Yesterday, the USDCAD moved sharply lower despite the fact that oil prices were tumbling to the downside. Below is the post on the pair. Here is the link: https://www.forexlive.com/technical-analysis/oil-is-down-350-but-usdcad-is-lower-by-134-20230104/ Maybe the move to the downside (higher CAD ) was off the AUD strength. Remember it moved higher on the fundamental story that China would look
Earlier… https://www.forexlive.com/technical-analysis/watch-the-105155-level-in-the-eurusd-20230105/ That level remains the same after the price moved down to test it, and found willing buyers leaning. The current price is trading at 1.0530. If the price stays above the 50% barometer level, the buyers are in control. If the price moves below, the atmospheric pressure in the markets shifts more to
The Canadian dollar is weakening today with USD/CAD up 95 pips to 1.3573. That’s mostly from the US dollar side of the equation but I worry that the Canadian consumer could weaken more than markets are anticipating this year as mortgage resets bite. Canadian trade balance missed estimates today in a surprise fall into a
WTI trims some of its 9% losses attained during the week and reclaims the $73.00 mark. Recessionary fears sparked by weak PMI readings in China and the US dampened oil investors’ appetite. WTI Price Analysis: Downward biased as long as it stays beneath $82.00. Western Texas Intermediate (WTI), the US crude oil benchmark, rebounds around
USDJPY trades above and below the 50% midpoint The momentum to the upside in the USDJPY has continued. Technically, the price raced above the 38.2% after the better ADP/initial claims data at 132.81. The price also moved above the 50% of the 2022 trading range for the pair on the daily chart below at 132.70.
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Market picture Bitcoin failed to break the $17K mark on Wednesday and has rolled back to $16.77K at the time of writing. Price fluctuations remain more than subdued. BTC remains slightly above its 50-day moving average (50-DMA). As capturing a critical trending level has yet to encourage more buyers, it is worth looking cautiously at
Industrial producer prices in the euro area declined sharply in November. EUR/USD clings to modest daily gains slightly above 1.0600. “In November 2022, industrial producer prices fell by 0.9% in both the euro area and the EU, compared withOctober 2022,” Eurostat reported on Thursday. With this monthly decline, the annual rate declined to 27.1 in the
Composite PMI 49.0 vs 49.0 prelim Little change to the initial figures as the UK services sector flatlining more or less with overall business activity marginally lower in the final month of last year. The good news is that price pressures are lower but they do remain high from a historical perspective. S&P Global notes
Cardano price rose by almost 6% in the last 24 hours, bringing the price to $0.266. ADA could rise to $0.300 if buyers sustain the bullish momentum. If Cardano price fails to note growth and declines below $0.248, it would invalidate the bullish thesis. Cardano price managed to revive itself after forming two-year lows towards
I posted the official Chinese PMIs over the weekend: And the Caixin manufacturing PMI earlier this week: China’s COVID-19 surge is weighing on China’s economy. Services improved but remained in contraction. Services PMI for December 48.0 (vs. prior 46.7) Composite PMI is 48.3 (prior 47.0) From the report on the services PMI (in brief): Both
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Crude oil falls 5.3%. Largest decline since September 2022 The price of WTI crude oil futures tumbled 5.3% today. That was the largest move to the downside since September 7 when the price fell -5.73%. The low price today reached $72.79. That was just above the low of a swing area between $72.76 and $73.31
AUDJPY bounces sharply higher today The AUDJPY is having its best up day going back to June 2016. The pair has soared 2.85% (it did reach over 3.06% at the highs) on the day. Back in June of 2016, the pair had its largest most recent up day of 3.78%. The gains today were helped
USD/CHF failed to crack above 0.9400, exacerbating a fall beneath 0.9300. US Dollar weakness and the confluence of technical levels around 0.9370s stalled the USD/CHF rally. A daily close above 0.9250 could lift the USD/CHF back again, towards 0.9300. The USD/CHF struggles to clear the 0.9370 barrier, dives below the 20-day Exponential Moving Average (EMA),
USDCAD runs lower despite oils fall Riddle me this… Why is the CAD higher if the price of oil is down sharply? The CAD usually moves lower (USDCAD higher) with lower oil. Now that may not always be the case of course, but with oil a prize commodity, the Pavlovian reaction from traders is oil
Kevin McCarthy failed 3 times yesterday to secure enough votes (218) to become the Speaker of the House. The final tallies showed 19, 19 and then 20 defectors from his own party (votes were cast for Jim Jordan). McCarthy could only afford 4 defectors to secure the role of speaker given the make-up politically of
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Analysts at Societe Generale note that the US Dollar stages a broad retreat early Wednesday ahead of key data releases. Macro calendar picks up pace today “The brace of below forecast inflation data from France and Germany may not reshape policy tactics at the ECB but the speedier drop in prices will fuel hopes that
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Ethereum Market picture Bitcoin lost 0.5% on Tuesday but started Wednesday with a substantial gain, adding more than 1.3% to $16.8K. The current levels are one-week highs and send the price to the area above the 50-day moving average. These are new signs that the prolonged sideways slide is ending, and one should be prepared
Not quite the case in its entirety with oil being down by nearly 2% on the day, but it applies to almost everything else in broader markets. Equities are higher with European stocks leading the way, helped out by softer German and French inflation numbers this week. US futures are also slightly higher, so the
Bank of Japan (BoJ) Governor Haruhiko Kuroda said on Wednesday, the Japanese central bank will continue monetary easing to achieve price hikes in tandem with the wage growth target. Additional quotes “There are uncertainties this year such as inflation and pandemic.” “Japan economy to grow firmly and stably this year backed by accommodative monetary conditions.”
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