According to analysts at ING, GBP/USD is currently fluctuating below the 1.2300 level after the Bank of England's recent decision to raise the policy rate by 25 basis points. The economists predict that the pair will soon test the key resistance levels of 1.2420 and 1.2500. Despite the rate hike, the Bank of England did not provide much guidance in their...
According to the latest updates from CME Group on gold futures markets, there has been a notable surge in open interest, which rose by approximately 11.2K contracts on Thursday, reversing the two consecutive daily declines. Furthermore, volume has also experienced a similar increase, going up by around 33.4K contracts after a streak of three consecutive daily...
The USD/CAD currency pair is currently trading in a tight range, as it is influenced by a combination of factors. The Loonie, as it is also known, is being supported by a recent uptick in oil prices, which has increased due to fears of potential supply disruptions in the Middle East. This has acted as a headwind for the USD/CAD pair, which is also being weighed...
GBP/JPY is experiencing a decline from a one-week high and a fading corrective bounce off 160.80. The drop to 161.00 is in response to the decline of Treasury bond yields and the general weakness of the British Pound ahead of the Bank of England's monetary policy announcement on "Super Thursday." Following the US Federal Reserve's and US Treasury's announcements,...
On Thursday, EUR/USD remained strongly bullish and showed no signs of slowing down. The pair managed to hit fresh 7-week highs, testing the 1.0930 level. This consistent upward trend can be attributed to the persistent selling pressure on the US dollar, which resulted in the USD Index (DXY) hitting multi-week lows, falling below the 102.00 level earlier in the...
Bitcoin and other cryptocurrencies experienced a decline on Thursday after a selloff on Wednesday, following the Federal Reserve's latest interest-rate hike. Despite the setback, cryptocurrency traders predict that the digital asset rally will continue, albeit with a temporary pause. Over the past 24 hours, the price of Bitcoin has fallen by 1.5%, reaching...
Gold prices surged after the March 22 Federal Open Market Committee (FOMC) meeting, with the precious metal reaching a peak of $1,978. This was mainly due to the US Federal Reserve's indication that it would probably not raise rates as much as previously expected in the future, as tighter credit conditions caused by banking stress could bring down inflation. This...
During early trading on Thursday, the USD/CAD pair saw a decline, hitting its intraday low near 1.3700. This came after a two-day absence, as the US Dollar weakened and oil prices increased. The US Dollar Index (DXY) saw its sixth consecutive day of decline, with bears pushing the index towards the 102.30 mark. This decline occurred despite the Federal Reserve's...
There are mixed signals regarding the EUR today. On one hand, the FOMC announcement could trigger a recovery in the USD, which would likely have a negative impact on the EUR/USD pair. On the other hand, there are positive developments in the European market, specifically in terms of efforts to contain adverse side-effects of the UBS-CS deal, which could boost...
The price of gold is currently below $1,950 and may see a bullish trend as XAU/USD bulls may make one last attempt to rise before the Federal Reserve meets. Mehta suggests that for any recovery to occur, gold would need to be accepted above the psychological level of $1,950 and reach the previous resistance level of $1,960. If the Federal Reserve adopts a dovish...
The USD/JPY pair is experiencing a lack of clear direction on Wednesday and is trading within a narrow range. The subdued performance of the US dollar is holding back the pair, while a positive risk sentiment is providing some support. Traders seem hesitant and are waiting for the highly-anticipated FOMC decision. The USD/JPY pair is struggling to build on the...
WTI is set to end its second week in negative territory and trades close to levels seen earlier this month. The decline in crude prices can be attributed to Russia's recent output and export cuts announcement, as well as a decrease in demand for oil in the US, evident from the accumulation of inventory over the past week. However, renewed optimism surrounding...
What to Expect for EUR Today: German ZEW Economic Sentiment and ECB President Lagarde's Speech Today, the EUR may face downward pressure as the German ZEW Economic Sentiment is predicted to drop from 28.1 to 14.9. This could lead to reduced foreign investment and a weaker euro. Regarding the central bank's notes, the ECB raised interest rates by 50 basis points to...
Danske Bank economists maintain their strategic case for a lower EUR/USD, predicting the pair to reach 1.02 in the next six-to-twelve months. They argue that this will be driven by tighter financial conditions, relative rates, and asset demand, along with new energy and real rate shocks. In this article, we will explore Danske Bank's reasoning for this forecast...
Gold is one of the most popular investments globally, particularly during times of economic and political instability. As a precious metal, its value is widely recognized and it is considered a safe-haven asset. Gold prices are affected by a range of factors, including economic and political events, market trends, and demand and supply dynamics. In this article,...
Introduction The USD/CAD currency pair is a popular currency pair traded in the forex market. The pair represents the US dollar against the Canadian dollar, with fluctuations in exchange rates being influenced by a range of factors including global economic trends, political events, and interest rates. This article discusses the recent reversal of early losses by...
AUD/USD Takes a Leg Higher in Early Asian Trading: A Look at the Factors Driving Risk Appetite In early Asian trading, AUD/USD saw a surge in risk proximity, hitting the 0.6730 mark before retracing and trading unchanged. This movement was accompanied by a broader expansion of risk appetite, particularly in high beta currencies, thanks to coordinated efforts from...
Hello there! If you're a fan of blockchain-based tokens and are considering investing in cryptocurrencies, you might want to consider purchasing the "progenitor" of cryptocurrencies, Bitcoin. Although cryptocurrencies are generally known for their volatility, investing in an expensive token like Bitcoin can somewhat reduce that volatility compared to low-cost...