Day: March 2, 2024
Loonie on Watch USDCAD is pushing higher today, with the pair testing above the bear trendline and prior 2024 highs, despite the weakness in USD. Concerns over the sustainability of the current risk rally are seeing some unwinding of CAD longs. Traders are also bracing for two sets of key US and Canadian data later […]
EZ CPI Beats Forecasts The latest set of eurozone inflation data today told a familiar tale. The flash eurozone CPI estimate for February came in at (headline) 2.6% vs 2.5% expected with core also seen at 3.1%, above the 2.9% the market was looking for. As we’ve seen in the US and UK recently, a […]
Core PCE Rises The US Dollar is catching a bid ahead of the weekend following yesterday’s data. The core PCE price index was seen rising to 0.4% from the prior month’s 0.1% reading. Given that the data is used by the Fed as a key inflation gauge, the release is seen as further evidence that […]
Brent Brent quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has rebounded from the support line. In this situation, the quotes are expected to rise above 5/8 (82.81), later reaching the resistance at 6/8 (84.38). The scenario could be cancelled by a breakout of the 4/8 […]
Copper Sinking Copper prices are turning lower once again as we head into the weekend. The current sell-off comes on the back of the latest set of Chinese economic data overnight. The China manufacturing PMI was seen falling deeper into negative territory last month at 49.1 down from 49.2 prior and expected. With the factory […]
In today’s European session, the EUR/USD pair finds itself teetering near the crucial support level of 1.0800, despite Eurozone inflation data exhibiting resilience beyond market expectations. Eurostat’s report reveals that the preliminary HICP for February increased by 2.6%, surpassing the anticipated 2.5%. However, this growth represents a deceleration from January’s 2.8%. The monthly HICP also […]
The primary currency pair appears neutral on Friday. The current EURUSD exchange rate stands at 1.0811. The market has received the primary set of essential statistics scheduled for release this week. It is time to analyse them and adjust the prices accordingly. Yesterday, the US published the Federal Reserve’s preferred inflation measure – the Core […]
EURUSD, “Euro vs US Dollar” EURUSD has formed an Inverted Hammer reversal pattern near the support level on H4. Currently, the instrument could go by the reversal signal in an ascending wave. The growth target might be the resistance at 1.0860. However, the price could pull back to the 1.0775 level and extend the uptrend […]
