Canadian Dollar Gains on US PMI Miss, Anticipation of Fed Rate Cuts
The Canadian Dollar (CAD) strengthens against the US Dollar (USD) after softer-than-expected US PMI figures fuel expectations for an earlier-than-anticipated pivot to rate cuts by the Federal Reserve (Fed). Key Factors: Canadian Dollar Technical Analysis:
Gold Price Retreats as Middle East Tensions Ease, Bond Yields Rise
Gold price (XAU/USD) experiences a pullback after failing to sustain above $2,400, driven by several factors: Technical Analysis:
Pound Sterling Rebounds as Middle East Tensions Ease
The Pound Sterling (GBP) recovers from a five-month low near 1.2400 against the US Dollar as geopolitical concerns surrounding the Middle East subside. The US Dollar Index (DXY) struggles to hold above 106.00 despite hawkish Fed commentary. Key Factors: Technical Analysis:
Silver Price Analysis: Testing Key Resistance After Breakout
Silver (XAG/USD) has surged to the top of its multi-year consolidation zone, hitting resistance near the 2020 high at $29.86 after breaking out of a narrower 2023 trading range. This significant breakout raises questions about further upward potential. Key Factors:
Canadian Dollar Trims Losses on Softer USD, Brighter Market Mood
The Canadian Dollar (CAD) recovered on Wednesday, halting a five-day decline fueled by a hawkish Fed stance and dovish BoC outlook. A temporary retreat in the US Dollar, driven by improved risk sentiment and easing yields, provides some respite for the CAD. Key Factors: Market Movers: Technical Analysis:
Pound Finds Support Near 1.2400, Weak UK Jobs Data Fuels Downside
The Pound Sterling (GBP) remains under pressure late Tuesday following weak UK labor market data. The GBP/USD pair remains vulnerable, with the UK Office for National Statistics (ONS) reporting a significant cooling in labor market conditions for the three months ending in February. The Unemployment Rate rose to 4.2% with widespread layoffs. Impact on BoE […]
US Dollar Rallies on Strong Retail Sales, Fed Outlook in Focus
The US Dollar (USD) surged after the release of robust US Retail Sales data, offsetting earlier weakness stemming from easing Middle East tensions. Market focus now shifts to Fed commentary with NY Fed President John Williams and Fed Chairman Jerome Powell scheduled to speak later this week. Economic Data Recap Upcoming Data and Fed Speakers […]
EUR/USD Plummets to Fresh Lows on Diverging ECB/Fed Outlooks
The Euro has experienced a sharp decline over the past two days, reaching five-month lows near 1.0600. A hawkish Federal Reserve stance combined with a dovish European Central Bank (ECB) has fueled the EUR/USD selloff, with the pair facing its worst weekly performance in over a year. ECB Signals Rate Cut Potential, Contrast with Fed […]
Canadian Dollar Down as US Dollar Proves ‘Unstoppable’
The Canadian Dollar (CAD) remains on the defensive for the second consecutive day, depreciating over 1% against a broadly stronger US Dollar. Market sentiment has shifted away from expectations of 2024 Federal Reserve (Fed) rate cuts. US PPI Offers Mixed Signals, Fed Speakers Assess Inflation While US Producer Price Index (PPI) data showed some cooling, […]
EUR/USD Plummets on US Inflation Data, Eyes ECB Meeting
EUR/USD plunged over a full percentage point to the upper 1.0700s after Wednesday’s release of hotter-than-expected US Consumer Price Index (CPI) data. March inflation figures lowered the likelihood of an early Federal Reserve (Fed) interest rate cut. US Dollar Gains on Higher Rate Expectations The strong inflation data boosts the US Dollar (USD) as higher […]
