Share: Atlanta Federal Reserve Bank President Raphael Bostic said on Friday to Bloomberg, that the central bank is likely to keep monetary policy in a restrictive territory well into 2024. He added that the Fed is on a trajectory to get to the 2% inflation target. Asked about the recent jobs report, Bostic
The GBPUSD is higher on the day and in the short term, the buyers are “in play”. Trading above the 100 hour MA tilts the bias in that direction but there is work to do. Looking at the daily chart, the technical picture is more in the buyer’s favor. What I like about it technically,
Share: Economists at CIBC Capital Markets expect the USD/MXN pair to extend its decline in the coming months. Long MXN positions look overstretched by a number of metrics Although long MXN positions look overstretched by a number of metrics, we are reducing our Q3 and Q4 USD/MXN forecast to 17.50, and 18.00, respectively.
According to sources cited by Reuters, U.S. President Biden plans to sign an executive order early next week to scrutinize outbound investment to China. Previously, the Financial Times reported that the Chair of the House China Committee, Mike Gallagher, is urging the President to restrict additional U.S. investment in Chinese stocks and bonds. Gallagher emphasized
Share: Gold price has recovered significantly since autumn last year. Economists at Commerzbank analyze the yellow metal’s outlook. Gold seen trending sideways near $1,950 in the short term Gold price is likely to trend sideways in the short term, as uncertainty about the future path of US monetary policy remains high. Lower US
The EURUSD wandered lower this week and in the process dipped below the 50% midpoint of the range since the 2021 high on the daily chart at 1.0942. What the price in the EURUSD could not do is stay below the rising 100-day moving average currently at 1.09193. That moving average was tested on Wednesday
Share: US Dollar weakens across the board after NFP. Nonfarm Payrolls rise by 187,000 in July, below the 200,000 of market consensus. USD/CHF falls for the second day in a row, still up for the week. The USD/CHF reached a four-day low at 0.8699 on Friday, following the release of US jobs data.
Oil rigs 525 vs 529 prior Gas rigs 128 vs 128 prior Oil prices are on a nice run today. Rigs were up at 625 to start the year so we’ve lost nearly 100 and DUCs are basically exhausted. There aren’t many taps to turn on if oil prices run (at least not in the
Share: Silver (XAG/USD) stages a modest recovery after July’s US jobs data missed estimates, trading at $23.57, bouncing off the 200-day EMA at $23.18. Technical outlook shifts to neutral-upward bias, as the metal remains above the 200-day EMA and July 6 low of $22.53. Key resistance lies at the 100-day EMA at $23.67,
A Friday afternoon is no time for a breakout but oil is going to be in focus next week, especially if the US dollar continues to retreat. The big level to watch is $83.53. If that breaks, we’re at the highest since November. On the CPI front, year-over-year gasoline prices are now ticking higher in
