FX

A spokesperson for the German government told reports on Monday that they have ruled out the approval of the shelved Nord Stream 2 gas pipeline, as reported by Reuters. “We face difficult months ahead,” the spokesperson added. “But it is clear that we stand firmly on the side of Ukraine and we stand behind the

GBP/USD remains pressured around two-week low, after breaking monthly support line. 21-DMA, the previous resistance line from mid-June appear to challenge the bears. RSI, MACD also favor sellers whereas buyers have tough challenges ahead. GBP/USD keeps Friday’s bearish bias as sellers attack 21-DMA support during Monday’s initial Asian session. In doing so, the Cable pair

AUD/USD is about to finish the week with losses of 1.10%. A bearish-engulfing candle pattern and the RSI’s crossing below 50 are two reasons that could tumble the AUD/USD. AUD/USD sellers eye a break below 0.6900, on its way towards 0.6800. The AUD/USD drops substantially, courtesy of upbeat US economic data, which sent the major

At its latest meeting, the Reserve Bank of Australia (RBA) raised the key interest rate by 50 basis points to 1.85%. According to analysts at Wells Fargo, the RBA will likely raise again in September but with a 25 bps rate hike. They see the rate peak at 3.10% by early next year. Key Quotes: 

Gold price extends its gains to three straight weeks, up 0.54%. Stellar US jobs data exerts further pressure on the Fed, as next week CPI is eyed. US-China tussles add further uncertainty to the global economic outlook. Gold price remained on the defensive late during the New York session after an early US employment report

EUR/USD loses the grip and slips back to the 1.0220 region. Industrial Production in Italy surprised to the downside in June. The NFP is expected at 250K jobs in July. Sellers seem to have regain the initiative around the single currency and drag EUR/USD back to the low-1.0200s at the end of the week. EUR/USD

AUD/USD bulls take a breather after two-day uptrend, eases of late. US dollar dropped despite recession fears, mixed data and geopolitical woes. Yields remained pressured for the second consecutive day. RBA MPS, US NFP will be important, risk catalysts should also be watched carefully for clear directions. AUD/USD bulls take a breather after a two-day

Economist at UOB Group Lee Sue Ann comments on the recently released labour market figures in New Zealand. Key Takeaways “New Zealand’s jobless rate rose a tad to 3.3% in 2Q22 from a record-low of 3.2% in 1Q22, and higher than expectations of 3.1%. Employment growth also stalled, with the number of jobs unchanged for

EUR/JPY rallied 0.50%, trimming its weekly losses to 0.09%. A risk-on impulse capped the EUR/JPY rally above 136.40. In the near term, the EUR/JPY is neutral-upward, but a break below 136.00 will expose the pair to selling pressure. The EUR/JPY begins the Asian session slightly up, extending its gains to three days in a row.

Gold regains positive traction on Wednesday amid escalating US-China tensions over Taiwan. The emergence of fresh USD selling turns out to be another factor lending support to the metal. The overnight hawkish remarks by several Fed officials keep a lid on any meaningful upside. Gold attracts some dip-buying near the $1,755 region on Wednesday and

NZD/USD is under pressure as the US dollar bounces back. Unemployment data will be an important feature on the NZ calendar.  NZD/USD is down o the day by some 1.17% with the price falling from a high of 0.6343 to a low of 0.6253. The greenback has picked up a safe haven bid relating to

AUD/USD remains sold-off into dovish RBA tone and US-China woes over Taiwan. RBA hikes key rates by 50 bps but says it’s not on a pre-set tightening path. A potential rising channel breakdown on the 1D targets 21 DMA at 0.6873. AUD/USD is holding the lower ground above 0.6900, losing nearly 1.50% on the day, as

What you need to take care of on  Tuesday, August 2: The greenback edged lower on Monday, although the slide pared mid-US session as Wall Street lost its earnings-inspired strength and lost some ground. Market participants remained focused on the risk of a global recession. At the beginning of the day, China published the official

EUR/USD extends the recovery to the 1. 0260 region. German final Manufacturing PMI came at 49.3 in July. Markets’ attention will be on the US ISM Manufacturing due later. The buying interest around the European currency remains well and sound and motivates EUR/USD to attempt another test of the 1.0260/70 band on Monday. EUR/USD up

GBP/USD extends its gains to two straight weeks, gains some 1.49%. From a daily chart perspective, the GBP/USD is still downward biased, facing solid resistance around 1.2200. GBP/USD Price Analysis: Unless buyers reclaim 1.2245, the pair remains tilted downwards. The British pound finished the week on the right foot and recorded its second consecutive week

The three major US equity indices advanced between 0.97% and 1.88%. A risk-on impulse since last Wednesday underpinned US equities, lifted by US corporate earnings of Amazon and Apple. The US Dollar Index fell below 106.000, while the US 10-year T-note yield finished around 2.654%. US equities finished the week on a higher note, as

US dollar loses momentum late on Friday amid lower US yields. EUR/USD practically flat for the week remains sideways. Price keeps moving below 1.0260 and supported by 1.0100. The EUR/USD printed a fresh daily low during the American session at 1.0145 and then rebounded back above 1.0200, amid lower US yields and higher equity prices in

Some of the shine has been taken of the strong US dollar but case for more sustained and deeper sell off is not yet compelling, explained analysts at MUFG Bank. They consider that global growth fears are supportive for the greenback. They added the Federal Reserve policy pivot is not yet sufficiently dovish.  Key Quotes: