Ahead of the May Consumer Price Index (CPI) report out of the US, the world’s oldest inflation hedge is consolidating in a tight range above rising trend line support.
Traders and economists are expecting inflation to come in at 8.3% y/y (+0.7% m/m), in-line with last month’s reading, and with a highly-anticipated FOMC meeting set for next Wednesday, gold in...
The greenback has had a rough couple of weeks against its northern rival, with USD/CAD shedding nearly 500 pips since peaking above 1.30 in mid-May.
Amidst oil prices (strongly correlated with the loonie) surging and hints of a potential second half “pause” to the Fed’s rate hiking cycle, it’s not surprising that traders have been shifting their marginal dollars...
After an impressive 1700-pip surge in just 7 weeks, USD/JPY is showing signs of losing momentum over the past couple of weeks.
The rally was driven by expectations of more aggressive interest rate hikes from the Federal Reserve, but with inflation showing signs of ebbing slightly and traders fully discounting nearly another 200bps of tightening from the FOMC,...
Like other risk assets, Ethereum has had a rough month.
Since the world's second-largest cryptoasset peaked above $3500 early in the month, it has trended steadily lower consistently lower for the last three weeks, hitting a 2-month low under $2800 earlier this week.
It's flying a bit under the radar, but there is a critical catalyst for Ethereum coming up at...
Markets saw explosive moves across the board on yesterday’s news that Russia was invading Ukraine, and not surprisingly, gold was one of the biggest gainers early in the day as traders piled into the safe haven asset.
However, as the day preceded, markets saw a sharp reversal, with everything from oil to stock indices unwinding their initial moves. Gold saw a...
It’s been an interesting week for USD/JPY to say the least.
The pairing of two “safe haven” started the week by rallying to nearly 116.00 before turning lower to close the week near its two-week low around the 115.00 level. As you might expect, the conflicting headlines about the ongoing geopolitical situation between Russia and Ukraine (and by extension, “The...
The world’s most widely-traded currency pair has had a heck of a week!
EUR/USD opened the week near 1.1140, essentially its lowest level in more than 18 months, before gaining ground every single day this week to trade solidly above 1.1400 as we go to press. On a percentage basis, the pair’s 300-pip rally ranks as the second-biggest 1-week gain in the past six...
EUR/USD is putting the finishing touches on a brutal week, with the world’s most widely-traded currency pair falling over 200 pips week-to-date to hit its lowest level in more than 18 months.
Not surprisingly, the weakness in the pair was driven by the same factor driving the greenback higher across the board: higher yields, especially on the short end of the...
Volatility reared its head across all markets this week, and the oil markets were no exception.
A combination of geopolitical tensions, general inflationary pressures, and a lingering supply/demand imbalance pushed the price of West Texas Intermediate (WTI) crude oil to its highest level since 2014 early in the week.
However, sentiment turned on a dime in the...
Shrugging off ongoing political uncertainty around Boris Johnson’s future as UK Prime Minister, the British pound was one of the strongest major currency pairs this week.
GBP/USD has surged nearly 600 pips off its Christmas week lows to reach the mid-1.3700s, breaking out of a 9-month bearish channel in the process. While rates did pull back slightly on Friday,...
The world’s oldest cryptocurrency has had a rough week, trading down nearly 13% from its New Year’s day high.
The biggest catalyst for the selloff was Wednesday’s FOMC minutes, which showed that the US central bank was closer than anticipated to completing its taper, raising interest rates, and even drawing down its bloated balance sheet. In response to the FOMC...
The world’s most-widely traded currency pair is poised for a big move heading into dueling central bank meetings next week.
In its meeting on Wednesday, the Federal Reserve is widely expected to accelerate its pace of asset purchases, potentially opening the door for an interest rate hike in the first half of the year if inflationary pressures remain elevated....
The world’s most important commodity is coming off a brutal month.
After stalling out near $85 in early November, West Texas Intermediate (WTI) crude oil collapsed more than 25% on the back of excess supply from the US and OPEC+ combined with a potentially big hit to demand from the Omicron variant.
Despite the big drop, there are some tentative signs that WTI...
After an impressive 500+ pip rally in less than a month from late September to late October, USD/JPY has clearly lost its mojo over the last month.
The pair pulled back from its 4.5-year high near 114.75 through the early part of this month before staging a big rally on the back of the 30-year high in US CPI last week. Unfortunately for bulls, it now looks...
Without putting too fine of a point on it, it’s been a rough 15 months for gold bulls since the precious metal peaked near $2075 in August 2020 . For the first time in more than a year, there may finally be reasons for optimism among gold bugs.
On the back of this week’s 30-year high in the US CPI report, gold bugs have seemingly finally woken up to the risk of...
Following the surprisingly cautious Bank of England (BOE) meeting earlier this week, pound sterling is in freefall.
Looking at GBP/USD in particular, the pair is falling nearly 200 pips from Monday’s open, which would mark its worst week since August . More importantly, cable is approaching its year-to-date low at 1.3412 ; the last time the pair traded below...
The oldest cryptocurrency made headlines galore when it burst out to fresh record highs near $65,000 on the launch of a futures-based Bitcoin ETF last week, but bulls have been disappointed that the momentum has reversed over the last 10 days or so.
Bears will argue that with “memecoins” like SHIB and DOGE surging, we’re clearly reaching (or even past) the "peak...
Silver has rallied an impressive 14% in less than a month off its late September low, more the tripling the corresponding gain in gold, but the rally may soon peter out as the metal approaches a key area of resistance near 24.80.
As our analyst Matt Simpson has been noting on twitter (@cLeverEdge) throughout the week, silver formed a well-defined “inverted...
