Day: February 12, 2024
EUR/USD displayed resilience last week, closing positively for the fourth consecutive day, though ultimately ending the week virtually unchanged. Despite an initial surge to the 1.0800 mark, marking a one-week high, the pair succumbed to downward pressure during the European session, largely influenced by deficit of medium-term buyers. Uncertainty around forthcoming US CPI release, with […]
Silver/Gold Breaking Correlation Silver prices are today breaking from their typical correlation with gold. While the yellow metal has come under pressure on Monday, silver prices are trading higher. The move has been attributed to position covering ahead of upcoming major data with moves being exacerbated in low volume markets due to China being offline […]
GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD is rebounding from the lower boundary of the Cloud. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the upper boundary of the Cloud at 1.2640 is expected, followed by a decline to 1.2475. An additional signal confirming the decline could […]
EURUSD, “Euro vs US Dollar” EURUSD has formed a correction to 1.0799. Currently, the market is forming a narrow consolidation range under this level. A range extension link to 1.0805 is not excluded today. Next, a decline to 1.0730 might follow, from where the trend could extend to 1.0666. This is a local target. GBPUSD, […]
Daily Market Outlook, February 12, 2024 Munnelly’s Market Minute…“Quiet Start To A Data Heavy Week” Asia was quiet on Monday with several centers on holiday. It’s also a public holiday for Lunar New Year in New York State for the first time, but that doesn’t seem to include Wall Street. U.S. stock futures, European equity […]
Middle East in Focus Crude prices are seeing a quieter start to the week, following the rally we saw last week, as traders await fresh directional catalysts. News that Israel has ‘concluded’ its strike on Southern Gaza is drawing focus from oil traders. The news comes just days after Israel rejected Hamas’ ceasefire offer which […]
The Japanese yen, paired with the US dollar, remains stagnant at the beginning of the week. The current USDJPY exchange rate stands at 149.21. At the same time, the USDJPY pair hovers near a ten-week low. Due to the information vacuum and lack of significant news, investors have opted to conserve energy and simply wait. […]
The primary currency pair is rising cautiously on Monday. The current EURUSD exchange rate stands at 1.0795. Nevertheless, the primary currency pair closed Friday with a decline – marking the fourth consecutive week of losses. The market disregarded the revision of December’s US consumer price statistics, which rose less than anticipated. Meanwhile, core inflation appears […]