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US Dollar steady as markets brace for Powell and jobless numbers

The US Dollar (USD) looks to be on a drift this week and is looking for direction, or a catalyst that might guide it in any way. The fact that the US Dollar Index is right in the middle of this week’s trading range, clearly points to some fatigue in the Greenback while traders are trying to assess […]

Pound Sterling remains vulnerable as focus shifts to UK Q3 GDP data

The Pound Sterling (GBP) is declining gradually as investors have turned cautious ahead of the UK Q3 Gross Domestic Product (GDP) data and Federal Reserve (Fed) Chair Jerome Powell’s remarks on the interest rate outlook. Economists have forecasted a nominal contraction in the UK’s growth rate as firms underutilized their entire capacity due to weak […]

USD/CHF maintains position above 0.9000 on stronger US Dollar

USD/CHF retraces recent losses, trading higher around 0.9020 during the European session on Wednesday. The pair receives upward support due to the rebound in US Dollar (USD) on the back improved US Treasury yields. On Tuesday, Switzerland’s seasonally adjusted Unemployment Rate (MoM) remained consistent at 2.1% in October. Additionally, the conflict between Israel and Hamas […]

Australian Dollar holds ground with a bearish tone amid RBA uncertainty

The Australian Dollar (AUD) moves below a major level, extending the losses for the third successive day following the dovish rate statement by the Reserve Bank of Australia (RBA). Additionally, the AUD/USD pair faces a challenge due to the rebound in US Dollar (USD). Australia’s central bank adopts a data-dependent approach, particularly as the Australian […]

EUR/USD Price Analysis: Moves below key level at 1.0700 toward seven-day EMA

EUR/USD extends the losing streak, trading lower around 1.0690 during the Asian session on Wednesday. As the US Dollar (USD) continues to gain ground, the EUR/USD pair could reach the seven-day Exponential Moving Average (EMA) at 1.0666, which emerges as the key support, following the 1.0600 psychological level. A firm break below the latter could push […]

Australian Dollar extends losses below the major level despite the RBA’s rate hike

The Australian Dollar (AUD) continues to decline despite a 25 basis points interest rate hike by the Reserve Bank of Australia (RBA) on Tuesday. The AUD/USD pair also faced losses as a result of the positive performance of US Treasury yields, aiding the US Dollar (USD) in bouncing back from its two-month low. Australia’s central bank has […]

EUR/USD Price Analysis: Aims to break below the major level at 1.0700

EUR/USD losses ground for the second successive day, trading lower near 1.0710 aligned with the psychological support level at 1.0700 during the Asian session on Tuesday. A firm break below the latter could inspire the bears of the EUR/USD pair to navigate the support region around the mid-1.0600 and the 14-day Exponential Moving Average (EMA) at […]

November 6, 2023
By admin

Chart of The Day EUR/USD

At the beginning of last week, there was no indication of a change in the downward trend for the EURUSD rate. The euro was weaker than the dollar. The declines were also supported by some members of the ECB, who communicated that the ECB’s cycle of interest rate hikes had likely come to an end. […]

Pound Sterling capitalizes on improved market sentiment, UK GDP in focus

The Pound Sterling (GBP) looks set to deliver a fresh upside as the market mood is supportive for risk-sensitive assets. The GBP/USD pair is aiming for more upside as investors hope that the policy divergence between the Federal Reserve (Fed) and the Bank of England (BoE) will not widen further since they are both sufficiently restrictive to […]

USD/CAD looks to continue the losing streak, hovers near 1.3650

USD/CAD aims to lose ground on the fourth consecutive day to continue the losing streak, treading waters near 1.3650 during the Asian hours on Monday. The pair faces downward pressure amid expectations that the US Federal Reserve (Fed) might halt its monetary policy tightening, prompted by the subdued employment data from the United States (US). On […]