As US Vice President Biden pledges to defend US interests against China, the USD/JPY recovers from 131.00. After correcting below 131.00 during the Asian session, the USD/JPY pair has noticed a buying activity. In response to comments made by US President Joe Biden during his second State of the Union (SOTU) speech and first in front of a split Congress, the...
One of the most popular stocks today is undoubtedly Tesla. Some will tell you that it is simply an overvalued automaker, while others will claim that it is a technology company that makes cars. In reality, it is a mixture of both, but investors must determine which option carries more weight. In 2022, the stock fell 65%, which gave the company's detractors...
As the Dollar continues to retrace its steps from four-week highs, the gold market hopes to capitalize on recent recovery gains. Will XAU/USD break $1,850 during Powell's speech as Fed Chair? As investors stay away ahead of Jerome Powell's speech, the US dollar is currently declining from monthly highs. His remarks are likely to spark a new bout of volatility,...
Early in the European session, the EUR/USD dipped around 1.0700 but held above it. Jerome Powell, the chairman of the FOMC, and other ECB officials are scheduled to speak to the public soon. Until then, the pair is unable to decide which way to go. The Fibonacci 61.8% retracement level of the most recent rise for the EUR/USD remains within touching distance, and...
In the view of economists at ING, USD/JPY should continue to fall throughout the year. They target 120. The BoJ is back on the map “The Bank of Japan is now garnering much more focus than it has in years. Most pressing is the replacement of Governor Haruhiko Kuroda, who leaves in April. A successor will be presented to parliament on 10 February. The favourite,...
Last year was characterized by a tightening of monetary policy as higher interest rates were introduced to combat rising inflation. As a result, investors became disillusioned with risky assets, including growth stocks and cryptocurrencies. Even bitcoin suffered a crushing defeat, falling 65% in 2022. But things may be changing for the better, as bitcoin jumped...
After hitting a monthly low, the price of gold is again climbing steadily toward intraday highs above $1,878 as we approach Monday's European trading day. In the process, the yellow metal reverses a two-day slump in the context of a weak US Dollar.
As described in our last idea on GBP/USD a Double top occurred after the release of economic news. Economist Lee Sue Ann and market strategist Quek Ser Leang at UOB Group believe that further declines in the GBP/USD exchange rate are still likely to occur over the coming weeks. Key Quotes Day and Night: Even though we anticipated a decline in the value of the...
US Nonfarm Payrolls report is expected to show 185K job gains in January, lowest number in more than two years. On February 3rd at 13.30 GMT, the US Bureau of Labor Statistics (BLS) will release the Nonfarm Payrolls (NFP) report. The market anticipates that during January, the US economy created 185K new employment. A worse-than-expected result appears to be in...
The USD/JPY pair oscillates in a constrained range on Friday as it fails to build on the previous day's small recovery from close to the two-week low of 128.00. Spot prices remain stable above mid-128.00s throughout the early European session, oscillating between tepid gains and slight losses. The US Dollar is seen operating as a tailwind for the USD/JPY pair as...
The tide appears to have changed once more in favor of Gold buyers. The price of gold is currently above $1,950, where it has been for the past ten months. For XAU/USD to continue rising, it must overcome the $1,960 resistance. The US Federal Reserve rise of 0.25%, which was widely anticipated and priced in, drowned the US Dollar the day before, causing the price...
Impressive gains were made by EUR/USD, which moved above 1.1000 for the first time since early April. ING economists concur that the 1.12 level is clearly in reach. The EUR/USD news is good: The EUR/USD is expected to be driven more this year by a strong narrowing in rate differentials, which should take it to the 1.15 level in the second quarter. There isn't...
GBP/USD has lost its bullish vigor after Wednesday's recovery toward 1.2400. Prior to the Bank of England's (BOE) policy announcements, investors refrain from placing bets on future Pound Sterling strength, and the near-term technical outlook indicates a lack of buyer demand. The gains in GBP/USD remain modest, especially when compared to EUR/USD, notwithstanding...
GBP/CAD has lost its bullish vigor after Wednesday's recovery toward 1.6600. Prior to the Bank of England's (BOE) policy announcements, investors refrain from placing bets on future Pound Sterling strength, and the near-term technical outlook indicates a lack of buyer demand. The Bank of England is expected to increase the interest rate by 50 basis points. There...
The Federal Reserve's decision looks to support the "buy the dips" strategy for gold. As traders stay away from the market ahead of the crucial Fed monetary policy announcement, the price of gold is floating aimlessly below $1,930 early on Wednesday. Weak US Treasury bond yields and cautious markets are making it difficult for the US Dollar to gain momentum. Gold...
In early Europe, the GBP/USD is finding it difficult to move significantly higher than 1.2300. The pair is still supported as the US Dollar licks its wounds, US Treasury yields decline, and traders exercise caution before the Fed announces its policy decisions. US PMIs will also be monitored. The markets appear to be confident that the US central bank would...
Trading in USD/JPY is restricted to a small range as investors eagerly anticipate the FOMC decision. Throughout the early portion of Wednesday's European session, the USD/JPY pair struggles to generate any noticeable momentum and swings between tepid gains and modest losses. As traders look hesitant and anxiously await the results of a two-day FOMC monetary...