Share: Ripple price has refused to gain momentum despite broader market optimism instigated by possible spot BTC ETF approvals. XRP could extend the fall by 2% to find support at $0.5442 before a possible correction. The bearish thesis will be … [Continue reading]
Canadian Dollar extends decline as Canadian Trade Balance backslides
Share: Canadian Dollar falls back, while US Dollar moves broadly higher. Canada International Merchandise Trade fell further than expected, Building Permits also declined. Crude Oil market recovery sees friction, limiting CAD support. The Canadian … [Continue reading]
USD/CAD: Gains through 1.3390/1.3400 will bolster near-term upside momentum – Scotiabank
Share: USD/CAD has nudged a bit higher on the session. Economists at Scotiabank analyze the pair’s outlook. Support is 1.3340 USD/CAD perks up a bit reflecting the upward trend in funds that has developed since the turn of the year. Trend … [Continue reading]
Japanese Yen refreshes daily low as rising US bond yields helps revive USD demand
Share: The Japanese Yen struggles to preserve its intraday gains and drops to a fresh low against the USD. Reduced bets for an eventual hawkish BoJ pivot undermine the JPY and lend support to USD/JPY. A fresh leg up in the US bond yields boosts the … [Continue reading]
Gold price recovers further from multi-week low, upside potential seems limited
Share: Gold price attracts some buyers on Tuesday and draws support from a weaker US Dollar. A fall in consumer inflation expectations boosts Fed rate-cut bets and undermines the buck. Elevated US bond yields and a positive risk tone cap gains … [Continue reading]
Japan’s Tokyo Core CPI prints at forecast 2.1% in December
Share: Tokyo headline CPI inflation cools YoY from 2.6% to 2.4%. Tokyo YoY Core CPI prints as-expected at 2.1% versus previous period's 2.3%. Japan's Consumer Price Index (CPI) annualized inflation for the year ended December 2023 eased back … [Continue reading]
German DAX leads the pack as European stocks close higher on Monday
Share: European equities saw gains to kick off the new trading week. Risk appetite recovering on the new week despite macro headwinds. German economy continues to lag in step with broader Eurozone economic conditions. The German DAX led the charge … [Continue reading]
JPY likely to recover modestly in 2024 after three straight years of weakness – HSBC
Share: 2023 marked the third consecutive year of outsized declines in the Japanese Yen (JPY). However, 2024 may be different for the currency, according to economists at HSBC. A capitulation of short JPY speculative positions and lifers’ FX hedging … [Continue reading]
Euro area Retail Sales decline by 0.3% in November as expected
Share: Retail Sales in the Euro area decreased by 0.3% in November as forecast. EUR/USD trades modestly lower on the day below 1.0950. Retail Sales in the Euro area declined by 0.3% on a monthly basis in November, Eurostat reported on Monday. This … [Continue reading]
Gold price hangs near two-week low touched on Friday, seems vulnerable to slide further
Share: Gold price ticks lower on Monday following the post-NFP price action whipsaw on Friday. Elevated US bond yields act as a tailwind for the USD and exert pressure on the XAU/USD. A softer risk tone should help limit deeper losses as the focus … [Continue reading]