EUR/USD has gradually corrected towards the level of 1.0900, as investors have become anxious prior to the release of the Eurozone HICP and US PCE Price Index data. The Federal Reserve policymakers have continued to support rate hikes to counteract the persistently high US inflation. Additionally, the European Central Bank has announced plans for more rate hikes...
The Canadian economy has rebounded sharply at the start of the new year. In fact, industry-level GDP surpassed market expectations, rising by 0.5% in January. Moreover, there was a broad-based growth in all sectors, leading to new projections of a 0.3% increase in GDP in February. Despite the positive news, the CAD has remained largely stable. This could be due...
The price of gold is fluctuating within a bullish chart pattern that has been in place for the past two weeks. Recently, there has been a lack of momentum, but the decrease in concerns regarding a banking crisis, along with a weaker US Dollar, has led to an increase in demand for gold. This, combined with hopes of positive core inflation data from the Eurozone and...
EUR/USD Reverses Recent Gains as Greenback Gains Strength Ahead of Key Data Releases After four consecutive daily advances, the EUR/USD has given up some ground at the end of the week. The German docket's disappointing results, combined with renewed buying interest in the greenback, have contributed to the reversal of the recent multi-session upside. Despite...
The GBP/USD currency pair is aiming to re-test its two-month high of 1.2448 during the Asian session, as market sentiment remains optimistic. Despite expectations of the Federal Reserve (Fed) maintaining a steady monetary policy, the Cable is attracting bullish bets. The US Dollar Index (DXY) is currently defending the 102.20 support level, as the receding fears...
The GBP/USD pair is expected to continue its upward trend with the next noteworthy target at the 1.2400 region. In our analysis yesterday, we noted that despite the recent gains, there was no significant increase in the upward momentum. However, we also mentioned that there was still some room for GBP to rise to 1.2370 before the possibility of a pullback arose....
Today, market analysts will be closely observing the preliminary inflation readings for March in Germany and Spain. The first readings of the Consumer Price Index (CPI) are in the spotlight. The German figures are expected to garner greater interest, with a projected deceleration from 8.7% to 7.3% in the headline rate. The Spanish numbers have recently triggered...
The ECB's leadership in the "tightening race" allows us to expect a continued EUR/USD rally within the upward channel in the near future. The minimum target is the March high of 1.091, followed by a retest to the area of 1.10, where there was strong resistance to the sharp improvement in the macroeconomic backdrop in the United States at the beginning of February:...
After building a Double top near $2000, Gold's price pulled back to the $1960 region at a point of convergence with the 61.8% Fibonacci level, and our current thought is about a fresh Long setup to return to the value of $1990.
The pace of the pullback in gold prices has intensified following the announcement that First Citizens Bank has acquired Silicon Valley Bank (SVB). The rise in US Treasury yields and reduced demand from India are adding further downward pressure on the price of gold. Despite the current uptrend, a double TOP formation is posing a threat with the neckline at a key...
According to the latest updates, the Euro (EUR) has traded above the 1.08 mark against the US Dollar (USD). ING, a prominent economic institution, predicts that the EUR/USD pair will steadily rise and reach the 1.10 level. Isabel Schnabel, a member of the European Central Bank (ECB) governing council, reinforced her hawkish stance during a recent statement....
The NZD/USD pair has shown signs of recovery after hitting a low of 0.6181, which was the result of the ongoing banking crisis causing nervousness in the market. The New Zealand dollar has struggled recently due to the impact of bank stress on risk appetites. However, positive news surrounding the Silicon Valley Bank (SVB) deal and the Federal Deposit Insurance...
The GBP/USD pair has once again hit an intraday high as bullish sentiment continues for a second day. Optimism around Brexit and hawkish comments from Bank of England Governor Andrew Bailey have propelled the British Pound. Meanwhile, the US Dollar is being weighed down by fears of banking fallouts, mixed Federal Reserve talks, and downbeat yields. GBP/USD is...
According to economists at Commerzbank, the Euro (EUR) is expected to gain some value against the US Dollar (USD) towards the end of the year as the US moves closer to rate cuts. The Federal Reserve is expected to commence cutting rates again in early 2024, which is likely to reduce the demand for the USD's 'safe haven' property as market concerns subside. As a...
GBP/USD has continued its two-week upward trend and hit an intraday high near 1.2250 at the beginning of the week. The rise is attributed to fears of a US recession and positive news from the UK, including hopes for more economic measures to support energy companies from PM Sunak. However, the Cable pair buyers are being tested by cautious sentiment ahead of the...
According to ING economists, the EUR/USD pair has retreated after surpassing the 1.0900 mark. Nevertheless, they anticipate that the pair will reach the level of 1.1000 in the near future. Today, market focus will be on the PMI readings in the Eurozone. ING predicts that the survey will stabilize around the figures from February. Unless there are any major...
For the third consecutive day, USD/JPY is experiencing heavy selling pressure, pushing the pair lower. The anticipation of a hawkish shift by the Bank of Japan (BoJ) is increasing demand for the Japanese Yen, thus contributing to the downward trend. However, some follow-through USD buying may offer some support to the pair, helping to limit further losses. During...
Silver is currently consolidating after a strong move upwards on the previous day, reaching its highest level since February. The technical setup favors bullish traders and supports the potential for additional gains. Even if there is a pullback below the 61.8% Fibo, it is likely to attract fresh buyers and remain limited. The white metal is hovering above the...