The Greenback remained largely on the defensive on Tuesday, retreating to three-week lows amidst heightened expectation ahead of the outcome of the US election and the upcoming Fed meeting. Here is what you need to know on Wednesday, November 6: The US Dollar Index (DXY) extended its bearish move, revisiting the proximity of 103.40 despite…
The unwinding of a big chunk of the “Trump trade” hurt the US Dollar at the beginning of the week amidst marginal developments in US yields and rising caution ahead of Tuesday’s US election and Thursday’s FOMC gathering. Here is what you need to know on Tuesday, November 5: The US Dollar Index (DXY) broke…
US Dollar retreated after posting solid gains in recent weeks. Nonfarm Payrolls increased by 12,000 in October, falling short of market expectations. Markets remain almost fully pricing in a 25 bps cut by the Fed next week. The US Dollar Index (DXY), which measures the value of the USD against a basket of six currencies,…
The US Dollar recovered modestly after a discouraging Nonfarm Payrolls report sent it sub-104.00. The steady unemployment rate and the uptick in hourly wages have tempered the negative reaction on the USD. The index bounced from an intraday low of 103.68, with technical indicators showing a growing bearish momentum. The US Dollar Index (DXY) has regained…
USD/CAD regains footing as anticipation for another Bank of Canada interest rate cut mounts due to flat economic growth in August. US PCE core inflation remains at 2.7% in October, slightly above market expectations. US Initial Jobless Claims fell to 216K in the week ending October 25, below the market’s consensus. The USD/CAD pair gained…
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US Dollar holds its ground at the end of the week, remains in consolidation mode. Fed officials remain cautious on inflation, as Durable Goods Orders miss market expectations. Markets continue to see two cuts by year-end. The US economy remains robust with GDPNow tracking third-quarter growth at 3.4%. The strong economic outlook might push the…
NZD/USD retreats further, dropping below 0.6000. Oversold RSI points to possible corrective bounce, but bearish momentum remains strong. The pair stands in lows since early August. The NZD/USD currency pair has extended its downtrend, with bears maintaining a firm grip as selling momentum builds. During Friday’s session, the pair fell by 0.60% to 0.5980, hitting…
USD/CAD bulls take a breather after the recent runup to the highest level since August 6. The recent upswing in the USD acts as a tailwind for the pair amid a downtick in Oil prices. Bets for a larger BoC rate cut support prospects for a further near-term appreciating move. The USD/CAD pair oscillates in…
EUR/USD rebounded on Friday, clipping a week-long losing streak. A last-second recovery in Fiber bids came from broad-market Greenback weakness. The Euro remains poised for further losses after another rate cut from the ECB this week. EUR/USD drifted into a rebound on Friday, snapping a four-day losing streak. A wider selloff in Greenback flows off…