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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
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
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