EUR/USD prints fresh bull cycle highs, on course for 5-day rally
EUR/USD bulls take on fresh bull cycle highs but bears are lurking. US CPI weakened the outlook for the US Dollar but a cohort of Fed speakers remain hawkish. Breakout traders could be feeling the heat of a sizeable correction in the coming sessions. EUR/USD has popped to a fresh bull high following the day’s Consumer […]
Policy rate will need to be higher for longer
St. Louis Federal Reserve leader James Bullard, following today’s Consumer Price Index data that came in as expected on the whole, besides the one exception on a monthly basis in the headline number, stated that the most likely scenario is inflation remaining above 2%, so the policy rate will need to be higher for longer. Key […]
Major currencies mostly little changed so far on the day
The dollar is mostly little changed with the ranges for some dollar pairs still leaving a lot to be desired. EUR/USD is flattish around 1.0737, holding within a 32 pips range so far on the day. GBP/USD and USD/CHF are also more or less flat and also observing 30+ pips range as we get European […]
NZD/USD bulls are tiring ahead of US CPI as the main event
NZD/USD bulls eye a test of resistance before Thursday’s CPI event that leaves the 0.6470s exposed. NZD/USD traders will be looking to the lower timeframes for signs of deceleration from the bulls that could lead to a break of 0.6200. NZD/USD is heading into the end of the North American session flat on the day so […]
Mexican peso hits its highest level in a month, looking at 19.00
US Dollar remains weak against Emerging Markets currencies. USD/MXN testing 2022 lows near 19.10, closer to 19.00. Bearish pressure to alleviate above 19.50 The USD/MXN is falling again on Tuesday as it continues to move with a bearish bias, approaching the 19.00 psychological area. Earlier today it bottomed at 19.08, the lowest level in a […]
Bears are lurking in critical resistance area
NZD/USD bulls coming up for ain ahead of the keyUS event. The price is on the backside of a daily trend, and the front side of the weekly/monthly bear trend. NZD/USD is higher by some 0.5% on the day so far and headed for a bullish close to starting the week. However, breakout traders chasing […]
AUD/USD prints a new five-month high above 0.6900 as the USD remains offered
AUD/USD climbs due to traders’ speculations that the US Federal Reserve would shift dovish. US 10-year Treasury bond yield continues to edge lower, eyeing the 3.50% threshold and weighing on the USD. AUD/USD Price Analysis: A daily close above 0.6900 can exacerbate a rally to 0.7000. The AUD/USD soars sharply above the 0.6900 figure on […]
Next target now comes at 1.2270 – UOB
In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, GBP/USD’s upside could retarget the 1.2270 area in the short term. Key Quotes 24-hour view: “We highlighted last Friday that ‘there is room for the weakness in GBP to extend to 1.1850 before stabilization is likely’. While GBP subsequently […]
AUD/USD soars sharply above 0.6850 on weak ISM data and offered US Dollar
AUD/USD surged on weak US ISM Services data, which contracted to its lowest since 2020. The US economy added more jobs than estimated while wage growth eases, helping the Federal Reserve’s job to tame inflation. Fed policymakers reiterated the need to curb inflation, emphasizing that they will stay the course. The Australian Dollar (AUD) rallied […]
EUR/USD uptrend in late 2022 to be replaced by pullbacks and choppy trading conditions – Rabobank
Although analysts at Rabobank are forecasting that the DXY index could end the year a little lower, they expect that 2023 will provide plenty of opportunities for USD bulls to become re-engaged. They retain a 1-month forecast of EUR/USD 1.05 and a 3-month forecast of EUR/USD 1.03. Key quotes: “The first trading week of the […]