ScopeMarkets

ScopeMarkets

The Australian dollar has sharply fallen against the US dollar after a disappointing week in terms of the economy. Some economic indicators have also raised concerns that the Reserve Bank of Australia (RBA) may have reached its peak in terms of interest rates and may proceed with rate cuts later this year. OANDA:AUDUSD has dropped by over 1% this week to reach...

ScopeMarkets

TVC:GOLD has seen its downward pressure pause as it prints a bearish flag pattern in the 1-hour time frame. Before now, the yellow metal has shed over 500 points as the US dollar enjoyed risk flows due to solid economic reports from the US. TVC:GOLD sellers will have to wait for a clear break out from the bearish flag pattern for further confirmation of the...

ScopeMarkets

With the expectation that the US inflation report will spark a clear move for the OANDA:EURUSD , the price has remained within a channel as traders anticipate a breakout. The latest US inflation report came out hotter than expected, dampening expectations of an early rate cut by the Fed’s. The impact of the report saw the US dollar experienced a short-lived...

ScopeMarkets

TVC:GOLD investors are currently facing a challenge as the commodity's price has hit a descending trendline that has been keeping the bears in control since December 28th, 2023. Meanwhile, the US dollar is performing well, recovering some of its losses from the end of 2023. Investors are now waiting for the US inflation report, which could potentially boost the...

ScopeMarkets

The recent rally of the US dollar may have come to a halt following the Federal Reserve's meeting on Wednesday, where they indicated their intention to implement rate cuts later this year. However, they did not specify when these rate cuts would begin. As a result, investors are now eagerly awaiting the Jobs report on Friday, which could significantly impact...

ScopeMarkets

Following its rejection at a weekly trendline in the aftermath of the US inflation report, which may cause the Fed to proceed cautiously with its policy decision, the OANDA:NZDUSD has seen more downward moves. The increase in monthly CPI has tempered speculations of an early rate drop by the Fed in 2024, aside from the CPI y/y and Core CPI m/m, which both...

ScopeMarkets

The Australian dollar has continued to weaken against the US dollar, dropping below the 0.6600 price level after the Reserve Bank of Australia decided to keep its cash rates steady, which was in line with market expectations. The central bank, like its counterparts, has opted to maintain the current interest rates as they keep a close eye on the unfolding...

ScopeMarkets

Following market turbulence caused by a barrage of PMI numbers from the UK and the Eurozone, OANDA:EURGBP lost its grip on the psychological level of 0.8700. Although the eurozone PMI data indicated hints of economic improvement, it was still at contractionary levels, which saw the EUR lose ground versus the GBP, which was supported by better-than-expected PMI...

ScopeMarkets

OANDA:GBPUSD bulls are likely to take action soon after the price held at the 1.2400 level, which is a confluence. This was triggered by the breakout from a wedge caused by recent inflation updates from the US indicating signs of slowing. As a result, the likelihood that the Federal Reserve has peaked on its rate cycle has increased. When we look at the 1-hour...

ScopeMarkets

OANDA:NZDUSD has fallen to the support level of 0.5873 due to the market's attention towards the hawkish remarks made by the Fed last week. The Kiwi market is expected to remain calm today, but may be impacted by the release of the US inflation report and Chinese data. The Kiwi has been weakened by the slow economic recovery in China and the Fed's indication of...

ScopeMarkets

AUDNZD looks to come into view this week as the RBA rate decision points towards a fresh hike from Bullock & co. However, we are seeing signs that the Australian dollar could underperform against their neighbours. It is worthwhile noting that an additional 25 basis point hike from the RBA would still see their cash rate stands at 4.35%. Well below the 5.50% level...

ScopeMarkets

Last week saw the NASDAQ outperform many of its peers, with market sentiment taking a significant turn with regards to future interest rate movements. Not only did last week's FOMC meeting and US jobs report help lower the chances of a December rate hike (down to 10%), but markets are also growing increasingly confident that we will see central banks cut rates...

ScopeMarkets

OANDA:USDCAD has reached new lows as investors reconsider the Fed's monetary policy decision in light of Friday's disappointing NFP report. The latest jobs report dealt a blow to the US dollar by falling below analysts' expectations, which increased the likelihood of the Fed toning down its hawkish rhetoric. USDCAD is now exposed as intense selling pressure...

ScopeMarkets

A string of data updates held back the OANDA:AUDUSD advance as the price met with the resistance area of a wedge, causing a sharp drop toward 0.6300. The Aussie’s strength has been due to speculations the RBA could go on with one more rate hike as the recent inflation reading has shown no sign of yielding. However, the Aussies ran into a brick wall after...

ScopeMarkets

The euro has enjoyed a period of strength in spite of a sharp decline in inflation, with the recent CHF outperformance reversing this past week. The decline in eurozone inflation (2.9% from 4.3%) and GDP (-0.1% from 0.1%) signal a high likeliness that the ECB are done with their tightening phase unless we see a spike in inflation (likely due to energy). In terms...

ScopeMarkets

EURCHF has been on the rise of late, with the choppy nature of the financial markets bringing a period of upside for a markets that has been in a relatively consistent downtrend of late. The risk-off sentiment seen throughout markets should bring gains for the swiss franc given its haven status, with the euro coming into focus today as Christine Lagarde steps up...

ScopeMarkets

Market sentiment has been taking a hit of late, with equity markets on the wane to the benefits of haven demand. Interestingly, we have started to see assets such as Bitcoin and precious metals doing well in the face of dollar strength, with the sheer size and growth of US debt raising questions around sustainability. The haven role of the dollar looks somewhat...

ScopeMarkets

Crude oil has been front and centre of the collective investor mindset of late, with continued delays to the Israeli ground offensive seemingly holding off another spike in energy markets for the time being. The risk of a wider conflict taking hold has brought increased speculation over a prolonged period of uncertainty in the region, meaning that we could soon...