West Texas Intermediate (WTI) Crude Oil edges higher during the American session on Wednesday after trimming intraday losses. At the time of writing, WTI is trading near the $64.00 mark, but the recovery lacks follow-through as the commodity struggles to extend gains for the fourth straight day.
The price yesterday fell to new 2025 year lows below 0.78714. Today, the price action has consolidated the sharp declines, trading above and below the prior low. That will still be a barometer for traders in the short term.
The Fed is expected to cut rates by 25 basis points. The Bank of Canada is also expected to cut rates by 25 basis points. In the video, I will take a look at the EURUSD, USDJPY and GBPUSD from a technical perspective and also add the USDCAD view.
The Euro (EUR) is soft, down a modest 0.3% against as it trades somewhat defensively with a slight pullback from Tuesday’s fresh multi-year high, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
Strong downward momentum may lead to further US Dollar (USD) weakness, possibly toward 145.85. In the longer run, sharp increase in short-term downward momentum suggests USD could weaken to 145.85, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
New Zealand Dollar (NZD) could test 0.6010 but it is unlikely to be able to break clearly above this level. In the longer run, there is a chance for NZD to rise to 0.6010; the likelihood of it reaching 0.6040 is not high for now, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
While overbought, the advance in Pound Sterling (GBP) has scope to extend to 1.3700. In the longer run, there is room for further GBP gains toward 1.3700; the odds of an extended rise to 1.3765 are currently lower, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Strong momentum continues to suggest a higher Euro (EUR); it remains to be seen if it can break above 1.1915. In the longer run, the risk is for EUR to continue to rise; the level to watch is 1.1955, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Japanese Yen (JPY) has strengthened following news that Minister Koizumi has been confirmed as a candidate in the LDP leadership race, OCBC's FX analysts Frances Cheung and Christopher Wong note.
EUR/USD has broken higher, reinforcing bullish momentum with MACD firmly positive and upside projections pointing to 1.1925 and 1.2000, while the 50-DMA offers a strong safety net on pullbacks, Société Générale's FX analysts note.
The rug was pulled from under the sterling rally yesterday when the Financial Times reported that the Office for Budget Responsibility had indeed lowered its productivity forecasts for the UK economy.
The Financial Times reports that China's internet regulator has told the country's biggest tech companies to stop buying all of Nvidia's AI chips and terminate their existing orders
NZD/USD depreciates after two days of gains, trading around 0.5970 during the European hours on Wednesday. The technical analysis of the daily chart indicates a strengthening bullish bias, as the pair moves upwards within the ascending channel pattern.
West Texas Intermediate (WTI) US Crude Oil prices struggle to capitalize on strong recovery gains registered over the past three days and tick lower during the Asian session on Wednesday. The commodity, however, defends the $64.00 mark amid concerns over Russian supply disruptions.
GBP/JPY faces challenges for the second successive day, trading around 199.90 during the Asian hours on Wednesday. The currency cross depreciates as the Pound Sterling (GBP) struggles against its peers ahead of the United Kingdom’s (UK) Consumer Price Index (CPI) and Retail Price Index data.
If I had to pick just one chart to guide me on where Nvidia (NVDA) stock may be heading next and where the biggest price reactions could show up, this would be it. I break it all down in the video — watch the chart there, it says it better than words.
Bank of America is keeping faith in its long-term $4,000 per ounce gold price target for 2026, but cautions that stretched positioning and a hawkish Federal Reserve could present near-term headwinds.
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