Silver (XAG/USD) price makes a U-turn on Wednesday and rises over 3.40% as the Greenback weakens, putting the confirmation of a ‘head-and-shoulders’ chart pattern on hold, which has formed since mid-August. The XAG/USD pair trades at $68.00 after … [Continue reading]
Brazilian Real: Narrowing polls support BRL against US Dollar– ING
ING’s Chris Turner notes USD/BRL is drifting towards 5.05/5.07 as election polls show challenger Flavio Bolsonaro overtaking President Lula in a run-off, with prediction markets still favoring Lula but by a shrinking margin. ING highlights Brazil’s … [Continue reading]
USD/CAD Price Forecast: Remains below 1.3800 as bearish bias prevails
USD/CAD extends its losses for the third consecutive day, trading around 1.3780 during the European hours on Wednesday. The technical analysis of the daily chart indicates the pair is falling within the descending channel pattern, signalling a … [Continue reading]
Gold sticks to modest gains on soft USD; Fed hike bets cap upside ahead of US inflation
Gold (XAU/USD) struggles to capitalize on a modest Asian session bounce from a one-week low touched earlier this Wednesday, albeit it sticks to a positive bias and, for now, seems to have snapped a three-day losing streak. The Bank of Japan … [Continue reading]
US targets Iranian oil tankers in response to attacks on US ships
US official said that US forces have struck multiple Iranian tankers tied to Iran’s Islamic Revolutionary Guard Corps (IRGC) in response to attempted missile attacks on a US warship, Bloomberg reported on Tuesday. US Central Command (CENTCOM) … [Continue reading]
Chinese Yuan: PBoC fix slows downside pace – OCBC
OCBC’s Christopher Wong reports USD/CNH briefly fell to its lowest level since February 2023 before rebounding after the PBoC set a higher-than-expected daily fix. Wong argues policymakers are leaning against the pace, not the direction, of RMB … [Continue reading]
US Dollar: Fed hold tempers dollar rebound – NBC
National Bank of Canada's (NBC) Stéfane Marion and Kyle Dahms note that the US Dollar (USD) has weakened broadly in Q3 even as the United States (US) economy remains at full employment. They argue that sharply higher long-term Treasury yields are … [Continue reading]
Crypto Today: Bitcoin, Ethereum, XRP tick down despite a broader bullish crypto market outlook
Bitcoin (BTC) remains in a short-term corrective trend, edging lower toward $78,000 on Tuesday. The largest cryptocurrency by market capitalization broadly corrected following last week’s breakout toward $81,500.Holding at a higher support could … [Continue reading]
Japanese Yen: Strengthens against US Dollar on BoJ outlook – MUFG
MUFG’s Michael Wan notes the Japanese Yen has strengthened below 154 against the US Dollar (USD), its firmest level since February, as markets price faster Bank of Japan tightening. A 25 bps hike at the 18 September Bank of Japan (BoJ) meeting is … [Continue reading]
US Dollar Index (DXY) struggles below 99.00, two-week low as traders eye US inflation data
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, remains under some selling pressure for the second straight day and drops to an over two-week low during the Asian session on Tuesday. The index currently trades … [Continue reading]