The dollar remains in a decent spot on the week but major currencies are not really doing a whole lot. It is only the Japanese yen that is seen weakening mostly, with USD/JPY keeping at 161.60 levels currently. The pair is up 0.5% on the week thus far and is on course for a fourth
Month: July 2024
The USD/JPY pair holds its position near a 38-year high of 161.75. The Jibun Bank Japan Services PMI was revised downward to 49.4 in June, marking a reversal from May’s 53.8. The US Dollar edges higher due to a recovery in yield on 2-year Treasury bond. The Japanese Yen (JPY) continues to hold losses on
The major US stock indices are closing higher on the day with both the S&P and NASDAQ index closing a record levels. The Dow Industrial Average would also move higher and closer to it all time record high close at 40003.02. The final numbers are showing: Dow Industrial Average average rose 162.33 point or 0.41%
Canadian Dollar climbs across board despite Canadian PMI miss. Canada data remains thin on economic calendar until Friday’s labor data. Markets are gearing up for Friday’s US NFP print with preview data. The Canadian Dollar (CAD) recovered ground on Tuesday after CAD traders shrugged off a slight misfire from Canadian Purchasing Managers Index (PMI) figures.
The AUDUSD buyers remain in control with the price above the 100/200 bar MA on the 4-hour chart. Both those MAs come in at 0.6644. The price is currently near 0.6662. Going into the close – and into the new trading day – those MA will be the key barometer for the pair. Staying above
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The S&P index extended to a new session high at 5489.60, and in the process extended above the highest closing level at 5487.02 from June 18. The high intraday level was at 5523.64 reached on June 28. Meanwhile, the NASDAQ index as now up close to 100 points at 17981.45. After closing at a record
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
EUR/USD corrects to near 1.0720 as the US Dollar recovers despite weak US Manufacturing PMI data. Eurozone headline HICP softened expectedly in June, while core reading grew steadily. Investors await Fed Powell’s speech for fresh guidance on interest rates. EUR/USD remains on the backfoot, slightly above 1.0700 in Tuesday’s American session. The major currency pair comes under
The dollar showed much resilience in trading yesterday, despite a softer US ISM manufacturing report here. One of the reasons for that has been the continued climb in bond yields, with 10-year yields in the US rising to 4.49% overnight. It is settling around 4.45% so far today but that is still up 26 bps
Silver drifts lower during the Asian session on Tuesday and snaps a three-day winning streak. The mixed technical setup warrants some caution before placing aggressive directional bets. A sustained strength beyond the $30.00 mark is needed to negate any near-term negative bias. Silver (XAG/USD) struggles to capitalize on its modest gains registered over the past
The NASDAQ index is starting the 2H of the year with a solid gain after rising by 18.13% in the first half of 2024. The index is closing near highs for the day up 0.84% and at a new record closing level. Both the Dow industrial average and the S&P also rose to start the
USD/CHF rose to 0.9030, reaching late May’s highs. Fresh ISM PMI data showed contraction in the US manufacturing sector activity for June. The market odds for a September interest-rate cut by both the Fed and Swiss SNB have increased in the last session. On Monday, the USD/CHF pair rose significantly, driven by market anticipation of the
The NZDUSD is trading near session lows and in the process is testing its converged 100 and 200-day moving averages near 0.6068. When both the 100 and 200 day moving averages are converged, it represents a key risk/bias defining level for both buyers and sellers. Moving below with momentum and traders will target the 50%
Crude oil futures are settling at $83.38. That is up $1.84 or 2.26% on the day. The gain is the largest one day gain since June 10 when the index rose 2.93% and driven by expectations of higher summer demand and concerns over potential supply shortages due to OPEC+ production cuts. Oil prices increased by
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
It is election week in the UK, and the BBC poll tracker puts Labour at 40%, Conservatives at 20%, Reform UK at 16% and Liberal Democrats at 11%, ING analyst Francesco Pesole notes. GBP to continue relying on external drivers “There has, indeed, been very little doubt about a Labour landslide win, so the election
Fundamental Overview The USD started the week on the backfoot as the new month begins. The last week’s strength might have been influenced more by quarter-end flows rather than something fundamental as the economic data didn’t change interest rates expectations. Nonetheless, the data should continue to support the risk sentiment amid a pickup in growth
China’s Xi says willing to work with Australia European Central Bank President Lagarde speaking Monday Bitcoin back above US$63500 China Caixin Manufacturing PMI for June 2024 51.8 (expected 51.2, prior 51.7) Australian private survey of inflation, June 2024: +0.3% m/m (prior +0.3%) “Roaring Kitty” sued for Securities Fraud PBOC sets USD/ CNY reference rate for
Gold price trades with caution, kicking off a new week on Monday. The US Dollar stays weak amid PCE inflation-led dovish Fed bets, sluggish Treasury yields. Gold price looks south, as the daily RSI stays bearish and the 21-day SMA acts as a tough nut to crack. Gold price is treading water near $2,325 in