EUR/USD Tests Key Support Level as Focus Shifts to ECB and Economic Data
The EUR/USD currency pair is in a bit of a sticky situation. It’s currently hanging around the 1.0780 level, which is pretty important. It’s been at this level for about 5.5 months. Recently, there was a tiny bounce, but that excitement didn’t last long. Why? Well, the European Central Bank (ECB) folks didn’t drop any hints that they’re going to be super aggressive with their money moves. On the flip side, the US Dollar is flexing its muscles because of changes in interest rates and some big money events coming up in Europe and the US.
Philip Lane, who’s the big shot economist at the ECB, said that inflation data for August wasn’t looking so hot. But he also said we should chill a bit and wait for more data before we go making any big decisions. The ECB President, Christine Lagarde, is also all about keeping our expectations for inflation in check. Other bigwigs at the ECB think the same way.
Now, over in the US, things are looking up. The US job numbers (Nonfarm Payrolls) and what Moody’s thinks about US growth have people thinking that the US might get more serious about its money game. That’s been giving the Euro a hard time. Plus, folks in the market aren’t completely sold on what China is doing with its money, and there’s some tension between China and the US, which makes the US Dollar look even better.
Read More : http://tinyurl.com/y7xkaccs
Daily Forex News
Moderator: moderators
-
- rank: 500+ posts
- Posts: 613
- Joined: Tue Jan 08, 2019 7:53 am
- Reputation: 67
- Location: Marshall Islands
- Real name: Anu
- Gender:
- Contact:
Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.
Thank you for your support.
-
- rank: 500+ posts
- Posts: 613
- Joined: Tue Jan 08, 2019 7:53 am
- Reputation: 67
- Location: Marshall Islands
- Real name: Anu
- Gender:
- Contact:
Re: Daily Forex News
Chinese Property Stocks Fail to Ease Growth Concerns, Bears Control Asian Stock Market
The Asian stock market is not doing so well today. Even though China’s property stocks are getting better, the overall situation is not great. People who trade stocks are being careful because they saw big losses yesterday. They are also waiting for a report called the US ISM Services PMI.
A thing called the MSCI’s Index of Asia-Pacific shares (excluding Japan) has gone down by almost 1%. But in Japan, something called the Nikkei 225 has gone up by 0.75% in the morning.
Yesterday, a number for China’s Caixin Services PMI in August was not so good. It was 51.8, which is lower than the 54.1 from before. This made people worry about China’s economy. There is also a problem between the US and China, and the US Commerce Secretary talked about it. She said that the US will keep taxes on things from China until they look at it again in four years.
Read More : https://tinyurl.com/2x2vcunv
The Asian stock market is not doing so well today. Even though China’s property stocks are getting better, the overall situation is not great. People who trade stocks are being careful because they saw big losses yesterday. They are also waiting for a report called the US ISM Services PMI.
A thing called the MSCI’s Index of Asia-Pacific shares (excluding Japan) has gone down by almost 1%. But in Japan, something called the Nikkei 225 has gone up by 0.75% in the morning.
Yesterday, a number for China’s Caixin Services PMI in August was not so good. It was 51.8, which is lower than the 54.1 from before. This made people worry about China’s economy. There is also a problem between the US and China, and the US Commerce Secretary talked about it. She said that the US will keep taxes on things from China until they look at it again in four years.
Read More : https://tinyurl.com/2x2vcunv
-
- rank: 500+ posts
- Posts: 613
- Joined: Tue Jan 08, 2019 7:53 am
- Reputation: 67
- Location: Marshall Islands
- Real name: Anu
- Gender:
- Contact:
Re: Daily Forex News
NZD/USD Hovers Near November 2022 Lows at 0.5865-60
The NZD/USD pair is currently facing a tough challenge during the Asian trading session. It’s hovering around a level between 0.5865 and 0.5860, marking its lowest point since way back in November 2022. The main culprit behind this struggle is the strong US Dollar (USD), and the Federal Reserve (often referred to as the Fed) isn’t showing any signs of lowering interest rates anytime soon. This weighty situation has put significant pressure on the NZD/USD pair.
Recent positive news about the US economy has added to the pressure. A key indicator called the US ISM Non-Manufacturing PMI, which measures the health of service-based businesses like restaurants and stores, reached its highest level since February. This signals that the US economy is performing quite well. This positive news has led many to believe that the Fed might increase interest rates again this year. When the Fed does that, it’s generally good news for the US Dollar.
However, investors are growing increasingly concerned about a couple of factors. When interest rates rise, it can become more expensive for individuals and businesses to borrow money, potentially slowing down the economy. Moreover, there’s unease surrounding China’s economic slowdown. These concerns have collectively dampened the appetite for riskier assets, including the New Zealand Dollar, which is often affectionately called the Kiwi.
Read More : https://tinyurl.com/4vrajmhe
The NZD/USD pair is currently facing a tough challenge during the Asian trading session. It’s hovering around a level between 0.5865 and 0.5860, marking its lowest point since way back in November 2022. The main culprit behind this struggle is the strong US Dollar (USD), and the Federal Reserve (often referred to as the Fed) isn’t showing any signs of lowering interest rates anytime soon. This weighty situation has put significant pressure on the NZD/USD pair.
Recent positive news about the US economy has added to the pressure. A key indicator called the US ISM Non-Manufacturing PMI, which measures the health of service-based businesses like restaurants and stores, reached its highest level since February. This signals that the US economy is performing quite well. This positive news has led many to believe that the Fed might increase interest rates again this year. When the Fed does that, it’s generally good news for the US Dollar.
However, investors are growing increasingly concerned about a couple of factors. When interest rates rise, it can become more expensive for individuals and businesses to borrow money, potentially slowing down the economy. Moreover, there’s unease surrounding China’s economic slowdown. These concerns have collectively dampened the appetite for riskier assets, including the New Zealand Dollar, which is often affectionately called the Kiwi.
Read More : https://tinyurl.com/4vrajmhe
-
- rank: 500+ posts
- Posts: 613
- Joined: Tue Jan 08, 2019 7:53 am
- Reputation: 67
- Location: Marshall Islands
- Real name: Anu
- Gender:
- Contact:
Re: Daily Forex News
GBP/USD Recovers, Stays Below 1.2500
GBP/USD has seen a glimmer of hope after enduring three consecutive days of losses. In the Asian trading session on Friday, the currency pair made a modest recovery, hovering around the 1.2490 mark. This turnaround can be primarily attributed to a correction in the value of the US Dollar (USD), which had been enjoying an impressive winning streak for the past three days. The trigger for this correction can be traced back to a pullback in US Treasury yields. In particular, the 10-year US Treasury bond yields experienced a decline of 1.36%, resting at 4.22%, as compared to the previous day.
The recent US economic data has played a role in shaping the currency dynamics. On Thursday, the release of employment data revealed that Initial Jobless Claims had fallen to 216K on September 1st, a notable improvement from the previous figure of 229K. This exceeded expectations, as analysts had projected an increase to 234K. Additionally, in the second quarter (Q2), US Unit Labor Costs surged to 2.2%, a significant uptick from the previous 1.6%, contradicting earlier forecasts. These favorable economic indicators have been contributing to the strengthening of the US Dollar (USD).
The US Dollar Index (DXY), a gauge of the Greenback’s performance against six major currencies, is currently trading around the 104.90 mark. Although it remains below its highest level since April, which it reached on Thursday, the USD is displaying resilience.
Read More : https://tinyurl.com/s9ysfnuz
GBP/USD has seen a glimmer of hope after enduring three consecutive days of losses. In the Asian trading session on Friday, the currency pair made a modest recovery, hovering around the 1.2490 mark. This turnaround can be primarily attributed to a correction in the value of the US Dollar (USD), which had been enjoying an impressive winning streak for the past three days. The trigger for this correction can be traced back to a pullback in US Treasury yields. In particular, the 10-year US Treasury bond yields experienced a decline of 1.36%, resting at 4.22%, as compared to the previous day.
The recent US economic data has played a role in shaping the currency dynamics. On Thursday, the release of employment data revealed that Initial Jobless Claims had fallen to 216K on September 1st, a notable improvement from the previous figure of 229K. This exceeded expectations, as analysts had projected an increase to 234K. Additionally, in the second quarter (Q2), US Unit Labor Costs surged to 2.2%, a significant uptick from the previous 1.6%, contradicting earlier forecasts. These favorable economic indicators have been contributing to the strengthening of the US Dollar (USD).
The US Dollar Index (DXY), a gauge of the Greenback’s performance against six major currencies, is currently trading around the 104.90 mark. Although it remains below its highest level since April, which it reached on Thursday, the USD is displaying resilience.
Read More : https://tinyurl.com/s9ysfnuz
-
- rank: 500+ posts
- Posts: 613
- Joined: Tue Jan 08, 2019 7:53 am
- Reputation: 67
- Location: Marshall Islands
- Real name: Anu
- Gender:
- Contact:
Re: Daily Forex News
AUD/USD Surges Above 0.6420 Mark as USD Weakens and Hopes for US Soft Landing Increase
During the Asian session on Monday, the AUD/USD held above the 0.6400 area, with the Australian Dollar (AUD) benefiting from a weaker US Dollar and diminishing concerns about China’s deflation. Currently trading near 0.6425, the pair has gained 0.75% for the day.
Following the G20 Summit, US Treasury Secretary Janet Yellen expressed greater confidence that the US can effectively manage inflation without negatively impacting the job market. Yellen also stated that inflation indicators are decreasing, with no significant wave of layoffs. Chicago Fed President Austan Goolsbee also outlined the central bank’s objective of leading the economy towards a “golden path.” This scenario envisions falling inflation rates without causing a recession. Furthermore, Fed New York President John Williams emphasized the decline in inflation and the improving economic balance.
Based on the CME FedWatch Tool, the market has priced in a 93% probability of interest rates remaining unchanged at the September meeting and a 43.5% chance of a rate hike at the November meeting. Strong US economic data from last week supports the expectation of a sustained low-interest rate environment in the US. This could strengthen the US Dollar (USD) and limit the upside potential of the AUD/USD pair.
Read More : https://tinyurl.com/3bujyyh9
During the Asian session on Monday, the AUD/USD held above the 0.6400 area, with the Australian Dollar (AUD) benefiting from a weaker US Dollar and diminishing concerns about China’s deflation. Currently trading near 0.6425, the pair has gained 0.75% for the day.
Following the G20 Summit, US Treasury Secretary Janet Yellen expressed greater confidence that the US can effectively manage inflation without negatively impacting the job market. Yellen also stated that inflation indicators are decreasing, with no significant wave of layoffs. Chicago Fed President Austan Goolsbee also outlined the central bank’s objective of leading the economy towards a “golden path.” This scenario envisions falling inflation rates without causing a recession. Furthermore, Fed New York President John Williams emphasized the decline in inflation and the improving economic balance.
Based on the CME FedWatch Tool, the market has priced in a 93% probability of interest rates remaining unchanged at the September meeting and a 43.5% chance of a rate hike at the November meeting. Strong US economic data from last week supports the expectation of a sustained low-interest rate environment in the US. This could strengthen the US Dollar (USD) and limit the upside potential of the AUD/USD pair.
Read More : https://tinyurl.com/3bujyyh9
Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.
Thank you for your support.
-
- rank: 500+ posts
- Posts: 613
- Joined: Tue Jan 08, 2019 7:53 am
- Reputation: 67
- Location: Marshall Islands
- Real name: Anu
- Gender:
- Contact:
Re: Daily Forex News
GBP/JPY aims for 184.00 as UK employment data paints a mixed picture
During the Asian trading session on Tuesday, GBP/JPY exhibited a resilient upward trend, currently hovering around the 183.70 mark. The pair’s recent gains can be attributed to a nuanced assessment of the latest employment data emanating from the United Kingdom.
The Office for National Statistics unveiled key labor market indicators that stirred the forex landscape. To begin with, the ILO Unemployment Rate (3M) for July came in at 4.3%, marking a slight uptick from the previous reading. This figure, however, remained in alignment with market expectations, somewhat soothing trader sentiments. Conversely, the headline Employment Change for July left markets disheartened, recording a worrisome decline of 207,000 jobs, a stark contrast to the previous month’s modest growth of 66,000 positions. This disappointing plunge surpassed market forecasts, which had anticipated a more modest reduction of 185,000 jobs. On a brighter note, the Claimant Count Change for August displayed a positive shift, improving to 0.9K from the previous figure of 29K, signaling a potential turnaround in the UK labor market.
In parallel developments, Bank of England policymaker Catherine Mann injected a dose of optimism into the British Pound (GBP). Mann’s remarks suggested that it is premature for the central bank to halt its interest rate adjustments. She emphasized a proclivity towards pursuing a more aggressive rate-hiking strategy rather than ceasing these adjustments prematurely. Such hawkish commentary often resonates well with traders, providing support for the British Pound (GBP) and, by extension, the GBP/JPY pair.
Read More : https://tinyurl.com/2nr7ax8k
During the Asian trading session on Tuesday, GBP/JPY exhibited a resilient upward trend, currently hovering around the 183.70 mark. The pair’s recent gains can be attributed to a nuanced assessment of the latest employment data emanating from the United Kingdom.
The Office for National Statistics unveiled key labor market indicators that stirred the forex landscape. To begin with, the ILO Unemployment Rate (3M) for July came in at 4.3%, marking a slight uptick from the previous reading. This figure, however, remained in alignment with market expectations, somewhat soothing trader sentiments. Conversely, the headline Employment Change for July left markets disheartened, recording a worrisome decline of 207,000 jobs, a stark contrast to the previous month’s modest growth of 66,000 positions. This disappointing plunge surpassed market forecasts, which had anticipated a more modest reduction of 185,000 jobs. On a brighter note, the Claimant Count Change for August displayed a positive shift, improving to 0.9K from the previous figure of 29K, signaling a potential turnaround in the UK labor market.
In parallel developments, Bank of England policymaker Catherine Mann injected a dose of optimism into the British Pound (GBP). Mann’s remarks suggested that it is premature for the central bank to halt its interest rate adjustments. She emphasized a proclivity towards pursuing a more aggressive rate-hiking strategy rather than ceasing these adjustments prematurely. Such hawkish commentary often resonates well with traders, providing support for the British Pound (GBP) and, by extension, the GBP/JPY pair.
Read More : https://tinyurl.com/2nr7ax8k
-
- rank: 500+ posts
- Posts: 613
- Joined: Tue Jan 08, 2019 7:53 am
- Reputation: 67
- Location: Marshall Islands
- Real name: Anu
- Gender:
- Contact:
Re: Daily Forex News
USD/CAD Steady Above 1.3500s, Eyes on US CPI Report
In the early hours of Wednesday’s Asian trading session, the USD/CAD currency pair found itself in a stable position, hovering just above the mid-1.3500s range. This marks a phase of consolidation for the pair, following its recent descent to a one-and-a-half-week low that was recorded just the day before.
One of the key factors influencing the exchange rate dynamics in this context is the robust performance of crude oil prices. These prices have been on an upward trajectory, currently residing close to a 10-month high. The driving force behind this surge is the mounting concerns over tightening global supplies of oil. OPEC’s decision to implement deeper supply cuts, coupled with a surge in global demand, has set the stage for further tightening of oil markets throughout the year. In light of this, the Canadian dollar, often regarded as a petrocurrency due to its close correlation with oil prices, is experiencing a boost, while the US dollar is grappling with a muted performance. This divergence between the two currencies has effectively established a level of resistance for the USD/CAD pair.
As traders navigate these market dynamics, a notable event on the horizon is the impending release of the US consumer inflation figures, scheduled for later in the North American trading session. These figures are highly anticipated as they are expected to offer crucial insights into the Federal Reserve’s prospective plans regarding interest rate hikes. The outcome of this release is poised to significantly influence the directional course of the USD/CAD pair. Moreover, the prevailing sentiment among investors is one of confidence in the Federal Reserve’s commitment to maintaining a hawkish stance and prolonging higher interest rates. This sentiment is partly rooted in the recent string of positive macroeconomic data emanating from the United States, coupled with inflation that has shown a slower-than-expected pace of increase. These factors collectively lend support to the notion of further monetary policy tightening in the near future.
Read More : https://t.ly/79dPm
In the early hours of Wednesday’s Asian trading session, the USD/CAD currency pair found itself in a stable position, hovering just above the mid-1.3500s range. This marks a phase of consolidation for the pair, following its recent descent to a one-and-a-half-week low that was recorded just the day before.
One of the key factors influencing the exchange rate dynamics in this context is the robust performance of crude oil prices. These prices have been on an upward trajectory, currently residing close to a 10-month high. The driving force behind this surge is the mounting concerns over tightening global supplies of oil. OPEC’s decision to implement deeper supply cuts, coupled with a surge in global demand, has set the stage for further tightening of oil markets throughout the year. In light of this, the Canadian dollar, often regarded as a petrocurrency due to its close correlation with oil prices, is experiencing a boost, while the US dollar is grappling with a muted performance. This divergence between the two currencies has effectively established a level of resistance for the USD/CAD pair.
As traders navigate these market dynamics, a notable event on the horizon is the impending release of the US consumer inflation figures, scheduled for later in the North American trading session. These figures are highly anticipated as they are expected to offer crucial insights into the Federal Reserve’s prospective plans regarding interest rate hikes. The outcome of this release is poised to significantly influence the directional course of the USD/CAD pair. Moreover, the prevailing sentiment among investors is one of confidence in the Federal Reserve’s commitment to maintaining a hawkish stance and prolonging higher interest rates. This sentiment is partly rooted in the recent string of positive macroeconomic data emanating from the United States, coupled with inflation that has shown a slower-than-expected pace of increase. These factors collectively lend support to the notion of further monetary policy tightening in the near future.
Read More : https://t.ly/79dPm
-
- rank: 500+ posts
- Posts: 613
- Joined: Tue Jan 08, 2019 7:53 am
- Reputation: 67
- Location: Marshall Islands
- Real name: Anu
- Gender:
- Contact:
Re: Daily Forex News
XAG/USD Vulnerable, Aiming for $22.20-$22.10 Retest
Silver witnessed a fleeting upward movement during the Asian trading session, attempting to breach the pivotal $23.00 level. However, this surge was short-lived, with silver unable to maintain the momentum required to sustain a position above this critical threshold. Delving into the intricacies of this price action, the breach below the $22.85-$22.80 support range signifies a significant shift in market sentiment that leans decidedly bearish. This sentiment is further corroborated by closely examining the oscillators on the daily chart, which appear to signal the potential for further downward movement.
The repercussions of this bearish sentiment set the stage for a testing period for silver as it gears up for a retest of the robust support zone in the $22.20-$22.10 range. In more pessimistic scenarios, the price could venture even lower, extending its downward trajectory to the $21.25 region.
In the event of a shift in momentum favoring the upside, silver would encounter various resistance levels. Initially, surpassing the psychological hurdle at $23.00 would be met with a resistance barrier of around $23.20. Further upward momentum would then contend with the presence of the 200-day Simple Moving Average, a key technical indicator, which is situated within the $23.45-$23.50 range. Beyond this, the 100-day SMA would pose another formidable obstacle at approximately $23.80, closely followed by the psychologically significant $24.00 level.
Read More : https://tinyurl.com/3ydhtwwy
Silver witnessed a fleeting upward movement during the Asian trading session, attempting to breach the pivotal $23.00 level. However, this surge was short-lived, with silver unable to maintain the momentum required to sustain a position above this critical threshold. Delving into the intricacies of this price action, the breach below the $22.85-$22.80 support range signifies a significant shift in market sentiment that leans decidedly bearish. This sentiment is further corroborated by closely examining the oscillators on the daily chart, which appear to signal the potential for further downward movement.
The repercussions of this bearish sentiment set the stage for a testing period for silver as it gears up for a retest of the robust support zone in the $22.20-$22.10 range. In more pessimistic scenarios, the price could venture even lower, extending its downward trajectory to the $21.25 region.
In the event of a shift in momentum favoring the upside, silver would encounter various resistance levels. Initially, surpassing the psychological hurdle at $23.00 would be met with a resistance barrier of around $23.20. Further upward momentum would then contend with the presence of the 200-day Simple Moving Average, a key technical indicator, which is situated within the $23.45-$23.50 range. Beyond this, the 100-day SMA would pose another formidable obstacle at approximately $23.80, closely followed by the psychologically significant $24.00 level.
Read More : https://tinyurl.com/3ydhtwwy
-
- rank: 500+ posts
- Posts: 613
- Joined: Tue Jan 08, 2019 7:53 am
- Reputation: 67
- Location: Marshall Islands
- Real name: Anu
- Gender:
- Contact:
Re: Daily Forex News
USD Index Corrects Lower to 105.30, Awaits Data
The USD Index (DXY), measuring the greenback against its major counterparts, experiences a slight retreat, trading around the 105.30 level at the week’s end. This decline comes after three consecutive daily gains that followed Thursday’s peak in the 105.40/45 range.
The subdued risk appetite across global markets puts pressure on the US dollar. European markets open with caution, still digesting the outcomes of the recent ECB meeting. Additionally, US yields, which rose on Thursday, are poised to continue their advance.
Market sentiment surrounding the Federal Reserve’s upcoming actions is undergoing a shift. Bets on a 25 basis point rate hike in November are waning, while speculation about interest rate cuts in the second quarter of the next year gains traction.
On the economic calendar, the US is set to release data on Export/Import Prices, followed by reports on Industrial/Manufacturing Production, Capacity Utilization, and the preliminary figures for Consumer Sentiment for the current month.
Read More : https://tinyurl.com/mrxrsbut
The USD Index (DXY), measuring the greenback against its major counterparts, experiences a slight retreat, trading around the 105.30 level at the week’s end. This decline comes after three consecutive daily gains that followed Thursday’s peak in the 105.40/45 range.
The subdued risk appetite across global markets puts pressure on the US dollar. European markets open with caution, still digesting the outcomes of the recent ECB meeting. Additionally, US yields, which rose on Thursday, are poised to continue their advance.
Market sentiment surrounding the Federal Reserve’s upcoming actions is undergoing a shift. Bets on a 25 basis point rate hike in November are waning, while speculation about interest rate cuts in the second quarter of the next year gains traction.
On the economic calendar, the US is set to release data on Export/Import Prices, followed by reports on Industrial/Manufacturing Production, Capacity Utilization, and the preliminary figures for Consumer Sentiment for the current month.
Read More : https://tinyurl.com/mrxrsbut
-
- rank: 500+ posts
- Posts: 613
- Joined: Tue Jan 08, 2019 7:53 am
- Reputation: 67
- Location: Marshall Islands
- Real name: Anu
- Gender:
- Contact:
Re: Daily Forex News
EUR/GBP Surges Above 0.8600, Focus on Fed and BoE Choices
EUR/GBP has continued its upward trajectory, making gains for the second consecutive day and currently trading at around 0.8610 during the European trading session on Monday. This surge in the currency pair can be attributed in part to the recent statements made by Christine Lagarde, the President of the European Central Bank (ECB), which have bolstered market confidence.
Lagarde’s remarks on Friday were particularly noteworthy, as she indicated that ECB policymakers had not contemplated the implementation of further rate cuts. Furthermore, she emphasized the central bank’s commitment to maintaining interest rates at elevated levels for an extended period and expressed a willingness to raise rates if deemed necessary. This stance has reassured investors and traders alike, contributing to the Euro’s strength.
Commerzbank economists have also weighed in on the aftermath of the ECB’s recent rate decision. According to their analysis, the ECB’s move to signal the suspension of rate hikes aligns with market expectations. Nevertheless, it carries a degree of risk as it hints at a potentially less hawkish stance on monetary policy, which could impact the Euro’s performance in the coming days.
Read More : https://tinyurl.com/377jf8ve
EUR/GBP has continued its upward trajectory, making gains for the second consecutive day and currently trading at around 0.8610 during the European trading session on Monday. This surge in the currency pair can be attributed in part to the recent statements made by Christine Lagarde, the President of the European Central Bank (ECB), which have bolstered market confidence.
Lagarde’s remarks on Friday were particularly noteworthy, as she indicated that ECB policymakers had not contemplated the implementation of further rate cuts. Furthermore, she emphasized the central bank’s commitment to maintaining interest rates at elevated levels for an extended period and expressed a willingness to raise rates if deemed necessary. This stance has reassured investors and traders alike, contributing to the Euro’s strength.
Commerzbank economists have also weighed in on the aftermath of the ECB’s recent rate decision. According to their analysis, the ECB’s move to signal the suspension of rate hikes aligns with market expectations. Nevertheless, it carries a degree of risk as it hints at a potentially less hawkish stance on monetary policy, which could impact the Euro’s performance in the coming days.
Read More : https://tinyurl.com/377jf8ve
Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.
Thank you for your support.