US Open– 04 April 2023 (Video)
Watch today’s US Open for commentary on OPEC’s surprise oil production cuts that sent prices higher, the pause in the tightening cycle by the Reserve Bank of Australia and more
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Watch today’s US Open for commentary on OPEC’s surprise oil production cuts that sent prices higher, the pause in the tightening cycle by the Reserve Bank of Australia and more
FXCM’s USDOLLAR basket appears to be charting a head and shoulders top. This pattern is a reversal in trend from uptrend to downtrend. The pattern is yet to complete, and we note the pattern completion gap i.e., the price to neckline gap. However, the weekly RSI is below 50 (green rectangle), which suggests a bearish momentum is present. The longer the indicator maintains below 50, the more pressure will be…
The central bank of Australia decided today to leave rates unchanged at 3.6%, following ten straight hikes since the May 2021 lift-off, putting AUD/USD under pressure
The pair runs another profitable week, supported by the recent ECB-Fed policy divergence, but trades with caution today as inflation figures and other data loom
The pair pauses its four week-losing streak and rebounds from the recent slump, as fears over the banking sector ease
Watch today’s US Open for insights on the recent developments in the banking sector that seem to help sentiment, fresh geopolitical tensions and more
The pair is constructive after the US Fed was constrained to a conservative stance last week due to the banking turmoil and the BoE was forced to another increase due to the reacceleration in inflationary pressures
Watch today’s US Open for discussion on the Fed’s hike and conservative stance due to the banking turmoil, as well today’s policy decision by the Bank of England
The Fed raised the policy rate by 25 bps to 4.75%-5%. However, its rhetoric is more dovish than the ECB’s, which is EURUSD supportive. The spread between the German and US 2-year notes (top chart) has charted a series of higher troughs followed by higher peaks. This denotes the relative hawkishness of the ECB over the Fed. The EURUSD is sensitive to this spread with a correlation coefficient of 84%.…
The US central bank was constrained to a 0.25% rate increase and to an unchanged 5.1% median terminal rate projection, due to the banking turmoil amidst elevated uncertainty
The Bank of England faces rising core inflation, with a recent increase to 6.2% from 5.8% in January. Service-sector inflation is a concern, with hospitality inflation proving difficult to combat. The Bank is paying close attention to inflation numbers and is likely to announce a 25bp rate hike, but will reiterate its commitment to using tools for financial stability. If broader inflation data continues to improve, the Bank may pause…
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