The EURUSD is running to a new high for the day up to 1.10597. That has now taken the price of the pair above its 200-hour MA at 1.10563. Traders will be looking for more upside momentum on the break. The price is also moving away from the 100-hour MA AND the broken 38.2% of
Month: September 2024
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
The USDCAD is finding buyers against its rising 100 hour moving average currently at 1.35756 (see rising blue line on the chart below). Stay above that moving average will keep the buyers more in control. Also in play is a 200 day moving average at 1.35889. On the topside, there is work to do to
Bitcoin price bounces off from $56,000 daily support level, eyeing for a rally ahead. US Spot ETFs record mild outflows of $43.90 million on Wednesday. Technical indicators and on-chain data point to a rally ahead. Bitcoin (BTC) price trades slightly higher around $58,000 on Thursday after finding support around the $56,000 level on Wednesday, supported
Fundamental Overview Yesterday, we got the US CPI report and, although as expected it didn’t have the same large impact as it used to, the core m/m figure surprised to the upside. The data triggered a repricing in interest rates expectations with the market now seeing just a 13% probability of a 50 bps cut
In FX, the changes are light overall with dollar pairs keeping in relatively narrow ranges thus far today. The euro is in focus amid the ECB later but there shouldn’t be any real surprises from the decision itself. EUR/USD is trapped today in a 17 pips range and understandably so. The pair has very large
As the US elections draw near, the financial markets are bracing for potential volatility, presenting both opportunities and challenges for traders. To help navigate this crucial period, Tickmill, a multi-asset broker that prides itself on being founded by traders for traders, has launched the US Elections – Traders Hub, a comprehensive resource tailored to meet
The Indian Rupee may receive support from expected foreign inflows into domestic equities following US Consumer Price Index data. Traders expect RBI interventions to prevent the INR from weakening beyond the 84.00 level. The US inflation report has increased the odds of a 25-basis points rate cut by the Fed in September. The USD/INR pair
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
Mexican Senate passes controversial judicial reform, but Peso recovers as investors focus on potential Fed easing cycle. USD/MXN drops 1.63% with investors pricing in an 85% chance of a 25 bps rate cut at the Fed’s September meeting. US inflation data raises doubts over a 50 bps rate cut, while the US economic docket featuring
The USDCHF has moved higher today and in the process, has stretched toward the 38.2% of the move down from the mid-August swing high. That retracement level comes in at 0.8517, and that is where sellers started to lean against of earlier today and on the most recent hourly bar. Getting above that level would
The NASDAQ index fell -238.04 point at session lows today. It is now flipped that decline and transact 244.18 points or up 1.43% at 17269.. That is quite a reversal The move back to the upside has taken the price back above its 100- day moving average at 17158.57 (blue line on the chart above).
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
Bitcoin price approaches the $56,022 support level; if it holds, recovery could continue. US Bitcoin Spot ETF data recorded a second consecutive day of inflows, of $117 million on Tuesday. On-chain data paints a bullish picture with miners reducing selling pressure, negative Exchange flow balance, and decreasing supply on exchanges. Bitcoin (BTC) retraces slightly on
Fundamental Overview Last Friday, the Russell 2000 sold off following the weaker than expected NFP report even though the details were better than the prior month. The technical break below the key support around the 2120 level eventually increased the bearish momentum. The market has become very sensitive to soft growth and labour market data.
Treasuries are keeping strongly bid so far this week and we’re seeing some key levels being challenged. 10-year yields are down to their lowest since June last year, down to 3.61% currently. Meanwhile, 2-year yields are down to their lowest in almost two years as it falls by nearly 5 bps today to 3.56% now:
Not everyone invests in the financial markets, but our lives and well-being are often influenced by what happens in them, especially regarding currencies. Maybe not always directly, but still. For example, when a currency depreciates, imported goods become more expensive, increasing overall inflation. This, in turn, can lead to a reduction in real wages as
EUR/JPY drifts lower for the second successive day and drops to over a one-month low. A softer risk tone, along with BoJ rate hike bets, boosts the JPY and exerts some pressure. Dovish ECB expectations contribute to the slide and support prospects for further losses. The EUR/JPY cross attracts sellers for the second successive day
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
Ripple stablecoin prepares for launch in the next few weeks, according to CEO Brad Garlinghouse. RLUSD could benefit XRP through stablecoin gas transaction activity, says analyst. XRP trades at $0.53, corrects slightly on Tuesday. Ripple (XRP) recently announced the launch of its stablecoin project, Ripple USD (RLUSD). In an interview at Korea Blockchain Week in
The US yields are trading at new session lows. The two-year is trading at 3.598%. That’s the lowest level going back to March 2023. The 10 year yield is an 3.642%. That’s its lowest level going back to June 2023. The low in yields has the USDJPY also extending back toward session lows for the
High Yield:3.440% Previous: 3.81% WI Level at the time of the auction: 3.457% Tail: -1.7 bs Previous: -0.2bps Six-auction average: 0.1bps Bid-to-Cover: 2.66X Dealers:10.45% Directs (a measure of domestic demand):11.3% Indirects (a measure of international demand):78.24% AUCTION GRADE: A Details: The International buyers showed up and crowded out the other bidders. The international buyers took
The major US stock indices have seen a run lower over the last hour or so of trading. The move lower now has the Dow down around -400 points or 1%. It was up 134 points at session highs. The S&P is down -23.36 points or -0.42%. At highs the index was up 24.08 points
The Pound Sterling adds nominal gains against the US Dollar after the release of mixed UK labor market data. An expected decline in the UK wage growth would prompt BoE interest rate cut prospects for this month. Investors await the US inflation data for fresh guidance on the Fed interest rate cut path. The Pound Sterling
Fundamental Overview It’s been a brutal month for crude oil as renewed growth fears pushed the market into new lows. The negative supply news from Libya and Iraq, and the delay by OPEC+ to increase production from October didn’t help much to slow down the bearish momentum. The markets have been waiting for the US
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
NZD/USD struggles to attract any meaningful buyers amid some follow-through USD strength. Reduced bets for a 50 bps Fed rate cut in September push the USD closer to the monthly top. Traders now look to Chinese trade data, though the focus remains on US CPI on Wednesday. The NZD/USD pair remains under some selling pressure
National Australia Bank monthly survey of business, for August 2024 Business Confidence -4, lowest for the year so far Business Conditions +3 prior +6 conditions to the lowest in 2-1/2 years employment index came in at +1, sharply down from +7 in July Inflation indicators: growth in labour costs quarterly rate of +1.7% (from July’s
· Why have Gold prices risen to record highs? · Federal Reserve rate cut expectations · Safe haven demand amid geopolitical uncertainty · Central bank buying · Trading Gold with PXBT Gold prices have been on a tear this year, rising for seven straight months. The precious metal trades 21% higher year to date, reaching
The US Dollar added to Friday’s strong recovery despite US yields trading mostly on the back foot, all against the backdrop of steady expectations of a rate cut by the Fed later in the month. Here is what you need to know on Tuesday, September 10: The US Dollar Index (DXY) rose to three-day tops