Forex Market News and Analysis

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Fri, 29 Dec 2023 07:30:03 GMT

Boeing urges plane inspections

The US jet producer Boeing has urged airlines to inspect the new 737 Max planes due to a potential loose bolt. The bolt is reportedly located in the rudder control system.

Fri, 29 Dec 2023 05:30:04 GMT

Maersk increases shipping via Suez

Reuters has revealed that Maersk shipping schedules show that most of the company's Asia-Europe route ships are set to sail via the Suez Canal.

Fri, 29 Dec 2023 03:30:04 GMT

VinFast enters US market

The Vietnamese electric vehicle maker VinFast has debuted in the United States market by partnering with Leith Automotive Group in North Carolina. The producer has decided upon a hybrid distribution model by partnering with local dealers instead of the previously used direct approach.

Thu, 28 Dec 2023 19:30:04 GMT

Singapore fines Credit Suisse

Bank regulators of Singapore have fined Credit Suisse with a fine of 3.9 million SGD for a failure to detect and prevent relationship manager misconduct.

Thu, 28 Dec 2023 17:30:03 GMT

BYD tests new autopilot

The Chinese electric vehicle producer BYD has revealed that it has received a level 3 autonomous driving test licence that allows it to test cars on high-speed roads.

Thu, 28 Dec 2023 15:30:03 GMT

Red Sea attacks add costs

Reuters has reported that Amazon, Home Depo, Walmart and IKEA suppliers have all had to reroute theirs shipping from the Red Sea due to the risks of an attack and seizure of vessels by the Houthis. The rerouting has created additional costs that are expected to increase prices.

Thu, 28 Dec 2023 14:46:10 GMT

AUD/NZD bounces up and down

In general, the AUD/NZD pair has been mostly going up and down in a 500 pip range for most of 2023. It respects the 50 and 200-day simple moving averages and marked low and high level zones. By the end of the year, the rate was facing the two SMAs that acted as resistance near 1.0800. A move above the

Thu, 28 Dec 2023 14:35:16 GMT

EUR/AUD decline finds support

The EUR/AUD currency exchange rate has reached the lower trend line of the channel down pattern that has guided the rate down since August. Most recently, the rate passed below the October low level zone at 1.6320/1.6400. A potential recovery of the Euro against the Australian Dollar would have to break the 1.6320/1.6400 range. Higher above, the 1.6500 mark could

Thu, 28 Dec 2023 13:36:48 GMT

Gold passes 2021 and 2022 high levels

The price for gold has continued to move higher. Most recently, the commodity revealed that there is a resistance zone at 2,084.35/2,088.30. The resistance held and by mid-Thursday the bullion was looking for support in the 2,075.00 level. Economic Calendar Analysis There are no notable events scheduled for this week. XAU/USD short-term forecast A resumption of the larger scale surge would once

Thu, 28 Dec 2023 13:30:04 GMT

China stimulates demand

In an effort to ensure economic recovery, the Chinese government has revealed in its report on next five-year plan aims to increase domestic demand.

Thu, 28 Dec 2023 13:06:15 GMT

USD/JPY drops and approaches 140.00

The USD/JPY appears to have been impacted by the usually insignificant publication of the Richmond Manufacturing Index. The index is a survey of 55 manufacturers. It was revealed to the world that these firms expect twice as worse future than expected. It was the needed info for the pair to start a move. It started to decline and by mid-Thursday

Thu, 28 Dec 2023 12:48:22 GMT

GBP/USD tests 1.2800/1.2850 resistance range

The GBP/USD eventually passed above the 1.2780/1.2795 range, the 1.2800 mark and the weekly R1 simple pivot point at 1.2812. Moreover, the rate had shortly traded above the August high level of 1.2819. However, the pair appears to have overextended its move, as on Thursday morning it retraced to the 1.2780/1.2795 range where it was looking for support. Economic Calendar There are

Thu, 28 Dec 2023 12:41:05 GMT

EUR/USD breaks major resistance zone

The surge of the EUR/USD currency pair continues, as it has reached a new high level. Namely, the pair passed above the 1.1100 mark and confirmed it as support. By mid-Thursday, the rate had touched the 1.1140 level. Economic Calendar Analysis There are no notable events scheduled during the holiday week. EUR/USD hourly chart analysis The pair is set to face the resistance of

Thu, 28 Dec 2023 11:59:47 GMT

Gold almost reaches 2,090.00

The price for gold has continued to move higher. Most recently, the commodity revealed that there is a resistance zone at 2,084.35/2,088.30. The resistance held and by mid-Thursday the bullion was looking for support in the 2,075.00 level. A resumption of the larger scale surge would once again test the resistance of the 2,084.35/2,088.30 range. Higher above, the 2,090.00 and

Thu, 28 Dec 2023 11:44:02 GMT

USD/JPY reacts to minor data release

The USD/JPY appears to have been impacted by the usually insignificant publication of the Richmond Manufacturing Index. The index is a survey of 55 manufacturers. It was revealed to the world that these firms expect twice as worse future than expected. It was the needed info for the pair to start a move. It started to decline and by

Thu, 28 Dec 2023 11:30:03 GMT

United States replenish reserves

The US Department of Energy has announced that it has replenished the Strategic Petroleum Reserve with a total of three million barrels.

Thu, 28 Dec 2023 11:24:29 GMT

GBP/USD pierces August high level

The GBP/USD eventually passed above the 1.2780/1.2795 range, the 1.2800 mark and the weekly R1 simple pivot point at 1.2812. Moreover, the rate had shortly traded above the August high level of 1.2819. However, the pair appears to have overextended its move, as on Thursday morning it retraced to the 1.2780/1.2795 range where it was looking for support. A resumption

Thu, 28 Dec 2023 11:17:38 GMT

EUR/USD confirms 1.1100 as support

The surge of the EUR/USD currency pair continues, as it has reached a new high level. Namely, the pair passed above the 1.1100 mark and confirmed it as support. By mid-Thursday, the rate had touched the 1.1140 level. The pair is set to face the resistance of the weekly R2 simple pivot point at 1.1149 and the 1.1150 level. A

Thu, 28 Dec 2023 09:30:04 GMT

Chinese industrial profits increase

Industrial profit statistics for China have revealed that in November the sector has experienced a profit surge of 29.5%.

Thu, 28 Dec 2023 07:30:03 GMT

Toyota reaches record output

In November, Toyota Motors increased production by 11% and reached a record production of 926,573 vehicles.

Thu, 28 Dec 2023 05:30:04 GMT

Shipping firms return to Red Sea

Maersk and CMA CGM have announced that they would increase shipping through the Suez Canal, as the US has implemented efforts to stop Houthi attacks on commercial ships.

Thu, 28 Dec 2023 03:30:04 GMT

Tesla expected to reach new record

Market analysts have commented that Tesla is set to reach a new record of electric vehicle production in 2023. However, the company is unlikely going to reach the 2 million target set by Elon Musk.

Wed, 27 Dec 2023 20:30:03 GMT

Banks fire off staff

The Financial Times have compiled data revealing that the top twenty global banks have fired 61,905 employees during 2023, as the banks have tried to increase profit margins.

Wed, 27 Dec 2023 18:30:03 GMT

Indian stocks hit new high

The Indian stock index Nifty 50 has reached a new all-time-high level. During Wednesday's trading, the index approached the 21,600.00 mark.

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