FX

We have covered the impact of the magazine cover indicator before here. Another helpful sentiment indicator is also one of the most easily accessible and popular sentiment surveys – the American Association of Individual Investors. This is a weekly survey, free to access, where they ask individual investors this one simple question, ‘Do you feel the

AUD/USD has plunged below 0.6700 as the market mood has soured on upbeat US Services PMI data. A tight labor market and solid demand for services in the US indicate that short-term inflation is still de-anchored. The RBA is expected to announce a third consecutive 25 bps rate hike ahead. The AUD/USD pair has witnessed

OPEC and its allied producers (OPEC+) have agreed to maintain their current oil-output targets despite a recent decline in energy prices. Oil prices showed no immediate reaction, which bode ill for the Norwegian Krone, economists at Commerzbank report.  OPEC+’s long-term price setting scope seems limited “In the run-up to the OPEC+ meeting there had been

Gold price is hovering around $1,800.00 as investors await US ISM Services PMI data. The upbeat US NFP data has failed to fade the odds of the Fed’s rate hike slowdown. Solid United States Services New Orders could drive inflation expectations higher. Gold price (XAU/USD) is facing immense pressure in conquering the round-level resistance of

The USD/JPY retraced from daily highs of 120 pips, as the USD is being offered. USD/JPY: Daily close below the 200-DMA opens the door for a drop to 131.70s. The US Dollar (USD) gave away its earlier gains courtesy of upbeat economic data revealed in the United States (US) and dropped 0.52% against the Japanese

NZD/USD is set to finish the week with gains of 2.56%. The November US Nonfarm Payrolls suggested a tight labor market, so the Federal Reserve needs to keep hiking rates. NZD/USD Price Analysis: Daily close above 0.6400 exacerbates a rally towards 0.6570s. The New Zealand Dollar (NZD) climbed against the US Dollar (USD) for the

The Indian rupee is likely to depreciate moderately due to the potential strengthening of the US dollar in the near term, according to analysts at MUFG Bank. They forecast USD/INR at 82.300 by the end of the first quarter of next year and at 80.500 by the third quarter.  Key Quotes: “Tracking gains in most

The Mexican Peso has been rising versus the US Dollar over the last weeks. Analysts at MUFG Bank, argue the resilience of the Mexican Peso might not last long amid domestic and external risks. Their forecast is for USD/MXN to reach 19.80 by the end of the first quarter 2023 and 20.00 by the third quarter. 

US Dollar Index (DXY) has now lost 8.5% from the top in October and is below the August low of 104.60. Economists at Société Générale highlight the next targets on the downside. An initial bounce is on the cards “Daily MACD is within deep negative territory pointing towards an overstretched move. An initial bounce is

NZD/USD advances towards a test of 0.6400 and has eyes on the 0.6450s. 0.6450 comes as a confluence between Aug high and the 61.8% retracement of the whole 2022 move. NZD/USD is stalling below 0.6400 as the US Dollar attempts to correct what has been a significant move to the downside in the currency markets this week.  At the

Extra downside could force USD/JPY to retest the 135.50 zone in the next few weeks, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group. Key Quotes 24-hour view: “USD soared briefly to 139.89 in NY trade before plunging to 137.64. USD fell further in early Asian trade, and the strong

What you need to take care of on Friday, December 1: The market sentiment fluctuated between optimism and fear, with the US Dollar starting the day on the back foot, recovering mid-way, and finally plummeting to close it in the red against its major rivals. The latest US Dollar slump resulted from US Federal Reserve

AUD/USD gains positive traction for the second straight day amid renewed USD selling. Bets for less aggressive Fed rate hikes and slugging US bond yields weigh on the buck. China’s COVID-19 jitters could act as a headwind for the pair ahead of Powell’s speech. The AUD/USD pair attracts some buying for the second successive day

WTI bears are moving in at a critical juncture. A break of horizontal support leaves the downside exposed. West Texas Intermediate is higher on the day so far, up over 2.45% at the time of writing, having ranged between a low of $76.03 and $79.61 so far. The price has been consolidating at the top

“Russia won’t supply Oil under price cap in any case,” the country’s Deputy Prime Minister Alexander Novak said on Tuesday. Novak said: “Russia, Kazakhstan and Uzbekistan are discussing gas union for shipments, including to China.” Market reaction Novak’s comments join the upbeat market mood, lifting WTI 2.5% to trade at around the $79 mark, at

It was a volatile start to the week and the US sessions stayed with the theme. The US Dollar edged up to 106.74 on Monday, slightly recovering from a 3-1/2-month low of 105.32 with investors concerned about a global slowing economy and the spread of coronavirus in China. Federal Reserve policymakers also spoke on Monday and bucking the

While presenting the financial stability report on Monday, European Central Bank (ECB) policymaker and Slovak central bank President Peter Kazimir said that the “risk of recession in the Eurozone is growing.” “Rise in interest rates to continue despite unfavorable economic developments,” he added. Market reaction The staggering recovery in EUR/USD remains unfazed by these above comments,

Silver falls modestly on Friday, holds above key support levels.  Technical outlook presents a bullish bias but upside seems limited while under $21.50. Break under $20.85 likely to increase bearish pressure.  Silver is falling on the last day of the week. It bottomed during the American session at $21.14 and then quickly bounced back above