GBP/USD posts modest losses of 0.23% on Wednesday, paring some of Tuesday’s gains. Market participants are “focused” on the US Fed’s Jerome Powell’s speech on Friday. Pending US home sales show the housing market deteriorating, while durable goods orders held up. GBP erases Tuesday’s gains and falls, towards the 1.1800 level, amid a slightly bullish […]
Tag: United States
USD/CAD pulls back from six-week highs and returns below 1.3000
USD/CAD erases Monday’s gains and falls more than 0.60%. Weaker US housing and PMI data weighed on the USD. TDS analysts expect the BoC to rise 75 basis points in September; they estimate the first cut in the third quarter of 2023. The USD/CAD stumbles from weekly highs around 1.3063 and slumps on weaker-than-expected US […]
GBP/USD rebounds strongly and breaks above 1.1860 after mixed US and UK PMIs
GBP/USD jumps from record lows after US economic data reignites recession fears. US S&P Global PMI data was mixed, although it reignited recession fears. The UK S&P Global Manufacturing PMI slipped into contraction territory. GBP/USD Price Analysis: If it breaks above the 1.1900 level, the 1.1936 level can be tested. The GBP/USD recovered some ground […]
China: Foreign Ministry warns US about trade talks with Taiwan
Following opposition from the Chinese Ministry of Commerce, the Ministry of Foreign Affairs The country’s government also said on Thursday that Beijing will take resolute steps to defend its territorial integrity and urged the US not to make a wrong judgment after Washington and Taipei agreed to start trade talks in early fall. This comes […]
US: Atlanta Fed GDP for the third quarter falls to 1.8%
According to the model GDPNow from the Federal Reserve Bank of Atlantathe US economy is expected to grow at an annualized rate of 1.8% in the third quarter, down from 2.5% in the previous estimate. “Following recent releases from the US Treasury Department’s Office of the Fiscal Service, the US Bureau of Labor Statistics, the […]
USD/CAD recovers due to the drop in oil prices and the strength of the dollar
USD/CAD rises sharply on lower WTI prices, fueled by data from China showing its economy slowing down. The New York Fed’s Empire State Manufacturing Index for August falls to -31.3, driven by deteriorating business conditions. USD/CAD could get some clues from Canadian inflation figures, along with the US Federal Reserve Minutes to be released on […]
Gold Forecast: XAU/USD Buyers Failed to Break $1,800 Despite Falling US Bond Yields
The price of gold records gains for four consecutive weeks, rising 1.08%. Weaker US inflation data for the week has investors cheering and hoping the Fed will tighten monetary policy “less.” The UoM consumer sentiment report for August beat expectations. Gold Price Forecast: The price of gold remains range bound despite broad dollar weakness over […]
NZD/USD rises towards 100 DMA on US inflation showing signs of slowing
NZD/USD advanced for the second day in a row, rising 3.03% on the week. The US PPI for July rose 9.8% annually, lower than estimates and last month’s reading. Initial claims for jobless benefits in the US increased for two consecutive weeks, indicating that the labor market is moderating. The NZD/USD rises above the 100 […]
USD/CAD Battles 200 DMA Following US PPI Slowdown
USD/CAD extended losses for the second day in a row as sellers look for a breakout of the 200 DMA. US July inflation reports show signs of peaking, with CPI at 9% y/y and PPI at 10% y/y, below their readings in the previous month. Traders’ attention shifts to the University of Michigan Consumer Sentiment […]
GBP/USD pulls back from weekly highs and approaches 1.2200
GBP/USD falls almost 0.05% amid risk aversion momentum as US dollar weakens. Prices paid by producers in the US eased, while jobless claims rose for the second week in a row. GBP/USD Price Analysis: Pulled back from a descending channel trendline, with an eye on a break below 1.2200. The GBP/USD is off weekly highs […]