Currencies

Watch today’s US Open for insights on Saudi Arabia’s additional oil output cut, the new hawkish surprise by the central bank of Australia, Apple’s mixed reality headset announcement and more

Australia’s central bank hiked interest rates again to the highest level in more than ten years, against baseline expectations for a hold, as inflation remains high despite its moderation

FXCM’s USDOLLAR basket has charted a higher trough (HT) but is yet to chart a higher peak. This leaves the greenback in limbo as we need more price action to assess whether it is trending or consolidating. A higher peak would validate the higher trough, HT, and put the basket into uptrend. A lower peak will suggest a consolidation sideways in a symmetrical triangle formation.

FXCM’s USDOLLAR index dropped yesterday from its bullish channel, between the upper blue and red bands, into its neutral area, between the blue bands. This was a movement of relative weakness. Technically, a decline in the USDOLLAR on the daily chart effectively normalised an overbought RSI.

The US Senate approved the debt limit bill, while Fed rate hike bets ebb, in unfavorable combination for the USDollar ahead of today’s critical jobs report

Watch today’s US Open for insights on the recent comments by Fed & ECB policymakers, the latest on the US debt ceiling and more

GBPUSD has been range-bound but may be readying itself to test the upper boundary.

USDOLLAR unwinds daily overbought condition.

Watch today’s US Open for insights on the latest around the US debt ceiling, the hot PCE inflation data that added to the hawkish repricing around the Fed’s rate path and more

The pair finds support at the start of the week, despite Friday’s hot US PCE inflation, hawkish Fed repricing and debt ceiling agreement that still need Congress approval

The rand is trading near R19.70 against the USDOLLAR following a 50bps hike by the South African Reserve Banks. The SARB said that the hike was necessary to combat rising inflation but conceded that further rand weakness can be expected. At one stage yesterday it traded as low as R19.81 to the greenback.