USD/CAD drops to mid-1.2800s amid bullish oil prices, focus remains on Fed’s Powell

USD/CAD attracted fresh selling on Wednesday and turned lower for the fourth straight day. Bullish oil prices underpinned the loonie and exerted some downward pressure on the pair. Sliding US bond yields capped the USD and failed to lend any support ahead of Fed’s Powell. The USD/CAD pair struggled to capitalize on its modest intraday … Read more

GBP/USD struggles near two-week low, just above mid-1.2100s ahead of central bank speakers

GBP/USD turned lower for the third straight day and dropped to a nearly two-week low. Hawkish Fed expectations and the mood offered support to the safe-haven USD. The downside seems cushioned as the focus remains on Fed Chair Powell and BoE’s Bailey. The GBP/USD pair prolonged this week’s retracement slide from the 1.2330-1.2335 region and … Read more

ECB’s Lane warns of dual risks of inflation and economic slowdown

European Central Bank (ECB) Chief Economist Philip Lane warned about a double-sided risk of higher inflation for longer and an upcoming recession, in an interview with CNBC on Tuesday. Key quotes “With the uncertainty, we have to manage the two risks.” “On the one side, that could be forces that keep inflation higher than expected … Read more

Ex-BOE Governor Carney warns of a recession in the US and globally

“The risk of a recession in the United States and globally is ‘uncomfortably high’”, Mark Carney, former governor of the Bank of Canada (BOC) and the Bank of England (BOE) said on Wednesday. Key quotes “Canada is likely to far better in a slowdown than most other countries.” “That recession, if it comes, will be … Read more

NZD/USD struggles for a firm direction, stuck in a range around 0.6300 mark

NZD/USD struggled to gain any meaningful traction and oscillated in a familiar trading range. The cautious mood acted as a headwind for the risk-sensitive kiwi amid a modest USD uptick. Reduced bets for more aggressive Fed rate hikes might cap the USD and lend some support. The NZD/USD pair extended its sideways price moves for … Read more

Steel Price improves as global output declines during January-May period

Steel Price remains firmer for the third consecutive day, keeping the bounce off yearly low. Over 6.0% fall in the global steel output joins sluggish USD to underpin bullish bias. Fears of recession, headlines concerning China adds filter to the north. Steel Price extends the previous week’s recovery towards 4,300 Chinese yuan (CNH), around 4,280 … 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

EUR/USD retreats from fortnight high near 1.0600 on recession/inflation fears, ECBSpeak eyed

EUR/USD bulls take a breather around two-week high, pauses two-day uptrend. US dollar recovers on fresh fears of inflation/recession emanating from the US data. Headlines Russia surrounding, anxiety ahead of ECB Forum adds strength to the risk-off mood. US CB Consumer Confidence, comments from ECB policymakers eyed for intraday directions. EUR/USD holds onto the pullback … Read more

GBP/JPY sticks to intraday gains around 166.25-30 area, lacks bullish conviction

GBP/JPY gained traction for the second straight day on Monday, though lacked follow-through. A generally positive risk toned the safe-haven JPY amid the BoJ’s dovish outlook. Recession fears, bets for more gradual BoE rate hikes capped the upside amid Brexit woes. The GBP/JPY cross attracted some dip-buying near the 165.15-165.10 region on Monday and turned … Read more

Indian rupee dribbles near record high of 78.46 despite RBI intervention

USD/INR picks up bids towards all-time high marked earlier in the day. RBI intervention fails to underpin INR rebound amid firmer oil prices, hawkish hopes from Fed. Indian equities managed to cheer optimistic optimism on downbeat US inflation expectations, softer US data. USD/INR adds strength to overcome the 78.50 hurdle after witnessing the second retreat … Read more