The US Dollar (USD) is facing challenges as it declines towards the 102.15 area, putting pressure on the 20-day Simple Moving Average (SMA). Despite gaining momentum last week, bulls are struggling to sustain their gains. With Monday’s calendar offering no significant events, investors are eagerly awaiting the release of the Consumer Price Index (CPI) figures
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The EUR/USD experienced a turbulent day of trading on Friday, fueled by the release of Eurozone inflation data and US labor data. European inflation figures for December surprised the market, with the Eurozone Harmonized Index of Consumer Prices (HICP) rising to 2.9% year-on-year (YoY), surpassing the forecasted 2.4% and November’s 2.4% reading. Despite expectations for
The US Dollar (USD) has experienced a retreat in the wake of the latest string of US data. While the Nonfarm Payrolls (NFP) from December exceeded expectations, the Services ISM PMI for the same month disappointed. These mixed results, along with indications of a dovish stance by the Federal Reserve, have caused the Dollar Index
The USD/CAD pair has experienced a shift in momentum as Crude oil prices show signs of improvement. This has put downward pressure on the currency pair, with the Canadian Dollar (CAD) receiving upward support. In addition, heightened tensions in the Red Sea region have fueled the rise in Crude oil prices. This article delves into
The EUR/USD faced another setback, slipping into the 1.0900 handle on Wednesday due to cautious remarks from the Federal Reserve (Fed) regarding rate cuts. This development has provided a significant boost to the US Dollar (USD), which has remained strong amidst a broader market recovery. With an absence of European Union (EU) data on Wednesday,
The Mexican Peso (MXN) started the year on a weaker note against the US Dollar (USD), experiencing a dip to a three-month low of 16.86 on December 28. However, the MXN has been influenced by a rise in US Treasury Bond yields and a generally bullish sentiment towards the USD. These factors have helped keep
The silver price (XAG/USD) is experiencing difficulties in maintaining its position above the significant resistance level of $24.00. This struggle is occurring amidst an increase in demand for safe-haven assets. Investors are displaying cautious behavior ahead of key events such as the release of the FOMC minutes, Manufacturing PMI data, and labor market information. The
The Pound Sterling (GBP) continues to face considerable pressure as the S&P Global UK Manufacturing PMI data remains below consensus. This indicates that UK factory activities have remained subdued due to weak demand from both the domestic economy and export markets. The recent data release shows that the Manufacturing PMI remains below the 50.0 threshold
Gold price (XAU/USD) has started the new year on a positive note, reversing a major part of its recent losses. The precious metal remains in a modest uptrend, benefiting from dovish Federal Reserve (Fed) expectations and geopolitical risks. However, the rising US bond yields and a stronger US dollar may pose challenges to further gains
The GBP/USD pair is experiencing a decline in the first trading day of 2024, as investors anticipate multiple rate cuts from the Bank of England (BoE) throughout the year. The US Dollar’s modest rebound also contributes to the pair’s losses. According to the CME Group’s FedWatch tool, the markets are pricing in an 88% chance
The US Dollar (USD) is on a subdued tone as the last trading day of 2023 comes to a close. The US Dollar Index (DXY) is positioned at 101.30, shedding daily gains as dovish bets on the Federal Reserve (Fed) weigh heavily on the Greenback. Soft Chicago PMI figures for December also added pressure to
The USD/JPY pair is facing challenges in gaining momentum as the trading year of 2023 comes to a close. With thin market activity leading up to the New Year’s long weekend, the US Dollar (USD) has weakened by 0.3% against the Japanese Yen (JPY) on the last Friday of the year. Moreover, the USD/JPY pair