FX

USD/CAD grinds higher as bulls await key data after three-day ruling. Oil pauses downside as Saudi Arabia defends latest OPEC+ supply cut agreement. Cautious mood, hawkish Fed bets challenge movement even as softer yields tease bears. US CPI for September can keep buyers hopeful considering upbeat Fed Minutes. USD/CAD stays defensive around 1.3820, pausing a

USD/CAD is eyeing more weakness below 1.3500 as the focus has shifted to employment data. The DXY may surrender the 110.00 cushion amid weaker US NFP projections. An upbeat consensus for Canada’s labor market data amid hawkish BOC will strengthen loonie. The USD/CAD pair has turned sideways in early Asia after dropping to near the

GBP/USD is set to finish the week with gains close to 3%, despite the UK’s bond crisis. US PCE figures increased the likelihood of the Fed going 75 bps as Fed officials reinforced their hawkish rhetoric. The GBP/USD remains downward biased, and once it clears 1.1050, it could fall towards the 1.0800 mark. The GBP/USD

USD/CAD probes five-day uptrend, retreats from 28-month top. Risk-aversion underpinned US dollar, drowned oil prices amid fears of aggressive central bank actions, recession. US Durable Goods Orders, CB Consumer Confidence will be important for immediate directions. Rush to risk safety can keep USD/CAD buyers hopeful even if the US data disappoints. USD/CAD bulls take a

AUD/USD has remained muted despite the release of the Aussie PMI data. Manufacturing PMI has released at 53.9 vs. estimates of 54.0 while Services PMI has landed at 50.4 vs. 47.7. The DXY could witness a momentum loss ahead of US PMI numbers. The AUD/USD pair has not responded effectively to the release of the

“British Prime Minister Liz Truss has agreed with her Irish counterpart Micheal Martin that an opportunity remains for a negotiated outcome to issues around the Northern Ireland protocol,” Reuters quotes Irish broadcaster RTE TV during the weekend. The news also mentioned that an Irish government spokesperson declined to comment on what was discussed at the

AUD/NZD takes offers to refresh intraday low after strong NZ Q2 GDP. New Zealand’s Q2 GDP rose past market expectations and prior on QoQ. Mixed concerns surrounding China, RBA versus RBNZ game tests bulls. Australia’s employment data for August will be important for fresh impulse. AUD/NZD renews intraday low around 1.1220 on strong New Zealand

GBP/USD Weekly Forecast: Eyes 21 DMA on a technical rebound ahead of critical US, UK events GBP/USD put an end to its three-week losing streak and staged a strong comeback from roughly four-decade lows of 1.1405. The US dollar correction and economic stimulus measures unveiled by the new UK PM Liz Truss saved the day

AUD/JPY is eyeing a fresh seven-year high at 97.00 as RBA-BOJ policy divergence widens. Investors should brace for upbeat Australian GDP data ahead. A decline in households’ consumption indicates a loss of consumer confidence in the Japanese economy. The AUD/JPY pair is aiming to refresh its seven-year high at around 97.00 as a rate hike

Next week, the Bank of Canada will have its monetary policy meeting. Market consensus is for an increase in the key rate to 3.25%. Analysts at TD Securities look for the BoC to deliver a 75 basis point hike, bringing rates into restrictive territory. They see little incentive for smaller hikes CPI running well above

NZD/USD struggles to extend corrective pullback from 1.5-month low, steadies of late. Recession woes, hawkish central bankers underpin bearish bias. Market’s consolidation amid a light calendar triggered the Kiwi pair’s corrective bounce. US CB Consumer Confidence for August, Fedspeak will be important for intraday directions. NZD/USD treads water around 0.6150, after bouncing off a 1.5-month

Is Saudi Aramco (TADAWUL: 2222) looking to diversify its income sources after soaring oil prices helped it deliver record-high earnings in the second quarter? Saudi Aramco saw its net income nearly double during the three-month period to 173.80 billion Saudi riyals ($46.28 billion) from 90.90 billion riyals. President and CEO Amin Nasser said increasing demand

EUR/USD is declining towards the magical figure of 1.0000 ahead of Jackson Hole Symposium. Fed Powell may sound hawkish as the road to price stability is far from over.   An expectation of a decline in the US Durable Goods Orders may restrict the DXY bulls. The EUR/USD pair has continued its two-day losing streak

“(We are) At low end globally of inflation level, tracking in the right direction,” said Reserve Bank of New Zealand Governor Adrian Orr to New Zealand (NZ) Parliament’s Finance and Expenditure Select Committee. Additional comments Labor constraint key reason to “consciously” slow demand to match supply capacity. There is and will be financial stress in

Based on a softer US inflation report, USD/JPY climbs during the week by 1.14%, after a volatile last three days. USD/JPY is neutral biased, but a doji emerging in the daily chart could pave the way for further upside. In the near term, the major is sideways, though oscillators point upwards, so it is slightly

GBP/USD is expecting a downside below 1.2060 as the Fed will keep a hawkish stance intact. Pessimism in UK economic data has weakened the pound bulls. The UK Industrial Production is seldom expected to display an improvement. The GBP/USD pair has faced selling pressure around 1.2080 and is likely to display more losses on dropping below

Gold price extends its gains to three straight weeks, up 0.54%. Stellar US jobs data exerts further pressure on the Fed, as next week CPI is eyed. US-China tussles add further uncertainty to the global economic outlook. Gold price remained on the defensive late during the New York session after an early US employment report

What you need to take care of on  Tuesday, August 2: The greenback edged lower on Monday, although the slide pared mid-US session as Wall Street lost its earnings-inspired strength and lost some ground. Market participants remained focused on the risk of a global recession. At the beginning of the day, China published the official