Day: June 8, 2023
The British pound sterling is up again against the US dollar. The current GBPUSD quote is 1.2454. While the US dollar has retreated locally, the pound is trying to rise higher. According to the report of the Organization for Economic Cooperation and Development (OECD), the UK expects the highest inflation among the G7 countries in 2023. Thus, […]
Daily Market Outlook, June 08, 2023 Munnelly’s Market Commentary… Asian equity markets had a mostly subdued performance overnight, influenced by mixed signals from Wall Street. The technology sector underperformed as global yields rose following a surprising rate hike by the Bank of Canada. Following the unexpected move by the Reserve Bank of Australia earlier this […]
Fed Lift Shares in Tesla are trading at fresh highs for the year this week after breaking out yesterday. Pre-market, the stock is sitting a few points higher suggesting further gains to come as we head through the middle of the week. The stock has seen a strong boost in recent weeks as market expectations […]
EURUSD, “Euro vs US Dollar” The currency pair failed to break the level of 1.0677 and secure below it. The market has returned to 1.0703 and, breaking this level upwards, suggests continuing the correction to 1.0740. After it reaches this level, a new wave of decline could develop to 1.0620. GBPUSD, “Great Britain Pound vs […]
XAUUSD, “Gold vs US Dollar” Gold has formed an Engulfing reversal pattern near the support level. Currently, the instrument might go by the reversal signal in a corrective wave. The growth target could be 1958.50. Upon testing the resistance level, the price might rebound from it and continue the downtrend. However, the quotes could drop […]
Hawkish Risks into FOMC On the back of surprise rate hikes from the RBA and BOC this week, traders are mulling the prospect of the Fed opting to retain a hawkish stance at the upcoming FOMC. Odds for a further hike in June have jumped to around 35% from less than 20% at the start […]
BOC Hikes Again The Bank of Canada yesterday caught markets somewhat off-guard as it announced a fresh rate hike, the first since pausing its tightening campaign in January. The BOC hiked rates from 4.5% to 4.75%, their highest level in 22 years, and signalled the likely need for further hikes moving forward. Ahead of the […]
GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD is testing the signal lines of the indicator. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the lower border of the Cloud at 1.2410 is expected, followed by a rise to 1.2620. An additional signal confirming the rise will be […]
The Australian dollar, in the pair with the US dollar, remains in an uptrend. The current AUDUSD quote is at 0.6672. At the same time, the news from the Australian side is not cheerful at all. The country’s GDP grew by 0.2% quarter-on-quarter in Q1 2023. This is the weakest quarterly growth since September 2021. […]
OECD Raises UK Growth Forecasts… Slightly The latest set of forecasts from the OECD makes pretty dim reading for the UK. The economy is set to suffer the second-worst performance of the G7 this year, underperformed only by Germany which already fell into recession earlier in the year. Overall, the UK is pegged to record […]