FX

GBP/USD outlook: Cable falls to new 2022 low after weak UK GDP data added to negative sentiment Cable extends steep fall of past four weeks and probed below 1.22 handle to hit new 2022 low. Weak UK GDP data, released today, added to negative sentiment, fueled by risk aversion that continues to inflate the US

The black gold is consolidating in a wider range of $92.77-110.33 with a mild positive bias. Oil prices are firmer above the 20-EMA at $103.14. The RSI (14) has rebounded sharply from the bearish range of 20.00-40.00. West Texas Intermediate (WTI), futures on NYMEX, is displaying back and forth moves in a narrow range of

Rivian stock remains under pressure but bounced on Tuesday. Ford says it sold 8 million shares in Rivian. CNBC also reported another potential seller, possibly Amazon. Rivian (RIVN) stock managed to stem recent losses on Tuesday as it closed up one meagre cent at $22.79. The stock has collapsed this year as the equity environment has totally

“The US GDP will increase by 2.6% this year,” said Atlanta Fed President Raphael Bostic. The policymaker also mentioned that the economy is strong, and demand is high. Watch here: Atlanta Fed President Bostic speaking at The Financial Markets Conference Additional comments Fed policy must be robust, vigilant, and adaptive. Market implications Following the comments, EUR/USD

NASDAQ:MULN fell by 10.0% during Monday’s trading session. EV stocks plummet as Tesla drags down sector during NASDAQ sell off. Rivian drops 20% as Ford sells 8 million of its shares in the company. NASDAQ:MULN narrowly remained above $1.00 during Monday trading, as the selling pressure on growth stocks continued into another week. Shares of

Inventory distribution at higher levels advocates a bearish reversal in the asset. A bear cross, displayed by the 20- and 50-EMAs reinforces downside filters. The RSI (14) has shifted into a bearish range of 20.00-40.00. The AUD/JPY pair is consolidating around its critical support of 90.43 printed in the last week of April. The cross

Former Bank of England (BOE) Chief Economist Andy Haldane warned in an LBC interview on Monday that inflation could go even higher than the 10% predicted and could persist for years. Additional comments “Things have passed my worst expectations.” “I think it is certainly going to last the duration of the year, and into next

Risk-aversion lifted the low-yielder EUR, despite broad US dollar strength. The US labor market keeps strengthening, adding 428K jobs to the economy. EUR/USD Price Forecast: In the long-term downward biased, but the 1-hour chart depicts the pair as neutral-upwards. The EUR/USD trimmed some of Thursday’s losses, and it is set to finish the week on

GBP/USD grinds lower but stays around 1.2350s after upbeat US NFP report The British pound appears to regain composture but remains losing in the day, down 0.06%, after the Bank of England hiked rates by 25-bps on Thursday. At the time of writing, the GBP/USD is trading at 1.2352. The GBP/USD is still downward biased, though

The Australian dollar finished the week in an upbeat tone, with gains of 0.15%. A dismal market mood was not an excuse for the AUD to appreciate vs. the greenback. The pace of rate hikes by the RBA/Fed would favor the US dollar. The AUD/USD snapped five consecutive weekly losses and is recording decent gains

The US economy created 428.000 jobs for the second month in a row, near market expectations. According to analysts at Wells Fargo, the report is solid and reinforces their belief that the Federal Reserve will execute another 50 bps interest rate hike at its next meeting on June 14-15. Key Quotes:  “Nonfarm payroll growth barreled

The GBP/USD will finish the week with hefty losses of 1.74%. Positive US employment figures and BoE’s speaking keeps the GBP downward pressured. GBP/USD Price Forecast: To remain downward biased unless GBP bulls reclaim 1.2600. The British pound appears to regain composture but remains losing in the day, down 0.06%, after the Bank of England

The yen now stands around 130, a 20-year low versus the US dollar. Economists at Nordea expect the USD/JPY to advance towards the 135 level by year-end. USD/JPY to move lower during the second half of 2023 “Back in 2002, USD/JPY topped at 135 and we expect USD/JPY to move towards this level by end-2022.” 

The Bank of England hiked rates to 1%, though slashed UK’s economic growth in 2023. The US and UK central bank’s expressed concerns about China’s Covid-19 crisis, which threatens to disrupt supply chains, consequently triggering high inflation. GBP/USD Price Forecast: To fall towards June 2020 swing lows around 1.2251. The British pound plummets on Thursday

Here is what you need to know on Thursday, May 5: The dollar faced heavy selling pressure during FOMC Chairman Jerome Powell’s press conference late Wednesday and the US Dollar Index recorded its largest one-day loss since early March, falling nearly 1%. The greenback consolidates its losses early Thursday as the market focus shifts to

GBP/USD rallies on the Fed with a relatively muted response in financial markets. The Fed hiked rates by 50 basis points and published plans to reduce the size of the balancesheet.  At 1.2522, GBP/USD is 0.22% higher and has rallied around 42 pips in the first 15 minutes on the knee jerk after the Federal Reserve

Considering preliminary figures from CME Group for natural gas futures markets, open interest rose by more than 1K contracts on Tuesday, while volume followed suit and rose for the second straight session, this time by around 91.2K contracts. Natural Gas remains focused on $8.30 Prices of natural gas edged higher and clinched new 13-year highs

The Bank of Canada Governor Senior Deputy Governor Carolyn Rogers says the labour market is a really strong indicator right now of excess demand in the Canadian economy. Key comments We don’t target components of inflation, we target the overall level of inflation. We need higher rates to moderate demand including demand in the housing