FX

Data released on Friday showed retail sales remained unchanged in September compared to August. Stripping volatile retail segments suggests some modest upward risk to third-quarter goods spending, explain analysts at Wells Fargo. They point out that the report adds to recent evidence that consumer staying power may be waning, but it’s showing few signs of

The US dollar appreciates again on Friday and approaches 1.3800. A mixed US Retail Sales report has been overlooked. USD/CAD seen appreciating beyond 1.4000 – TDS. The US dollar firmed up on Friday to retrace most of the previous day’s losses. The pair has reached a session high at 1.3875, after bouncing near 1.3700 earlier

The European Central Bank (ECB) policymaker and Slovak central bank chief Peter Kazimir said on Friday, “75 bps rate hike in October is appropriate.” “ECB deposit rate must rise above neutral but the start of balance sheet reduction can wait until next year,” Kazinir noted. Market reaction Hawkish comments from Kazimir fail to impress EUR

The aussie bounces up from six-month lows at 0.6170 and returns to 0.6300. The US dollar losses ground as the effect of US CPI data ebbs. AUD/USD might depreciate below 0.6000 – ING. The Australian dollar is going through a sharp recovery during Thursday’s US session erasing loses from earlier on the day. The pair

At its meeting on 8 September, the European Central Bank (ECB) decided to raise its three key interest rates by 75 basis points (the deposit rate is now 0.75%). Economists at Commerzbank continue to expect it to raise its deposit rate to 3.0% by March next year. ECB to pause the rate hike process in

The Federal Open Market Committee minutes of September’s meeting have been released: Fed officials determined that they needed to adopt and maintain a more restrictive policy stance in order to achieve their goal of lowering elevated inflation. Many participants raised their assessment of the federal funding path required to meet committee objectives.Many participants indicated that

USD/CAD has reclaimed the immediate hurdle of 1.3800 after a knee-jerk reaction. Market mood is getting mixed which advocates volatility ahead. Oil prices drop after the IMF cuts 2023 GDP projections. The USD/CAD pair has recovered sharply after a knee-jerk reaction to near 1.3783 in the early European session. The asset is aiming to knock

Federal Reserve Bank of Cleveland President Loretta Mester reiterated on Tuesday that they are yet to make any progress on lowering inflation, as reported by Reuters. Additional takeaways “Monetary policy needs to be moved to restrictive levels.” “Not expecting the Fed to lower rates in 2023.” “Size of Fed rate rises will depend on economic

A series of negative headlines have dragged Tesla stock to its lowest level since the 3-for-1 split. Analysts project 40% top-line growth and a 35% increase in earnings per share (EPS) next year. Given the Twitter overhang, vehicle delivery challenges and CEO volatility, the risk-reward still looks unfavorable. Tesla Inc. (NASDAQ: TSLA), the undisputed electric

AUD/USD has ended its recent pause after breaking below 0.6361. Analysts at Credit Suisse look for continued downside to 0.6041 and likely beyond. Resistance moves to 0.6361/80 “We see the core bearish trend as resumed and with risk sentiment likely to remain weak, we look for further deterioration to follow.”  “Support shifts to 0.6281/74 and

Gold price prints four-day downtrend while extending pullback from 50-DMA. Risk-aversion, increasing odds of Fed’s 75 bps rate hikes keeps XAU/USD sellers hopeful. Holiday in the US, Japan and Canada could challenge intraday moves. US CPI, FOMC Minutes may fail to stop the bears as firmer yields favor DXY bulls. Gold price (XAU/USD) remains on

EUR/USD fell sharply with the initial reaction to US jobs report. Nonfarm Payrolls in the US rose by 263K in September. The pair remains on track to end the week little changed. EUR/USD managed to erase a large portion of its daily losses but lost its recovery momentum before reaching 0.9800. As of writing, the

The US Nonfarm Payroll report showed that the country added 265K jobs in September. Wall Street holds on to intraday losses but pared the bleeding. GBP/USD cannot bounce ahead of the weekly close, hinting at more pain ahead. Following the US monthly employment report, the American dollar rallied, pushing GBP/USD down to an intraday low

TLRY jumped 7.4% to $4.20 early in Friday’s premarket. Tilray stock then fell about 2.6% following its poor FQ1 earnings results. The Biden Administration said on Thursday it may remove cannabis from the Schedule I category. Tilray (TLRY) stock gave up a measly 2.6% to trade at $3.80 in Friday’s premarket after releasing fiscal Q1 2023 earnings

GBP/USD is expected to drag towards 1.1100 on escalating hawkish Fed bets. Fed policymaker sees a collective rate hike by 125 bps in the remaining 2022. Investors have started considering the possibility of cable parity this year. The GBP/USD pair has delivered a downside break of the consolidation formed in a narrow range of 1.1145-1.1173

Gold attracts some intraday selling at higher levels amid a modest USD strength. Aggressive Fed rate hike bets, elevated US bond yields underpin the greenback.  Recession fears, risk-off mood might offer support to the safe-haven XAU/USD. Gold struggles to gain any meaningful traction on Thursday and seesaws between tepid gains/minor losses through the early North

The trade balance released by the Australian Bureau of Statistics came out missing expectations: Australia’s August exports +3% Mom vs. the prior -9.9% & imports +4% vs. the prior +5.2%. AUD/USD is testing into the 0.6520s on US dollar weakness in Asia but finding resistance there: However, the head and shoulders is a bullish prospect. About the Trade Balance

Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries and allies including Russia, known collectively as OPEC+,  has agreed to lower oil output by 2 million barrels per day, Reuters reports, citing sources. No additional details on the group’s output strategy has been shared yet.  Market reaction Crude oil prices edged higher