Share: USD/CNH grinds higher around the yearly top after mixed China official PMIs for June. China NBS Manufacturing PMI matches upbeat forecasts but stays below 50.0, Non-Manufacturing PMI improves. PBoC keeps defending Yuan but fails so far amid … [Continue reading]
Forex Today: US economic data supports the Dollar, more inflation data ahead
Share: On Friday, the Asian session will be highlighted by Japanese inflation data and the official Chinese PMI. In addition, Japan will also report the Unemployment Rate, Industrial Production, and Housing Starts, while Australia is set to release … [Continue reading]
GBP/USD stumbles as US economic optimism boosts the greenback after upbeat GDP
Share: BP/USD dips following robust US data, bolstering the case for additional Federal Reserve tightening and higher Treasury bond yields. The upward revision of US GDP and a drop in Initial Jobless Claims paint a bright US economic picture, … [Continue reading]
Natural Gas price falls almost 10% from June high as supply concerns ease
Share: Natural Gas price has fallen almost 10% from its June high on the back of easing supply concerns. European Gas stockpiles have risen to levels well above the average increasing confidence in the continent's supply capabilities. The heatwave … [Continue reading]
USD/JPY set to hit 147 by September – BofA
Share: Economists at the Bank of America expect to see a high USD/JPY pair due to carry-trade. Potential Correction in 2024 We expect the USD/JPY pair to remain high due to carry-trade, forecasting it to reach 147 by September. We align with the … [Continue reading]
USD/CAD sits near two-week high, around 1.3265-70 zone amid modest USD strength
Share: USD/CAD attracts some buyers for the third straight day and is supported by a stronger USD. The Fed’s hawkish outlook continues to act as a tailwind for the Greenback and the major. Tuesday’s softer Canadian CPI print undermines the CAD and … [Continue reading]
US Treasury Secretary Yellen: Hopes to travel to China, wants to reestablish contact, discuss disagreements
Share: "US will continue to take actions to protect national security interests with regards to china even if that imposes some economic cost," said US Treasury Secretary Janet Yellen. Source … [Continue reading]
AUD/USD Forecast: Downtrend persists, focus on 0.6600 support
Share: AUD/USD Current Price: 0.6610 Australia's monthly CPI slowed more than expected, weighing on RBA expectations for next week. The US Dollar strengthened on Fed rate hike expectations and a decline in Wall Street. The AUD/USD remains under … [Continue reading]
EUR/USD Price Analysis: Temporary contention emerges near 1.0880
Share: EUR/USD fades part of the recent optimism and retests 1.0920. Next on the downside comes the 55-day SMA around 1.0880. EUR/USD gives away some of the recent 2-day gains and slips back to the 1.0925/20 band on Wednesday. In case the selling … [Continue reading]
Gold Price Forecast: XAU/USD declines towards $1,900 as spotlight shifts to Fed Powell’s speech
Share: Gold price is declining towards the $1,900.00 support ahead of Fed Powell’s speech. Investors are cautious that hawkish remarks from Jerome Powell would propel fears of a recession in the US economy. Gold price has tumbled to near the … [Continue reading]