The Bank of Canada (BoC) will announce its rate decision and monetary policy statement this afternoon at 15:00 BST. Be aware that it will likely cause volatility for CAD and USD crosses. Market consensus is that the BoC will keep rates unchanged at 0.5%. USD/CAD has seen a substantial 1.7% retracement since May 5th caused…
Read morePosted by Naeem Aslam | 24/05/2017 13:17 No rabbits are expected out of OPEC’s hat on Thursday, when OPEC is expected to announce the reduction of the supply gut. The joint efforts of the OPEC cartel with non-OPEC producers dating back to October 2016 initially resulted to a curb of nearly 1.8 million in the first month. Saudi…
Read moreThe Trump administration has presented its 2018 budget plan to Congress last evening. The budget plan calls to slash $3.6 trillion in government spending, mainly reducing the funding for healthcare and social benefits (such as Medicaid, SNAP, pensions for government officials) and Environmental Protection Agency funds. The cuts are to be used for funding to…
Read more
I am short EURUSD and looking for further losses. I expect to see a broad correction in the US dollar, with the EURUSD major taking most of the USD's gains. USD Index Monthly – Moving lower from the Fibonacci confluence area (102.00). In April, we posted another outside candle highlighting the downside pressure for the…
Read more
GBP/USD has been trading above the downside uptrend line support since mid-March. Cable rallied around 3.5% since Theresa May announced a snap general election on April 18 as markets have largely priced in a Tory victory. GBP/USD hit a high of 1.3047 on May 18, last seen on September 29, breaking a significant resistance level…
Read morePublished on 23.05.2017 14:15 The Australian dollar has continued its winning streak today against the US dollar, breaking through the US75c mark as iron ore prices continue to strengthen providing plenty of support for the local currency. The main driver behind the resurgence in the Iron ore price has been China with demand picking up…
Read moreRecently Trump’s leak scandal has been leading the USD move instead of economic performance. Last week USD had its biggest weekly fall since the US presidential election because of the scandal. The markets are concerned it will result in Trump’s plans not being able to be executed and worsen the economic slowdown. In addition, North…
Read more
Last week USD had its biggest weekly fall since the US presidential election, caused by Trump’s Russia leak scandal. This week markets’ risk-off sentiment has been slightly eased. On May 18th USD/JPY hit a low of 110.22, last seen on April 25th. Notably, the downtrend has held above the significant support line at 110.00. Bulls…
Read moreThe dollar index hit a new post presidential election low of 96.95 on Friday May 19th. EUR/USD hit a high of 1.1211 a level not seen since November 9th of last year. On Monday morning, during the European session, the dollar index experienced a moderate rebound, touching 97.29, as the market is aware of a…
Read morePosted by Naeem Aslam | 22/05/2017 08:49 In one of his most important speeches in Saudi Arabia, Donald Trump did not go off the rail. Bromance Blooms Between Trump and King Salman He certainly avoided his usual free style which he adopted during the campaign mode. Although, you can argue that there are many contradictions if one compares his rhetoric during the campaign and what he…
Read more