US President Joe Biden said the US will sell 15 million barrels of crude oil from the SPR from the nation's Strategic Petroleum Reserve (SPR) by the year's end and detailed a strategy to refill the stockpile when prices drop, Reuters … [Continue reading]
EUR/USD Price Analysis: A deeper correction could revisit 0.9631
EUR/USD fades the recent advance and breaks below 0.9800. The October low near 0.9630 comes next on the downside. EUR/USD reverses the uptick to the 0.9870/80 band and comes under pressure below the 0.9800 support on Wednesday. The inability of the … [Continue reading]
USD/CAD clings to gains above mid-1.3700s, lacks follow-through ahead of Canadian CPI
USD/CAD regains positive traction on Wednesday and is supported by a combination of factors. Bearish oil prices undermine the loonie and act as a tailwind amid a pickup in the USD demand. Traders now look to the Canadian CPI report and the US housing … [Continue reading]
USD/JPY remains confined in a range near 32-year top, holds above 149.00 mark
USD/JPY is seen consolidating its recent strong bullish run to the highest level since August 1990. The Fed-BoJ policy divergence weighs on the JPY and acts as a tailwind amid modest USD strength. Speculations that Japanese authorities will intervene … [Continue reading]
Gold Price Forecast: XAU/USD fades bounce off $1,640 support amid hawkish Fedspeak
Gold price remains sidelined after rising for the last two consecutive days. US Treasury yields remain indecisive at multi-month high amid light calendar. Risk appetite remains firmer despite hawkish Fedspeak but XAU/USD buyers fear amid DXY’s … [Continue reading]
AUD/USD Forecast: Aussie at risk despite mildly optimistic RBA
AUD/USD Current Price: 0.6293 The Reserve Bank of Australia is still concerned about too high inflation. US Dollar demand was subdued amid higher equities and stable yields. AUD/USD fails to extend gains beyond a Fibonacci resistance at … [Continue reading]
Gold Price Forecast: Do not look at XAU/USD as a safe-haven – TDS
Aggressive Federal Reserve rate hike bets as inflation expectations remain high are set to weigh on gold, strategists at TD Securities report. Investors unlikely to grow their appetite for gold “A flat and inverted yield curve has historically … [Continue reading]
GBP/USD: 1.15 is not realistic without a further round of dollar selling – SocGen
GBP/USD was able to return above 1.14. However, the pair is on the back foot again. Economists at Société Générale believe that cable is unlikely to surpass the 1.15 level. Break above 1.1495/1.1550 is essential for extension in bounce “Cable is in … [Continue reading]
New Zealand: OCR now expected to peak at 5% – Westpac
With inflation continuing to run hot, economists at Westpac have revised up their forecast for the Official Cash Rate. They now expect the cash rate to peak at 5%. Inflation refuses to die, activity holding firm “We now expect the OCR to reach a peak … [Continue reading]
GBP/USD Price Analysis: Tests the upside break of triangle near 1.1350
An explosion of a neutral triangle results in wider ticks and heavy volume. A bull cross, represented by 20-and 50-EMAs, indicates more upside ahead. For a confident upside, the RSI (14) is needed to sustain in the bullish range of 60.00-80.00. The … [Continue reading]