FX

Downside momentum is indicating that the DXY will re-visit its six-week low at 104.64. The odds of a Fed rate hike will remain steady while the hawkish guidance will trim abruptly. A meaningful decline in the US CPI has underpinned risk-sensitive assets. The US dollar index (DXY) witnessed an intense sell-off on Wednesday after a

Founder and CEO Elon Musk has sold $6.9 billion in TSLA stock. Musk said the sale was to prepare for the possibility he will be forced to buy Twitter. Musk offered $43 billion for the social media platform this spring before reneging on the deal. Elon Musk’s sale of $6.9 billion in Tesla (TSLA) stock in

EUR/JPY picks up bids to refresh intraday high near two-week top. US Treasury yields await more clues after regaining upside momentum the previous day. Russian pipeline halt, hopes of no change in BOJ policy despite acceleration in price rise challenge buyers. Japan PPI improved on YoY, inflation data from China, Germany and the US will

Rio Tinto Group is the world’s second largest metals and mining corporation which has its headquarters in London and Melbourne. Founded in 1873 and traded under tickers $RIO at LSE, ASE and also in US in form of ADRs, it is a component of both the FTSE100 and ASX200 indices. In terms of operations, Rio Tinto

EUR/GBP is facing hurdles around 0.8440 as investors await Wednesday’s Germany HICP. The German inflation data is likely to remain unchanged at 8.5% annually. A vulnerable UK GDP data may weaken the pound bulls ahead. The EUR/GBP pair is struggling to cross the immediate hurdle of 0.8440 in the early Tokyo session. The asset is

In the view of FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research, USD/IDR is likely to trade within the 14,825-14,900 range for the time being. Key Quotes “Our expectation for USD/IDR to dip below 55-day exponential moving average support last week was incorrect as it popped briefly to 14,900 before

AUD/USD dribbles around intraday high amid mixed concerns surrounding Taiwan, Fed. US employment report for July offered fresh life to hawkish Fed bets. Risk-aversion due to US-China tussles over Taiwan also challenges pair buyers. Firmer China trade numbers appeared to have triggered recovery ahead of the key US CPI. AUD/USD struggles to extend the week-start

AUD/USD is about to finish the week with losses of 1.10%. A bearish-engulfing candle pattern and the RSI’s crossing below 50 are two reasons that could tumble the AUD/USD. AUD/USD sellers eye a break below 0.6900, on its way towards 0.6800. The AUD/USD drops substantially, courtesy of upbeat US economic data, which sent the major

At its latest meeting, the Reserve Bank of Australia (RBA) raised the key interest rate by 50 basis points to 1.85%. According to analysts at Wells Fargo, the RBA will likely raise again in September but with a 25 bps rate hike. They see the rate peak at 3.10% by early next year. Key Quotes: 

Gold price extends its gains to three straight weeks, up 0.54%. Stellar US jobs data exerts further pressure on the Fed, as next week CPI is eyed. US-China tussles add further uncertainty to the global economic outlook. Gold price remained on the defensive late during the New York session after an early US employment report

UOB Group’s Head of Markets Strategy Heng Koon How, CAIA, Senior FX Strategist Peter Chia, Rates Strategist Victor Yong and Markets Strategist Quek Ser Leang assess the ongoing recession fears and its effect on the long term yield. Key Takeaways “The Recession vs Inflation debate has intensified and taken an interesting turn. For now, it

The GBP/JPY prepares to finish the week with losses of almost 0.50%. The cross-currency daily and hourly charts suggest that a mean reversion move towards 162.83 could be on the cards. The GBP/JPY plummeted on Thursday, failing to crack the 50-day EMA at 164.12, so the pair tumbled towards its daily low at 161.12 before

NYSE:GME gained 5.83% during Wednesday’s trading session. AMTD Digital stock tumbles by more than 35% during intraday trading. AMC jumps higher again as short sellers feel pressure ahead of earnings. NYSE:GME extended its winning streak to six straight sessions on the strength of a broader market rally and a resurgence of meme stock hysteria. Stocks

USD/CHF has picked bids around 0.9600 after a healthy correction. The DXY surrendered gains after the release of the upbeat US ISM Services data. This week, the release of the US NFP will be the key event for the FX domain. The USD/CHF pair has attempted a rebound after a corrective action towards the critical

Analysts at TD Securities offer a sneak peek at what to expect from the Bank of England (BOE) interest rate decision due on ‘Super Thursday’. Also read: BOE Rate Decision Preview: Bailey to follow Powell’s footsteps with a dovish hike Key quotes “We expect a relatively dovish 50bps hike, alongside a very cautious tone on the

The EUR/JPY rallied more than 150 pips and gained 0.25% on Tuesday. A hammer in the EUR/JPY daily chart could open the door for further gains. The cross faces solid resistance around 136.00-30 in the near term. The EUR/JPY plunges to the 200-day EMA at 133.71, forms a hammer, and rallies above the August 1

Analysts at TD Securities (TDS) offer their expectations on New Zealand’s labor market report due on the cards on Wednesday. Key quotes “Contrary to consensus, we expect the labor market to soften slightly with the Q2’22 unemployment rate rising to 3.3% (cons: 3.1%, Q1’22: 3.2%).” “While employment growth is likely to remain robust at 0.5%

What you need to take care of on  Tuesday, August 2: The greenback edged lower on Monday, although the slide pared mid-US session as Wall Street lost its earnings-inspired strength and lost some ground. Market participants remained focused on the risk of a global recession. At the beginning of the day, China published the official