The forex markets are overall mixed. Dollar retreated overnight following the rebound in stocks, but regained some ground in Asian session. Traders are holding their bets for now, ahead of the meetings of four major central banks later in the week, including Fed, BoE, SNB and BoJ. Canadian inflation data, nevertheless, could trigger some volatility
USD/CNH could still advance further and test the 7.0500 region in the next weeks, comment FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang. Key Quotes 24-hour view: “We expected ‘the pullback in USD to extend’ yesterday. Instead of pulling back, USD traded between 6.9905 and 7.0254 before closing little changed at
Australian-based crypto platform Marhaba DeFi says there has been a strong take-up of Halal-approved cryptocurrency products on its platform, with aims to release a suite of new products which align with Islamic law by the end of 2022. Launched in 2020, the platform is focused on adhering to the rules of “Islamic finance” which refers
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The EURGBP moved above the 50% of the move down from the September 2020 high to the March 2022 low. The 50% level comes in at 0.87465. The low today reached 0.87465 right at that level. Traders look at the 50% as a barometer for buyers winning or sellers winning. The buyers are so far
The dollar is now lower on the day on just above every front (JPY and NZD the exceptions). That’s a stark turnaround from early in the day when USD was running higher. The turnaround comes at an interesting time. The dollar is on the cusp of some major breakouts on many fronts. That’s something Greg
Oil fell by more than 2% on Monday, pressured by expectations of weaker global demand and by U.S. dollar strength ahead of possible large increases to interest rates, though supply worries limited the decline. Central banks around the world are certain to increase borrowing costs to tame high inflation this week and there is some
The markets are relatively quiet today with Japan and the UK on holiday. Sentiment is on risk-off side, ahead of central bank rate hikes later in the week. The more notable moves are found in selloff in cryptocurrencies. Dollar is standing firm, together with Swiss Franc and Euro. Aussie and Kiwi are softer together with
GBP/USD bulls come up for air in the face of a softer US dollar in NY. The focus for the week is on the Fed and BoE. GBP/USD is back to trading flat on the day as the bulls move in from the lows of 1.1355, taking on the 1.14 area again. The greenback is
Not long ago, bad news was good news for stocks as traders thought the Fed would be able to engineer a soft landing, bring inflation down while growth maintained steady. Now bad news is bad news as the Fed is intent on raising rates to slow growth and kick up unemployment, threatening to push into
The PBOC has been trying to pump the brakes on the recent decline in the yuan but they’re now struggling to draw a hard line on that with USD/CNY breaching past 7.00 once again today. The yuan fixing today was also one of the strongest positive bias for the local currency (relative to estimate) but
NEW DELHI: Gold prices continued to remain under pressure on Monday as investors braced for aggressive rate hikes by major central banks this week, especially from the US Federal Reserve, to tame high inflation. The US Fed’s Federal Open Market Committee is expected to begin its two-day meeting on interest rates on September 20 and
Dollar is trading with a slightly firmer tone in quiet Asian session. But overall, most major pairs and crosses are stuck inside Friday’s range. Trading would likely remain subdued with Japan and UK on holiday, and the calendar is light. Nevertheless, the week ahead is ultra busy with four central bank meetings and some important
The Riksbank is set to expected to announce a 75 basis points rate hike on Tuesday. In order to provide support for the krona, the krona will have to increase its rate path, economists at Commerbznka report. A 100 bps move is not completely ruled out “A rate step by 75 bps to 1.50% has
Australian Liberal Senator Andrew Bragg has released a new draft bill aimed at clamping down on digital asset exchanges, stablecoins, and China’s central bank digital currency, the e-Yuan. In a statement on Sept. 18, Senator Bragg stated that “Australia must keep pace with the global race for regulation on digital assets” as “it is essential that
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