FX

Reuters reported on the weekend that Shanghai’s central Jingan district, a key commercial area of the Chinese financial hub, will require all supermarkets and shops to shut and residents to stay home until at least Tuesday. ”The district plans to carry out COVID mass testing from Sunday until Tuesday, it said on its official WeChat account.

The Canadian dollar gained 0.47% vs. the greenback in the week, which was soft throughout the whole week. The US Dollar Index reclaimed the 103.000 mark but ended the week with losses of 1.38%. USD/CAD Price Forecast: A daily close above the 20-DMA could pave the way for a move towards 1.3000. The USD/CAD is

GBP/USD Weekly Forecast: Will the recovery sustain above 21 DMA? Bulls were finally rescued, as GBP/USD stalled its four-week downtrend and rebounded firmly from two-year lows of 1.2155 reached a week ago. A temporary bottom seemed in place, with the 400+ pips recovery, as the US dollar embarked on an overdue correction. The currency pair

Next week the Reserve Bank of New Zealand will have its monetary policy meeting. According to analysts at Wells Fargo, high inflation and a hawkish central bank outlook sets the stage for another 50 bps hike in May to 2.00%. They expect the rate to end the year at 3.00%.  Key Quotes:  “The Reserve Bank

Despite falling on Friday, the AUD/USD is up in the week by 1.34%. Sentiment fluctuated negatively in the last hour, dragging the AUD/USD lower. AUD/USD Price Forecast: A daily close below the 20-DMA could pave the way towards the YTD low below 0.6850. The Aussie dollar is struggling at the 20-day moving average (DMA) and

The RBNZ could raise the policy rate by 50 bps at next week’s meeting, commented Lee Sue Ann, Economist at UOB Group. Key Quotes “We had pencilled in another rate hike of 50bps only in Aug. But following the latest 1Q22 CPI data and RBNZ Governor Adrian Orr’s comments, we think that it is now

The US dollar could remain stronger for a longer than expected period, warn analysts at Rabobank. They view the AUD/USD pair recovering to the 0.71 area in a six-month period.  Key Quotes:  “The AUD is struggling to push back above the 0.70 level against the USD.  The fall in AUD/USD from highs in the 0.76 area

USD/CHF remains depressed around two-week low after breaking 100-SMA. Oversold RSI conditions test bears but the downside bias remains intact. Previous support line from April adds to the upside filters. USD/CHF bears struggle to keep the reins around a two-week bottom, despite breaking the key technical supports of late. That said, the Swiss currency (CHF)

US dollar strengthens amid risk aversion, DXY up 0.30%. EUR/USD trims a fraction of its recent gains. EUR/CHF plummets more than a hundred pips in minutes. The EUR/USD is back under 1.0500 as the US dollar strengthened amid a deterioration in market sentiment. At the same time, a sharp slide in EUR/CHF also weighed on

USD/CAD portrays corrective pullback from a fortnight low, snaps three-day downtrend. Headlines from China, Fedspeak weigh on market sentiment. USD rebound stops oil buyers from cheering EU oil embargo fears. BOC Core CPI appears crucial amid talks of faster rate hikes, US housing data, risk catalysts will also entertain traders. USD/CAD prints the first daily

Data released on Tuesday showed Industrial Production rose 1.1% in April. Analysts at Wells Fargo point out that US factories, mines and energy producers together called more capacity into service than at any other time since the start of the pandemic. They warn supply chains are not fixed and could worsen in the coming months.

EUR/USD bounces off intraday low as bulls await fresh the key catalysts during three-day uptrend. US dollar stays pressured despite firmer yields, risk-on mood weigh on greenback. EC forecasts downgraded GDP estimations, Fed’s Powell expected to repeat 50 bps rate hike concerns. US Retail Sales for April, risk catalysts are also important for fresh impulse.

SNDL stock rockets up 21% in Monday’s premarket. Sundial’s Q1 earnings will be reported after market close on May 16. Q4 2021 earnings led to an analyst upgrade. UPDATE: Sundial Growers stock is up more than 11.3% to $0.4275 about 45 minutes into Monday’s session. This is well lower than the 21% spike shares experienced in the morning’s

EUR/USD reverses Friday’s corrective pullback from five-year low. Risk-aversion returns to table after China reports downbeat economics, renews covid fears. Mixed Fedspeak, softer US data fail test USD bulls of late. Eurozone’s quarterly economic forecasts become interesting amid Russia-Ukraine crisis, ECB’s July rate hike concerns. EUR/USD fails to extend the previous day’s recovery from a

The uspide potential of the US dollar versus the Japanse yen is becoming more limited, warned analysts at MUFG Bank. They noted the USD/JPY pair is reverting to a traditional risk-on/risk-off patterns amid financial instability. Key Quotes: “The fact that US yields have been more sensitive to asset price declines than to higher than expected

Gold’s recovery capped by the $1,820 area, stays under pressure. Improvement in risk sentiment offers limited help to the yellow metal. On a weekly basis, XAU/USD is down almost 4%. Gold bottomed at $1,799 on Friday, the lowest level since February. A recovery followed later that found resistance quickly at $1,820. The yellow metal remains

AUD/USD has rebounded into the upper 0.6800s, though remains on course for hefty on-the-week losses of over 2.5%. Risk asset weakness plus China lockdown/growth concerns that have weighed on industrial commodities hit the Aussie hard this week. Focus next week will be on Chinese data, the RBA minutes plus Australian Q1 WPI and labor market

USD/CAD retreats from 18-month high on failure to cross immediate resistance line. Descending RSI line adds strength to the bearish bias. 100-HMA, one-week-old ascending trend line puts a floor under short-term downside. Bulls can aim for late 2020 swing high on crossing 1.3080 hurdle. USD/CAD consolidates recent gains while easing from the highest level since