France: Growth Slows as Repercussions of Russia-Ukraine Conflict Darken Inflation and Fiscal Outlooks Rising spending in dealing with economic and geopolitical repercussions of Russia’s further incursion in the Ukraine additionally weigh on France’s already weakened fiscal outlook as recovery slows, exacerbating long-run credit challenges. Our baseline economic...
S&P 500 Takes Aggressive Fed Rate Hike Bets in Stride The S&P 500 jumped sharply as investors piled into big tech, shrugging off an ongoing rise in yields amid growing expectations for the Federal Reserve to turn more aggressive on rate hikes. The S&P 500 rose 1%, the Dow Jones Industrial Average gained 0.6%, or 200 points, the Nasdaq rose 1.8%. Federal Reserve...
Silver Price Analysis: XAG/USD struggles for direction, stuck in a range around $25.00 Silver oscillated in a narrow trading band through the early European session on Thursday. The recent range-bound price action could be categorized as a bearish consolidation phase. Neutral technical indicators warrant some caution before positioning for a meaningful...
NZD/USD to see a mild strength to 0.70 by year-end – ANZ The kiwi has held up well despite global risk sentiment fading. Economists at ANZ Bank expect the NZD/USD pair to trade at 0.70 by the end of 2022. Still mixed views on how things will unfold “While higher oil prices aren’t a positive for NZ, the generalised rally in commodity prices is, and the NZD seems...
EUR/USD remains depressed below 1.1000 on USD-strength EUR/USD revisits 1.0970 before attempting a mild bounce. German 10-y bund yields regain the upside and the 0.50% zone. Germany, EMU Flash PMIs surprised to the upside in March. Sellers remain well in control of the sentiment surrounding the single currency, motivating EUR/USD to keep the bearish bias...
Gold prices remain pressured despite recent inaction as Treasury yields renew multi-month top. Stock futures print mild gains but USD bulls stay cautious ahead of Powell’s speech. Ukraine-Russia crisis continues to take a toll on sentiment, Western sanctions eyed. Gold Price Forecast: XAU/USD braces for another hit, with eyes on Powell and yields Gold (XAU/USD)...
NZD/USD witnessed modest pullback from the four-month high touched earlier this Wednesday. Elevated US bond yields acted as a tailwind for the USD and prompted some intraday profit-taking. The risk-on mood, rising commodity prices should help limit losses for the resources-linked kiwi. The NZD/USD pair edged lower through the early European session and dropped to...
The EUR/USD closed as a bear bar closing on its low yesterday. This set up a double top at the low of the 3-month trading range (a possible negative gap for the bears). Bears are hopeful the double top will lead to a test of the March low or March 14 higher low. Bulls want a bull breakout of the bear flag. Today, the bulls need to get a strong bull reversal bar...
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The Pound US Dollar (GBP/USD) exchange rate has wavered higher today, despite some troubling UK employment data, as risk appetite recovers. Looking ahead, risk appetite could continue to drive GBP/USD through today’s session, while tomorrow brings the latest US retail sales data. Pound (GBP) Exchange Rates Recover as Market Mood Improves The Pound (GBP)...
USD/CAD struggles to defend 1.2600 as Ukraine-Russia crisis favors oil buyers USD/CAD remains pressured around two-week low after declining for the last four days. Geopolitical tussles between Russia and Ukraine recently escalated over Mariupol. WTI crude oil consolidates two-week losses as news from Saudi oil plants joins Ukraine-Russia headlines. Qualitative...
USD/CAD rebounds from two-week low, inches back closer to mid-1.2600s amid stronger USD USD/CAD reversed an intraday dip to sub-1.2600 levels, or over a two-week low. Resurgent USD demand turned out to be a key factor that extended some support. Steady oil prices, upbeat Canadian data underpinned the loonie and capped gains. The USD/CAD pair built on its steady...
Modest USD strength prompted fresh selling around gold on the last day of the week. The Fed’s hawkish outlook was seen as a key factor that assisted the USD to gain traction. A generally weaker risk tone extended some support to the safe-haven precious metal. Gold witnessed some selling during the Asian session on Friday and for now, seems to have stalled its...
EUR/USD wanes back under 1.1100 but still holds on to solid post-Fed policy announcement gains EUR/USD has been waning from earlier session highs in recent trade and is now back below the 1.1100 level. Since Wednesday’s Fed hawkish policy announcement, EUR/USD has gained about 1.0%, flummoxing some analysts. Markets seem to currently be being driven by “hopes”...
EUR/USD: At risk of falling to 2020 lows at 1.0635/40 despite shift in EU and ECB coordination – Westpac European Central Bank's (ECB) hawkish taper twist suggests that it will act on a “whatever it takes” basis to contain inflation and so EUR may find sound support if the Ukraine conflict is contained. However, a spike towards 2020’s 1.0635/40 low cannot be...
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Federal Reserve chair Jerome Powell is expected to announce the first in a series of 0.25% interest rate hikes at tomorrow’s FOMC meeting. According to market thinking, this will be the first of seven quarter-point hikes this year with four more expected in 2023. These expectations have boosted the value of the US dollar over the last few weeks and traders will be...