Sphyn-Trader

Sphyn-Trader Updated 

The price of gold is having a hard time making any significant progress on the first day of the week. It is stuck within a small range near the 100-day Simple Moving Average during the Asian session. Currently, the XAU/USD is trading slightly above the 1,960 level, with little change throughout the day. Traders are eagerly waiting for key central bank events this...

Sphyn-Trader Updated 

During the Asian session on Friday, the GBP/USD pair slightly increases and distances itself from the lowest point it reached in the past week and a half, which was around the 1.2840-1.2835 range. However, there isn't much momentum in terms of buying or a strong belief in an upward trend, and currently, the pair is trading around the 1.2880 range, with a modest...

Sphyn-Trader

Earlier today, the Japanese Government released updated forecasts, revealing that consumer inflation is expected to reach 2.6% in the current fiscal year. This is an increase from the previous forecast of 1.7% in January, and it surpasses the Bank of Japan's target of 2%. Additionally, the Government revised the economic growth forecast for the current year to...

Sphyn-Trader

In the Asian session on Friday, the GBP/USD pair is making a slight upward movement, distancing itself from the previous day's low of around 1.2840-1.2835. However, there isn't much momentum in spot prices and the market is currently trading near 1.2880, with a modest increase of just over 0.10% for the day.

Sphyn-Trader Updated 

The US Dollar is making another attempt to recover on Tuesday, after a brief decline on Monday following the release of the United States Retail Sales report. The US Commerce Department reported that Retail Sales increased by 0.2% last month, with May's data being revised to show a gain of 0.5% instead of the previously reported 0.3%. The market had expected a...

Sphyn-Trader Updated 

In the short term, the technical outlook for GBP/JPY remains negative as indicated by the daily chart, which shows the pair declining from its recent multi-year high. The pair has experienced a significant rally of nearly 18% this year due to loose Japanese monetary policy and tightening UK monetary policy. However, there may be a change in the latter as today's...

Sphyn-Trader Updated 

The USD/JPY pair is currently holding steady at around 139.20 during the Asian trading session, following a slight pullback from its weekly high near the 140.00 level on Wednesday. However, concerns regarding China's economic slowdown, worsening US-China relations, and geopolitical tensions may provide support for the safe-haven Japanese Yen (JPY), which could...

Sphyn-Trader Updated 

The EUR/USD pair is showing signs of improvement in the Asian session on Thursday, bouncing back from its recent decline to a multi-day low of 1.1175. Currently, spot prices are trading around 1.1225, representing a 0.20% increase for the day. However, they are still significantly below the peak reached on Tuesday, which was the highest level since February...

Sphyn-Trader Updated 

On Wednesday, the US Dollar continued to gain momentum after its turnaround on Tuesday, causing the price of Gold to drop from its eight-week high. Currency markets experienced a significant correction, with the Pound Sterling leading the way due to weak consumer price index data from the United Kingdom. Despite losses in US Treasury bond yields and disappointing...

Sphyn-Trader

The USD/CAD exchange rate is uncertain around the 1.3170-80 level early on Wednesday morning in Europe. Although the downtrend has paused for now, traders are still looking for more evidence to support buying the Canadian dollar against its US counterpart, especially after a slow Asian session. On one hand, Canada's inflation numbers were disappointing, while the...

Sphyn-Trader

The EUR/JPY has experienced a significant bounce from a critical support level, which includes the upper boundary of a slightly upward-trending channel that has been in place since last year, as well as an ascending trend line that dates back to March 2023. This rebound has created an opportunity for the currency pair to potentially reach the previous high at...

Sphyn-Trader

After a volatile day of trading on Monday, GBP/USD is struggling to break free from the 1.3100 level on Tuesday as investors are cautious about making big moves before important economic data is released. Although GBP/USD experienced minor losses on Monday, the improved risk sentiment in the US session helped to minimize the losses. In the morning, the UK's FTSE...

Sphyn-Trader Updated 

The EUR/USD pair traded calmly within a range of 50 pips on Monday, maintaining its upward momentum. After meeting buyers around 1.1200 early in the week, EUR/USD fluctuated around the 1.1240 level as the US session ended. The optimistic sentiment was partially overshadowed by warm data from China, as Q2 GDP missed expectations by printing at 6.3% YoY. Despite...

Sphyn-Trader Updated 

On Monday, the price of gold took a temporary dip, with XAU/USD currently trading at around 1,954, remaining steady for the day after reaching a low point of 1,945.72 a troy ounce. The financial market's excitement has cooled down as investors prepare for upcoming major events, such as central banks and another update on the United States inflation progress,...

Sphyn-Trader

The US dollar index is struggling to build on Friday's recovery and remains at 100.00. The UK's FTSE 100 index is lower and US stock futures are mixed, indicating a cautious market stance. The sharp decline in Wall Street's major indices after the opening bell may help the USD find demand in case of a lack of high-level data releases. On Wednesday, the UK...

Sphyn-Trader

S&P500 futures have experienced some losses in Europe, indicating a cautious market sentiment. The ongoing second-quarter result season is expected to pose challenges for US equities. Investors will be closely monitoring the performance of banking and technology stocks as the Federal Reserve's higher interest rates are causing a slowdown in economic...

Sphyn-Trader

The US financial markets had a half-day of operation on Monday and were closed on Tuesday due to the Independence Day holiday. As a result, there was limited trading activity at the start of the week. However, the price of GOLD managed to increase slightly on Monday thanks to the lower-than-anticipated ISM Manufacturing PMI report for June.

Sphyn-Trader

The GBP/JPY currency pair has experienced its first daily increase in three days following the release of UK inflation data. The data showed that both the UK CPI and Core CPI rose higher than expected in May. The pair has rebounded off of the 100-hour moving average and is currently being favored by positive indicators. With the weekly resistance line acting as...