Forex Market News and Analysis

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Wed, 06 Sep 2023 11:03:56 GMT

Light Crude breaks 2023 resistance range

Saudi Arabia and Russia have extended their oil production cuts. Due to this reason oil price benchmarks have extended the summer rally above the 81.20/83.70 range. From a technical perspective the rate found support in the combination of the lower trend line of the summer ascending channel and the 50-day simple moving average. Most recently, the pair passed above

Wed, 06 Sep 2023 10:52:27 GMT

EUR/JPY is supported by moving average

The EUR/JPY currency exchange rate has been finding support in the 50-day simple moving average for all of August. The support of the indicator was enough to push the rate through the June and July high level zone at 157.80/158.00. Meanwhile, the pair remains in two ascending channel patterns. In the case of the pair declining below the 50-day simple

Wed, 06 Sep 2023 09:30:03 GMT

Arm aims at $52 billion valuation

SoftBank Group's Arm has revealed that it aims at an initial public offering value of $52 billion.

Wed, 06 Sep 2023 08:30:04 GMT

China subsidizes chip industry

Reuters has revealed that the Chinese government is set out to create a new $40 billion fund that would be aimed at boosting the semiconductor industry.

Wed, 06 Sep 2023 06:30:04 GMT

Goldman Sachs reduces US recession expectations

This week, Goldman Sachs reduced its expectations for a recession in the United States in 2024 from 20% down to 15%.

Tue, 05 Sep 2023 16:39:05 GMT

Gold passes below 50 and 200-day moving averages

The price for gold has reacted to the surge of the US Dollar by extending its decline. On Tuesday, the commodity price was heading to the 1,925.00 mark. Economic Calendar Analysis Watch the US ISM services PMI release on Wednesday at 14:00 GMT. Besides this release, there are no notable events scheduled that can impact the financial markets. XAU/USD short-term forecast In the

Tue, 05 Sep 2023 16:31:14 GMT

USD/JPY is back above 1998 high

The surge of the US Dollar continues. The USD/JPY currency exchange rate reached above the 147.50 mark and the weekly R1 simple pivot point at mid-day on Tuesday. The two levels appeared to have become support to a potential resumption of the broader surge. Economic Calendar Watch the US ISM services PMI release on Wednesday at 14:00 GMT. Besides this release, there

Tue, 05 Sep 2023 16:13:01 GMT

GBP/USD remains near previous levels

The broader strength of the US Dollar has resulted in the GBP/USD pair passing below the 1.2548/1.2579 range. However, the event has not been followed by a larger decline of the rate. During Tuesday's European trading hours, the rate fluctuated around the pierced support zone, as if confirming it as resistance before resuming the broader decline. Economic Calendar Watch the US ISM

Tue, 05 Sep 2023 16:06:24 GMT

EUR/USD decline passes 1.0750 range

The 1.0800 mark provided enough resistance to keep the EUR/USD down until the 50-hour simple moving average approached and caused a decline. The rate passed below the 1.0766/1.0771 range. By mid-Tuesday the currency pair was heading to the 1.0700 mark. Note that the 1.0700 level was strengthened by the lower trend line of the channel down pattern. Economic Calendar Analysis Watch the

Tue, 05 Sep 2023 16:00:08 GMT

Gold breaks pattern

The price for gold has reacted to the surge of the US Dollar by extending its decline. On Tuesday, the commodity price was heading to the 1,925.00 mark. In the near term future, support might be found in the 1,920.00/1,923.00 range that has previously acted as both support and resistance. Below 1,920.00, take into account the 1,910.25 level and

Tue, 05 Sep 2023 15:52:09 GMT

USD/JPY reaches new high

The surge of the US Dollar continues. The USD/JPY currency exchange rate reached above the 147.50 mark and the weekly R1 simple pivot point at mid-day on Tuesday. The two levels appeared to have become support to a potential resumption of the broader surge. A move of the currency pair higher is expected to encounter resistance in the 148.00 or

Tue, 05 Sep 2023 15:40:27 GMT

GBP/USD pierces support

The broader strength of the US Dollar has resulted in the GBP/USD pair passing below the 1.2548/1.2579 range. However, the event has not been followed by a larger decline of the rate. During Tuesday's European trading hours, the rate fluctuated around the pierced support zone, as if confirming it as resistance before resuming the broader decline. A resumption of the

Tue, 05 Sep 2023 15:31:33 GMT

EUR/USD passes below support

The 1.0800 mark provided enough resistance to keep the EUR/USD down until the 50-hour simple moving average approached and caused a decline. The rate passed below the 1.0766/1.0771 range. By mid-Tuesday the currency pair was heading to the 1.0700 mark. Note that the 1.0700 level was strengthened by the lower trend line of the channel down pattern. A potential recovery

Tue, 05 Sep 2023 14:30:04 GMT

Chevron begins strike talks

The US energy company Chevron has started talks with its LNG facilities in Australia to avert a potential worker strike.

Tue, 05 Sep 2023 12:30:04 GMT

US Commerce Secretary warns China

The United States Commerce Secretary Gina Raimondo has recently stated that China should create a fair and predictable playing field for US businesses so that stable commercial relationships could be created.

Tue, 05 Sep 2023 10:30:05 GMT

Renault CEO comments on competition

The Chief Executive Officer of Renault Luca de Meo has revealed that Chinese firms have become more competitive in the electric vehicle segment and European firms should catch up.

Tue, 05 Sep 2023 08:30:04 GMT

Ryanair hits new record

In August, Ryanair passenger traffic had reached a new record high, as it has increased by 12%, compared to August of 2022.

Tue, 05 Sep 2023 06:30:05 GMT

Tesla extends delivery times in China

Tesla has announced that it would extend the delivery time for Model Y Long Range in China to 6-8 weeks.

Mon, 04 Sep 2023 14:30:04 GMT

US subsidizes auto makers

The Biden administration has announced that it would offer $12 billion in grants and loans to car producers that would upgrade their plants to manufacture electric vehicles.

Mon, 04 Sep 2023 12:36:09 GMT

Gold fails to reach above 1,950.0

The decline of the metal's price has found support in the 100-hour simple moving average. Since finding support, up to mid-Monday, the rate fluctuated near the 1,940.00 level. Economic Calendar Analysis Watch the US ISM services PMI release on Wednesday at 14:00 GMT. Besides this release, there are no notable events scheduled that can impact the financial markets. XAU/USD short-term forecast In the

Mon, 04 Sep 2023 12:30:03 GMT

RBA is expected to hold rates unchanged

Reuters poll results have revealed that the markets expect the Reserve Bank of Australia to keep its base interest rate at 4.10%.

Mon, 04 Sep 2023 12:29:35 GMT

USD/JPY finds resistace near 146.50

The recovery from the 144.50 mark has encountered resistance in the 146.30/146.60 range. Economic Calendar Watch the US ISM services PMI release on Wednesday at 14:00 GMT. Besides this release, there are no notable events scheduled that can impact the financial markets. Hourly Chart If the USD/JPY reaches above the 146.60 level, the rate could be slowed down by the 147.00 mark, before

Mon, 04 Sep 2023 12:25:38 GMT

GBP/USD faces resistance at 1.2650

On Friday, the GBP/USD reacted to the strengthening of the US Dollar, which was caused by the US monthly employment data release. The decline of the pair eventually found support in the 1.2548/1.2579 range and started a recovery. By mid-Monday, the rate had reached the combined resistance of the 50, 100 and 200-hour simple moving averages near 1.2650. Economic Calendar Watch the

Mon, 04 Sep 2023 12:22:35 GMT

EUR/USD recovery reaches 1.0800

The EUR/USD has confirmed a support zone near the August low level of 1.0766. Namely, there is support at 1.0766/1.0771. The support zone has caused a recovery, due to which the pair is heading to the resistance levels near 1.0830. Economic Calendar Analysis Watch the US ISM services PMI release on Wednesday at 14:00 GMT. Besides this release, there are no notable

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