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
AUD/JPY gains positive traction amid the emergence of heavy JPY selling on Friday. The intraday momentum stalls near the top end of a one-week-old descending channel. A sustained strength beyond the said barrier should pave the way for additional gains. The AUD/JPY cross builds on the previous day’s late bounce from the 95.35-95.30 area, or … Read more