The US Dollar still sees gains after a rather disappointing US PMI release. The US economy is no longer outpacing the Eurozone. The US Dollar Index (DXY) heads back to the mid-106.00 region. The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, is trading around 106.50 … Read more
UK Retail Sales rose a solid 2.1% in January, well ahead of expectations, after run of soft data in Q4, Scotiabank’s Chief FX Strategist Shaun Osborne notes. Intraday price action looks soft “But PMI data were mixed, with soft Manufacturing weakening further (46.5) while Services improved slightly to 51.1. The Composite index eased a tenth … Read more
The S&P Global preliminary PMIs for February are likely to show little variation from the January final readings. The Federal Reserve may resume its easing cycle in July. EUR/USD’s near-term outlook remains negative ahead of PMIs. S&P Global is set to release its early estimates for the United States (US) Purchasing Managers Indexes (PMIs) for … Read more
Adani Power Elliott Wave technical analysis Function: Counter Trend (Intermediate Degree, Orange). Mode: Corrective. Structure: Potential Impulse within Larger Degree Zigzag. Position: Minute Wave ((iv)) Navy. Details: Minute Wave ((iv)) Navy may have completed around 600 mark within Minor Wave 1 against 800 resistance. If this is correct, Minute Wave ((v)) is now in progress. Invalidation point: 800. Adani Power – Daily chart technical analysis and Elliott Wave counts … Read more
The Pound Sterling gains sharply against its major peers after the release of upbeat UK Retail Sales data for January. UK’s upbeat Retail Sales, hot inflation, and strong wage growth are expected to weigh heavily on BoE’s dovish bets. Investors await for the preliminary S&P Global UK/US PMI data for February. The Pound Sterling (GBP) strengthens … Read more
NZD/USD struggles as New Zealand posted a trade deficit of NZD 486 million in January. The New Zealand Dollar could face challenges as Governor Orr indicated more rate cuts in the coming months. US Initial Jobless Claims rose to 219,000 in the previous week, surpassing the expected 215,000. NZD/USD holds loses following approximately 1% gains … Read more