FX

British Prime Minister Boris Johnson’s spokesperson said on Friday that the latest political events will not affect the progression of the Northern Ireland Protocol bill, as reported by Reuters. “The government will continue to move ahead with already agreed policies such as Rwanda immigration flights,” the spokesman added. When asked about fiscal policy, “a responsible

USD/CHF retains five-day uptrend, grinds higher of late. Risk appetite improved amid absence of fresh catalyst to amplify recession woes. Softer data, pre-NFP consolidation also played their roles to adjust market moves. US jobs report for June will be important considering hopes of 0.75% rate hike. USD/CHF grinds higher as the bulls poke the 50-DMA

GBP/USD Forecast: Pound tests key resistance, UK PM Johnson expected to resign GBP/USD has reversed its direction and climbed toward the 1.2000 area after having slumped to its lowest level in more than a year at 1.1876 on Wednesday. The positive shift witnessed in risk sentiment helps the pair preserve its recovery momentum and buyers

During the week, the New Zealand dollar is down 0.82%. The market sentiment is mixed as US equities rally alongside safe-haven currencies. The Fed to hike 75 bps in the July meeting, as shown by June’s FOMC minutes. The New Zealand dollar drops for the second straight day but trades within the boundaries of Tuesday’s

WTI price remains vulnerable amid fears of an inevitable global recession. China’s lockdown concerns will keep any rebound in oil short-lived. Impending bear cross keeps sellers hopeful, with eyes on 200 DMA. WTI (NYMEX futures) is gyrating around $99 after its recovery ran into resistance above the $100 mark earlier in the Asian session. The spot

Gold is pressured below a key monthly trendline and continues to bleed out.  A sustained downtrend could form in gold should the large CTA selling program catalyze a breakdown in price, bank analysts argue.  At $1,767, the price of gold is down on the day by some 2.2% after falling from a high of $1,812.19 to a

Gold Price edged lower for the second straight day and was pressured by a combination of factors. Aggressive Fed rate hike bets continued acting as a headwind amid signs of stability in the markets.   Modest USD strength further weighed on the XAUUSD, though recession fears helped limit losses. Gold Price edged lower for the

Gold is range-bound in a relatively quiet holiday trade on Monday.  A break of Monday’s lows could be the catalyst for a long squeeze and open prospects of a significant move to the downside.  The Fed minutes and Nonfarm Payrolls are eyed as potential catalysts.  At $1,807.17, the gold price is slightly underwater in the

The US Dollar Index (DXY) jumped by close to 3.0% in June. Economists at MUFG Bank expect the greenback to remain on solid foot before reversing back lower by year-end and more evident in 2023. No let-up from the Fed as inflation fight is the primary focus “We can now say that the FOMC rates

EUR/USD will be vulnerable to critical events in the week ahead.  US data will be watched closely as will the Fed and ECB minutes.  EUR/USD was down some 0.5% on Friday due to the pick-up in pessimism about the global economic outlook. The US dollar has found its feet yet again due to the demand for

The EUR/GBP seesawed in a volatile 100-pip trading session on Friday. Weak data from the UK and the EU left traders undecided on which direction to take. The EUR/GBP daily chart depicts the pair as upward biased, but the 4-hour illustrates the cross might correct towards 0.8550 before resuming the uptrend. The EUR/GBP advances during

The USD/CAD ended the week almost flat amidst a volatile’s Friday session. Canada’s May GDP contracted by 0.2%, on its preliminary reading, a headwind for the CAD. US manufacturing data showed signs of slowing down; will the Fed slow its tightening pace? The USD/CAD pares some of Thursday’s losses after reaching a weekly high of

Analysts at MUFG Bank, point out that the South Korean won will likely remain affected by the ongoing concerns on global economic growth and the tightening from the Federal Reserve. They forecast USD/KRW at 1250.00 by the end of the second quarter, and at 1230.00 by the fourth quarter.  Key Quotes: “KRW depreciated this June

The USD/CHF to finish the week with decent gains of 0.39%. Risk-aversion dominates Friday’s session, as throughout the whole week. The USD/CHF double top in the daily chart is still in play, but failure at 0.9544, paves the way for further gains as buyers eye 0.9700. In the near term, the major is upward biased,

USD/CAD has established above 1.2900 firmly as oil prices fall and DXY rebounds. The odds of the maintenance of the status quo by the Fed in July have advanced significantly. Oil prices have reported their first monthly losses in CY22 on escalating recession fears. The USD/CAD pair has surged strongly above the critical hurdle of

USD/MXN turns negative, after hitting weekly highs near 20.30. A recovery in market sentiment helped the Mexican peso during the American session. A consolidation above 20.20 is likely to trigger more gains. Emerging market currencies recovered ground during the American session from multi-day lows. They remain under pressure affected by the sharp decline in global

USD/CAD is likely to display some losses as DXY skids and oil rebounds. As per Fed Powell, even a spree of rate hikes doesn’t guarantee the return of the inflation rate to 2%. Oil prices witnessed a significant correction as comments from central banks diminishes demand forecasts. The USD/CAD pair has sensed barricades around the

Gold reversed from two-day highs and is back near weekly lows. US dollar rises across the board following comments from Portugal. Gold prices dropped sharply during the American session, erasing daily gains. XAU/USD peaked at $1833, the highest level in two days and then turned lower, falling to $1814, slightly above the daily low of