The 1922 committee announced that the first ballot of MPs in the Conservative Party's leadership election will be held on Monday 24th, between 3:30 PM and 5:30 PM UK time. Candidates competing to become Britain's next prime minister will need … [Continue reading]
US: Weekly Initial Jobless Claims fall to 214K vs. a rise to 230K expected
Initial Jobless Claims in the US fell by12K in the week ending October 14. US Dollar Index remains depressed near the daily low after the release. There were 214,000 initial jobless claims in the week ending October 14, the weekly data published by … [Continue reading]
USD/CNH: Rising bets for a move above 7.3000 – UOB
Markets Strategist Quek Ser Leang and Economist Lee Sue Ann at UOB Group still see the likeliness of USD/CNH breaking above the 7.3000 region in the next weeks. Key Quotes 24-hour view: “While we expected USD to strengthen yesterday, we were of the … [Continue reading]
EUR/USD sellers keep the reins below 0.9800 as yields fuel DXY amid hawkish Fed bets
EUR/USD licks its wounds around intraday low during two-day downtrend. Inflation woes propel US Treasury yields towards multi-year high, hawkish Fedspeak strengthens bond rout. DXY ignores mixed housing data, EUR fails to cheer upbeat EU inflation … [Continue reading]
GBP/USD Price Analysis: Remains pressured towards 1.1130 support
GBP/USD sellers poke three-week-old support line after reversing from multi-day-old resistance. Ascending trend line from late September, 21-DMA adds to the downside filters. Buyers need validation from 50-DMA to retake control. Steady oscillators, … [Continue reading]
US President Joe Biden: US is to sell 15 mln bbls of crude oil from the SPR
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]