “Real inflation challenge is adapting fiscal policy.” “We need more flexible, enforceable

Reuters reports that Philadelphia Federal Reserve President Patrick Harker reiterated on Wednesday that he’s ready for the US central bank to move to a slower pace of interest rate rises amid some signs that hot inflation is cooling off. “High inflation is a scourge, leading to economic inefficiencies and hurting Americans of limited means disproportionately,” Harker said

The Japanese Yen plunged to the 131 level after the BoJ’s decision to leave its policy tools unchanged. Economists at ING expect the USD/JPY rcovery to stall at 132.50/133 and see the pair with chances to trade at 120 by year-end. A volatile bear trend “USD/JPY remains priced as one of the most volatile currencies

Tom Barkin, the president and CEO of the Federal Reserve Bank of Richmond, is crossing the wires. Key comments My hope is that we have passed the peak of inflation. The median CPI is still too high for what I want to see. Cannot declare victory over inflation too soon. Doesn’t favour backing off too soon,

European Central Bank (ECB) board member and Bank of Portugal Governor Mario Centeno said on Tuesday, “the fourth quarter growth in Europe will be most likely still positive.” Additional quotes “Economy has been surprising us quarter after quarter.” “Maybe we’ll also be surprised in the first half of this year.” “There are no signs of

EUR/USD’s 1.0820 structure has been broken. Eyes are on a test below 1.0770 that guards the risk of a drop towards 1.0700/20 support.  As per the start of the week’s analysis, EUR/USD Price Analysis: Bears attacking the bullish H4 trendline support, the bears needed to break trendline support on the lower time frames, such as the 4-hour