Share: Mexican Peso threatens to print a daily close below the 18.00 mark. Mexico’s economy shows resilience as Gross Domestic Product expands for the eighth quarter. USD/MXN continues to exchange hands above the crucial 18.00 level, with geopolitical risks and month-end flows impacting the pair. Mexican Peso (MXN) strengthened against the US Dollar (USD) late
Month: October 2023
Like many pairs today, the NZDUSD has seen up-and-down price action. For it, the pair fell in the Asian session, helped by weaker China data. The fall in the Asian session stalled just ahead of the 100-hour MA (blue line on the chart below). The run higher reached up to 0.5856, before tumbling in the
The major US stock indices have now erased earlier declines. Each of the indices are now higher on the day. Dow industrial average was down -141.85 points at session lows. It is currently up 46.45 points or 0.14% at 32974.63 S&P index was down -13.71 points at session lows. It is currently up 29 points
The AUDUSD moved higher yesterday, and in the process tested a downward-sloping trendline on the hourly chart connecting the high from October 11 and the high from October 25 (see red numbered circle 3 on the chart below). The price high also got close to the 50% midpoint of the October trading range near 0.6385.
The USD is now the strongest of the major currences The USD continues its run to the upside in the US session and is now the strongest of the major currencies. At the start of the New York session, the greenback was near the middle of the “strongest to the weakest” table with the rise
The USDCHF takes its clues from support holding at the 200-day MA. The price of the USDCHF, has surged to the upside away from that MA level over the last few hours as dollar buyers took more control in the forex market. That move took to the price above the 50% midpoint of the October
Share: BoJ delivers yield curve control (YCC) tweak. Economists at TD Securities analyze Yen’s outlook after BoJ’s Monetary Policy Statement. JPY’s fate lies in the hands of the USD and yield differentials once again The BoJ did tweak YCC by scraping the reference to the daily fixed rate buying operations, now viewing the 1% upper band not
10-year yields are now down 6 bps to 4.818% as lower yields are also pinning the dollar down in European morning trade thus far. It’s a mix of moods in markets, with the Japanese yen also sliding amid a less hawkish than anticipated BOJ and then the announcement that there was no Tokyo intervention this
The online prop firm space has exploded over the last few years, with traders all around the world having access to large trading accounts and earning more profits from the markets than ever before. The bulk of prop firms have focused on forex trading and the currency markets, however, there are now a number of
In the world of cryptocurrencies, there are two broad categories that coins fall into: regular coins and meme coins. Understanding the difference between these two types of coins is crucial for anyone interested in investing in or trading cryptocurrencies. Regular coins, also known as cryptocurrencies, are digital or virtual forms of currency that use cryptography
Trading is a diverse field with many different strategies and types of traders. Each type of trader has a unique approach to the markets, and their success depends on how well they can adapt their strategy to changing market conditions. Here are 16 types of traders and some tips for each one. Scalper: Scalpers make
USDCAD Fundamental Analysis US The Fed left interest rates unchanged as expected at the last meeting. The macroeconomic projections were revised higher, and the Dot Plot showed that the FOMC still expects another rate hike by the end of the year with less rate cuts projected in 2024. Fed Chair Powell reaffirmed their data dependency
Share: USD/CAD could revisit the yearly high on the back of weaker Crude oil prices. The decline in the Chinese PMI index could put pressure on the Oil-linked CAD. BoC Governor Macklem said that higher interest rates and subdued growth will have repercussions on the government’s spending. The decline in US Treasury yields undermines the US
China’s factory activity unexpectedly pulled back in October, dropping convincingly back into contraction. There was the week-long holiday at the beginning of the month but that was a known known factored into estimates. There had been some ‘green shoots’ of economic recovery in China, in the wake of a raft of government and central bank
Share: The key event during the Asian session will be the monetary policy decision from the Bank of Japan. Japan will also release Industrial Production, Unemployment Rate, and Retail Trade data. The New Zealand ANZ Business Confidence report is due, as well as Australia’s Private Sector Credit. Chinese NBS PMI figures are scheduled for release.
US dollar index The US dollar is near the session lows across the board today, in a reversal of the recent trend. Here are three reasons why: 1) Sell the fact on the Gaza ground invasion The events in the Middle East this month have been awful but when it comes to war, the fear
I was getting some pumpkins for the kids yesterday and a guy was loading up his truck with $4 grocery store pumpkins and bringing them downtown, where he said he was getting $15 for them. Lets hope he unloads the inventory before tomorrow. In any case, this clip always reminds me that seasonality is important
Last week, the risk sentiment started on a positive note at the beginning of the week due to the lack of a ground offensive in Gaza. Unfortunately, things went south from Wednesday onwards as Israeli PM Netanyahu delivered a speech where he said that they were preparing for a ground invasion. Moreover, the US Jobless
A position trader is a type of trader who holds a position in an asset for a long period, typically from months to years. Unlike day traders who make numerous trades every day, or swing traders who hold onto positions for days or weeks, position traders are more interested in the long-term performance of an
Share: Kit Juckes, Chief Global FX Strategist at Société Générale, analyzes USD/JPY outlook ahead of Tuesday’s Bank of Japan meeting. Fright-night for BoJ-watchers The BoOJ won’t hike rates, but we see a 50% chance that the de-facto cap on the 10-year JGB yield will rise from 1% to 1.5%. USD/JPY continues to track yield differentials,
Last week, the risk sentiment started on a positive note at the beginning of the week due to the lack of a ground offensive in Gaza. Unfortunately, things went south from Wednesday onwards as Israeli PM Netanyahu delivered a speech where he said that they were preparing for a ground invasion. Moreover, the US Jobless
The tech giant released its report for the first quarter of the 2024 financial year, and investors were pleasantly surprised by the stock’s substantial growth. In contrast, several other tech companies failed to impress market players with their earnings, leading to a decline in US stock indices. Let’s delve into the Microsoft report figures and
Economic confidence 93.3 vs 93.0 expected Prior 93.3; revised to 93.4 Industrial confidence -9.3 vs -9.5 expected Prior -9.0; revised to -8.9 Services confidence 4.5 vs 3.4 expected Prior 4.0; revised to 4.1 Euro area economic sentiment is little changed on the month, as the slowdown is going as expected in the region. The good
Last week, the risk sentiment started on a positive note at the beginning of the week due to the lack of a ground offensive in Gaza. Unfortunately, things went south from Wednesday onwards as Israeli PM Netanyahu delivered a speech where he said that they were preparing for a ground invasion. Moreover, the US Jobless
Share: Gold price holds Friday’s solid gains above $2,000, as geopolitics dominate. US Dollar steadies, as US bond market action holds the key in the Fed week. Gold price eyes more gains amid a potential Bull Cross. Bull Flag remains in play. Gold price has entered a phase of consolidation at the start of a
A huge beat on expectations for September retail sales from Australia. +0.9% m/m expected +0.3%, prior +0.2% all categories performing strongly Another data point that’ll surely add to the case for a Reserve Bank of Australia rate hike at next week’s policy meeting (on the 7th November). Australian Bureau of Statistics comments: the rise in
Share: Ethereum price has seen a near-15% ascent in the last since October 22. Despite the recent rally, ETH needs to hold above the $1,727 and $1,650 barriers to move higher. A daily candlestick close below $1,650 will invalidate the bullish thesis. Ethereum (ETH) price is in a good position after last week’s rally. But
UPCOMING EVENTS: Monday: Australia Retail Sales. Tuesday: Japan Jobs data, Japan Retail Sales and Industrial Production, Chinese PMI, BoJ Policy Decision, Swiss Retail Sales, Eurozone GDP and CPI, Canada GDP, US ECI, US Consumer Confidence, New Zealand Jobs data. Wednesday: Chinese Caixin Manufacturing PMI, US ADP, Canada Manufacturing PMI, US ISM Manufacturing PMI, US Job
Share: Shiba Inu price is colling down and is likely to continue its ascent. SHIB hints at a 10% rally to tag the bearish breaker’s lower limit at $0.00000871. A daily candlestick close below $0.00000752 will invalidate the bullish thesis. Shiba Inu (SHIB) price shows signs of exhaustion and a potential pullback scenario, which could
It’s tough to assess in exactly is happening in Gaza because electricity and communications have been largely cut off but it appears as though Israel’s ground offensive is underway. It came with an overwhelming number of airstrikes and reports of tanks entering in the northeastern corner of Gaza. In any case, it hasn’t expanded into
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