Forex Market News and Analysis

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Tue, 19 Dec 2023 21:42:43 GMT

USD/JPY reacts to BoJ, but faces resistance

The Japanese central bank has announced that it would continue with its ultra-loose monetary policy despite a widely discussed expectations of an end to the stimulus. Governor of the BoJ Ueda stated that the policymakers were waiting for more evidence of wage and price increases that would justify a change of policy. The Japanese Yen's value adjusted to the announcement

Tue, 19 Dec 2023 21:34:43 GMT

GBP/USD recovery faces 1.2750 level

Unexpectedly to our analysts, the GBP/USD found support in the 1.2630 level. The pair did not even approach the 1.2590/1.2610 range. The event is attributed to the major strength that the range showed during the first half of December. The following recovery eventually reached the 1.2750 mark that acted as resistance and by the end of Tuesday's trading a

Tue, 19 Dec 2023 21:02:52 GMT

EUR/USD once again aims at 1.1000

The support of the 1.0880/1.0888 range and the weekly simple pivot point was enough to cause a surge of the Euro against the US Dollar. By mid Tuesday, the pair had passed above the 1.0960/1.0965 range that acted as resistance. By the end of the day, it appeared that the zone had acted as support. The surge of the pair

Tue, 19 Dec 2023 16:37:43 GMT

Bank of Japan keeps policy unchanged

The Japanese central bank has announced that it would continue with its ultra-loose monetary policy despite a widely discussed expectations of an end to the stimulus. Governor of the BoJ Ueda stated that the policymakers were waiting for more evidence of wage and price increases that would justify a change of policy. The Japanese Yen's value adjusted to the announcement

Tue, 19 Dec 2023 14:30:04 GMT

IBM buys new platforms

IBM has announced that it would acquire enterprise integration platforms from Software AG for a total of $2.33 billion. The company intends to boost its AI and cloud products.

Tue, 19 Dec 2023 12:30:04 GMT

Southwest Airlines pays for holiday chaos

The United States airline Southwest Airlines is set to pay a $140 million fine for the cancellation of 16,900 flights during the 2022 holiday season that resulted in the stranding of 2 million passengers.

Tue, 19 Dec 2023 10:30:04 GMT

Goldman cuts Brent forecast

Goldman Sachs has decreased its 2024 Brent price forecast by $10 per barrel due to strong supply in the United States. The bank expects prices to remain in the $70/90$ range.

Tue, 19 Dec 2023 08:30:04 GMT

Chinese officials comment on economy

The Chinese Communist Party Finance and Economy Office has announced that the country's economy is set to improve in 2024.

Tue, 19 Dec 2023 06:30:04 GMT

Chinese banks sell off debt

Reuters has reported that Chinese banks have been selling off bad loans at an unseen pace, as regulators have been pressuring the sector to get rid of bad debt.

Mon, 18 Dec 2023 16:11:19 GMT

Gold retreats below 2,030.00

The price for gold has moved below the 2,027.70/2,030.00 range, which has turned from support into resistance. Meanwhile, it appears that support was found in the 200-day simple moving average. Economic Calendar Analysis During the week before Christmas, there will be a couple of data releases that could impact the financial markets. On Thursday, not the publication of the US Final GDP

Mon, 18 Dec 2023 15:57:57 GMT

USD/JPY waits for Bank of Japan

The USD/JPY appears to be still waiting for the Bank of Japan to initiate a move, as the central bank is set to announce its future policy. Meanwhile, the rate started to surge, as it moved above 142.50. However, it could be short sellers closing their positions and taking profit before the fundamental event. Economic Calendar During the week before Christmas, there

Mon, 18 Dec 2023 15:40:05 GMT

GBP/USD traders catch pair's decline

The GBP/USD declined on Friday and the move extended on Monday. It has been observed that resistance is found in the 1.2700 mark. Support is provided by the weekly simple pivot point at 1.2656, the 1.2650 level and the 100-hour simple moving average close below these levels.Our traders were 61% since Friday. It is assumed that most have their positions

Mon, 18 Dec 2023 15:12:14 GMT

EUR/USD extends decline, as traders hold shorts

The EUR/USD rate has declined below the 1.0900 mark, where it appears to have found support in the combination of the weekly simple pivot point, 100-hour simple moving average and the 1.0880/1.0888 range.Meanwhile, Dukascopy traders have been short since Friday and most likely were gaining profits. Economic Calendar Analysis During the week before Christmas, there will be a couple of data releases

Mon, 18 Dec 2023 15:02:23 GMT

Nippon Steel buys US Steel

The Japanese giant Nippon Steel has announced that it would buy the United States Steel Corporation for a total of $14.9 billion. The US Steel shares reacted to the news with a jump of 27.30% that resulted in a price at $49.90 at the start of the day's trading. The trading price was still below the offer of Nippon Steel.

Mon, 18 Dec 2023 14:30:04 GMT

Williams comments on rate cuts

The head of New York Federal Reserve John Williams stated on Friday that the Fed would still monitor whether the current tightening has been enough instead of evaluating rate cuts.

Mon, 18 Dec 2023 13:58:17 GMT

Nippon Steel buys US Steel

The Japanese giant Nippon Steel has just announced that it would buy the United States Steel Corporation for a total of $14.9 billion. The US Steel shares reacted to the news with a jump of 28.00% that resulted in a price above $50.35 in the pre-market trading.

Mon, 18 Dec 2023 13:05:49 GMT

Gold support turns into resistance

The price for gold has moved below the 2,027.70/2,030.00 range, which has turned from support into resistance. Meanwhile, it appears that support was found in the 200-day simple moving average. If the commodity price recovers, it would have to break above 2,030.00 and the 50-hour simple moving average. Moving higher, a move above 2,047.80 is set to immediately face the

Mon, 18 Dec 2023 12:30:03 GMT

China approves budget deficit

The Chinese government has approved a 2024 budget with a 3% deficit of GDP, which is set to be lower than the 3.8% of 2023. Reuters has reported that the government intends to issue special bonds to finance the fiscal budget.

Mon, 18 Dec 2023 12:29:39 GMT

USD/JPY surges before BoJ events

The USD/JPY appears to be still waiting for the Bank of Japan to initiate a move, as the central bank is set to announces its future policy. Meanwhile, the rate started to surge, as it moved above 142.50. However, it could be short sellers closing their positions and taking profit before the fundamental event. From a technical perspective, the surge

Mon, 18 Dec 2023 12:20:17 GMT

GBP/USD respects round levels

The GBP/USD declined on Friday and the move extended on Monday. It has been observed that resistance is found in the 1.2700 mark. Support is provided by the weekly simple pivot point at 1.2656, the 1.2650 level and the 100-hour simple moving average close below these levels. An extension of the ongoing decline could look for support in the 200-hour

Mon, 18 Dec 2023 12:00:44 GMT

EUR/USD is back at 1.0900

The EUR/USD rate has declined below the 1.0900 mark, where it appears to have found support in the combination of the weekly simple pivot point, 100-hour simple moving average and the 1.0880/1.0888 range. A potential recovery of the Euro against the US Dollar is set to face the resistance of the 50-hour simple moving average near 1,0940. Higher above, note

Mon, 18 Dec 2023 10:30:04 GMT

GM fires employees

General Motors has announced another lay off of employees. This time the company intends to let go 1,300 workers in Michigan.

Mon, 18 Dec 2023 08:30:04 GMT

Economists expect BoJ policy change

A recent Reuters poll has revealed that 20% of surveyed economists expect an end to Bank of Japan's easy monetary policy already in January.

Mon, 18 Dec 2023 06:30:05 GMT

Oil prices book gains

Due to the expectations of Federal Reserve rate cuts, crude oil prices have booked a week of gains not observed for two months.

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