In USDCAD news, the Bank of Canada has held rates steady at 1.75%, but the USDCAD spiked after the BoC provided a less-than-hawkish tone than the market expected to is quarterly monetary policy report. The USDCAD charts show that the pair is trading at 1.31362, representing a 100-pip surge on the day after the BoC … Read more
USDJPY trades 0.09% higher at 109.96 close to seven month highs. The pair recovers some of yesterday’s losses which attributed to strong bids from traders looking for safe haven assets after the outbreak of the coronaryvirus outbreak in China and other countries. On the economic data front the United States Chicago Fed National Activity Index … Read more
AUD to GBP is under selling pressure for third consecutive trading session as the pair is driven by the fundamental data coming out of Australia and UK. Australia’s Westpac Consumer Confidence data for January, came in at -1.8% to 93.4 in January from 95.1 below the expectations of a drop of-0.8%. Bushfires, had the dominant … Read more
Positive Data from the UK Pushed EUR to GBP Lower EUR to GBP fell in yesterday’s trading following the positive labor figures from the UK. EURGBP fell from an intraday high of 0.8534 and closed the day at 0.8490. According to the Office for National Statistics, there were only 14,900 people who claimed for unemployment … Read more
Asian equities markets traded higher today despite news of the coronavirus spreading. The Hang Seng Index recouped its losses from yesterday. It is trading 355.7 points or 1.27% higher at 28,341.0. The Nikkei 225 is also in the green by 166.8 points or 0.70% at 24,031.4. Meanwhile, the Shanghai Composite Index is up by 13.4 … Read more
GBPUSD finished yesterday’s trading higher despite risk aversion looming thanks to positive labor data from the UK. The currency pair rose to an intraday high of 1.3083 before finishing the day at 1.3047, 44 pips higher from where it opened. According to the Office for National Statistics, there were only 14,900 people who filed for … Read more
Remember the inverse head and shoulders pattern I pointed out on EURUSD yesterday? Price broke above the neck line resistance. It was brought about by the German ZEW Economic Sentiment report which topped its 15.2 forecast at 26.7. However, there were not enough buyers to push EURUSD to its January 16 highs at 1.1160. The … Read more
Remember the inverse head and shoulders chart pattern I pointed out on ripple price yesterday? It was invalidated when XRPUSD made a lower low. However, if we zoom out to the 4-hour chart today, we can see another interesting setup on the cryptocurrency. Head and Shoulders at Rising Trend Line The uptrend on ripple price … Read more
The European Central Bank will put the market focus on the Euro on 23 January 2020 as it provides its interest rate decision and rate statement for the first time under new Chair Christine Lagarde. No significant changes are expected. The ECB initiated a renewed stimulus package in September 2019 and has continued to maintain … Read more
USDMXN trades higher for the second day in a row as the rebound from 15-month lows continues. The Mexico Jobless Rate came in 2.9% below expectations of 3.5% in December. Banxico cut the interest rates for the fourth time in a row by 25 bps to 7.25% on December 19th. The Mexican peso and emerging … Read more
Norges Bank is expected to keep interest rates unchanged at its monetary policy meeting on January 23rd. The upcoming meeting is an interim meeting with no new interest rate path, or a press conference. So we don’t really expect much from the policy meeting or any major move in the USDNOK pair The Executive Board … Read more
EURGBP was under selling pressure and hit the daily low after mildly strong UK Employment Data. The U.K. employment increased by 208k in November with the unemployment rate steady at 3.8%. Increased hiring activity came with higher headline wage growth at 3.2% beating forecasts of 3.1%. The stronger UK employment data might provide some relief … Read more