FX

Gold price is set for fresh selling as Fed declares no bar on interest rates. As per market estimates, the US economy generated 290k jobs in August. The gold prices have slipped below the 61.8% Fibo retracement placed at $1,729.35. Gold price (XAU/USD) is displaying a less-confident pullback move after printing a fresh monthly low of

Silver price prepares to finish the week with losses of 0.64%. Fed’s Chair Powell reiterated the US central bank goal of bringing inflation down, even if it generates “pain to households and businesses.” Upbeat US economic data weighed on the white metal prices, plummeting more than $0.30. Silver price tumbles from around weekly highs around

EUR/GBP prepares to finish the week almost flat, compared to last week’s marginally down 0.06%. The cross-currency pair is range-bound in the 0.8400-0.8490 area, though risks are skewed to the upside. A EUR/GBP break of 0.8500 could put a re-test of the YTD high into play. The EUR/GBP advances to fresh weekly highs, above the

USD/MXN remains above 19.90 but faces pressure. More losses seem likely while under 20.20. The USD/MXN is modestly higher on Friday, but it remains under 20.00. The pair found support above 19.80 and rebounded. The move higher so far shows the lack of strength, keeping the bias in favor of the Mexican peso. A consolidation

NZD/USD plunges more than 1% on Friday, in a risk-off mood. Powell said it would “bring some pain to households and businesses” in achieving the Fed’s 2% goal. US inflation readings show signs of peaking while US consumer sentiment improves. The NZD/USD dropped to fresh weekly lows of 0.8150 on Friday, following hawkish remarks by

Rumors have emerged that Amazon is interested in acquiring Electronic Arts. Amazon did a largescale deal with Plug Power on Thursday. AMZN stock looks likely to trend lower. It is an awfully good sign for stocks these days to appear in the same headlines as the almighty Amazon (AMZN). CEO Andy Jassy is making moves.

USD/JPY pares the biggest daily loss in two weeks inside a bullish chart pattern. Firmer RSI adds strength to the bullish bias, 100-SMA offers additional hurdle. Convergence of 200-HMA, fortnight-old ascending trend line appears key support. USD/JPY picks up bids to refresh intraday high near 136.80 during Friday’s Asian session. In doing so, the yen

GameStop stock falls again on Wednesday as market turns risk-off ahead of Jackson Hole. GME suffering from the backlash against Ryan Cohen for exiting his BBBY stake. GME stock also suffering as retail momentum begins to dry up. UPDATE: GameStop stock is off 2% at $31.86 one hour into Thursday’s session. The videogame retailer has traded between $31.72

GBP/JPY takes offers to refresh intraday low, down for the second consecutive day. Market sentiment improves on mixed US data, China stimulus. Cautious optimism of Japan government, challenges for BOJ’s easy money policy seem to underpin JPY strength of late. A light calendar keeps risk catalysts in the driver’s seat, Jackson Hole in focus. GBP/JPY

Nvidia will release official Q2 earnings after the close on August 24. Wall Street consensus is for adjusted EPS of $0.52 on $6.7 billion in sales. NVDA pre-reported Q2 revenue due to demand weakness. Nvidia (NVDA) will unveil earnings for the second fiscal quarter of 2023 after the close on Wednesday, August 24. NVDA shares are

AUD/USD remains pressured around intraday low, reverses the previous day’s rebound from monthly bottom. Multiple swings around 61.8% Fibonacci retracement level highlight 0.6850 as the key support. Short-term bearish channel, pullback from 200-EMA also keep sellers hopeful. AUD/USD sellers attack 0.6900 while consolidating the bounce off the monthly low during Wednesday’s Asian session. The Aussie

USD/TRY extends the advance north of 18.00 on Tuesday. The rally in the US dollar sustains the upside in spot. Türkiye Consumer Confidence improved to 72.2 in August. The persistent upside momentum in the greenback lifts USD/TRY to the area of 2022 highs past the 18.00 hurdle on Tuesday. USD/TRY up on USD-buying, targets the

Japanese Foreign Minister Yoshimasa Hayashi said on Tuesday that “we should continue stringent measures against Russia.” Additional quotes Discussed Ukraine’s situation with other ministers. Will continue strong support for Ukraine. Japan PM Fumio Kishida said we must secure a steady supply of energy. Japan PM Kishida said to continue diplomatic measures including sanctions against Russia

Senior Economist at UOB Group Alvin Liew assesses the latest publication of the FOMC Minutes. Key Takeaways “The key takeaways from the 26-27 Jul FOMC minutes released overnight (18 Aug, 2am) were that as at late Jul, Fed policy makers agreed there was ‘little evidence’ inflation pressures were subsiding and that it would take considerable

The greenback bulls are aiming to re-test the 19-year low at 0.9952. The 10-and-20-EMAs are scaling lower, which adds to the downside filters. A (20.00-40.00) bearish range shift by the RSI (14) signals more downside ahead. The EUR/USD pair has given a downside break of the consolidation formed in a narrow range of 1.0030-1.0046 in

The gold price plunged 3% in the week, despite investors’ perceived dovishness of July’s FOMC minutes. US central bank policymakers continued their campaign against inflation, even though they acknowledged downside risks to growth. Gold Price Analysis (XAU/USD): Break below $1750 opened the door towards the $1711-$1739 range. Gold price drops for the fifth-consecutive day, set to

AUD/USD plunged more than 0.50% on Friday amidst a buoyant greenback. The major slid in each day of the week; losing between Monday-Wednesday almost 3%. A break below 0.6869 clears the path towards 0.6800, followed by 0.6718. The AUD/USD refreshed four-week lows preparing to finish the week with hefty losses, equal to 3.50%. The Aussie

GBP/USD collapses to fresh six-week lows reached at 1.1791. Sentiment shifted sour as traders assessed recent Fed hawkish commentary. UK’s released data was mixed, with GfK consumer sentiment plunging, whereas Retail sales beat expectations. The GBP/USD plunges in the North American session due to sentiment turning sour as traders reassess their reading of recent Fed