USDOLLAR bounces off support on Waller comments
FXCM’s USDOLLAR basket reacted off its key support level at 12,750. The catalyst for the reaction were comments by Fed Governor Christopher Waller.
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FXCM’s USDOLLAR basket reacted off its key support level at 12,750. The catalyst for the reaction were comments by Fed Governor Christopher Waller.
The USDJPY appears to be charting a head and shoulders top. The pattern is yet to complete, as per the pattern completion gap, but its RSI is on the bearish side of 50. If it maintains on this side of 50, the USDJPY will likely be under pressure.
Watch today’s US Open for insights on the soft US CPI headline inflation that sends EUR/USD higher, Fed minutes which showed the projection of a recession, the new earnings season that gets underway and more
FXCM's USDOLLAR basket finds itself near the 12,750 level, which is regarded as an important level of support.
The Bank of Canada kept its overnight rate at 4.5%, in line with expectations. It was the first major central to pause its hiking cycle. In its rate statement the BoC said that the “Governing Council continues to assess whether monetary policy is sufficiently restrictive to relieve price pressures and remains prepared to raise the policy rate further if needed to return inflation to the 2% target.”
The pair made a strong start to the week, but trades with caution today, as markets brace for the US inflation update and the FOMC minutes
After a poor start to the week, the pair rises again today, as markets await Wednesday’s CPI Inflation update from the United States
Watch today’s US Open for commentary on the recent poor US jobs data ahead of Friday’s NFPs, the 50 bps rate hike by the Reserve bank of New Zealand and more
The pair dropped on Tuesday after Australia’s central bank paused its rate-hike cycle and remains downbeat amidst broader risk aversion, ahead of the US jobs report
The USDOLLAR daily chart is trading in its bearish channel between it lower blue and red bands. Its RSI is trading below 50. The longer it maintains on the bearish side of 50, the more pressure will be applied to the greenback. Data out this week has pointed to an economic softening.
The central bank of New Zealand stayed the course with another 50 basis points rate hike, against baseline expectations for a smaller move, boosting the Kiwi
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