Page 48 - Christopher Vecchio News Today

US Dollar Forecast: Turn Higher May be Stymied if US Yields Do Not - Levels for DXY Index, USD/JPY Advertisement US Dollar Outlook: The US Dollar (via the DXY Index) is trading higher on the day for just the sixth time in April. In fact, even though April is the worst month of the year for the DXY Index, April 2021 is on track to be the third worst performance for the month over the past decade. The IG Client Sentiment Indexsuggests that USD/JPY has a mixed bias, though more losses are still po...

Silver Price Forecast: Price Action Firming for Soft, White Metal - Levels for XAG/USD Advertisement Silver Price Outlook: Silver prices have eased off their April highs, setting up what could be perhaps the first test of nascent bullish momentum. Even though silver prices have climbed out of the downtrend from the February and March highs, a cluster of Fibonacci retracement has proved resistance during the rally. Recent changes in sentiment suggest that silver prices have a mixed bias in the n...

Central Bank Watch: BOE & ECB Interest Rate Expectations Update Advertisement Central Bank Watch Overview: Although the BOE doesn’t meet again until May, the ECB is squarely in focus with its April rate decision this week. For now, neither major central bank in Europe – the BOE nor the ECB – appears ready to move on rates soon, given meager forward discount rates per overnight index swaps. Keeping Calm and Carrying On In this edition of Central Bank Watch, we’ll cover the two major cent...

Gold Price Forecast: Double Bottom Breakout Faces First Test - Levels for XAU/USD Advertisement Gold Price Outlook: Gold prices have turned lower after running into the early-February swing low, setting up a potential pullback to a key threshold in the recent bullish double bottom breakout attempt. Failure below the trifecta of key technical levels would suggest a false bullish breakout has developed, setting up a potential return to the yearly lows. According to the IG Client Sentiment Index, ...

FX Week Ahead - Top 5 Events: New Zealand, Canada, & UK Inflation Rates; BOC & ECB Rate Decisions Advertisement FX Week Ahead Overview: Now in the second half of April, the economic calendar brings forth several data releases and events that historically invite more volatility to FX markets. However, still at the onset of the coronavirus pandemic recovery, central banks are looking through inflation data and have proven resolute in their collective decision to keep interest rates low, perhaps t...

Weekly Fundamental British Pound Forecast: Sterling Seeking Semblance of Stability Advertisement Fundamental Forecast for the British Pound: Neutral As UK vaccination rates have slowed, coupled with a backdrop of calmed UK Gilt yields, the British Pound’s relative appeal that carried it through the first three months of 2021 has been tarnished. There’s certainly an argument to be made that there will be more event-driven risk in the week ahead than what GBP-crosses have experienced thus far...

Small Caps, Copper, EM FX: Q2 Top Trading Opportunities Small Caps, Copper, EM FX Poised to Outpace Advertisement Coming into 1Q’21, my expectation was that “in this low interest rate world with pent up aggregate demand and significant slack in the world’s major economies, there is ample room for growth. If growth is the story of 2021, the underperformers of early-2020 should do well.” Thematically, as a long-term position trader, my point of view has not changed; however, it is worth ...

British Pound Forecast: Losses Send Sterling Towards Support - Levels for EUR/GBP, GBP/JPY, GBP/USD Advertisement British Pound Outlook: After blue skies through the start of the year, it’s been nothing short of April showers for the British Pound. That said, April tends to be a bullish month for the British Pound from a seasonal perspective, so losses may be stemmed as several GBP-crosses approach significant support. Recent changes in retail trader positioning suggest a mostly mixed bias fo...

Gold Price Forecast: Short-term Double Bottom Emerges - Levels for XAU/USD Advertisement Gold Price Outlook: Following their rebound from critical trend support at the end of March, gold prices have now broken through multi-week consolidation resistance, suggesting that a double bottom may be in place. Although the downtrend since the August 2020 high remains in place, the rebound gives long-term bulls hope that by holding the pandemic uptrend, gold prices are defining their nine-month downturn...

Central Bank Watch: BOC, RBA, & RBNZ Interest Rate Expectations Update Advertisement Central Bank Watch Overview: Ongoing stability in global bond yields has helped provoked a drop in early rate hike expectations among the Bank of Canada, Reserve Bank of Australia, and Reserve Bank of New Zealand. The April RBNZ meeting yielded a hold with an arguably hawkish tone, while the BOC meets next week for its April policy gathering. Retail trader positioningsuggests that the near-term outlook is bulli...