The consequent optimism also helped European currencies to rally against the safe haven greenback. The euro hit $1.0585 in Asian hours, its highest since June 28, and sterling hit $1.2345, its highest since June 17.

  • Without these qualities, traders can easily get swept up in all the excitement of a fast-moving market to their detriment.
  • Officials also announced that people living in Nanning will not have to provide a negative COVID test to take the subway.
  • China is soon set to announce a nationwide easing of testing requirements as well as allowing positive cases and close contacts to isolate at home under certain conditions, people familiar with the matter told Reuters last week.
  • Both currencies gave back those gains by London trading and the European common currency was flat at $1.0546 and the pound down 0.1% at $1.2268.

Shares at the Pakistan Stock Exchange began the week in the red as uncertainty looms on the outlook for the country’s foreign exchange reserves with no clarity on when the pending ninth review of the International Monetary Fund will conclude. By Fergal Smith TORONTO – The Canadian dollar weakened against its U.S. counterpart on Thursday as investors reduced bets on another oversized interest rate hike by the… By Peter Nurse – The U.S. dollar edged lower in early European trade Friday ahead of the release of the widely watched monthly U.S. jobs report which could influence… European stocks were broadly lower on Monday after a survey showed business activity in the euro zone declined for a fifth month in November, adding to the likelihood that the euro zone is sliding into a mild recession. Meanwhile, following its meeting over the weekend, OPEC and its allied producers (OPEC+) have agreed to maintain their current oil-output targets despite a recent decline in energy prices. Crude oil prices showed no immediate reaction to this decision and the barrel of West Texas Intermediate was last seen trading in a narrow channel at around $80.

Two trades to watch: DAX, USD/JPY

By Peter Nurse – The U.S. dollar weakened in early European trade Monday and the Chinese yuan soared to its highest level since mid-September as relaxation of some of… Price action traders may also wish to note that we see a pin bar candlestick pattern on gbpcad. Price action traders may also wish to note that we see a pin bar candlestick pattern on gbpjpy. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Free market economies, sometimes shortened to just market economies, describe nations whose financial systems are largely regulated by freely moving market forces of supply and demand. Learn more about how market economies operate, the political theory they’re founded on, and whether they work in our guide. The most recent is the introduction of the Investor and Exporter window in 2017 which allows for the buying and selling of forex at market-determined rates.

U.S. Treasury yields rose on Monday as investors awaited the latest ISM non-manufacturing purchasing managers’ index report and continued to digest a slew of jobs data … By Ambar Warrick– Most Asian currencies crept higher on Wednesday as markets awaited more cues on U.S. monetary policy from Federal Reserve Chair Jerome Powell,… SHANGHAI – As macroeconomic risks induce unprecedented levels of volatility in China’s yuan, investors are betting that authorities may widen the currency’s tight…

Markets: How the war is shaking stocks, gold, oil, bonds and cryptocurrencies

By Savyata Mishra – Investors turned modestly bullish on currencies of South Korea, Malaysia and Thailand, supported by prospects of China’s reopening, a Reuters poll… – Yesterday was a busy day for the EUR/USD, with gains in the morning, in the face of half-hearted European inflation figures, then with a correction in the… China is soon set to announce a nationwide easing global markets of testing requirements as well as allowing positive cases and close contacts to isolate at home under certain conditions, people familiar with the matter told Reuters last week. "It may seem like they are baby steps but nonetheless quite a strong sign of China taking calibrated steps in the direction of reopening," said Christopher Wong, a currency strategist at OCBC in Singapore.

forex news

Based on the limited figures we have access to, there’s some evidence that the labor market has deteriorated over the last month… If Core PCE continues to fall over the coming months, the Fed may end up hiking rates less than it expects, or even cutting rates before the end of next year. The RBA’s cash rate currently sits at 2.85%, after hiking rates for a record seven consecutive meetings totalling 275bp. German services activity falls further in November as soaring inflation and uncertainty dampen… Oil prices rose as much as 2% on hopes of China’s reopening and as OPEC+ maintains output cut… FOR the past week, major cities of Pakistan have been among the top most polluted cities in the world.

Technical Tuesday: S&P 500, Dollar Index, GBP/USD and Gold

“There seems to be significant uncertainty on the outlook for forex reserves, especially as the 9th IMF programme review is still pending,” said Raza Jafri, head of research at Intermarket Securities. Our goal is to provide traders with all the information and tools they need to trade successfully. Our team of professional traders has been testing Forex brokers for over 12 years and has helped millions of traders find the right broker. We test every broker and rank them based on how well they meet the criteria that Forex brokers traders worldwide are looking for in a Forex broker, and we update our reviews regularly to make sure every trader gets the most relevant information before making a decision. By Peter Nurse – The U.S. dollar weakened in early European trade Tuesday and the Chinese yuan gained on hopes the Chinese government was set to ease its tight… By Peter Nurse – The U.S. dollar slipped lower in early European trade Wednesday with risk appetite growing on hopes of China easing its tight COVID-related mobility…

Spain November services PMI 51.2 vs 50.5 expected

Interesting to note that Peter Obi carefully used the phrase “we will demand” suggesting they understand the central bank has autonomy in determining its forex policies. By Peter Nurse – The U.S. dollar slumped in early European trade Thursday after Federal Reserve chair Jerome Powell pointed to smaller rate Forex brokers hikes ahead, boosting risk… By Karen Brettell NEW YORK – The dollar dipped on Friday as a Federal Reserve official said rate hikes are likely to slow and as investors took profits from earlier… Brent crude oil is trading marginally higher this Monday after the EU decided on a Russian oil price cap of $60 per barrel.

Pakistan entered a $6 billion IMF programme in 2019 and its ninth review is currently pending with remote talks being held between IMF officials and the government for the release of $1.18 billion. The US dollar has continued lower overnight following Powell’s dovish comments, with US inflation data having the potential to extend or reverse some of its move. As long as this correlation holds, traders can get clues as to where Gold may be headed based on the direction of the DXY. Whilst the potential for a pause cannot be ignored, I suspect the RBA are more likely to hike rates by 25bp tomorrow as they do not meet again until February. NEW YORK – Speculators raised net short U.S. dollar positioning in the latest week to its largest level since July 2021, according to calculations by Reuters and U.S…. – The last day of the week could prove to be a decisive one for EUR/USD, whose strong rise over the last few days will be put to an important test this Friday…. Car sales in the UK grew for a fourth month in a row in November, largely led by the rising demand for electric vehicles, figures from the automotive industry trade group the Society of Motor Manufacturers and Traders, or SMMT, showed Monday.

US Core PCE lower in September; USD continues lower

Canadian shares are likely to open on a mixed note on Monday, tracking weak European stocks, and the trend in commodity markets. The index fell 1.4% last week, and 5% in November, its worst month since 2010. Its aggregate positioning against G10 currencies is now neutral, and at the lowest levels since August 2021, according to ING calculations based on CFTC data.

Today’s Main Forex Events

The markets are forecasting that the Bank of England may have to consider cutting interest rates in 2023, with inflation not expected to peak as high as once thought, and UK households going through turmoil with spiralling living costs. With mortgage costs also on the rise, analysts forecast that the UK central bank may have to reconsider its strategy next year in order to reduce pain on households. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.