Latest Market News
Iron Ore Gaps Lower We’re seeing plenty of volatility in the iron ore market on Wednesday following the release of the latest China economic data overnight. The manufacturing PMI was seen dropping further into negative territory last month at 48.8, down from 49.2 prior and below the 49.5 reading the market was looking for. Concerns […]
Tesla Trying to Breakout Shares in Tesla are trading a little lower ahead of the open today following a breakout move higher earlier in the week. Tesla shares started the week on a positive footing amidst encouraging signs that a debt ceiling deal will be done, preventing default on US debt. However, lingering concerns around […]
The British pound sterling remains under pressure against the US dollar. The current GBPUSD quote is 1.2385. Previously published statistics showed that business confidence in the UK dropped for the first time in three months in May. The Lloyds Bank Business Barometer reflected a decline of 28%. This is because higher inflation has deteriorated the […]
The Japanese yen has strengthened markedly against the US dollar. The current USDJPY quote is 139.39. The JPY rose on news of an emergency meeting of Japanese high-ranking monetary policy officials. The outcome of the meeting was neutral: Japan will watch currency market movements and react if deemed necessary. The monetary policymakers reacted rather due […]
CPI Still Not Falling Fast Enough The latest Australian inflation data overnight no doubt makes difficult reading for the RBA . Annual CPI was seen rising 6.8% last month, above the 6.4% the market was looking for. While a slight reduction from the prior month’s 7% reading, given the RBA’s insistence that it needs to […]
TitleEURUSD H4 | Retracement to 23.6% Fibo resistance TypeBearish Reversal Preference:Price could approach the pivot point of 1.07619 and potentially reverse from here; we could see momentum carry price own to its 1st support of 1.06688. Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance of 1.08323. To discuss this […]