FX

Traders trimmed their open interest positions for the second session in a row on Wednesday, this time by around 5.3K contracts considering preliminary figures from CME Group. Volume, instead, reversed two consecutive daily pullbacks and went up by around 175.1K contracts. Gold now flirts with the 200-day SMA Gold prices extended the rebound past the

Oil prices are bid ahead of the Fed on-demand expectations.  The focus is back on tight supplies rather than rising coronavirus infections. West Texas Intermediate (WTI) crude is higher on the day following data showed US crude inventories fell more sharply than analysts had forecast. At the time of writing, WTI is trading at $72.48 and up over 0.8%

GBP/CAD is on the verge of a significant correction.  GBP net short positions are indicating that there could be more short covering on the way soon.  GBP/CAD is a complicated mix of net shorts and technical pointing to a downside continuation in the pending correction towards the daily structure.  The following illustrates the outcome look

GBP/USD technical analysis: Waits for a channel breakout [Video] GBPUSD extended its recovery from a 5 ½-month low of 1.3570 marginally above the 1.3800 level and the 20-day simple moving average (SMA) on Monday but another obstacle has emerged. The price is currently battling the surface of a descending channel and the 38.2% Fibonacci retracement of

US equities notch all-time high closing as market sentiment improved ahead of crucial earnings, FOMC. Tesla’s after-market numbers were positive, Hasbro led S&P 500 gainers. Easy US housing numbers, covid conditions in the West also favored bulls. Alphabet, Apple and Microsoft are up for releasing the latest earnings on Tuesday. US equity bulls are on

GBP/JPY edged higher for the fifth consecutive session on Monday. A broad-based USD weakness extended some support to the sterling. COVID-19 jitters benefitted the safe-haven JPY and might cap gains. The GBP/JPY cross reversed an early European session dip to the 151.40 region and shot to over one-week tops, around the 153.15-20 region in the

AUD/USD downside expectations as the markets buy into the US dollar. The FOMC and domestic CPI data will be the focus for the week ahead.  AUD/USD is starting the week off flat in a quiet beginning to what is expected to bring plenty of actin considering what is at stake in the Federal Open Market Committee.

GBP/USD pares intraday losses, down little around mid-1.3700s GBP/USD attracted some dip-buying on Friday amid a subdued USD price action. The risk-on impulse in the markets acted as a headwind for the safe-haven USD. Rallying US bond yields underpinned the USD and capped the upside for the pair. The GBP/USD pair remained on the defensive

In a statement published on Friday, US Treasury Secretary Janet Yellen urged Congress to act as soon as possible on debt limit, as reported by Reuters. Additional takeaways “US will meet statutory limit on debt on August 1.” “Treasury will suspend the sale of state and local government securities at noon on July 30.” “Treasury will need

NZD/USD regained positive traction on Friday, albeit lacked any strong follow-through buying. The risk-on impulse benefitted the perceived riskier kiwi and remained supportive of the uptick. A pickup in the US bond yields underpinned the USD and capped gains amid COVID-19 jitters. The NZD/USD pair maintained its bid tone through the early European session, albeit

EUR/JPY bears are eyeing a significant downside correction on the monthly time frame.  The price is testing a critical daily and 4-hour resistance area.  The following is a bearish perspective of the current market structure in EUR/JPY across the time frames, from the monthly chart all the way down to the 4-hour chart.  Monthly chart

AUD/USD attracted buying for the second consecutive day and recovered further from YTD lows. The risk-on impulse undermined the safe-haven USD and benefitted the perceived riskier aussie. COVID-19 jitters might hold bullish traders from placing aggressive bets and cap gains for the pair. The AUD/USD pair edged higher during the early European session and climbed

AUD/USD reversed its direction in the second half of the day. US Dollar Index looks to snap four-day winning streak.  Wall Street’s main indexes continue to trade in the positive territory. The AUD/USD pair dropped to its lowest level of 2021 at 0.7290 during the European trading hours but managed to stage a recovery in

EUR/USD probes five-day downtrend near three-month low, off intraday bottom. Delta covid variant back easy money supporters, US policymakers “not that far apart” ahead of infrastructure spending procedural vote. DXY shrugs off Treasury yields to stay firmer around April tops. ECB may struggle to justify hawkish tilt on Thursday. EUR/USD fades bounce off intraday low,

Housing data released on Tuesday came in mixed. Housing starts rose 6.3% in June to a 1.643 million-unit pace, with both single-family and multifamily starts rising solidly, explained analysts at Wells Fargo. They point out the net result is still stronger than had been expected, however, and new home construction and apartment development both appear

EUR/JPY keeps bounce off four-month low, refreshes intraday high. US 10-year Treasury yields consolidate the heaviest daily loss since November. US stimulus headlines jostle with mixed updates over Delta covid variant amid subdued markets. Japan’s National Core CPI jumps the most since March 2020 on YOY. EUR/JPY picks up bids to 129.20, near the lowest

The Canadian dollar went on its strongest run in more than a decade, rising to a six-year high of 83 US cents in early June. Has the loonie already reached its peak for the year? In the view of economists at RBC Economics, yes. The lift that the CAD got from rising prices from oil

Risk-off could be the order of the day as markets follow Friday’s sullen mood.  Covid cases on the rise and threat to global recovery have been marked in forex. AUD/JPY bears could get the boost they need towards the weekly support structure.  The start to the week might well be more of the same from