ScopeMarkets

ScopeMarkets

The pound has been hit hard today, following a raft of European PMI surveys which included declines for both services and manufacturing figures in the UK. Economic weakness to some extent can be viewed through the prism of potential implications on monetary policy, with the Bank of England perhaps more hesitant to enact a 50-basis point hike should they face a...

ScopeMarkets

The sharp decline in UK headline inflation seen on Wednesday brought widespread selling pressure for the pound, with GBPCHF no exception. That welcome decline saw CPI fall to 7.9% for June, following an 8.7% May reading. However, traders should be cautious about jumping straight on the bearish bandwagon for the pound. Adjustments over market pricing appear to have...

ScopeMarkets

The Canadian Dollar will be looking to score another performance against the US dollar as it aims to force the price below a multi-week trendline that has sustained the bullish trajectory. Analyzing the fundamentals for both currencies keeps the US dollar at a disadvantage with the latest economic data (NFP, CPI) indicating that the Fed could pause on its...

05:38

ScopeMarkets

Efforts from the PBoC to stabilise the Yuan have helped stifle the USDCNH bulls for now, but questions remain over whether this short-term shot in the arm for the Yuan will have longevity. With wider efforts to help improve FX inflows and business confidence, there is a feeling that we will continue to see the Chinese government and central bank intervene where...

ScopeMarkets

The EV company’s stock has risen by +12.06 this year as it is set to deliver its Q2 report after the bell. Recently, investors were excited about the company’s achievement when it reported that it produced its first Cybertruck after 4 years when it unveiled the prototype. This has seen Tesla’s stock accumulate about +4.25% gains heading into today’s earnings...

03:16

ScopeMarkets

Gold has pushed up through trendline resistance today, following a period of consolidation that has dominated much of the past week. With price heading up towards the crucial $1983 resistance level, the bulls appear to be ready for another push. Scope's Chief Market Analyst Joshua Mahony highlights how the inverse correlation between gold and the dollar provides a...

ScopeMarkets

The Yuan has come under pressure in early trade today, driven primarily by a raft of concerning economic data points out of China. From a growth perspective, the year-on-year GDP figure of 6.3% came well below the 7.1% widely forecast. Meanwhile, underwhelming declines in both fixed asset investment and retail sales dampened the outlook for growth going forward....

04:33

ScopeMarkets

The Yen has enjoyed a rare period of strength of late, with falling inflation levels bringing US CPI below the headline rate in Japan. That has brought some buying pressure for the Yen, which has enjoyed its best two-week period of the year thus far. That being said, European inflation remains an issue that is yet to be solved. Thus, the pullback into trendline...

ScopeMarkets

Today sees the all-important inflation release out of the US, with markets expecting to see a substantial decline from 4% to 3.1% in headline CPI. Such a move could provide a significant boost to market sentiment, driving further equity upside and dollar weakness. However, it is worthwhile noting the impact 'base effects' are going to play in the months ahead. The...

ScopeMarkets

Traders are gearing up for tomorrows RBNZ rate decision, with the New Zealand dollar reversing some of its recent strength. Coming off the back of 12 consecutive rate hikes, the RBNZ look set to finally bring that tightening phase to an end. While Canadian inflation has certainly been brought under control to a greater degree than is the case in New Zealand, the...

03:50

ScopeMarkets

The Norwegian Krone has been outperforming over the course of the past week, with yesterdays inflation reading bringing greater pressure on the Norges bank to raise rates further. Scope Market Chief Market Analyst Joshua Mahony looks at CADNOK as an interesting opportunity after a six-month period of strength. The divergence between Canadian and Norwegian...

ScopeMarkets

Gold prices have started the week with a slide from $1935 resistance after taking advantage of the US dollar affected by poor jobs report. A closer look at the price action indicates its upward movement is limited as the descending trendline running from May 2023 is still intact. With the price already experiencing a range-bound situation, A break below $1893...

03:16

ScopeMarkets

US crude oil has been on the rise over recent days, with the Saudi production announcement bringing upside for energy markets. However, that rebound takes price into a key Fibonacci resistance level, bringing a risk of another bearish turn to maintain the two-month consolidation in place. With the OPEC meeting kicking off today, and inventories data up ahead,...

ScopeMarkets

USDCAD is currently looking to hold on to the 1.3200 price level to keep its bullish momentum alive. After failing to reach 1.3300, the price has steadily declined with lower highs spotted on the 4-hour time frame. A price break below 1.3200 support could see the price drift towards 1.3120 which was the low of June.

07:25

ScopeMarkets

After a two-month sell-off, Gold has started to move higher once again over recent days. Chief Market Analyst Joshua Mahony takes a look at the big picture for gold, highlighting how US interest rates and inflation expectations are going to be key for sentiment around precious metals. The long-term outlook could bring optimism for bulls given the historical...

ScopeMarkets

NZDGBP has been on the front foot over the past three-days, bringing price back up towards the prior intraday swing-high of 0.48649. This provides a potential shorting opportunity for those seeking a continuation of the bearish trend that has dominated the past six-months. With that in mind, the rally into a combination of trendline and Bollinger band resistance...

ScopeMarkets

The PBoC have chosen to intervene in a bid to support their ailing currency, setting their 'fixing' above levels expected by markets. Unfortunately, these steps have had minimal benefit, with markets aware that we are likely to see further USDCNH upside given the significant interest rate differentials between the two nations. With inflation barely evident within...

ScopeMarkets

The yen has been a consistent underperformer over the past year, coming under pressure as the divergence of inflation between Japan and the West grows. That has obvious consequences for monetary policy, and even the transition to a new Governor at the BoJ failed to shift the dovish rhetoric that places Japan in a very different position given the rampant rate...