Investors are turning their attention to talks between the Bank of England (BOE) and the European Central Bank (ECB) which are set to take place later this afternoon. According to experts, the main point of conversation will be the easing of global rates, depending on whether neighbouring markets are ready for such decisions. Don’t miss…
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Market Expects No Further Hikes in 2023 According to the CME’s FedWatch tool, market participants now overwhelmingly expect that the Fed’s hikes for 2023 are over. There is currently a 78% probability of a pause in September, a 65.7% probability of a pause in November, and a 61.4% probability of a pause in December. Interestingly,…
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Technical View: Markets to Watch for the Week Ahead Currencies: US Dollar Testing Monthly Support It has been quite a week for the US dollar. Consistent with the US Dollar Index—a geometrically-weighted average of the dollar’s value against a basket of six major currencies, including Europe’s single currency—the greenback plunged -2.3% last week, marking its…
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Economic Data for the Week Ahead: Monday 3 April US ISM Manufacturing PMI for March at 3:00 pm GMT+1 Markets welcome the latest manufacturing PMI data from the US, expected to marginally tick lower to 47.1 in March from February’s 47.7 figure. However, the forecast range resides between 48.0 and 44.4. Tuesday 4 April Reserve…
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Interestingly, we see a comparable picture on the CAC 40—the benchmark stock index from France—and the EU50, which is the Euro Stoxx 50 that houses the largest companies in Europe. The two charts are shown below. You will see that the CAC 40 displays a daily Quasimodo resistance-turned-support at 6,791 that is joined by RSI…
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XAU/USD (Gold) The yellow metal kicked off the week in negative territory, down 0.6% heading into the afternoon session in the US. For those who read Monday’s Weekly Market Insight, you may recall the following (italics): It is all about the H1 Quasimodo resistance-turned-support at $1,857 and the 50-day simple moving average on the daily…
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XAU/USD (Gold) Although the price of gold is higher this week, momentum has been sluggish, consequently establishing a potential bearish flag pattern on the daily chart between $1,881 and $1,862. Rupturing the lower boundary, the said pattern not only permits chart pattern traders to project the pattern’s profit objective, it also exposes the 50-day simple…
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XAU/USD (Gold) The price of gold ended European trading considerably off best levels versus the US dollar on Monday after H1 price pencilled in a picture-perfect rejection from Quasimodo support-turned resistance from $1,879. This reaffirms not only the scope for short-term flow to zero in on H1 Quasimodo resistance-turned potential support at $1,857, it also…
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S&P 500 Recent movement on the S&P 500 has largely been one sided since the index journeyed above weekly trendline resistance last week, taken from the high at 4,818. Up 2.7% on the week, the next level of resistance to perhaps throw a spanner in the works is Quasimodo resistance on the weekly scale at…
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Healthcare was the leading sector in the index overall, helped by 3.5% plus gains from care providers Centene, Universal Health Services and HCA Healthcare. In healthcare company news, device maker Medtronic made waves late in the day after market hours, as The Wall Street Journal reported that the Justice Department is investigating whether acquisitions the…
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