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Found 6 results

  1. AUD/NZD on track to extend losses below 1.0450 on RBNZ rate hike expectations AUD/NZD has been under continuous selling pressure since June 14. The Aussie weigh down by the outbreak of the highly contagious Delta variant and mixed economic data. Kiwi remains grounded on RBNZ upcoming policy meeting on rate hikes hope. AUD/NZD retreats after printing some initial gains on Monday in the Asian session. The pair has been in continuous downside momentum for above one month, after making a high at 1.0824 on June 14. At the time of writing, AUD/NZD is trading at 1.0454, up 0.27% for the day. A combination of factors weighing the performance of the Australian dollar against its counterpart. The Aussie remained pressurized on the extension of lockdown amid renewed COVID-19 jitters and downbeat economic data at home. Market participants remained cautious amid the worsening domestic coronavirus situation. New South Wales state recorded a nearly 20% jump in fresh coronavirus infections overnight. Australia’s New Home sales plunge 20.5% on monthly basis. It is worth noting that S&P 500 Futures were trading at 4,452 with 0.22% losses. On the other hand, Kiwi gained on the better COVID-19 situation. There were no fresh cases recorded in the community as per the Ministry of Health. The Reserve Bank of New Zealand (RBNZ) is expected to announce interest rates hike in its upcoming policy meeting. The recent Kiwi’s gains were trimmed after not so enthusiastic data.
  2. USD/CHF Price Analysis: Upside momentum subsides near-critical resistance around 0.9240 USD/CHF prints minute losses on Thursday in the Asian session. Bulls find it hard to break the 0.9240 multiple resistance barrier. Momentum oscillator remains firm with a neutral stance. USD/CHF edges lower on Thursday in the Asian trading hour. The pair hovers in a very close trading range with a downside momentum. At the time of writing, USD/CHF is trading at 0.9216, down 0.02 % for the day. On the daily chart, the USD/CHF pair has been trading in a broader trading channel of 0.9030 and 0.9040 since June 18. If the price breaks the session’s low, it could test the lower targets at the 0.9195 and the 0.9160 horizontal support levels. A daily close below the 20-day Simple Moving Average (SMA) would bring the low of July 15 at 0.9117 back into action. Alternatively, the Moving Average Convergence Divergence (MACD) trades above the midline with a neutral stance. Any uptick in the MACD would force the bulls to continue to march higher toward the previous day’s high at 0.9242. A closing of above 0.9240 would mark the breaking of the long-term trading range with an eye for the 0.9260 horizontal resistance level followed by the level last seen in April. Next, the market participants would aim for the high of April 9 at 0.9281.
  3. Forex News - EUR/GBP remains poised to extend losses toward 0.8550 ahead of critical UK data EUR/GBP continues to trade lower following the previous momentum. The Euro remains muted on downbeat economic data. The sterling gains on Brexit optimism and BOE’s hawkish view. EUR/GBP prints some minor gains in the Asian trading hours on Thursday. The pair confides in a very narrow trade band with no meaningful traction. At the time of writing, EUR/GBP is trading at 0.8464, up 0.07 % for the day. The shared currency continues to decline against the pound after the Bank of England’s (BOE) hawkish stance in its latest policy meeting. The ZEW indicator of Economic Sentiment for Germany fell to 40.4 in August, much below the market forecast of 56.7. Meanwhile, investors anticipated that the European Central Bank( ECB) will remain dovish after the central bank decided to keep its interest rate at record low levels for an even longer time to meet its inflation target of 2%. On the other hand, the sterling gained traction after Lord and former Tory MEP Daniel Hannan said that Britain has successfully managed the vaccine purchase program while the EU messed it up quite badly, in its first real test of post-Brexit challenge. Investors cheered up the Bank of England (BOE) inflation projections and eventual rate hikes in 2022. As for now, investors are waiting for the critical UK data: Balance of trade, Business Investment, and GDP Growth Rate to gauge the market sentiment.
  4. Forex News - NZD/USD jumps to 0.7055 as the US dollar slides across the board US dollar drops across the board after US CPI data. NZD among top performers on Wednesday, supported by RBNZ expectations and risk appetite. The NZD/USD jumped from 0.7000 to 0.7055, reaching the highest level since Friday following the release of US inflation numbers. The pair then pulled back, finding support at 0.7035. The kiwi is consolidating the rebound from the 20-day simple moving average that stands at 0.6980. AUD/NZD is back at the monthly low at 1.0455. US data triggers dollar’s slide The Consumer Price Index grew at an annual rate of 5.4% in July, the same of June (highest in 13 years). The CPI rose 0.5%, in line with market expectations. The greenback dropped sharply across the board after the numbers, amid a rally in US Treasuries. Also higher equity prices contribute to weaken the US dollar. If expectations about a sooner-than-expected taper from the Federal Reserve gain more intensity, the dollar could recover momentum. Still, analysts at Westpac consider the kiwi should be more resilient than most developed currencies to USD strength given New Zealand’s strong fundamental outlook. “Multi-month, the NZD is supported by the NZ economy’s expected strength over the remainder of this year, the RBNZ’s signalled rate hikes, NZ-US yield spreads, and a positive outlook for NZ commodity prices. Our year-end forecast for NZD/USD is 0.74 (which is coincidentally where our estimate of fair value currently is)”, argue Westpac analysts.
  5. EUR/USD jumps to multi-hours of day tops, on the order of 1.1330 level Recovers supplementary from Fridays 3-month lows and remained sell bid for the second straight hours of hours of daylight. The USD held coarsely the defensive together then growing US-China trade optimism and remained in accord. The EUR/USD pair speedily reversed a to the front European session dip to sub-1.1300 level and spiked to spacious multi-day tops, in the region of the 1.1330 regions in the last hour. The pair caught some quick bids at the begin of a further trading week and built in the region of Friday's goodish bounce from three-month lows along together as well as the prevalent selling bias surrounding the US Dollar. Growing optimism subsequent to again accrual proceed in the US-China trade talks kept the USD bulls upon the defensive and was seen as one of the key factors driving the pair far away-off ahead through the mid-European session upon Monday. Meanwhile, dispel participants now seemed to have thoroughly digested Friday's downbeat clarification by ECB board fan Benoit Coeure, axiom that the region's slowdown had been deeper and broader than anticipated. Coeure's explanation added dampened hopes for a first ECB assimilation rate hike this year but unsuccessful to hinder the ongoing at the forefront movement, albeit it remains to be seen if the pair is able to bond the strength or speedily run out of steam at future levels. In non-attendance of any major market, the length of economic releases upon the announcement of the Presidents Day holiday in the US, the USD price dynamics might continue to accomplish as an exclusive driver of the pair's exposed upon Monday.
  6. What’s next? – USDJPY 21.03.18 The dollar was trading 0.05 percent lower vs the Japanese yen at 106.47 as of 04:40 GMT on Wednesday, with the dollar easing as Fed’s monetary event approaches. The US dollar index, which measures the greenback against six major currencies, was trading 0.10 percent lower at 89.86 by the time of this writing. The Federal Reserve is expected to raise interest rates for the first time this year by 25 basis points, which would put the benchmark rate in a range between 1.50 and 1.75 percent. According to Fed funds CME Group’s FedWatch program, market players are currently pricing in a nearly 94 percent chance of a rate hike this week. It would be the first hike of 2018. Analysts have pointed out Fed’s interest rate hike has already been priced in, explaining a downward correction is likely once the official announcement is done. However, the dollar could extend gains if Jerome Powell opts for a more hawkish rhetoric. The US regulator has forecasted at least three rate moves for 2018. No relevant data was released on Tuesday. Ahead in the day, market players will be paying attention the release of existing home sales for February at 14:00 GMT and the interest rate decision for March as of 18:00 GMT. Investors will also carefully monitor a speech by Fed Chair Jerome Powell. #forex analysis

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