Currencies

Watch today’s US Open for commentary on the strong economic data from China, the elevated wage figures from the UK, the upcoming earnings from Netflix and Tesla and more

Yesterday, the EURUSD slipped from its bullish channel between the upper blue and red bands. Today, it is looking to reclaim that position. The daily RSI is above 50. The longer it maintains on the bullish side of 50, the greater the chances of higher prices ahead.

GBPUSD has slipped out of its bullish channel and is now trading in the neutral zone between the two blue bands. However, today’s candle (still to complete) shows positivity, with price trading off the low for the day. The daily RSI is above 50 and needs to be watched. If it maintains on the bullish side of 50, the bullish channel, between the upper blue and red bands, may be…

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