CAD Gains Against USD on Soft US Data, Eyes Macklem Testimony
The Canadian Dollar (CAD) advanced against the US Dollar (USD) on Tuesday, fueled by disappointing US ISM Services PMI and Factory Orders data, which reinforce expectations of Fed rate cuts. While CAD performance was mixed against other major currencies, it remained near opening levels versus the USD and NZD. Wednesday’s Bank of Canada (BoC) meeting […]
USD/JPY Eyes Three-Month High as BoJ Signal Weighs on Yen
USD/JPY is advancing towards the three-month high of 150.80, fueled by renewed pressure on the Japanese Yen after Bank of Japan (BoJ) Governor Kazuo Ueda expressed caution about exiting the dovish policy stance. Despite recent comments from BoJ board member Hajime Takata suggesting an overhaul, Ueda emphasized the need for further wage growth data to […]
WTI Oil Surges Towards $79, Eyes OPEC Output Cuts and Fed Policy
Oil prices rallied sharply on Friday, trading near $79 ahead of the US market open, capping a profitable week. The surge is fueled by expectations that OPEC will extend current production cuts into the second quarter, a key factor supporting current price levels. Adding to the bullish sentiment, the US Dollar Index (DXY) remains rangebound […]
Gold Price Surges on Soft US Core PCE Data, Eyes Triangle Breakout
Gold prices (XAU/USD) rallied sharply early Thursday as the US core Personal Consumption Expenditure Price Index (PCE) for January softened in line with expectations. The lower-than-expected inflation strengthens expectations of a potential June rate cut by the Federal Reserve (Fed), reducing the opportunity cost of holding non-yielding Gold. Annual core PCE inflation slowed to 2.8% […]
GBP/JPY Finds Support Near 190.40, BoE Policy and Inflation in Focus
The GBP/JPY pair has found a temporary foothold near 190.40 on Wednesday as the Bank of England (BoE) signals a reluctance to immediately cut interest rates despite easing shop price inflation. BoE policymakers emphasize the need for clearer evidence of a sustained decline in inflation towards their 2% target before considering rate reductions. BoE Deputy […]
The USD/CAD faces selling pressure on Tuesday
The USD/CAD faces selling pressure on Tuesday, halting its two-day advance from recent lows. Currently hovering below the 1.3500 mark, the pair appears pressured by rising Crude Oil prices and a softer US Dollar. Oil prices find support for a second day amidst concerns over Middle East supply disruptions following ongoing attacks against commercial vessels. […]
The Euro (EUR) starts the week with gains against the US Dollar (USD)
The Euro (EUR) starts the week with gains against the US Dollar (USD) as traders anticipate crucial inflation data from both the Eurozone and the United States. Economic growth figures in the US could also impact the Greenback’s performance. The EUR/USD currently trades at 1.0850, representing a 0.30% increase. Market sentiment appears cautious. European Central […]
USD/JPY slumps from 151.00 amid correction in the US Dollar
The USD/JPY faces an intense sell-off from 150.80 in Friday’s early New York session. The asset has come under pressure as the US Dollar retraces vertically, even though Federal Reserve (Fed) policymakers argue in favor of keeping interest rates at their current level. Considering positive overnight futures, the S&P500 is expected to open on a […]
Gold price falls as US Dollar recovers as Fed maintains the hawkish rhetoric
Gold price (XAU/USD) faces an intense sell-off after printing a fresh weekly high above $2,030 in Thursday’s early New York session. The precious metal struggles to hold a five-day winning streak as the Federal Open Market Committee (FOMC) Minutes of the late January policy meeting indicated that most Federal Reserve (Fed) policymakers are in no […]
USD/CAD tested a new high for the week but remains tepid
USD/CAD briefly tested a fresh high for the week, but the pair continues to churn in near-term consolidation levels as markets buckle down for the latest meeting Minutes from the Federal Reserve’s (Fed) Federal Open Market Committee (FOMC). Market momentum remains thin with US Purchasing Managers Index (PMI) figures due on Thursday, and the trading […]