Markets prepare for FOMC release Yesterday’s consumer confidence for July ticked only marginally higher from June confirming optimism in the US, however, the dollar index weakened slightly, before stabilizing around the 92.50 level ahead of the Federal Open Market Committee meeting. Expectations are that Federal Reserve Chairman Jerome Powell will once again be watchful of his rhetoric towards tapering of asset purchases and the timeline and commencement of such actions. Markets will also be ready to digest any clues from [..]
NZDUSD has been in a declining mode after the pullback off the three-and-a-half-year high of 0.7463, sending the price beneath the 23.6% Fibonacci retracement level of the up leg from 0.5470 to 0.7463 at 0.6995. However, the RSI is mirroring the latest rising move and is pointing upwards near the neutral threshold of 50, while the MACD is extending its positive bias above its trigger line. The 0.7000-0.7100 area, where the 20- and 200-day SMAs reside, could challenge any bullish [..]
Markets freeze as Fed meeting underway; US Consumer Confidence ahead It seems continued selling in Chinese tech giants has somewhat hampered risk appetite, which has been further muted as investors hold a cautious stance awaiting the conclusion of the Federal Reserve’s policy meeting tomorrow. The Fed is faced with a slightly more difficult task in this meeting as it will have to expand on the delta variant’s impact over bond yields as opposed to the outlook on rising prices, not [..]
Freefall in Chinese stocks enters third day but rest of Asia takes cues from Wall Street US shares get another earnings lift, hit new records, big day ahead for tech giants But it’s all quiet outside of equities as Fed decision awaited Pound outperforms, flirts with $1.38, as dollar drifts ahead of Fed outcome China shares crash again amid crackdowns Stocks in China and Hong Kong plummeted for a third day on Tuesday as technology, real estate and for-profit education [..]
Quiet day ahead of Fed meeting this week The US dollar has a negative momentum ahead of the FOMC meeting this current week. US 10-year treasury yields declined to a record low of 1.13% before recovering to 1.20 driving the dollar index down to 92.70. Dollar/yen is holding near 110.30 and is currently red, while US futures are neutral. The Fed meeting will focus on the concerns about the economy and the expectation is to tread carefully on the path [..]
NZDUSD recently found some positive traction around the 0.6900 level, rising to challenge the 50- and 100-period simple moving averages (SMAs) and the Ichimoku cloud. The short-term picture is leaning bearish below an indicative restrictive trend line, pulled from the 0.7310 high, and directional price action has now become suppressed between the 0.6963-0.6988 zone. The SMAs are holding an overall bearish charge but the 50- and 100-period SMAs are currently weighing on price advances as is the cloud. The short-term [..]
NZDUSD plummeted to a fresh eight-month low at 0.6880 on Tuesday, breaking below the sideways channel that had been holding since February 26. The 40-day simple moving average (SMA) crossed the 200-day SMA to the downside, indicating more losses in the near term. The RSI and the MACD are slipping in the negative territories and the stochastic oscillator is entering the oversold zone. More downside moves could take the market towards the 0.6800 psychological number ahead of the 38.2% Fibonacci [..]
Economic slowdown concerns hit stocks, oil gets demolished Commodity currencies struggle too, dollar and yen shine But the panic could fade soon, as stimulus hopes return Pandemic blues hit markets Worries that the rampaging Delta variant will hamstring the global recovery took a bite out of riskier assets on Monday. Markets seem to be coming to the realization that the vaccines won’t be enough to completely obliterate the virus, as the mutations keep getting more resilient. Many governments are also [..]
Dollar continues to gain momentum as retail sales rise The US dollar is attempting to move higher against a basket of major currencies with US stock futures recovering some of yesterday’s losses. Dollar/yen is advancing above the 110.00 round number, surpassing the 40-day simple moving average (SMA) as retail sales for June gained 0.6% from the previous month, following a revised 1.7% drop in May and significantly outperforming market estimates of a 0.4% drop. Also, the Bank of Japan did not make any policy [..]
The US dollar is eyeing a strong close to the week; can retail sales ruin its chances? Other majors flounder, except for kiwi, as strong CPI reinforces RBNZ rate hike bets Stocks struggle despite ultra-dovish Powell amid fears growth momentum has peaked Safe havens thrive as outlook gets cloudier It’s been an action-packed and what should have been a positive week for risk assets, with the earnings season getting off to a good start, the Fed’s Powell maintaining his pledge [..]
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