GBP/USD bears are stepping up in droves as Brexit woes dig in.
US CPI despatched the dollar on a tear and the divergence between BoE and the Fed is taking its toll on GBP.
Sterling is nonetheless reeling from the impacts of the the Bank of England’s selection on four Nov to preserve the financial institution charge at 0.1%. However, statistics in the US on Wednesday became the screw and sank…
GBP/USD drops again under 1.3880, down 0.13% intraday, whilst heading into Tuesday’s London open. In doing so, the cable drops for the first time in three days as the US greenback index (DXY) snaps a two-day downtrend.
Although the US dollar’s corrective pullback takes clues from uncertainty over US President Joe Biden’s $2.25 trillion infrastructure spending, a lack of a post-Brexit…
USD/CHF is facing selling pressure and has reached an intraday low of 0.9060, snapping a two-day winning streak. The Swiss Franc (CHF) pair has also broken below the 200-Hour Moving Average (HMA) support level.
Bearish signals from the Moving Average Convergence Divergence (MACD) and a reversal of the Relative Strength Index (RSI) from overbought territory add to the downside bias. However, the…
Natural Gas Price (XNG/USD) continues its rebound and is trading near the intraday high around $2.34. The price is benefiting from a weaker US Dollar and cautious market optimism as investors await key US inflation data for May and the upcoming Federal Reserve (Fed) monetary policy meeting.
The US Dollar Index (DXY) has reversed its two-day uptrend and is down 0.20% intraday to around 103.43. The…
Bank of Japan (BoJ) policymaker Masazumi Wakatabe expressed his views in a Bloomberg TV interview on Monday, suggesting that the upcoming policy meeting would involve interesting discussions on communication strategies. Wakatabe mentioned that it is still premature to consider the current inflation as sustainable and stable. He anticipated that there would be no changes in policy at the June…
Gold Price Faces Resistance as Data and Events Awaited
The Gold Price (XAU/USD) is experiencing pressure below short-term key resistances as market focus turns to upcoming data and events. Doubts regarding a dovish verdict from the Federal Reserve (Fed) and consolidation of the US Dollar are exerting downside pressure on XAU/USD. However, with a light economic calendar, gold buyers may find some…
Scotiabank Economists Analyze GBP/USD’s Technical Outlook
Economists at Scotiabank are analyzing the technical outlook for the GBP/USD pair, which is currently consolidating in the mid-1.25s. While there may be some modest downside risk in the very near term based on intraday price action, the overall trend for the Pound remains positive.
The Pound has had a solid week and reached a…
USD/JPY Finds Support Amid USD Index Movement and Anticipation of US Inflation
The USD/JPY pair has encountered intermediate support around 139.00, aligning with the movement of the USD Index. While volatility in the USD Index cannot be ruled out due to upcoming US inflation data, investors are closely preparing for its impact.
Market expectations suggest that the Bank of Japan (BoJ) is unlikely…
The EUR/CAD cross has been experiencing a downtrend over the past week, with the euro weakening against the Canadian dollar. The cross reached a nearly three-month low at around 1.4285-1.4280 in the early European session.
The Bank of Canada’s surprise 25 basis point rate hike on Wednesday, coupled with a slight increase in crude oil prices, has supported the Canadian dollar and put pressure…
EUR/NOK is up by around 12% YTD and 17% YoY. Economists at ING discuss Krone’s outlook.
Short-term woes
We are not ready to call for a reversal of the NOK bearish trend in the near term.
External factors need to favour a NOK recovery before any domestic factors can seriously become part of the equation.
A re-softening of the Dollar, and prevalence of the European growth story over the US one…
WTI crude oil prices remain depressed and have experienced a second consecutive day of decline. The market is currently grappling with sluggish conditions and concerns over a potential banking crisis, which have supported a rebound in the US Dollar despite expectations of future actions by the Federal Reserve weighing on the greenback.
Mixed signals from recent trade numbers in China for May have…
The EUR/GBP pair has been under pressure, renewing its intraday low and experiencing a second consecutive day of decline. This downward movement is influenced by sluggish trading conditions and is not being swayed by hawkish comments from European Central Bank (ECB) officials or pessimism in the UK.
German Industrial Production (IP) showed improvement on a month-on-month (MoM) basis, growing by…