Tue, May 21, 2024

Central bank

GBP/USD: British pound sterling coins. Bank of England (BoE)

GBP/USD Rallies to 1.2710 as Investors Eye Key Data

Quick Look: GBP/USD rallied to 1.2710 in the early Asian session, reflecting anticipation rather than economic developments. Modest gains of 0.04%; cleared resistance levels indicate buyer momentum, yet downside risks remain. Resistance at $1.26 and $1.25; analysts see potential short-term rallies but overall downward pressure to $1.20. The GBP/USD pair trades positively around the 1.2710 …

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Wibest – Yen Exchange Rate: Japanese yen coins. (USD/JPY)

USD/JPY Forecast: Yen Nears 156.50 Amid Rate Speculation

Quick Look: The USD has risen against the JPY, targeting 156.50 to above 160 yen. Higher US rates benefit USD; BoJ’s debt load likely keeps Japanese rates low. Watch BoJ commentary and Fed speakers on May 21 for future monetary policy clues. In recent trading sessions, the USD has slightly risen against the JPY, signalling …

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gold

Gold Nears $2,400 as Economic Indicators Signal Upturn

Quick Look: Gold shows a modest uptick: Current spot price of $2,391.78/oz, hinting at continued bullish sentiment. Silver and platinum vary: Silver dips to $29.56/oz, while platinum rises to $1,068.67/oz. Economic indicators: Weakening US Dollar and low Treasury Yield influencing metal prices. In today’s trading session, gold prices have shown a modest uptick. Besides, the …

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Bitcoin, bch

Bitcoin Surges 7.5% to $66,250, Eyeing Global Rate Cuts

Quick Look: Bitcoin’s price soared over 7.5% to $66,250, its best day since March 20, driven by weak US economic data. Anticipated US and European Central Bank rate cuts in June and September fueled investor optimism. Global monetary easing trends bolstered cryptocurrencies, with Bitcoin reaching $66,442.31 by late Wednesday. On Wednesday, Bitcoin surged over 7.5% …

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Wibest – Japan Yen: Japanese yen bills. USD/JPY

USD/JPY Slips 0.91% as US Core CPI Falls to 3.6%, a 3-Year Low

Quick Look: Significant Decline: USD/JPY fell 0.91%, influenced by a disappointing US Core CPI report. Key Support Levels: Immediate focus on 155.00; breaches may indicate further USD weakness. Trading Strategy: Watch for a daily close below or above 155.00 to signal bearish or bullish positions. The US dollar experienced a significant pullback against the Japanese …

USD/JPY Slips 0.91% as US Core CPI Falls to 3.6%, a 3-Year Low Read More »

German bank and digital currency, germany

Germany’s GDP Shrinks by 0.2%, Slowest G7 Growth Projected

Quick Look: Germany, Europe’s economic powerhouse, faced unique challenges last year, including a loss of Russian gas and spiked energy costs. Despite challenges, certain sectors, like auto production, showed resilience with significant growth. The labour market reflects gender disparity; reforms aim for full-time work and digital infrastructure to boost productivity. Germany is often seen as …

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Wibest – Yen Exchange Rate: Japanese yen coins. (USD/JPY)

USD/JPY Ascends to 156.20, Potential Climb to 160 Levels

Quick Look: USD/JPY trading above 156.00, indicating sustained bullish momentum. Key support at 155 yen, resistance up to 160 yen. Experts recommend buying on dips, reflecting positive sentiment. The USD/JPY currency pair continues to showcase its robustness in the forex market. The recent trading sessions saw the US dollar rally robustly against the Japanese yen. …

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NZD/USD - New Zealand dollar bills.

NZD Falls to 0.6000 USD Amid Weakening Economic Indicators

Quick Look: The NZD/USD current rate is 0.6000 amid bearish trends, weakening domestic indicators, and strong US data. Reserve Bank of New Zealand hints at a possible rate cut 2024 due to declining inflation expectations. Technical analysis shows NZD/USD nearing critical support, with potential deeper lows if current levels break. The New Zealand Dollar (NZD) …

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Wibest – Canadian Loonie: Canadian dollar (CAD) bills and coins.

Forex Turbulence: CAD Fluctuation From 1.3747 To 1.3728

Quick Look: CAD/USD saw swings from 1.3721 to 1.3761, closing lower at 1.3728, influenced by US economic data and oil price changes. WTI crude oil rose to $77.44, boosting the CAD, while gold’s climb to $2311.03 signalled increased market caution. Upcoming Canadian job reports and US jobless claims are critical, with potential implications for central …

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Wibest – Franc: Euro and Swiss franc (chf) coins and bills.

USD/CHF at 0.9060: Bullish Targets to 0.9225

Quick Look: USD/CHF at pivot 0.9060: Shows neutral intraday bias, bullish if above 0.9014. Economic Indicators: The US Dollar is robust; Swiss unemployment is stable at 2.3%. Market Outlook: Short-term optimism; critical watch on 0.9243 for medium-term trends. Today, the USD/CHF pair has been observed at a pi point of 0.9060. Thereby exhibits a neutral …

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Wibest – Yen exchange rate: USD and JPY bills.

USD/JPY Volatility: Navigates Key 106.00 to 154.75 Range

Quick Look: USD/JPY pair exhibited significant fluctuations, currently around 154.75, navigating through resistance at 106.10. Steady U.S. rates and BoJ’s historic hike influence the pair’s dynamics amid global economic developments. Strong USD trend with potential Japanese interventions if JPY weakness continues. The USD/JPY pair has been particularly volatile, navigating various resistance and support levels. After …

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Bitcoin

Bitcoin Retreats to Mid-$57K Post-Fed Rate Decision

Quick Look: Bitcoin price currently consolidates around $57,000, down by 5%; Fed maintains high interest rates, reduces balance sheet contraction; Volatility spiked after the Fed announcement, impacting Bitcoin and stocks. The price of Bitcoin has experienced notable fluctuations, currently consolidating in the mid-$57,000s, reflecting a drop of roughly 5% on the day. This volatility comes …

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euro (EUR), European currencies rallied on Monday. What about Dollar?

EUR/USD Faces 3.4% Drop Amid US and EU Economic Shifts

Quick Look: EUR/USD faces a pivotal week with key US and EU economic indicators. Resistance and support identified: Resistance at 1.0754, Support at 1.0654. Upcoming US inflation data and central bank decisions are critical for the short-term outlook. The EUR/USD currency pair is moving toward a crossroads, facing challenges and opportunities. Investors and traders are …

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The Canadian Dollar (USD/CAD) Stable, Russia Faces Penalties

USD/CAD Market Trends: Key Financial Events

Quick Look: USD/CAD nears key resistance at 1.36840-1.36860; support at 1.36720-1.36750. This week’s key events include US economic reports, Bank of Canada, and Federal Reserve rate decisions.  Oil prices affect CAD; treasury yields and buying interest boost USD. The USD/CAD pair has recently undergone noteworthy fluctuations in the dynamic landscape of global currency exchanges. Presently …

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