OPEC+ announces production cut, USDCAD tumbles further.
“Surprise oil cut from OPEC+ tampered US dollar’s performance with the market focus shifted towards Canadian dollar instead.” USDCAD extended its previous retracement during the Asian trading session, buoyed by the recent announcement from OPEC. According to the report, OPEC+ announced to cut their oil production further by 1.16 million barrels per day, with the current total of oil cut
Could oil price recover further?
“Global oil price rebounds following recent developments in the market.” Oil price extended its rise on Tuesday following supply concerns which spur a positive outlook toward the commodity. According to a report, Turkey has announced to stop pumping crude that was supplied from Kurdistan, Iraq via a pipeline. The amount that is estimated to reduce is around half a percent of the global
EURUSD weakens following ECB’s comment.
“Euro slides after ECB member provides her view. All eyes on upcoming developments in between EU and Russia.” Euro extended its losses during the Asian trading session after a member from European Central Bank provides an outlook regarding inflation. According to the report, Isabel Schnabel said that headline inflation in the EU began to decrease. However, she noted that while overall
Could Nasdaq extend its gains?
“Market participants re-evaluate the latest guidance from Federal Reserve, limiting Nasdaq’s current upside bias.” While Nasdaq is on track to close the week higher, investors continue to wrestle with the latest direction from Federal Reserve that could limit its gains. On Wednesday, the US central bank announced a 25 basis point rate hike as widely expected. While t prior banking
USDJPY weakens further as Fed deliver dovish signal.
“Fed brings forth some dovish signal in their latest policy meeting, spurring significant selloff on the US dollar.” US dollar hits 7-weeks low, a far fetch from previous high level following Federal Reserve’s monetary policy meeting. Earlier, Fed hiked interest rates by 25 basis points as expected but delivered a slightly tweaked language towards the market. The Fed said that they may
XAUUSD falters as market waits for Fed’s meeting.
“Market is currently expecting a higher chance for 25 basis point rate hike, a shift in expectation due to banking crisis.” US dollar pared some of its losses on Wednesday while market participants waits for the conclusion of Federal Reserve’s policy meeting. Currently, market is expecting a 85% chance for a 25 basis point rate hike, a lower expectation as compared to past few weeks ago
USDJPY tumbles as banking crisis spook positive expectations.
“This week’s policy meeting by Federal Reserve will be the determination of US dollar’s mid-term direction.” Greenback languished as recent banking crisis reshuffled investors expectation towards the possibility of further tightening from the Federal Reserve. Following prior bail out of commercial banks, Fed introduced emergency lending programs that may further expand their $8.6
Oil price devastated by recent banking crisis.
“Recent banking crisis in the west spurred risk aversion in the market, pushing oil price lower to more than a year low.” Global oil price collapses, hovering near 15-months low following the collapse of several US banks which spurred concern over economic recession that may spread to other regions. While US and EU government step in to curtail the crisis, market participants remains on
Greenback battered as banking crisis erupts.
“Safe-haven currencies such as Japanese yen received higher demand following Credit Suisse’s banking crisis.” Japanese Yen rose on Wednesday following reports of “weakness” in Credit Suisse’s latest financial report that spark investor’s concern over possible banking crisis in the market. From Credit Suisse’s annual report for 2022, the bank noted that they have discovered
USDCAD tumbles, may extend its losses ahead.
“More losses ahead for greenback as investors wait for more signal from Fed.” Greenback weakens further after mixed economic data which push investors to adopt a wait and see approach. Last Friday, US Nonfarm Payrolls report shows a downtrend in hiring, which may derail Federal Reserve’s call to have more interest rate hike in the future. However, yesterday’s Consumer Price Index
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