US Dollar soft as market digest labor and economic activity data, Fed words

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US Dollar Index retreats to 106.50 and continues hitting a barrier near 107.00. Dollar weakens on Fed’s Williams hinting at inflation cooling and rate reduction. Fed officials remain cautious amid persistent inflation concerns and uncertainty about future rate decisions. Mid-tier data from the US came in mixed on Thursday. In Thursday’s session, the US Dollar […]

Australian Dollar receives support from the hawkish policy stance by RBA

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The Australian Dollar rises as the RBA intends to maintain a restrictive monetary policy. The RBA Meeting Minutes indicated that the board remains vigilant about the potential for further inflation. A Reuters poll indicated that nearly 90% of economists anticipate a 25bps cut in December. The Australian Dollar (AUD) retraces its recent losses on Thursday, […]

EUR/USD hovers around 1.0600 with a positive bias as US Dollar faces profit-taking selling

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EUR/USD maintains its position as the US Dollar continues its downward correction. The US Dollar’s downside appears restrained due to dampened odds of an imminent Fed rate cut. ECB President Lagarde stated that Europe should pool its resources in areas such as defense and climate. EUR/USD remains steady with a positive bias, hovering around 1.0600 […]

USD/CAD Price Forecast: Rises above 1.4000 toward ascending channel’s upper boundary

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The USD/CAD pair may approach the upper boundary of the ascending channel at the 1.4080 level. Traders may anticipate a potential downward correction if the 14-day RSI surpasses the 70 mark. The immediate support appears at the nine-day EMA at 1.3943 level followed by the 14-day EMA at the 1.3917 level. The USD/CAD pair gains […]

USD/CAD rises to near 1.4000 on bullish US Dollar, eyes on US PPI da

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USD/CAD extends the rally to around 1.4000 in Thursday’s early Asian session.  US CPI matched estimates in October.  The expectation of a more aggressive rate cut from the BoC than the Fed, lower crude oil prices weigh on the Loonie.  The USD/CAD pair gains momentum to near 1.4000, the highest level since 2020 during the […]

USD/CAD appreciates to near 1.3950 as traders adopt caution ahead of US CPI figures

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USD/CAD strengthens as the US Dollar appreciates due to optimism surrounding the Trump trades. The implementation of US President-elect Donald Trump’s proposed fiscal policies could delay further rate cuts by the Fed. The commodity-linked CAD weakens as Oil prices decline following OPEC’s lowered forecast for global Oil demand growth in 2024. USD/CAD moves upwards for […]

NZD/USD Price Analysis: Pair gets rejected again by the 20-day SMA, more downside on the horizon

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The NZD/USD got rejected by the 20-day SMA by the fourth time this week. Technical indicators point to increasing selling pressure and decreasing buying pressure. A breakout from the 0.5940-0.6030 range will confirm a bearish outlook. In Friday’s session, the NZD/USD declined by 1.05% to 0.5960, continuing its downward trend as the pair got rejected by […]

NZD/USD weakens below 0.6050 on fear of new Trump trade wars amid tariff threats

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NZD/USD softens to around 0.6020 in Friday’s early Asian session.  The 25 basis points (bps) rate cut by the Fed on Thursday was widely expected. Donald Trump’s proposals to raise tariffs could drag the Kiwi lower against the USD.  The NZD/USD pair trades with a mild negative bias near 0.6020 during the early Asian session […]

NZD/USD loses ground more than 1% due to Trump trade rally

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NZD/USD falls as US Dollar receives support from Trump trade optimism. Exit polls indicate growing support for former President Trump’s bid to become the 47th President of the United States. New Zealand’s Unemployment Rate Q3 increased to 4.8% from 4.6% in the second quarter. NZD/USD depreciates by more than 1% as the US Dollar (USD) […]

USD/CAD softens below 1.3850 as traders brace for US election results

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USD/CAD edges lower to around 1.3825 in Wednesday’s early Asian session.  Election-related uncertainty weighs on the USD.  Higher crude oil prices might support the Loonie for the time being.  The USD/CAD pair weakens to near 1.3825 during the early Asian session on Wednesday. The US Dollar (USD) remains under some selling pressure amidst heightened expectations […]

Forex Today: Markets remain on edge on US election day

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Here is what you need to know on Tuesday, November 5: Financial markets remain on edge as the US presidential election takes center stage, with latest polls pointing to a tight race. On Tuesday, the US economic calendar will feature Goods Trade Balance data for September and the ISM Services PMI report for October. Later […]

Canadian Dollar mixed after US NFPs, ISM PMIs

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US positive labor market data was initially bearish on the USD, but the currency recovered losses. The ISM Manufacturing PMI came in weaker than expected, suggesting a contraction in the manufacturing sector. Canadian Dollar remains under pressure due to rate cut expectations. The USD/CAD currency pair saw a mild decline in Friday’s session, reaching a […]