The Canadian dollar has edged lower on Friday. In the European session, USD/CAD is trading at 1.3620, up 0.36%. The first week of the new year has been busy. The Canadian dollar sparkled on Wednesday and climbed 1.4%, but has since pared most of those gains. Canada and the US will wrap up the week with the December employment reports, which could mean some...
Yesterday, the FOMC confirmed the backing of higher interest rates for longer. The market reacted negatively signaling negative sentiment on rate expectations for the following quarters. Federal Reserve official, Neel Kashkari, who often has the most dovish views on market anticipation stated that inflation may have peaked but sees interest rates rising higher for...
The Australian dollar is sharply lower on Thursday. In North American trade, AUD/USD is trading at 0.6755, down 1.58%. Australia's robust labour market continues to impress, with a stellar performance in November. The economy created 64,000 new jobs, above the October reading of 32,000 and blowing away the consensus of 19,000. The unemployment rate was unchanged...
If you have been living under a rock for the past few days, unless you are not an economic savvy, the Bureau of Labor Statistics has released its newest Non-Farm Payrolls much above the expectation. The NFP rose by 263,000 last month, compared with an expected 200,000. At first, my reaction was that the FED will have to keep raising interest rates, especially as...
The British pound has moved higher on Wednesday. In the European session, GBP/USD is trading at 1.1934, up 0.56%. The pound roared on Tuesday, gaining close to 1% and punching past the 1.20 line for the first time in three months. It has been a busy time for sterling, which has been marked by sharp swings that would make an exotic currency blush. The pound's...
The USDCAD is currently consolidating at the 1.35 price level following the significant reversal from the 1.38 resistance level. Canadian employment data on Friday signaled an improving job market which added strength to the Canadian dollar. If the USDCAD breaks below the 1.3470 price level, a continuation of the downtrend can be expected, with the next key...
EUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔽 XAU 🔼 WTI 🔼 The latest US nonfarm payrolls data has reflected a tight labor market, increasing 261,000 jobs in October, against projections between 200,000 and 240,000. Meanwhile, the unemployment rate has increased slightly to 3.7%, though the market expected only 3.6%. However, brief hopes for China to lift...
NZD/USD is showing some strength today. In the North American session, the New Zealand dollar is trading at 0.5838, up 0.41%. Earlier today, NZD/USD rose to 0.5902, its highest level since September 21st. New Zealand releases its Q3 employment report on Wednesday. The data is expected to reaffirm that the labour market remains robust. Employment Change is...
AUD/USD is considerably lower today, trading at 0.6273, down 0.57%. Australia releases employment data on Thursday, with the markets expecting that the report will show that the labour market remains robust. The economy is forecast to have created 25,000 jobs in September, following the 35,000 gain in August. Unemployment is expected to remain at 3.5%. The strong...
GBP/USD is in positive territory today. In the European session, the pound is trading at 1.1731, up 0.42%. GBP/USD continues to take advantage of US dollar weakness and has gained 240 points since Thursday. Inflation has hit a staggering 10.1% and the Bank of England is projecting that inflation may not peak until 13%, with some analysts predicting an even higher...
The euro has posted gains today and briefly punched above the symbolic parity line. In the North American session, EUR/USD is trading at 0.9978, up 0.11%. It seems that whatever angle you examine Germany's economy, things are not looking good. Services and manufacturing PMIs both remained in contraction territory (below 50.0) for a second straight month. The...
Employment level is not yet overheated which is bullish for risk-on assets. A repeat of the 1981-1982 recession a possibility but trading and investing has always been about probabilities, not possibilities. 6-17% increase in employment from now is far more likely. One is allowed to be a bear, but a bear right now is far more of a gambler than a bull is.
Hello everyone. I tried to put out regular market updates in the past, but I failed to do so for different reasons. This time, my idea is to gather the best tweets, articles, charts, etc., and add some brief comments. I will post these out regularly as long as I have decent material. 1. Sentiment is still very bearish, which means more upside is still possible....
It's a busy day in both Canada and the US, with both countries releasing July employment reports. It wasn't so long ago that US nonfarm payrolls was eagerly anticipated and was the most important event of the week. The NFP often had a significant impact on the movement of the US dollar. That has changed in the new economic landscape of red-hot inflation and...
The New Zealand dollar has reversed directions today and recorded sharp losses. NZD/USD is trading at 0.6285, down 0.75% on the day. Risk appetite has fallen, with US Speaker of the House Nancy Pelosi's controversial trip to Taiwan sending risk appetite lower. The New Zealand dollar has followed the Aussie, which has plunged around 1.5% today. As well, NZD/USD is...
The British pound is almost unchanged today, as GBP/USD trades at the 1.2000 line. UK inflation rose in June to its highest level since 1982, as the cost-of-living crisis has moved from bad to worse. Headline CPI hit 9.4% YoY, up from 9.1% in May and a notch above the consensus forecast of 9.3%. Core CPI dipped from 5.9% to 5.8%, matching the forecast. The UK...
The week wrapped up on a high note, as June US retail sales beat expectations. The headline and core readings both accelerated in June, with solid gains of 1.0%. This indicates that US consumers are still spending despite the toll that higher inflation and higher rates are taking on disposable income. The strong retail sales report will raise expectations that the...
The Australian dollar is sharply lower on Tuesday. In the European session, AUD/USD is trading at 0.6796, down 1.0% on the day. The RBA delivered a 0.50% rate hike for a second straight month, bringing the cash rate to 1.35%. The central bank has now hiked by 1.25% since May, marking the fastest series of moves since 1994. This aggressive stance didn't do...