Daily Forex News

[xtreamforex12]

US dollar is helpless before US Nonfarm Payrolls, 94.60’s and 95.80’s peered toward

The dollar record (DXY) fell vigorously on Thursday to a more than fourteen day low as national banks play find the Federal Reserve while, simultaneously, Fed authorities have toned down super hawkish way of talking. The euro, by a wide margin, the biggest part of the file, making up 57.6% of the DXY container, bounced against the dollar after remarks from Europea Central Bank president Christine Lagarde fuelled assumptions for quicker money related strategy tightening. When she was addressed about whether the ECB was “far-fetched” to raise rates this year, Lagarde said it would survey conditions cautiously and be “information subordinate”. This leaves March as a key gathering where the ECB could flag a significantly more hawkish position. Eurozone currency markets are presently estimating a 80% opportunity of a 10 bps climb in June and a practically 100 percent chance of 40 bps of climbs by year-end, from a 90% opportunity of 30 bps climbs before Lagarde’s question and answer session.

In the mean time, the Bank of England raised financing costs to 0.5% and almost a large portion of its policymakers needed a more critical increment to contain uncontrolled value pressures. This also has overloaded the DXY. GBP makes up 11.9% of the list. In any case, other than the hawkishness at national banks, the US dollar has unhinged for the current week from the Fed-bid.

The blend of less hawkish comments toward the beginning of the week from a tune of Fed authorities, more vulnerable positions information and a slide in ISM administrations from the earlier month are pulling the DXY lower. Hazard hunger has likewise returned creeping into worldwide business sectors. DXY fell under 96 DXY on Thursday as an outcome.

The spotlight will currently be on Friday’s Nonfarm Payroll. Payrolls probably plunged in January, yet simply because of brief Omicron aftermath because of the huge number of individuals phoning in debilitated early the month before. This would be relied upon to be reflected in the information. Experts at TD Securities contended that ”few Fed authorities have effectively clarified that they will limit feeble information as brief. Likewise, we see potential gain hazard on normal hourly profit, with a generally solid pattern prone to be added to by transitory Omicron impacts connecting with the arrangement of payrolls and the length of the week’s worth of work. Our 0.6% MoM gauge for hourly income suggests 5.3% YoY, up from 4.7% YoY in December.”

The Federal Reserve is relied upon to glance through any close to term shortcoming in the work market, and in this way will climb in March no matter what the upcoming positions information result, as experts at Brown Brothers Harriman clarified. ”In the event that work market shortcoming continues for a very long time past this, the Fed will reexamine its probably rate way.”

Read Full News : Daily & Weekly Analysis on XtreamForex

 

[xtreamforex12]

GBP/USD falls from 1.3080 as the DXY declines on improved risk appetite

The GBP/USD pair has seen some hefty bids at 1.3080 as investors’ risk appetite improves and risk-perceived assets acquire more demand. Previously, the cable underperformed despite the Bank of England’s tightening monetary policies (BOE). To counteract rising inflation, the Bank of England raised interest rates to 0.75 percent. The central bank increased its benchmark interest rate three times in a row, each time by 25 basis points (bps). In addition, the UK’s Office for National Statistics published the annual Consumer Price Index (CPI) at 6.2 percent, which was much higher than market expectations and prior readings of 5.9 percent and 5.5 percent, respectively. A higher-than-expected report of UK inflation may drive the BOE to raise interest rates again in May.

The US dollar index (DXY) has hit a roadblock after failing to set a new nine-month high and is on the danger of falling below 99.00. The DXY has been pounded at 99.30 due to an increase in risk appetite following the absence of three major Moscow demands: denazification, demilitarization, and legal protection for the Russian language in Ukraine. Meanwhile, the 10-year US Treasury yield is hanging around 2.46 percent ahead of the release of US Nonfarm Payrolls (NFP) on Friday. The early estimate of US NFP at 475K is a considerable decrease from the prior print of 678K.

Read Full News : Daily & Weekly Analysis on XtreamForex

 

[xtreamforex12]

XAU/USD pair remains bullish as the US currency continues to fall

The gold price is rising as the US currency and US yields fall. The 10-year yield is down almost 2% on the day, while the DXY index, which measures the US dollar against a basket of currencies, is down about 0.3 percent at the time of writing. Russia has promised to pull back military activities near Ukraine’s capital and north, while Kyiv has recommended that Ukraine join the EU while remaining neutral by not joining NATO.

“Talks were fruitful enough for Putin and Zelensky to meet,” said Ukrainian presidential advisor Mykhailo Podolyak. “We have documentation ready today that will allow the presidents to meet bilaterally,” he added. However, overall, movement has been very subdued. This suggests that the Russia-Ukraine conflict is not as priced in as some may have expected, or that markets are not fully buying it. Markets have been up and down in the previous 24 hours. The most important event, however, was the increase in 2Y UST rates to 2.45 percent yesterday, as well as yield curve inversions.

Market investors have pounced on gold (XAU/USD) as safe-haven assets lose attractiveness as peace negotiations between Russia and Ukraine continue. This week, the precious metal fell precipitously after failing to hold above the $1,950.00 level. Despite a response purchase just below $1,900, gold prices have risen to about $1,920.00. The Russian government has ignored the opening step of a ceasefire with Ukraine and has evacuated its soldiers from northern Ukraine and Kyiv. While Ukraine has declared itself neutral and has elected not to join the NATO alliance.

Moscow and Kyiv’s opening move toward a ceasefire plan has lifted market mood. Risky assets are gaining momentum in the midst of a strong risk-on drive. Meanwhile, the US dollar index (DXY) has been subjected to a barrage of selling in safe-haven assets. The DXY is retracing to approximately 98.00, its low from Tuesday, and is expected to continue its losses once the latter is violated. The Federal Reserve (Fed) has a better chance of raising interest rates by 50 basis points (bps) despite weak US JOLTS Job Openings data. The JOLTS Job Opening number was 11.266M, slightly higher than the prior result of 11.263M and the projection of 11M.

Read Full News : Daily & Weekly Analysis on XtreamForex

 

[xtreamforex12]

The US Dollar Index is testing 4-week lows at 97.70 ahead of data

The greenback has been under pressure this week, trading at multi-week lows of 97.70 when measured by the US Dollar Index (DXY) on Thursday. For the third session in a row, the index loses ground and trades at the 97.70 level, despite a cautious posture in wider risk appetite trends and resumed demand for bonds. On the latter, US yields continue to lose momentum and grind lower from recent peaks, with the US 10y benchmark falling for the third straight day to approximately 2.30 percent (down from around 2.55 percent on Friday).

On the geopolitical front, increased scepticism prevails in reaction to apparent progress in the ongoing Russia-Ukraine peace negotiations in Turkey, which have so far failed to produce any serious follow-up. Initial Claims are due in the US data sector, followed by inflation as defined by the PCE, Personal Income/Spending, and the Chicago PMI.

In addition, J.Williams of the New York Fed (permanent voter, centrist) is scheduled to speak. The index stays on the defensive, retesting the first support zone at 97.70.

Read Full News : Daily & Weekly Analysis on XtreamForex

 

[xtreamforex12]

US Dollar Price Action Setups: EUR/USD, USD/NZD, GBP/USD, USD/JPY

NZD: Business NZ Services Index, it measures level of a diffusion index based on surveyed purchasing managers in the services industry.

GBP: Rightmove HPI m/m, it measures change in the asking price of homes for sale.

EUR: German PPI m/m, it measures change in the price of goods sold by manufacturers.

GBP: MPC Member Haskel Speaks, BOE MPC members vote on where to set the nation’s key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy.

EUR: ECB President Lagarde Speaks, As head of the ECB, which controls short term interest rates, she has more influence over the euro’s value than any other person. Traders scrutinize her public engagements as they are often used to drop subtle clues regarding future monetary policy.

GBP: MPC Member Mann Speaks, BOE MPC members vote on where to set the nation’s key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy.

EUR: ECB President Lagarde Speaks, As head of the ECB, which controls short term interest rates, she has more influence over the euro’s value than any other person. Traders scrutinize her public engagements as they are often used to drop subtle clues regarding future monetary policy.

Read Full News : Daily & Weekly Analysis on XtreamForex

 

[xtreamforex12]

As US administration strives for lower gasoline cost, oil prices are falling

Oil prices fell sharply in early trade on Wednesday, despite US President Joe Biden’s efforts to lower increasing fuel costs, which included pressure on large US corporations to help drivers during the country’s peak summer demand. At 00:31 GMT, US West Texas Intermediate (WTI) crude futures were down $1.34, or 1.2 percent, to $108.18 a barrel, while Brent crude futures were down $1.33, or 1.2 percent, to $113.32.

As the US battles rising gasoline costs and inflation, US President Joe Biden is poised to ask for a temporary suspension of the 18.4-cent-per-gallon federal gasoline tax on Wednesday, according to a person briefed on the proposal. On Monday, Biden said he was debating whether or not to run for president.

“Even oil traders recognized that higher oil prices would lead to a more aggressive tag team onslaught from the (US) Fed pushing rates higher and the Biden administration getting increasingly creative on the political and fiscal front to tame the energy inflation beast,” said Stephen Innes, managing partner at SPI Asset Management.

Seven oil corporations are scheduled to meet with Vice President Joe Biden on Thursday, under pressure from the White House to lower fuel costs as they post record profits. On Tuesday, however, Chevron CEO Michael Wirth stated that criticizing the oil business was not the way to lower petrol prices.

“These measures are not helpful in solving the difficulties we face,” Wirth wrote in a letter to Biden, prompting Biden to respond that the industry was being overly sensitive. Despite inflation concerns, demand is projected to rise to pre-COVID levels, and supply is expected to trail demand growth, keeping the market tight, as trading giant Vitol and Exxon Mobil Corp pointed out this week.

Read Full News : Daily & Weekly Analysis on XtreamForex

 

[xtreamforex12]

Stocks decline as Wall Street’s effort at a rally fails

As markets struggled to maintain a recovery from earlier in the day, stocks modestly declined on Wednesday in turbulent trading. Traders also considered remarks made by Federal Reserve Chair Jerome Powell, who reaffirmed the position of the central bank in battling inflation. In the last hour of trade, the Dow Jones Industrial Average fell 47.12 points, or 0.15 percent, to 30,483.13. To 3,759.89, the S&P 500 fell 0.13 percent. To 11,053.08, the NASDAQ Composite dropped 0.15 percent.

Stock prices have recently been affected by growing fears of a Wall Street slump. On Wednesday, Fed Chair Powell testified before Congress that the Fed has the “resolve” to rein in inflation, which has risen to 40-year highs. The Fed chairman told the Senate Banking Committee, “At the Fed, we realise the suffering high inflation is inflicting. “We are acting quickly to bring inflation back down because we are strongly committed to doing so.”

Until it sees “compelling evidence that inflation is heading down,” Powell continued, the Fed will maintain its current trajectory. He added that it has grown “much more difficult” to provide a smooth landing for the economy without one. The Federal Reserve increased interest rates by 0.75 percentage points last week and warned that a similar hike could occur again the following month. Investors were alarmed by the central bank’s previous week change to a more aggressive stance against inflation, fearing that it would prefer a recession to continued high inflation.

Jerome Powell has made it clearly apparent that the Fed will keep raising interest rates until inflation starts to decline because inflation is still the largest risk to financial assets. Robert Schein, chief investment officer at Blanke Schein Wealth Management, wrote that a sustained rally for risk assets is difficult to envision until that time. Till the Fed gives the go-ahead, “tight monetary conditions will continue to be a headwind for financial markets,” Schein said.

This week on Wall Street, anticipation of an impending recession grew. According to evidence showing that consumers are beginning to cut down on spending, Citigroup increased the likelihood of a worldwide recession to 50%. The cumulative probability of recession is now approaching 50%, according to a note from Citigroup. “The experience of history indicates that disinflation generally bears considerable costs for growth,” the paper stated.

According to Goldman Sachs, the risks are “greater and more front-loaded,” making a recession for the American economy more likely. The Fed will feel compelled to respond forcefully to high headline inflation and consumer inflation expectations if energy prices continue to rise, even if activity slows sharply, the firm said in a note to clients. “The main reasons are that our baseline growth path is now lower and that we are increasingly concerned.” In the meantime, UBS stated in a note to clients on Tuesday that while in its base scenario it does not anticipate a U.S. or global recession in 2022 or 2023, “it is obvious that the possibilities of a hard landing are rising.”

Read Full News : Daily & Weekly Analysis on XtreamForex

 

[xtreamforex12]

Fears about economy is growing as Wall Street’s hiring frenzy eases

After a hiring frenzy last year, Wall Street is slowing down due to the growing uncertainty around the U.S. economic future and the ensuing decline in the financial markets. In 2021 and early this year, Wall Street firms, including banks like Citigroup Inc, JPMorgan Chase & Co, and Wells Fargo & Co, were obliged to pay more to attract and keep employees due to fierce hiring competition. The increase in bonuses was the biggest in 15 years.

However, hiring fever is waning, according to executives, recruitment experts, and recent data. According to Alan Johnson, managing director of compensation consultancy firm Johnson Associates, “by the end of 2021 it was white hot with unprecedented demand for employment and pay.” “It’s changing swiftly from extremely hot to normal, and by the end of the year it might even turn cold. Undoubtedly, a change is taking place.”

According to the most recent U.S. Bureau of Labor Statistics data, firms in the securities, commodity contracts, investments, funds, and trusts sector were still adding jobs, but the rate of growth was noticeably slower in May, adding only 1,200 positions as opposed to 4,600 in April. In contrast, the industry experienced its largest annual headcount growth since 2000 in 2021, when the monthly average was 3,400.

In light of the weakening global markets, some clients have paused some talent searches, according to Alberto Mirabal, senior vice president for investment banking at the recruitment firm GQR Global Markets. These clients want to “see how things shake out” before adding to their already sizable teams.

We’re observing a little slowness, he added. Some Wall Street firms are concerned about the possibility of a recession due to rising inflation that has been compounded by Russia’s invasion of Ukraine and subsequent interest rate increases. Layoffs are already happening in several areas of the banking sector, most notably the mortgage sector, which is especially vulnerable to interest rate increases that harm house sales.

According to Bloomberg, JPMorgan Chase & Co. is this week reassigning hundreds of workers from its home loan division and firing hundreds more. The industry is not yet experiencing widespread hiring freezes or layoffs, the recruiters claimed, although in general. In addition, some smaller companies, such as boutique investment bank Lazard, are trying to seize the opportunity presented by the evolving market to attract top personnel for themselves.

After 2021, which he described as being the most difficult in a decade for staff retention and remuneration, Lazard Chief Executive Kenneth Jacobs claimed that a hiring slowdown was assisting his company in attracting new talent. Jacobs stated last week at a Morgan Stanley conference that “the rivalry for talent is lessening.” “I believe we’ll try to profit from this.”

Equity capital markets have experienced the sharpest reduction in activity; according to Julian Bell is the managing director and head of the Americas for the Sheffield Haworth talent firm. Broker-dealers will suffer more than full-service banks as a result, according to this. According to him, brokers in the main equities capital markets sectors of healthcare/biotech and technology will suffer the most. Investment bankers are not worried about impending layoffs, despite the fact that hiring is decreasing and salary expectations have decreased following an extraordinarily robust payout in 2021.

Read Full News : Daily & Weekly Analysis on XtreamForex

 

[xtreamforex12]

Gold prices increase as ban on new Russian imports

Gold prices rose on Monday as speculation grew that some Western countries could formally forbid the import of the metal from Russia in response to that country’s invasion of Ukraine. By 0231 GMT, spot gold increased 0.5 percent to $1,835.58 per ounce. At $1,836.30, U.S. gold futures were up 0.3 percent. The G-7’s import embargo on Russian gold appears to be giving early Asian markets some short-term assistance.

“However, in practise for the grouping, it is largely a rubber stamp exercise, and I do not expect this to reflect a structural change in the supply/demand outlook that will underpin pricing.” In an effort to put more pressure on Moscow and eliminate its sources of funding for the invasion of Ukraine, four of the wealthy Group of Seven (G-7) countries decided to outlaw the import of Russian gold on Sunday. According to Stephen Innes, managing partner at SPI Asset Management, “the headline will be rapidly absorbed, and the market should return to its tug of war between higher front-end rates, negative for gold, and recession odds suggesting sooner rate reduction, positive for gold.”

Even as markets hailed economic data showing inflation expectations to be less worrying than initially thought, a couple of U.S. central bankers indicated on Friday they favoured future strong rate hikes to curb rapid price increases. Although gold is regarded as an inflation hedge, owning bullion, which pays no interest, has a higher opportunity cost as interest rates rise. Overall, gold is still stuck in the $1,780-$1,880 range that has been in place since early May. To change this dynamic, Halley added, the U.S. dollar must make a significant directional shift.

Read Full News : Daily & Weekly Analysis on XtreamForex

 

[xtreamforex12]

UAE claims it has no spare capacity, oil prices jump by 1%

The energy minister of the United Arab Emirates stated that the country is producing near capacity, defying expectations that this could assist boost supply in a tight market. As a result, oil prices increased by nearly 1% in early Asian trade on Tuesday. According to some estimates, Saudi Arabia and the United Arab Emirates are the only two OPEC members with extra capacity to make up for lost Russian supplies and subpar performance from other members.

At 00:28 GMT, US West Texas Intermediate (WTI) crude CLc1 futures increased $1.07, or 1%, to $110.64 a barrel, building on a prior session rise of 1.8 percent. The price of Brent oil LCOc1 futures increased $1.08, or 0.9 percent, to $116.17 a barrel, following a prior session increase of 1.7 percent.

“The market was helped by rumours of a seam of restricted supply. According to reports, the capacity limits for two key producers, Saudi Arabia and the UAE, are being reached or will soon be reached “Tobin Gorey, a commodities analyst at Commonwealth Bank, stated in a note. According to its quota of 3.168 million barrels per day (bpd) under the deal with OPEC and its allies, collectively known as OPEC+, the UAE’s energy minister Suhail al-Mazrouei stated on Monday that the country was producing at or close to its full capacity.

His statements corroborated those of French President Emmanuel Macron, who told US President Joe Biden outside the Group of Seven meeting that Saudi Arabia could only increase output by 150,000 bpd, well below its nominal spare capacity of about 2 million bpd, and that the UAE was operating at maximum capacity. Analysts also noted that political upheaval in Libya and Ecuador could further constrain supply. Libya’s National Oil Corp said on Monday that if oil terminal production and shipping don’t pick up within the next three days, it may be necessary to declare force majeure in the Gulf of Sirte region.

According to Ecuador’s Energy Ministry, due to anti-government demonstrations, the nation may fully halt oil production over the next two days. Before the demonstrations, the former OPEC nation was producing about 520,000 barrels per day.

Read Full News : Daily & Weekly Analysis on XtreamForex

 

[xtreamforex12]

Over the past 24 hours, crude oil prices increased while gold prices decreased

Over the past 24 hours, gold prices have been trending marginally lower as crude oil prices managed to end the day positively. An increase in the US dollar, which resulted from risk aversion as the tech-heavy Nasdaq 100 fell more than 3 percent, put pressure on the anti-fiat yellow metal. For gold, it might have been a lot worse. The flight to safety caused Treasury yields to decline, which increased the appeal of XAU/USD.

In June, the US Conference Board’s consumer confidence index fell to 98.7 from 100 expected. This represents a decline from 103.2 in May and a 16-month low. Concerns about inflation keep eroding Americans’ perceptions of the economy. Although respondents appeared to be planning to buy more durable products in the future, their desire for leisure (travel) fell with rising prices.

Despite the deteriorating mood, the price of crude oil managed to hold steady. An OPEC+ delegate reported that the oil-producing coalition fell 2.7 million barrels per day short of its output goal in May. This might be restricting supplies and giving WTI an upward push. However, rising concerns about a slowdown in global growth have made the situation for energy prices more difficult.

Commodities will be watching a flood of central bank speech during the next 24 hours. At the ECB forum in Sintra, a panel discussion will take place. Fed Chair Jerome Powell and ECB President Christine Lagarde are scheduled to speak. Market mood may suffer if authorities restate their hawkish viewpoints, thereby depressing the price of gold and crude oil.

Read Full News : Daily & Weekly Analysis on XtreamForex

 

[xtreamforex12]

U.S. stocks failed to change much as the quarter end approaches

As investors analyzed remarks made by central bankers at a panel in Europe and anticipated more quarterly profit reports, U.S. stocks ended the day with no movement. On Wednesday, the Dow Jones Industrial Average rose 82.32 points, or 0.3%, to 31029.31. The NASDAQ Composite Index dropped 3.65 points, or 0.03 percent, to 11177.89, while the S&P 500 dropped 2.72 points, or less than 0.1 percent, to 3818.83.

The market is having a brutal first half after three years in a row of double-digit increases. The S&P 500 has lost roughly 20 percent of its value so far this year, making it likely that this will be its worst first half in fifty years.

Rising interest rates and sluggish growth are two factors that have a negative impact on stock prices. Stocks have also been affected by the swift return of inflation, a faltering Chinese economy, and a conflict in Ukraine that startled the commodity markets. Before the second half of the year begins on Friday, investors need to reorganise, according to State Street managing director Michael Arone. As the Fourth of July and the first half came to an end, he added, “We’re limping.”

Investors should take comfort in the fact that a poor first half does not imply a poor second half. The S&P 500 experienced a first-half decline of 21% and a second-half gain of 27% in 1970, concluding the year approximately level. As a result of a number of data releases showing that increased prices are dampening consumer optimism, stocks started the week on a low note. Investors continued to worry that if central banks tightened policy too quickly to combat inflation, it may trigger a recession.

At the European Central Bank’s annual economic policy conference in Portugal, Federal Reserve Chairman Jerome Powell said the epidemic had disturbed the economy in ways that could continue to generate more inflation or volatility in pricing pressures than previously. Is there a chance that we might go too far? There is unquestionably a risk, Mr. Powell remarked on Wednesday. “Failing to restore pricing stability would be the worse mistake to make, to put it that way,”

Some investors are losing faith in the Fed’s ability to arrange a “soft landing,” in which interest rates increase to combat inflation without causing the economy to enter a recession. “Until we have a strong indication that inflation has peaked, we anticipate markets will at best remain stable. Our belief in a soft landing has diminished even further, and the market is moving in that direction as well, according to Pictet Asset Management multiasset strategist Arun Sai.

After three straight days of advances, the yield on the benchmark 10-year Treasury note decreased to 3.091% from 3.206 percent on Tuesday. Prices increase as yields decrease. Investors are anticipating more corporate profit reports as the second quarter draws to a close. Even though FactSet projects a relatively small 5.8 percent increase in S&P 500 company earnings, early misses raise doubts about that estimate.

The market has been rattled by some earnings reports, according to Andrew Slimmon, a portfolio manager at Morgan Stanley Investment Management. “I assumed we’d see a rally into month-end,” he said. Bed Bath & Beyond, a retailer, provided an example of the point on Wednesday. After the company reported a larger quarterly loss than Wall Street anticipated and announced the departure of its chief executive, the shares dropped $1.54, or 24 percent, to $4.99.

Read Full News : Daily & Weekly Analysis on XtreamForex

 

[xtreamforex12]

Worst Quarter for Metals Cap since 2008 due to Global Recession

Base metals experienced their greatest quarterly decline since the global financial crisis of 2008 as worries about a worldwide recession increased and China’s economy very slowly recovered. Although the decrease has been accentuated by price spikes that month as a result of Russia’s invasion of Ukraine, the London Metal Exchange Index has fallen 25% since the end of March. Tin has fared the worst, falling 38%, followed by a 31% decline in aluminium and a 20% decline in copper. Since the beginning of the epidemic, it was the entire index’s first quarterly decrease.

According to ED&F Man analyst Edward Meir’s metals research, “markets have been battered by both growth and inflation worries for some time now and are not getting any relief from G-7 central bankers, the majority of which are set on rising interest rates further.” As virus controls were relaxed, an indicator of factory activity in China increased in June for the first time since February. Although there was some recovery, the demand for metals is still being negatively impacted by a sluggish real estate market. Despite a reduction of quarantine regulations, the Covid Zero policy is still in place, thus there is a persistent potential of more limitations if case numbers increase once more.

The market is still threatened by the impending possibility of a recession in the US and possibly elsewhere in the world. At the annual meeting of the European Central Bank in Portugal, Federal Reserve Chair Jerome Powell and other central bankers cautioned that the globe is transitioning to a regime of greater inflation.

Read Full News : Daily & Weekly Analysis on XtreamForex

 

[xtreamforex12]

GBP/USD Battered by US Dollar Strength

EUR: German Factory Orders m/m, it measures change in the total value of new purchase orders placed with manufacturers.

GBP: MPC Member Pill Speaks, BOE MPC members vote on where to set the nation’s key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy.

GBP: Construction PMI, it measures level of a diffusion index based on surveyed purchasing managers in the construction industry.

EUR: EU Economic Forecasts, The forecasts serve as the European Commission’s basis for evaluating economic performance and trends of EU member states in regard to potential austerity measures and other forced spending cuts.

EUR: Retail Sales m/m, it measures change in the total value of inflation-adjusted sales at the retail level.

GBP: MPC Member Cunliffe Speaks, BOE MPC members vote on where to set the nation’s key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy.

USD: FOMC Member Williams Speaks, Federal Reserve FOMC members vote on where to set the nation’s key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy

USD: Final Services PMI, it measures level of a diffusion index based on surveyed purchasing managers in the services industry.

USD: JOLTS Job Opening, it measures number of job openings during the reported month, excluding the farming industry.

Read Full News : Daily & Weekly Analysis on XtreamForex

 

[xtreamforex12]

Euro Price Action Setups: EUR/USD, EUR/JPY, EUR/CHF, USD/GBP

AUD: AIG Services Index, it measures level of a diffusion index based on surveyed service-based companies.

AUD: Trade Balance, it measures difference in value between imported and exported goods and services during the reported month.

JPY: 30-y Bond Auction, it measures average yield on a 30-year bond the government sold at auction, and the bid-to-cover ratio of the auction.

JPY: Leading Indicators, it measures level of a composite index based on 11 economic indicators.

CHF: Unemployment Rate, it measures percentage of the total work force that is unemployed and actively seeking employment during the previous month.

EUR : German Industrial Production m/m, it measures change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.

GBP: Halifax HPI m/m, it measures change in the price of homes financed by HBOS.

CHF: Foreign Currency Reserves, it measures total value of foreign currency reserves held by the SNB.

EUR: ECB Monetary Policy Meeting Accounts, It’s a detailed record of the ECB Governing Board’s most recent meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates.

USD: Challenger Job Cuts y/y, it measures change in the number of job cuts announced by employers.

CAD: Trade Balance, it measures difference in value between imported and exported goods during the reported month.

USD: Unemployment Claims, it measures number of individuals who filed for unemployment insurance for the first time during the past week.

USD: Trade Balance, it measures difference in value between imported and exported goods and services during the reported month.

GBP: MPC Member Mann Speaks, BOE MPC members vote on where to set the nation’s key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy.

CAD: Ivey PMI, it measures level of a diffusion index based on surveyed purchasing managers.

USD: Natural Gas Storage, it measures change in the number of cubic feet of natural gas held in underground storage during the past week.

USD: FOMC Member Bullard Speaks, Federal Reserve FOMC members vote on where to set the nation’s key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy.

Read Full News : Daily & Weekly Analysis on XtreamForex

 

[xtreamforex12]

UK PM Boris Johnson says he will resign

After several of high profile cabinet member. Resigned, PM Boris said he will resign from his current positions, until the new leader, who will take place on. Next month till than he will stay on his current position.

On press conference Boris said he will step down as conservative party leader and prime minister.
UK PM Boris Johnson will stay till the new conservative leader is elected.
On the other side, opposition wants him to leave as UK head of government immediately.
The decisions come after PM was abandoned by newly appointed ministers.
Main key event after Boris Johnson resignation:

After numerous scandals rocked Boris administration and pressure mounted from conservative party colleagues. Boris resigns from his position. He will step down. Once his replacement is chosen. Leadership race is already begun and victor will replace Johnson in October. Labor party leader Keir Starmer demands no-confidence vote if UK PM Boris Johnson doesn’t step down immediately.

Read Full News : Daily & Weekly Analysis on XtreamForex

 

[xtreamforex12]

NZDUSD, What’s(expected) next for this pair

Wednesday the 13th July, the Reserve Bank of New Zealand is expecting the increase of cash rate to 2.5% by increasing the cash rate by 50 points. For the first time in past 2 years NZDUSD finished below .6200. The cause of the fall of NZDUSD is global fears of recession in the recent months and also a hawkish Fed which is behind the surging of USD.

The support of NSZUSD was at .6120c and hopes are on the U.S CPI which will be on Wednesday, expecting the spark of peak inflation and there is a scope for NZDUSD to rally back towards .6350c. If NZDUSD fail to hold onto the support which is .6120c, the next support level is important psychologically to be .6000c

Read Full News : Daily & Weekly Analysis on XtreamForex

 

[xtreamforex12]

Euro above parity by a thread

It looks like July 2022 could be a memorable month for euro, but unfortunately not for the right reasons. EUR/USD is within a risk of dropping below parity with USD since 2002, at that time EUR was just three years old. In North American session, EUR/USD is trading at 1.008, down 1.00%.

The euro and all other majors are seeing red against USD today. This is because of the surprisingly strong non-farm payroll report on Friday, the June gain if 381 thousand surpassed the May reading of 336 thousand and easily beat the sonsesus of 240 thousand. The unemployment rate is at 3.6%, while wage growth grew by 0.3%. The solid employment report has raised expectations of another 75bn hike by the Fed by the end of July.

The ECB will hold its policy meeting on 21st July six days ahead of Federal Reserve. The ECB hike rate is expected to be lift off in this meeting, and another increase is expected in September. ECB interest rates are in negative territory, and a modest 0.25% hike, the most likely scenario at the July meeting, may not be much of a boost to euro, however the perception that the ECB finally tightening will provide some support to the ailing currency.

Read Full News : Daily & Weekly Analysis on XtreamForex

 

[xtreamforex12]

Dollar Index Looks Unstoppable now

On Friday afternoon the new highs rose to 107.6, on the start of European trading session it went 107.45. Since Oct 2002 this was the highest rate and the index added around 20% to its 2021 low.

This is a positive secondary effect for the US(strengthening of dollar), reducing inflationary pressures through imports to ending the talk of dollar weakness that has been prevalent since late 2020.

Central bankers are not welcome too sharp fluctuations in any direction, however they are ignoring the exchange rate against any other currency.

Read Full News : Daily & Weekly Analysis on XtreamForex

 

[xtreamforex12]

CPI Hits Another Four-Decade High USD rises

USD rises as CPI hits another four decade high, data shows the headline consumer inflation accelerated once again in June to the highest level since 1981,US consumer inflation hit the high of 41 years and beat the forecast, 9.1% in June against 8.6% one month earlier and expected increase to 8.8%.

The above data resulted in a clear jump of USD and then falling back 100 points. Trader’s speculation increases that the Fed should do more than what is already done and suppress inflation. As mentioned above after the report, markets priced in two more 75 point rate hikes, June’s hike was extraordinary.

Read Full News : Daily & Weekly Analysis On Xtreamforex