NZD/USD slips to fresh two week lows below 0.6250 on soft US economic data

The New Zealand dollar tumbles courtesy of a negative market mood and a bid US dollar. US June’s CB Consumer Confidence dipped to a 10-year low on US citizens’ concerns about high inflation and slower growth. The US Dollar Index is back above the 104,000 thresholds, courtesy of quarter and month-end flows. The NZD/USD ticks … Read more

AUD/USD drops towards 0.6900 amid offbeat mood ahead of US/Aussie data

AUD/USD extends the previous day’s pullback from weekly top, stays pressured around intraday low. Market sentiment dwindles amid fears of recession, lack of major catalysts challenge momentum traders. Australia’s business sentiment gauge dropped for the second month, China rejects expectations of heavy stimulus. RBA rate hike expectations ease ahead of Wednesday’s Aussie Retail Sales, US … Read more

Dallas Fed Manufacturing Index plunges to -17.7 in June vs. -3.1 expected

Dallas Fed Manufacturing Index fell sharply in June. The US Dollar Index continues to fluctuate near 104.00 after the data. The headline General Business Activity Index of the Federal Reserve Bank of Dallas’ Texas Manufacturing Survey plunged to -17.7 in June from -7.3 in May. This print missed the market expectation of -3.1 by a … Read more

GBP/USD stays firm around 1.2270s ahead of US Consumer confidence

The lack of a fresh catalyst kept the pound within familiar ranges. A mixed market mood, spurred by higher global bond yields, put a lid on GBP/USD gains. GBP/USD Price Forecast: Remains tilted to the downside, but a test towards 1.2300 is on the cards. The British pound remains to trade in a narrow range … Read more

WTI jumps from below the 100-EMA, and approaches $110 on OPEC+ cutting its surplus

US crude oil extends its gains to two consecutive days, though it faces solid resistance at the 50-EMA, around $110.33. OPEC+ reduced its 2022 market surplus to 1 million BPD, while Libya’s political turmoil cut production by 600K BPD. WTI Price Analysis: Despite breaking an upslope trendline, oil’s price has recovered those losses, and now … Read more

AUD/USD settles around 0.6940s on a weak US dollar

The AUD/USD reports minimal gains of 0.03% on Monday. Higher global bond yields shifted Wall Street sentiment mixed, a headwind for the AUD. AUD/USD Price Forecast: Range-bound but skewed to the downside. The AUD/USD seesaws from daily highs around 0.6958 printed during the Asian session towards daily lows near 0.6910, in a narrow trading range … Read more

Dollar stabilizes after last week’s decline, eyes on key US data

Here is what you need to know on Monday, June 27: The US Dollar Index stays relatively quiet near 104.00 early Monday after having closed the previous week modestly lower. US stock index futures trade flat on the day as focus shifts to May Durable Goods Orders data. Pending Home Sales and the Dallas Fed … Read more

S&P 500 reclaims 3850 on upbeat sentiment as recession fears fade

The S&p 500, the Nasdaq, and the Dow Jones extend gains between 4 and 5 percent in the week. UoM Consumer Sentiment plunged, and inflation expectations got lower, seen as a relief by traders. Fed’s Bullard commented that fears of a recession are overblown. US equities are rising for the second consecutive day, and despite … Read more