As expected, the European Central Bank (ECB) kept the interest rate unchanged on Thursday and announced the potential end of QE by the third quarter. Analysts at Wells Fargo still believe the ECB is on pace to lift its Deposit Rate 25 bps at its December meeting. They see some weakness ahead for the euro relative to the dollar. Key Quotes: “We had expected the...
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The New Zealand dollar has seen a period of strength since the last RBNZ meeting. In that meeting the RBNZ board made an even more hawkish shift seeing the potential need for further interest rate hikes and raised the terminal rate to over 3.00%. This should keep the NZD supported over the medium term. The Japanese Yen has three reasons for weakness at the...
EUR/JPY extends monthly resistance break above 128.00 ahead of ECB EUR/JPY challenges the one-month-old downtrend around weekly high, sidelined of late. Euro bulls expected ECB to utter plans to battle stagflation fears even as monetary policy isn’t expected to change. Nikkei 225 posts biggest jump in 19 months amid hopes of overcoming Russia-Ukraine crisis. ECB,...
GBP/USD has lost its traction after testing 1.3200. Pound can capitalize on risk flows on de-escalation of Russia-Ukraine conflict. Sellers could take action in case GBP/USD fails to hold above 1.3160. Fueled by the improving market mood, GBP/USD has staged a decisive recovery toward 1.3200 early Thursday. With investors adopting a cautious stance while waiting...
Gold Price Forecast: XAU/USD to advance nicely fueled by heightened geopolitical risks and higher inflation – ANZ Gold has rallied to a 19-month high as the US move to ban Russian oil imports fuelled concerns over inflation and economic growth. Strategists at ANZ Bank expect the yellow metal to continue benefitting from the safe-haven demand. Russian sanctions...
Hopes for a diplomatic solution to the Ukraine crisis lifted EUR/USD to the 1.1100 mark on Wednesday. Strong rally in the equity markets weighed heavily on the safe-haven USD and remained supportive. The overnight spike in the US bond yields limited the USD losses and capped the upside for the pair. Investors also seemed reluctant ahead of the ECB policy meeting...
Modest recovery in the risk sentiment prompted some profit-taking around gold on Wednesday. The worsening situation in Ukraine, stagflation fears should limit any meaningful corrective slide. Softer USD/US bond yields should further lend some support to the dollar-denominated metal. Gold edged lower through the early European session on Wednesday and was last seen...
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The GBPUSD had moved into a support area between 1.3133 to 1.31865 area earlier today. The low of the swing area would increase the bearish bias, and that is what happened. The pair has moved down to a low near the 1.3100. The low price reached 1.3101 so far. A move below the natural support at 1.3100 would increase the bearish bias even more, and open up the...
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BTC is holding at $38K for the second day in a row, remaining 12% below the levels it reached a week earlier. Ethereum lost 1.3% over the past day, other leading altcoins from the top ten are moving in the range between +1% (BNB) to -4% (XRP). According to CoinMarketCap, the total capitalization of the crypto market decreased by 0.2% over the day, to $1.71...
One-month risk reversal (RR) of AUD/USD, a gauge of calls to puts, drops the most since February 14 on daily basis, per data source Reuters. That said, the spread between call and put options prints -0.287 level by the press time of early Tuesday morning in Europe. Not only the daily print but the fifth consecutive negative weekly print also portrays the...