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Mexican Peso hit by negative risk sentiment
The Mexican Peso is losing ground due to a broad dip in market sentiment. Equities are down by 0.66% overnight and Meta’s stock tumbled 15% in after-hours trading on Wednesday despite better-than-expected earnings. The stock’s decline was put down to the company’s Q2 profit guidance, which came in a
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Mexican Peso weakens versus Euro
The Mexican Peso is down against the Euro on Thursday after benchmark German Bund yields spiked higher following comments from the President of the Bundesbank and European Central Bank (ECB) governing council member, Joachim Nagel. Nagel said, on Wednesday, that although the ECB would still probably
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Mexican Peso limps higher vs. US Dollar
The Mexican Peso (MXN) limps higher against the US Dollar (USD) in early trading on Thursday after a volatile midweek that saw the Peso eventually lose to the Greenback following better-than-expected US Durable Goods Orders on Wednesday. The US Census Bureau revealed that Durable Goo
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US DOLLAR LOOKS BLEAK AHEAD OF US GDP AND JOBLESS CLAIMS
The US Dollar is further losing its shine in early Thursday trading. Markets are fretting over US GDP and Jobless Claims data. The US Dollar Index enters trades in a bearish pattern, potentially signalling more downside ahead. The US Dollar (USD) is receiving another hit on Thursday
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US Dollar Index Technical Analysis: Is this a turnaround?
The US Dollar Index (DXY) is forming a bearish pattern which often preceds a substantial correction in prices. For a third day in a row, lower highs and lower lows are being printed on the daily chart. This points to relentless selling and builds up pressure for more downside, which can on
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Daily digest market movers: Gold price aims for firm footing ahead of US data
Gold price edges higher above $2,320 as the US Dollar extends its correction. The US Dollar faces selling pressure as weak preliminary PMI numbers for April raised concerns over the US economic outlook. The survey signalled that new business inflows in April fell for the first time in six months.Inv
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Technical Analysis: Gold price trades above $2,300
Gold price turns sideways above the round-level support of $2,300 ahead of crucial US data. The 20-day Exponential Moving Average (EMA) at $2,314 provides support to the precious metal, suggesting that the near-term upside remains intact. On the downside, a three-week low near $2,265 and March 21 hi
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NZD/USD PRICE ANALYSIS: EXTENDS WINNING SPELL TO 0.5960
NZD/USD rises to 0.5960 as US Dollar exhibits a weak footing ahead of US Q1 GDP data.The consensus shows that the US economy expanded by 2.5% in the January-March period.The New Zealand Dollar moves higher on improved demand for risk-perceived currencies. The NZD/USD pair extends its winning st
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USD/JPY CLIMBS RELENTLESSLY AHEAD OF BOJ MEETING
The USD/JPY extends its uptrend despite verbal intervention from the Minister of Finance. The wide differential between US and Japanese interest rates is seen as a major factor contributing to the rise. The idea that a lot is already priced into the US Dollar could limit USD/JPY upside. Th
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OIL EDGES UP AS US INVENTORIES DECLINE TO LOWEST LEVEL SINCE JANUARY
Oil briefly spikes after US weekly EIA data showed a big decline in stockpiles. WTI Oil snaps $83, but faces resistance to break back above it again. The US Dollar Index retreats further, forming a bearish pattern. Oil prices edge up on Thursday as traders digest the US Crude Invento
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Oil news and market movers: Restocking
Fuel distillate Inventories (gasoil and jet fuel) at the Asian distribution hub of Singapore rose to the highest level since July 2021, according to official data released Thursday, Bloomberg reports.Chinese refiners are heading to Venezuela for cheap Oil. Venezuela is offering the discount after th
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Oil Technical Analysis: US shooting itself in the foot
Oil prices are set for some buying pressure with US refiners and traders getting ready for the summer season. That always coincides with a lot of travel, be it via airspace (flights) or car (gasoline). With the recent chunky drawdown and nearly lowest level for the year in Crude stockpiles, r
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AUD/USD ENDS ITS WINNING STREAK AFTER RELEASE OF US GDP DATA
AUD/USD falls back down below 0.6500 after US Q1 GDP data reveals persistent price pressures. The pair reverses the strong rally that has characterized price action over the past week. The Fed is now seen not cutting interest rates till September whilst the consensus for the RBA is Novembe
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EUR/JPY PRICE ANALYSIS: RALLIES TO ALMOST 16-YEAR HIGH, BUYERS EYE 167.00
EUR/JPY surges to levels not seen since August 2008, capitalizing on a broader Yen weakness.Technical indicators suggest potential for further advances after clearing resistance at 165.30, towards the 169.47 high of August 2008.Downside risks remain once EUR/JPY retreats below the recent high of 166
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