FX

The Bank of Canada (BoC) hiked its benchmark interest rate by 50 basis points (bps) to 3.75% at the end of the October policy meeting this Wednesday. The decision to slow the pace of policy tightening comes amid growing worries about a deeper global economic downturn and disappointed market participants anticipating a 75 bps rate hike.  Market

Gold price has faltered on its previous rebound as the US dollar makes a comeback. Cooling aggressive Fed rate hike calls, China concerns and dismal US tech earnings weigh on risk sentiment.  XAU/USD sees range play amid battle lines well-defined ahead of critical US events. Gold price is treading water in a familiar range around

Consumer confidence in the US deteriorated in October. US Dollar Index trades deep in negative territory below 111.00. The data published by the Conference Board showed on Tuesday that the Consumer Confidence Index declined to 102.5 in October from 107.8 in September (revised from 108). This reading came in worse than Reuters’ estimate of 105.9.

AUD/USD has faced barricades around 0.6350 amid China’s Jinping-infused pessimism. A fourth consecutive 75 bps rate hike by the Fed looks likely. Fears of recession in the US economy have accelerates as US Yellen cited that the one cannot be ruled out. The AUD/USD pair surrendered its pullback move to near 0.6350 in the Tokyo

NYSE: NIO gained 2.2% during Friday’s trading session. Members of the Fed revealed they wish to slow the pace of interest rate hikes. EV stocks rallied as Tesla bounced off of its post-earnings sell-off.  UPDATE: Despite the major indices opening higher on Monday to start the week, Chinese stocks are a noticeable outlier. NIO shares

NZD/USD retreats from two-week high even as China Q3 GDP grew better than forecast. MACD signals, rebound from one-week-old rising trend line favor buyers. One-month-old horizontal resistance acts as extra filters to the north. NZD/USD fails to justify upbeat China data as it drops to 0.5745 while extending the week-start pullback from the 12-day high

Western Texas Intermediate (WTI) s set to finish the week with losses of 0.55%. China’s demand and a soft US Dollar underpinned oil prices. WTI buyers unable to crack the 50-day EMA keeps the commodity downward biased. WTI is about to finish Friday’s trading session almost flat, as Wall Street ended the day with hefty

The Federal Reserve is laying the ground to shrink the size of upcoming interest rate hikes, weighed on the US Dollar. Falling US bond yields undermined the USD and boosted the EUR. The EURUSD is downward biased, though a break above 0.9900, could propel the EURUSD higher. The US Dollar tumbled as traders braced for

The aussie bounces up from 0.6210 and erases the previous two days’ losses. Fed speculation and BoJ intervention hit the USD. AUD/USD is expected to remain capped below 0.6390. The Australian dollar has featured a strong recovery on Friday’s US trading session. The pair bounced up from session lows at 0.6210, rallying all the way

USD/CHF is set to finish the week with losses of 0.45%. Failure to reclaim 1.0027 would confirm the USD/CHF rising wedge break, which would target the 200-day EMA at 0.9567. USD/CHF retraces from daily highs reached in the North American session around 1.0147 but trimmed its gains, plunging below 1.0000 towards its daily low at

The euro cannot resist the dollar’s advance. Economists at Scotiabank highlight the key technical levels to watch. Technical pattern of trade has been consistent in the past few months “Since the middle of the year, EUR rebounds have been limited to the 40-Day Moving Average –  or levels close to that –  ahead of renewed

NZD/USD bears are lurking at key structures.  The day ahead could be a whitewash for the bird if the US dollar rallies.  NZD/USD could be on the verge of a final long squeeze into positions that have been in the money since the start of the week. The US dollar is ripening for a rally

The recently-elected UK Prime Minister Liz Truss makes a statement this Thursday and says that she will resign. Truss will remain in place until a new leader is chosen and the leadership election will be completed in the next week. Given that the markets have been anticipating the UK PM’s resignation, the announcement does little to

”Interest rates that move too high could have a “nonlinear” impact on the economy as businesses become more pessimistic about the future, Chicago Fed President Charles Evans said on Wednesday, mapping out a case for caution in the central bank’s battle against high inflation,” Reuters reported in Tokyo trade: The Fed currently projects its target

So far so good for earnings as Netflix surges afterhours. Tesla earnings come out after the close on Wednesday. Tuesday’s rally stalled as investors remain scarred from recent buy-the-dip purges. The equity market remains poised on Wednesday as it digests a strong showing from Netflix (NFLX) and waits for the next FANGT named Tesla (TSLA).

EUR/USD struggles to extend two-day uptrend, renews intraday low of late. Bullish MACD signal, successful break of 21-day EMA suggests further advances. 50-day EMA, descending trend line from August adds to the upside filters. Three-week-old horizontal support appears important for the bears to watch. EUR/USD snaps a two-day uptrend as it takes a U-turn from

USD/CAD struggles to capitalize on its goodish rebound from over a one-week low. The risk-on impulse is weighing on the safe-haven buck and acting as a headwind. Bearish oil prices undermine the loonie and should help limit any meaningful slide. The USD/CAD pair stages a goodish recovery from a one-and-half-week low touched earlier this Tuesday,

USD/JPY is aiming to kiss the 150.00 despite the upbeat market mood. The odds for BOJ’s intervention are getting air as the USD/JPY is advancing despite the vulnerable DXY. Japan’s exports would accelerate amid overall weakness in the Japanese yen. The USD/JPY pair is hovering around the immediate hurdle of 149.00 in the Tokyo session.