FX

Goldman Sachs economists led by Jan Hatzius, in a research note on Thursday, rasied their forecasts for the Fed’s tightening pace. Key takeaways “Now expect the Fed to hike by 75 basis points this month and 50 basis points in November, up from their previous forecasts of 50 basis points and 25 basis points respectively.”

USD/CHF retraces from weekly highs and dives below the 0.9800 figure due to a risk-on impulse. A triple-top chart pattern in the 4-hour chart keeps the USD/CHF under some selling pressure, targeting a fall to 0.9660. USD/CHF slides from weekly highs reached at around 0.9869 on Wednesday, despite risk appetite improving, which usually benefits riskier

USD/INR picks up bids to reverse the previous day’s losses. DXY refreshes 24-year high as Fed Fund Futures hint at 75% chance of 0.75% rate hike in September. Rupee traders fail to praise Indian FinMin optimism amid recession woes. Reuters poll suggests more trouble for INR, focus on Fedspeak. USD/INR prints mild gains around 79.95

GBP/USD trimmed earlier gains nearby the 1.1600 figure on positive US economic data. The US services sector improved while price pressures continued to ease. Kwasi Kwarteng, the so-called new Chancellor in the UK: “Truss government would not blow a hole in public finances.” The GBP/USD tumbled toward its opening price after the US ISM Non-Manufacturing

AUD/USD has recovered from 0.6790 on the 50 bps rate hike announcement by the RBA. A fourth consecutive half-a-percent rate hike has pushed the OCR to 2.35%. The DXY is expected to remain volatile ahead of US ISM Service PMI data. The AUD/USD pair has recovered sharply after slipping below the critical support of 0.6800.

Russia will not be supplying natural gas to Germany until further notice. Can Germany close the natural gas gap? Strategists at Commerzbank try to give an answer. Rationing threatens in winter “In the best-case scenario (the 80 TWh gas gap) and a mild winter, supply could just about be met through conservation and stock withdrawals,

GBP/USD prints seven-day downtrend as bears attack the year 2020 bottom. Firmer DXY joins fears of worsening energy crisis to exert downside pressure. Liz Truss’ plan to overcome cost of living crisis gains more accolades than Rishi Sunak’s reasoning. Any recovery on Truss’ selection appears tepid amid US holiday, broad risk-off favoring the greenback. GBP/USD

Alibaba stock lost 1.8% to close at $93.71 on Thursday. BABA shares sold off at the open on Friday but steadily gain steam. SEC and Chinese regulators have become optimistic over listing issue. Alibaba (BABA) stock has begun to reclaim ground in Friday’s late morning trade. In the first hour, BABA sold off more than 3.1% but

The US official employment report showed the US economy added 315K jobs in August, slightly above expectations of 300K; the unemployment rate rose unexpectedly from 3.5% to 3.7%. According to analysts at Wells Fargo, today’s data in isolation tilt the scales toward a 50 basis points interest rate hike at the Fed’s September meeting but

Next week, the Bank of Canada will have its monetary policy meeting. Market consensus is for an increase in the key rate to 3.25%. Analysts at TD Securities look for the BoC to deliver a 75 basis point hike, bringing rates into restrictive territory. They see little incentive for smaller hikes CPI running well above

Asia-Pacific equities track Wall Street’s performance to trade mixed. Markets in Australia, New Zealand print mild gains amid hopes of stimulus from China, receding hawkish central bank bias. Covid woes, Sino-American tussles join pre-NFP anxiety, hawkish Fed bets to weigh on sentiment elsewhere. Asian equities trade mixed on Friday as market players await the US

Copper futures are nosediving due to fears of a worldwide economic slowdown, weighed by China’s PMI and other lockdowns in a 21.1 million city. Negative divergence in Copper’s daily chart, alongside fundamental, sent prices below the 20 and 50-DMA. Copper futures are dropping to two-month lows at $3.4165, down almost 3%, on fears that China’s

Lower tilted 20-and 50-EMAs add to the downside filters. A symmetrical triangle breakdown has underpinned the greenback bulls. The RSI (14) has shifted into the bearish range of 20.00-40.00. The GBP/USD pair has displayed a vulnerable performance after surrendering the critical support of 1.1600 in the Asian session. The cable is declining vigorously and has

XAU/USD rises more than $10 from monthly lows. US yields retreat after ADP data, DXY turns negative. Stocks in Wall Street fail to hold to gains. Gold prices are modestly down on Wednesday but off lows. During the American session, XAU/USD rebounded from the one-month low at $1,709 and rose to $1,723. It is hovering

AUD/USD picks up bids to rebound from the key Fibonacci retracement support. 12-day-old resistance line, 200-SMA join bearish MACD signals to challenge recovery. The mid-July swing high can acts as additional support during the south-run to yearly low. AUD/USD renews intraday high around 0.6880 during early Wednesday morning in Europe. In doing so, the Aussie

Euro among top performers on Tuesday on ECB rate hike expectations. Pound under pressure amid risk aversion. EUR/GBP gains more than 170 pips during the last three trading days. The EUR/GBP accelerated the move to the upside and jumped to 0.8601, reaching the highest level since July 6. While the euro is among the best

EUR/USD is aiming to sustain above the magical figure of 1.0000 for a fresh rally. The German HICP is expected to advance further to 8.7% amid the energy crisis. A decline in ISM Manufacturing PMI may weigh pressure on the DXY. The EUR/USD pair has displayed a minor rebound after hitting the immediate support near

Gold price recovers some ground, jumping from July 25 lows around $1720. Worldwide central bank hawkish rhetoric, weighed on market sentiment, a tailwind for gold price. Gold Price Forecast: It could test $1800 if buyers reclaim $1770; otherwise, it could fall towards $1700. Gold price bounced from five-week lows on Monday, amidst a downbeat market