The United States posted an increase in inventories of 5.5 million barrels in the past week. The realization was higher than the expected 73,000 barrels. Gasoline products supplied also rose in the last week to 9.1 million barrels per day. The figure marks a 6% decline in demand over the last four weeks compared to the period last year. From a fundamental point...
U.S. job growth rose much more than expected in July, data showed on Friday, lifting the employment level above its pre-pandemic mark and calming fears that the economy was in recession. Investors read the data as a indication the Fed could raise interest rates more aggressively to combat inflation. Euro zone bond yields fell back down after gaining following the...
New Zealand steps up preparations for a potential FMD outbreak. The economic impact of this for the agricultural sector will be catastrophic a decline in agricultural productivity, a halt to the trade in animal products, and damage to the reputation of a country that continues to lose its FMD-free export status.
“Loonie” is one of the most liquid pairs in the forex market. This is because this currency pair represents the two largest and most stable economies in the world. The economic environment in Canada is similar to that of the United States. Both countries have a long history as trading partners and both countries have high per capita incomes. There are still...
We can see AUDCAD breakout and retest after a few days of uptrend in rising wedge area. Technically price tend to be bearish. COT Analysis AUSTRALIAN DOLLAR FUTURES ONLY POSITIONS AS OF 07/26/22 (CONTRACTS OF AUD 100,000) Long : 30,024 ; Short : 77,409 Macro trend tends to be bearish. CHANGES FROM 07/19/22 (CHANGE IN OPEN INTEREST) Long : -554 ; Short :...
European Central Bank (ECB) Governing Council member Ignazio Visco warned on Thursday that there was still a chance the region could lead to a recession. Thursday's data showed the US economy contracted again in the second quarter. The country's gross domestic product fell by an annualized rate of 0.9% last quarter, after contracting 1.6% in the previous...
Intraday GBPAUD still tends to be sideways on Bearish channel pattern. Trend may continue if there is a breakout in the support line. Price will tend to be bullish if it breakout the resistance area.
Market participants are currently starting to get priced in with the potential for a 75 bps hike in the Fed's interest rate. This can be seen from the yield on 10-year government bonds which fell to 7.35% yesterday. Previously, the yield had perched above 7.4%. The 10-year US Treasury yield also fell to 2.76%. The yield of US debt securities has fallen quite a lot...
Oil prices rose for the second day in a row, Tuesday (26/7). Amid growing concerns about tightening European supplies after Russia, a major energy supplier is cutting gas supplies via a main pipeline. The European Union has repeatedly accused Russia of using energy blackmail. The Kremlin said the shortage had been caused by maintenance issues and Western...
Intraday AUDCHF still tends to be Sideways on Ascending triangle pattern. Trend may continue if there is a breakout in the support/resistance area.
75 basis-point hike by the Federal Reserve which would take its increases to 225 basis points since March. That’s much faster than the BOE’s 115 basis points since December, the UK central bank to up the pace by lifting rates 50 basis points at its meeting next week. The Bank of Canada (BoC) has also been raising benchmark interest rates to tame the runaway...
The Federal Reserve is expected to hike interest rates by three-quarters of a percentage point on Wednesday,, the highest in 30 years since November 1994. Fed Chair Jerome Powell said the move was important to lower inflation while stabilizing prices. However, he admits that aggressive interest rate hikes are quite risky. USDCHF, Mid-term bullish...
Data from Singapore released today showed inflation based on the consumer price index (CPI) grew 6.7% (yoy) in June, which was the highest level in 14 years, since September 2008. Core inflation also rose 4.4% (yoy) from May's 3.6%, and was at its highest level since December 2008. Inflation in Singapore continues to rise, even though the Monetary Authority of...
Concerns about global inflation have made market players look for safe havens. Very optimistic USA monetary and fiscal policy, USD can be the main safe-haven choice besides gold. I see from the bigboys sentiment, they have started releasing gold contracts to switch to USD. This optimism will make gold tend to be bearish towards the support area. This week is...
USDJPY has fallen below 139.4 after failing to turn a pullback move into a bullish reversal. USDJPY may continue to decline to the daily support target as the US labor market could bear the consequences of higher price pressures. Next week is expected to be volatile for a range of USD pairs with a raft of high-importance data. A combination of consumer...
Philip Lowe in his monetary policy announcement raised interest rates by 50 basis points to 1.35%. Thus, the RBA has raised interest rates for the third month in a row This time the RBA did not come as a surprise, as a result the Australian dollar did not see a moderate bullish. We can see bigboys starting to leave long contracts for AUD and adding to short...
This week brings a Bank of Japan meeting just hours ahead of the European Central Bank’s rate decision. And while the ECB is expected to lift rates in the effort of starting to fight inflation, there aren’t such expectations around the BoJ. The Bank of Japan is expected to maintain policy while pledging to keep rates at current levels or lower. Focus on the UK...
This week with the focus on the UK with Wednesday’s scheduled release of the UK CPI report. If the UK CPI is greater than the forecast, the GBP will likely strengthen against other currencies.