Day: February 6, 2024
FTSE Stuck in Range The FTSE remains within a tight block of consolidation this week as the recent range persists for now. The index attempted a breakout higher earlier today but met selling resistance into last week’s highs. Dovish comments from BOE chief economist Pill yesterday are certainly seen as favourable for the index though […]
The economic tale of two continents persisted through the final quarter of 2023, with the United States outpacing the euro area yet again. According to recent data, the US economy expanded by 0.8% quarter-on-quarter, while economic activity stagnated in the euro area. This divergence brings the 2023 GDP growth rate to 2.5% in the US […]
The Australian dollar has paused its decline against the US dollar. The current AUDUSD exchange rate stands at 0.6500. Following the Reserve Bank of Australia’s meeting, the AUD experienced a slight uptick, but this did not alter the overall picture: the quotes are hovering near eleven-week lows. The interest rate remains at 4.35% per annum, […]
AUDUSD, “Australian Dollar vs US Dollar” AUDUSD quotes are below the 200-day Moving Average on H4, which reveals the prevalence of a downtrend. However, the RSI has formed a convergence, which is a signal for a possible price rise. As a result, the quotes should be expected to rise above 3/8 (0.6530), subsequently reaching the […]
Pound Breaks Down GBPUSD is holding for now at the foot of yesterday’s losses following dovish commentary from BOE chief economist Huw Pill. The BOE policymaker told reporters that the bank is on course to cut rates this year, provided inflation continues to fall. However, there was a slight dovish twist in the commentary as […]
EURUSD, “Euro vs US Dollar” EURUSD has completed a decline wave to 1.0722. Today the pair could correct to 1.0753. Once this correction is over, a new decline wave to 1.0720 might start. And if this level also breaks, the potential for a wave to 1.0696 could open. This is a local target. GBPUSD, “Great […]
GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD has found a foothold under the lower boundary of the descending channel. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the Tenkan-Sen line at 1.2565 is expected, followed by a decline to 1.2425. An additional signal confirming the decline could […]
RBA Says Hikes Still Possible The Australian Dollar is trading with a spring in its step across the European morning on Tuesday. Overnight, the RBA held rates unchanged, as expected. However, the tone of the meeting was a little more hawkish than most were expecting, catching the market somewhat off-guard. Traders have sharply scaled back […]
Daily Market Outlook, February 6, 2024 Munnelly’s Market Minute…“China Sovereign Fund Stepping In, Leads Asian Markets Higher” Asian stocks showed a mixed performance, as Chinese market stabilization efforts countered early challenges from Wall Street, where yields reached year-to-date highs following strong ISM Services data and recent hawkish Fed comments. The Reserve Bank of Australia(RBA), kept […]
Daily Market Outlook, February 5, 2024 Munnelly’s Market Minute…“Powell Hitting Pause On Rate Cut Expectations” Asian stocks were mostly subdued due to the red-hot jobs report and Fed Chair Powell’s comments indicating a likely delay in a March rate cut. In a pre-recorded TV interview aired last night, US Fed Chair Powell reiterated that more […]