2021-10-01 • Updated
After GBP/USD hit the lowest level since December 2020, it has reversed up and gained some strength. It has managed to break above the psychological mark of 1.3500. A short pullback to 1.3500 may happen after such as strong breakout. However, the rally should last for longer. The doors to the high of September 29 at 1.3550 are open. The breakout above it will push the pair up to the psychological mark of 1.3600. Support levels are at the recent lows of 1.3450 and 1.3415.
The US dollar was strengthening amid rising energy prices, expectations of the soon Fed’s tapering, causing a risk-off mood in markets. However, the US dollar has lost steam and allowed risk-on currencies like the pound sterling to advance.
The UK has revealed Final Manufacturing PMI, which came out better than expected: 57.1 vs the forecast of 56.3. Besides, US jobless claims came out worse than expected. All eyes are now on US ISM Manufacturing PMI at 17:00 GMT+3, which can change the track for the GBP/USD pair. A better-than-expected US PMI may press GBP/USD down, while worse – up.
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Canadian retail sales showed a slight rebound in February, rising by 0.1% after a 0.3% drop in January. However, this failed to fully offset the steeper decline earlier in the year, suggesting a weakening momentum in consumer spending. The increase in February was driven by gains in sectors such as sporting goods, hobby retailers, and building materials. Despite the...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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