Oil briefly spikes after US weekly EIA data showed a big decline in stockpiles. WTI Oil snaps $83, but faces resistance to break back above it again. The US Dollar Index retreats further, forming a bearish pattern. Oil prices edge … [Continue reading]
Gold price edges higher amid weaker USD and softer risk tone, focus remains on US GDP
Gold price edges higher amid a modest USD downtick, albeit lacks follow-through. A softer risk tone further lends support, though hawkish Fed expectations cap gains. Traders look to the US macro data before positioning for a firm near-term … [Continue reading]
Japanese Yen plummets to fresh 34-year low against USD, around mid-155.00s
The Japanese Yen continues losing ground amid the divergent BoJ-Fed policy expectations. The recent intervention warnings by Japanese authorities do little to provide any respite. Traders now look to the US Q1 GDP report for some impetus ahead of the … [Continue reading]
Ethereum suffers slight pullback, Hong Kong spot ETH ETFs to begin trading on April 30
Ethereum restaking protocol Renzo took a huge hit after its restaked ETH failed to maintain a 1:1 ratio with ETH. While Franklin and Grayscale have seen the SEC postpone its decision on their application, BlackRock amended its spot ETH ETF filing. … [Continue reading]
EUR/USD Forecast: Not out of the woods yet
EUR/USD faltered once again above the 1.0700 hurdle. The Dollar staged a decent rebound amidst higher yields. The focus now shifts to USD Q1 GDP and PCE. The bullish performance of the US Dollar (USD) sparked a mild knee-jerk in EUR/USD, which … [Continue reading]
EUR/USD Forecast: US data missed again, bad news that are good news?
EUR/USD Current price: 1.0682 The German IFO Survey surprised positively in April, all components improved. March US Durable Goods Orders missed expectations despite improving on a monthly basis. EUR/USD seems poised to resume its slide after a … [Continue reading]
EUR/USD Forecast: Euro struggles to build on Tuesday’s gains
EUR/USD edged lower to the 1.0700 area in the European morning on Wednesday. The near-term technical outlook remains slightly bullish. US economic docket will feature Durable Goods Orders data for March. EUR/USD stays in a consolidation phase at … [Continue reading]
Gold price struggles to lure buyers amid positive risk tone, reduced Fed rate cut bets
Gold price lacks follow-through buying and is influenced by a combination of diverging forces. Easing geopolitical tensions continue to undermine demand for the safe-haven precious metal. Tuesday’s dismal US PMIs weigh on the USD and lend support … [Continue reading]
Australia CPI Forecast: Inflation expected to make further progress toward RBA target band
The Australian Monthly Consumer Price Index is foreseen steady at 3.4% YoY in March. Quarterly CPI inflation is expected to have ticked higher in the first quarter of the year. The Reserve Bank of Australia is confident the economy would dodge a hard … [Continue reading]
Dow Jones Industrial Average climbs after US PMI miss reignites rate cut hopes
Dow Jones tests 38,500.00 as US equities climb. US PMIs weakened, bolstering hopes for a Fed rate trim. Key US GDP and PCE inflation data still on the table for the week. The Dow Jones Industrial Average (DJIA) climbed on Tuesday after US Purchasing … [Continue reading]