Month: May 2022
US Dollar Turns to Jobs Report for More Fuel
The latest US employment report will hit the markets at 12:30 GMT Friday. Forecasts and business surveys point to another solid report, although there are some signs that the labor market might be running into trouble. As for the dollar, the recent retracement still seems like a correction within a broader uptrend, not a turning …
USDJPY Wave Analysis
USDJPY reversed from support level 127.00 Likely to rise to resistance level 129.65 USDJPY recently reversed up from the key support level 127.00 (which stopped wave (ii) in April), intersecting with lower daily Bollinger Band and by the 50% Fibonacci correction of the previous sharp upward impulse 1 from March. The upward reversal from the …
GBP/USD: Pound Eases on Weak Data, Firmer Dollar
Cable holds in red on Tuesday, as dollar rose on month-end demand, while weaker than expected UK mortgage approvals data added to negative near-term tone. Traders also worry that soaring inflation may significantly hurt consumer demand that would further pressure pound. Daily momentum indicators turn south and stochastic emerges from overbought territory, generating initial negative …
Euro Dips Despite Record Inflation, Dollar Recovering
Euro is trading broadly lower today even though inflation high another record high. The common currency and European indexes are somewhat weighed down by EU’s decision to ban two-thirds of Russian oil imports immediately. Dollar is rebounding following some risk aversion, together with Swiss Franc. But Canadian Dollar remains firm as supported by surging oil …
Euro Dips Despite Record Inflation, Dollar RecoveringRead More
Euro Strength Accelerates ahead of EU Inflation Data
The euro continued rallying ahead of key economic data from the euro area. Eurostat will publish the flash consumer inflation data from the bloc. Analysts expect the data to show that the headline CPI rose from 7.4% to 7.7%, which will be the biggest increase ever recorded. The core CPI, which excludes the volatile food …
Euro Strength Accelerates ahead of EU Inflation DataRead More
AUDUSD’s Sturdy Two-Week Rally Tries to Keep Pace
AUDUSD is starting to ease from the upper Bollinger band that is around the 0.7200 hurdle, after recent price action, which was glued to the upper Bollinger band, hiked the price above the falling 200-period simple moving average (SMA). The softened decline in the slopes of the 100- and 200-period simple moving averages (SMAs) is …
NZ Dollar Shines as US Dollar Retreats
The New Zealand dollar continues to take advantage of US dollar weakness. NZD/USD posted sharp gains last week, climbing 2.01%. Will Business Confidence improve? The week kicks off with ANZ Business Confidence, which has been in deep-freeze for months. The indicator was almost unchanged at -42.0 in April, which means that close to half of …
Risk-on Sentiment Back, Dollar Decline Continues
Markets are generally in risk-on mode in Asian session today, with rallies in major indexes, oil prices and cryptos. Dollar is extending recent correction and would likely continue further. Yen and Swiss Franc are the next weakest. On the other hand, Australian Dollar is leading New Zealand and Canadian Dollar higher. Euro and Sterling are …
Forex and Crytopcurrencies Forecasts
EUR/USD: Fed’s “Boring” FOMC Protocol The DXY dollar index hit a multi-year high of 105.05 on Friday, May 13, after a six-week rise. The last time it climbed this high was 20 years ago. However, a reversal followed, and it was already at the level of 101.50 exactly two weeks later. Following the general trend, …
Dollar Extended Correction as Stocks Rebound Finally Started
Dollar’s correction continued last week and ended as the worst performer. Late rebound in stocks and extended correction in treasury yields are both weighing on the greenback. Yen followed as the second weakest, mainly on risk-on sentiment. On the other hand, Kiwi was the best performer, additionally lifted by hawkish RBNZ rate hike, which indicated …
Dollar Extended Correction as Stocks Rebound Finally StartedRead More
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