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Technical Analysis: Australian Dollar hovers above the psychological level of 0.6500
The Australian Dollar trades around 0.6510 on Thursday. The pair is hovering above the lower boundary of a symmetrical triangle pattern. A further gain could lead to a bullish sentiment, with the pair potentially targeting the psychological level of 0.6600 and aiming for the upper boundary of the tr
AUSTRALIAN DOLLAR APPRECIATES ON GROWING HAWKISH SENTIMENT SURROUNDING RBA
The Australian Dollar gains ground as the stronger CPI enhances hawkish sentiment regarding the RBA monetary policy stance.The Australian Dollar strengthens in response to the higher 10-year yield on Australian government bonds.The gains in US Treasury yields could limit the losses of the US Dollar.
Technical analysis: USD/INR keeps the bullish vibe in the longer term
The Indian Rupee trades on a softer note on the day. USD/INR maintains the positive outlook unchanged on the daily timeframe as the pair is above the key 100-day Exponential Moving Average (EMA). Nonetheless, the 14-day Relative Strength Index (RSI) hovers around the 50.00 midlines, suggesting that
Daily Digest Market Movers: The Indian Rupee remains vulnerable at the start of the election
In mid-April, India’s foreign exchange reserves stood at USD 564.5 billion ( 48 billion over a year), equating to more than 7.6 months of goods and services imports.The Indian rupee remains stable at the start of the election period, holding up better than other Asian currencies so far. Since the st
USD/INR EXTENDS RECOVERY, ALL EYES ON US GDP DATA
Indian Rupee trades with mild negative bias on Thursday. The INR’s downside might be capped, owing to a further decline in crude oil prices. Market players will closely monitor the US preliminary GDP growth number for the first quarter (Q1). Indian Rupee (INR) extends its downside on Thurs
Technical Analysis: USD/JPY could consolidate before the next leg up towards the 156.00 mark
From a technical perspective, the overnight breakout through a short-term trading range and a subsequent strength beyond the 155.00 mark could be seen as a fresh trigger for bullish traders. That said, the Relative Strength Index (RSI) on the daily chart remains in the overbought territory
Daily Digest Market Movers: Japanese Yen bears not ready to give up despite intervention warnings
Japanese officials have repeatedly warned that they will take necessary action to address excessive moves in the yen if needed and have emphasized a focus on the pace of the currency’s depreciation rather than a precise price level. Moreover, Bank of Japan Governor Kazuo Ueda has sai
JAPANESE YEN PLUMMETS TO FRESH 34-YEAR LOW AGAINST USD, AROUND MID-155.00S
The Japanese Yen continues losing ground amid the divergent BoJ-Fed policy expectations.The recent intervention warnings by Japanese authorities do little to provide any respite.Traders now look to the US Q1 GDP report for some impetus ahead of the BoJ on Friday. The Japanese Yen (JPY) extends its w
Daily Digest Market Movers: AUD/JPY appreciates on hawkish sentiment surrounding RBA
According to Luci Ellis, Westpac's chief economist and former Assistant Governor (Economic) at the Reserve Bank of Australia, inflation slightly surpassed expectations in the March quarter. They anticipate the Board will maintain interest rates in May and have revised the projected date for the init
AUD/JPY GAINS ON GROWING EXPECTATIONS FOR A MORE HAWKISH RBA
AUD/JPY continues its winning streak after the stronger Australian CPI was released on Wednesday.Australia’s 10-year government bond yield has surged to 4.49% near five-month highs on waning expectations of the RBA rate cuts.The Japanese Yen continues to depreciate as the BoJ is expected to abstain
WTI LOSES TRACTION BELOW $82.50, CONCERNS OVER MIDDLE EAST FADE
WTI edges lower to $82.45 on Thursday as the fear of wider war in the Middle East eased. Higher bets that the US Fed will delay rate cuts support the Greenback. US commercial crude stockpiles last week fell by 6.368 million barrels, the largest drawdown since mid-Januar
EUR/USD HOVERS AROUND 1.0700, EYES ON US FIRST-QUARTER GDP DATA
EUR/USD posts modest gains near 1.0700 on the weaker USD on Thursday. US Durable Goods Orders increased by 2.6% MoM in March vs. 0.7% prior; Core Goods rose by 0.2% MoM, worse than expected. The dovish stance of the ECB, which sticks to plans to cut interest rates this year, weighs on the
USD/CAD REBOUNDS ABOVE 1.3700, INVESTORS AWAIT US GDP DATA
USD/CAD holds positive ground near 1.3705 on Thursday. US Durable Goods Orders rose by 2.6% MoM in March from the previous reading of a 0.7% increase.Canada’s February Retail Sales data supports the outlook for the BoC rate cut as soon as June. The USD/CAD pair extends its recov
AUD/USD retreats below 0.6500 amid strong US data
Wall Street was mixed on Wednesday after META reported earnings, which were better than expected but weighed on the US equity markets. Investors remain cautious ahead of the release of the US Gross Domestic Product (GDP) report on Thursday, which is expected to show the largest economy in the world
AUD/USD POSTS GAIN, YET DIVE BELOW 0.6500 AMID AUSSIE CPI, AHEAD OF US GDP
AUD/USD retreats from a peak of 0.6529 following an unexpected surge in Australian inflation figures.The US Dollar Index edges higher, influenced by solid US economic indicators and investor caution ahead of key GDP report.Despite a strong Q1 inflation report suggesting robust Australian economic ac
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