Page 47 - Christopher Vecchio News Today

FX Week Ahead - Top 5 Events: BOE & RBA Meetings; Canada, New Zealand, US Jobs Advertisement FX Week Ahead Overview: The first week of a new month brings about the usual smattering of ‘high’ rated event risk from around the globe. The global economic recovery from the coronavirus pandemic is in focus, with two central bank meetings and three major labor market reports (including April US NFP). Overall, recent changes in retail trader positioning suggest that the US Dollar still has a mixed ...

Weekly Fundamental US Dollar Forecast: Rise in US Treasury Yields May Not Help Greenback; April NFP Due Advertisement Fundamental Forecast for the US Dollar: Neutral The drop in the US Dollar has occurred even as US Treasury yields have stabilized (if not turned higher), suggesting that rising inflation expectations – not real US yields – are behind the move, which has historically been bad for the greenback. The main economic event of the week will be the April US non-farm payrolls report ...

US Dollar Forecast: Little Relief After April Fed Meeting - Levels for DXY Index, USD/JPY Advertisement The US Dollar (via the DXY Index) has traded higher 10 days in April, while trading lower 11 days. Yet the gauge is still down by -2.75% on the month. Rising US Treasury yields may help cushion the US Dollar in an environment otherwise defined by the Fed’s ultraloose monetary policy and rising inflation pressures. US Dollar’s Lopsided April The US Dollar (via the DXY Index)’s tough mont...

Mexican Peso Forecast: Commodities Rally Boosts Pesos Appeal - Setups for MXN/JPY, USD/MXN Advertisement Mexican Peso Outlook: Amid a global commodity price boom in recent weeks, the Mexican Peso has benefited, achieving or nearing yearly highs versus the Japanese Yen and the US Dollar. MXN/JPY rates are flagging after trading through multi-year downtrend resistance, suggesting a major turn may be arriving soon. We can use the IG Client Sentiment Indexfor USD/CAD rates as a close proxy for USD/...

Central Bank Watch: Fed Speeches, Interest Rate Expectations Update Advertisement Central Bank Watch Overview: Federal Reserve policymakers are on the verge of releasing their April rate decision, but that doesn’t mean policy is heading anywhere new soon. For the past two-plus weeks, Fed officials have been extremely disciplined with respect to a persistent drumbeat of keeping rates low and policy accommodative at the onset of the US economy’s recovery from the coronavirus pandemic. Fed fun...

Canadian Dollar Technical Analysis: Loonie Eyes Yearly Highs - Setups in CAD/JPY, USD/CAD Advertisement Canadian Dollar Outlook: The Canadian Dollar is quickly approaching its yearly high versus the US Dollar less than a week after the BOC surprised markets with its QE taper announcement, and just one day ahead of the Fed announces the results of its April meeting. USD/CAD’s drop to a fresh yearly low may help accelerate flows back to CAD/JPY, which still has a bit further to go before new hi...

Euro Forecast: ECB Does Little, Euro Facing Turning Risk Trends - Setups in EUR/GBP, EUR/JPY, EUR/USD Advertisement Euro Outlook: The April ECB rate decision did little for the Euro – one way or the other. This leaves the currency at the whims of broader risk trends, which are eroding. EUR/JPY rates are pulling back from range resistance while EUR/USD rates are dropping from a zone that has proved itself as both support and resistance since last summer. EUR/GBP rates may offer the best choice...

Central Bank Watch: Fed Speeches, Interest Rate Expectations Update Advertisement Central Bank Watch Overview: Federal Reserve policymakers are heading towards their April rate decision next week, but that doesn’t mean policy is heading anywhere new soon. For the past near-two weeks, Fed officials have been extremely disciplined with respect to a persistent drumbeat of keeping rates low and policy accommodative at the onset of the US economy’s recovery from the coronavirus pandemic. Fed fun...

Euro Technical Analysis: EUR/CHF, EUR/NOK, EUR/SEK Rates Outlook Advertisement Euro Outlook: With EUR/USD rising again, several of the EUR-crosses have seen price action turn higher over the course of the week. EUR/CHF rates may be suggesting a better environment for risk appetite, while EUR/NOK and EUR/SEK rates’ price action still suggests deeper setbacks are possible. According to the IG Client Sentiment Index, EUR/CHF has a mixed bias in the near-term. EUR-crosses Give Greenlight to Risk ...

Copper Price Forecast: Bullish Breakout Pacing Towards Yearly High Advertisement Copper Price Outlook: The recent symmetrical triangle consolidation yielded a bullish resolution as anticipated in the prior copper price forecast update. Now, copper prices may be set for a return to their yearly high – and then some. A drop in global bond yields alongside roundly positive economic news has increased the growth appeal of copper prices, while news flow otherwise has been encouraging. The long-ter...