The Australian dollar reclaims the 0.7100 mark and records a fresh three-week high, up 0.83%. At 0.7159, the AUD/USD reflects the upbeat market sentiment amid the release of high US inflation, though ticking down from the March figure.Before Wall Street opened, the US Department of Commerce revealed that inflationary pressures …
Read More »USD/CAD’s selling pressure stands around 1.2780s
The Canadian dollar is recording goodish gains in the week of 0.85%. Friday’s positive market sentiment boosted the appetite for high-beta currencies, like the CAD.The USD/CAD edges lower in the North American session, extending its weekly losses for the third successive week as investors shrugged off an aggressive Fed, as …
Read More »Gap shares drop as amid confusing retail earnings
Gap dramatically slashed its profit outlook for 2022. Gap, on Thursday, slashed its profit guidance for the full year as it reported a decline in fiscal first-quarter sales, which were dragged down by its Old Navy business. Shares fell around 13% after hours, after closing the day up 4%.Gap swung …
Read More »EUR/JPY gains despite retreating from weekly highs
The EUR/JPY edges lower after reaching fresh weekly highs at around 136.79 and daily lows just below the 50-DMA at 135.64, blamed on the negative market sentiment that increased appetite for safe-haven peers. The EUR/JPY pair is trading at 136.16.Risk aversion continued for the second consecutive day in the week. …
Read More »AUD/USD slides as investors rethink macro outlook
The Australian dollar eased on Tuesday as global stocks underperformed while investors remain concerned over China’s economy and COVID lockdowns. At the start of the week, traders favoured the pledges of more stimulus from China’s government over the prospects of a prolonged lockdown in various regions of the nation that …
Read More »Market Drivers – US Session – 26 April
Forex trade was again dominated by risk-off on Tuesday, with the safe-haven yen and US dollar’s outperforming, as US equities cratered. Investors and traders cited everything from economic and military tensions between Russia and the NATO to China lockdown risk and worsening global growth expectations in addition to the anticipated …
Read More »WTI Falls 1.3% Hours Before Asian Session
WTI pressured on Wednesday while futures rose marginally. Political standoff in Libya has highlighted the fragility of oil supply. Crude oil is down in late North American trade by some 1.28% and has fallen from a high of $103.92 to a low of $99.93 into the close. It posted a …
Read More »Fed’s Beige Book: Hot inflation, supply difficulties weigh on US firms
Supply chain bottlenecks, the highest inflation in decades and a persisting labour shortage are weighing on businesses across the country, according to a new Federal Reserve report. In its region-by-region roundup of anecdotal information known as the Beige Book, the Fed reported that while economic activity increased at a “moderate …
Read More »BoE’s Cunliffe: Ukraine Crisis will intensify, prolong inflation surge
On Monday, BoE’s Deputy Governor Jon Cunliffe said that the Ukraine invasion will intensify the prolong the surge in inflation and tighten the squeeze on household incomes. A drop in demand through household consumption and business investment will, to an extent that is not yet clear, be greater than be …
Read More »CAD Clings To Weekly Gain On Robust Data
The Canadian dollar touches its strongest since 3 March at 1.2596. The Canadian dollar was little changed against its US counterpart on Friday, with the currency holding near a two-week high as oil prices rose and domestic retail sales data pointed to consumer spending remaining strong at the start of …
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