FX

The UAE is set to encourage fellow OPEC nations to increase oil production levels given that the Russian invasion of Ukraine has pushed crude oil prices to their highest level in more than ten years, a senior official said on Wednesday, according to the Financial Times. In a statement to the UK financial journal, Yousef al-Otaiba, the

USD/INR consolidates recent losses around all-time high, sidelined of late. India reports lowest covid infections in 22 months, rallying commodities challenge INR. Absence of major negatives from Russia-Ukraine front joins EU, UK’s resistance in sanctioning Moscow’s oil to favor market sentiment. Fed’s silence, light calendar can keep markets steady but geopolitical headlines will be key

The British pound extends its monthly losses, down close to 2%. A dampened market mood spurred demand for safe-haven assets, where the dollar is “king.” GBP/USD Technical Outlook: Breach of 1.3100 would expose November 2, 2020, lows at 1.2853. Update: UK’s Prime Minister Boris Johnson is crossing the wires; he said that the UK “Can

USD/CAD remains steady after two-day rebound from five-week low. WTI crude oil renews 14-year high as Ukraine-Russia woes intensify, Venezuela-US discuss output deal and Libya witnesses 2 fields’ shutdown. DXY cheers safe-haven demand, hawkish Fed, as well as strong US jobs report. Canadian employment figures, oil headlines will be crucial for short-term directions. USD/CAD sellers

The NZD/USD pair records a new YTD high and is gaining in the week some 1.75%. US Nonfarm Payrolls report for February crushed expectations as unemployment ticks lower. NZD/USD Technical Outlook: Neutral-upwards as NZD bulls take a breather and prepare an assault to the 200-DMA. The New Zealand dollar records the second-biggest gain of the

The USD/JPY is set to finish the week with losses, so far down 0.59%. A dismal market mood weighed on US Treasury yields and the USD/JPY. USD/JPY Technical Outlook: A triple-bottom formation targets 117.48. On Friday, the USD/JPY retreats from the double-bottom “neckline” at around 115.80 to weekly lows, negating the chart pattern late in

The USD/CHF eyes to finish the week with losses, down 1.03%. Global equity indices record losses on a busy week impacted by economic data and geopolitical news. USD/CHF Technical Outlook: Neutral biased, confirmed by the DMAs with an almost horizontal slope confined to a 15-pip range. The USD/CHF climbs for the third day in the

USD/CAD reversed sharply higher on Friday to test 1.2800 following strong US jobs data and amid a broadly risk-off tone. Currently, USD/CAD is up about 0.7% on the day and 1.5% versus multi-week lows printed on Thursday under 1.2600. USD/CAD reversed sharply higher on Friday after the release of what traders described as a bumper

Here is what you need to know on Friday, March 4: The financial markets have now gotten over the shock of the initial Russia-Ukraine conflict and had until today begun to price in more risk back into portfolios. However, that has now taken a back seat as news of Russia shelling a nuclear power plant

GBP/USD steadies around 1.3350 amid Brexit hopes, eyes on Ukraine, US NFP GBP/USD bears took a breather around 1.3345-50 amid Brexit optimism during early Friday morning in Asia. Even so, the cable pair remains on the back foot for the second consecutive week as the US dollar cheers cautious mood in the market, mainly due

There were 215,000 initial jobless claims in the US in the week ending on 26 February, less than the 226,000 expected and below the week prior, when there were 233,000 claims (revised up from 232,000), data published by the US Department of Labor (DOL) revealed on Thursday. Continued Claims in the week ending on 19

EUR/JPY fades bounce off 13-month low, sidelined of late. Sluggish Momentum, bearish chart pattern keep sellers hopeful. 50-SMA, 200-SMA adds to the upside filters, 2020’s peak also challenge bears. EUR/JPY reverses the corrective pullback from February 2021 lows, marked the previous day, inside a short-term descending trend channel formation. That said, the quote remains pressured

SOFI stock soars in afterhours on Tuesday as earnings boost sentiment. SOFI had been beaten down, so expectations were low ahead of the release. SOFI beat on EPS and revenue and issued strong guidance. SoFi Technologies (SOFI) is an online personal finance company that has garnered quite a bit of investor attention lately. This has been

USD/CAD fades the previous day’s rebound from three-week low. 50-SMA, one-week-old resistance line guards immediate upside. 200-SMA, 50% Fibonacci retracement limit short-term declines ahead of 1.2560-55 area. Firmer RSI, likely priced-in BOC rate-hike keep buyers hopeful to visit 1.2800 resistance. USD/CAD eases from the weekly top to 1.2730 during the initial Asian session on Wednesday.

“We are striving for Europe to choose for Ukraine,” Ukrainian President Volodymyr Zelenskyy said on Tuesday, as reported by Reuters. “We are fighting to be equal members of Europe,” Zelenskyy added. “Ukraine is giving away its best people for the desire to be treated as equals.” Market reaction Markets remain risk-averse during the European trading hours

US inflation expectations, as measured by the 10-year breakeven inflation rate per the St. Louis Federal Reserve (FRED) data, don’t comply with the recently easing Fed chatters as the gauge jumped to the highest since November 23 on Monday. That said, the inflation expectations marked a 2.62% figure by the end of Monday’s North American

USD/CAD continued with its struggle to build on the momentum or find acceptance above 1.2800. Signs of stability in the markets, sliding US bond yields failed to assist the USD to preserve its gains. Retreating crude oil prices undermined the loonie and continued lending some support to the pair. The USD/CAD pair retreated nearly 50

USD/CAD printed the biggest daily loss of 2022 on Friday as risk-off mood escalated. Russia President Putin puts nuclear deterrence forces on high alert. Ukraine-Russia talks can trigger risk-on mood but nothing positive so far as West escalates pressure on Moscow with harsh sanctions. Canada Q4 Current Account, second-tier US data may decorate calendar but