This is what you need to know to trade today friday july 29: Dollar selling continues early on Friday with the Dollar Index falling to its weakest level since early July below 106.00. The positive change in the mood of the markets despite the publication of disappointing macroeconomic data in the United States, made the […]
Tag: macroeconomics
USD/CAD moves steadily towards 1.2830, after updating six-week lows
USD/CAD touched a six-week low at 1.2794, but recovered some ground, waiting to break above 1.2850. The United States revealed that second-quarter GDP contracted less than the final reading for the first quarter. USD/CAD remains positive due to the strength of the US dollar and the drop in oil prices. The USD/CAD bounces off weekly […]
Forex Today: Fed-Inspired Dollar Weakness Continues Ahead of Key Data Release
This is what you need to know to trade today Thursday July 28: The dollar came under heavy selling pressure late on Wednesday and the Dollar Index (DXY) erased all of Tuesday’s gains. DXY remains lower and trades below 106.50 early on Thursday as investors reassess the Fed’s policy outlook. Later in the session, the […]
US: Atlanta Fed GDP for the second quarter rises to -1.2%
According to the GDPNow model of the Federal Reserve Bank of Atlantathe US economy is expected to contract 1.2% in the second quarter, compared to the July 19 forecast of -1.6%. “Following recent releases from the US Census Bureau and the National Association of Realtors, the forecast for the contribution of inventory investment to real […]
US: Pending home sales fall 8.6% in June vs. -2% expected
Pending US home sales fell sharply in June. The dollar index remains stable around 107.00. Monthly data published by the National Association of Agents real estate showed on Wednesday that pending home sales decreased by 8.6% in monthly terms in June, after growing 0.4% in May. This data was much worse than the market expectation […]
AUD/USD struggles around 0.6980 in risk aversion environment and ahead of Fed meeting
AUD/USD falls on bearish sentiment and dollar strengthening. US consumer confidence deteriorates further, while housing data reveals that prices are falling. AUD/USD Price Analysis: With a neutral to bearish bias, it could test the 20-day EMA in the short term. The AUD/USD falls for the first time in the week, pulling back from last week’s […]
WTI advances firmly towards $96.50, pending the API report and the Fed meeting
Benchmark US oil breaks three consecutive days of losses and rises despite US data showing the US economy is slowing. A US recession and subsequent Covid-19 shutdown in China could weigh heavily on the price of WTI. Libya is set to increase its oil output from 860,000 to 1.2 million bpd amid political turmoil. Western […]
AUD/USD reaches four-week high after disappointing US data.
AUD/USD ends the week 2.23% higher. US composite and services PMIs slumped below 50, suggesting a recession may be near. The US Reserve Bank (RBA) Minutes, which were released during the week, prevented AUD/USD from falling further due to weakness in Australian PMIs. The AUD/USD rises for the second day in a row, posting solid […]
GBP/USD recovers 1.2000 after US PMIs point to recession
GBP/USD breaks three consecutive weeks of losses, and stands around 1.34%. The US S&P Global PMIs show purchasing managers’ concern about current US economic conditions. The US 2yr-10yr yield curve remains inverted for 14 consecutive days. The GBP/USD retraces 1.2000 level amid weak market mood as equities are swinging lately, due to US S&P Global […]
Forex Today: Dollar gains traction as sentiment deteriorates ahead of PMI data
This is what you need to know to trade today friday july 22: Although the euro gained strength following the European Central Bank’s (ECB) decision to hike its key rates by 50 basis points, it lost its bullish momentum early on Friday amid the observed negative change in risk sentiment. The dollar index advances towards […]
