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The Euro finalized the week posting losses of over 1.74% against the Greenback and 0.84% in the day. The EUR/USD posted four bearish days after falling below the 200-day Simple Moving Average (SMA) at 1.1672, turning the pair bearishly biased. At the time of writing, the pair trades at 1.1414.EUR/USD Price Forecast: Technical OutlookWeekly analysisThe EUR/USD weekly chart shows the pair is dipping below 1.1450, opening the door to further downside. Momentum is bearish as the Relative Strength Index (RSI) turned negative three weeks ago, after falling below the 50-neutral level.Hence, the most likely scenario for EUR/USD is to extend…
Ulta Beauty’s stock was among the S&P 500’s biggest decliners after a downbeat earnings outlook.
Statistics Canada will release its Labour Force Survey on Friday, and market participants expect a modest uptick in job creation in February, with the Employment Change foreseen at 10K following the -24.8K in the previous month. At the same time, the Unemployment Rate is forecast at 6.6%, following the 6.5% posted in January. Employment data gains relevance ahead of the Canadian Consumer Price Index (CPI) data scheduled for next Monday, and the Bank of Canada (BoC) monetary policy announcement a couple of days later. The BoC left its benchmark interest rate unchanged at 2.25% for a second consecutive time at…
The Education Department stopped monitoring calls between servicers and borrowers and reviewing borrower data for accuracy, watchdog finds.
In interviews with CNBC and CNN reported by Reuters, US Energy Secretary Chris Wright said that any release of Oil from the Strategic Petroleum Reserve (SPR) would likely take the form of swaps, designed to address short-term supply disruptions without direct costs to taxpayers. He added that such a release could help the market “get through a few weeks of dislocation”.The remarks come amid rising tensions involving Iran and renewed concerns about the security of the Strait of Hormuz, a key maritime chokepoint for global Oil flows. Wright stressed that reopening the strait is a priority and warned that Iran’s…
The largest-ever release of oil from the International Energy Agency’s emergency stockpiles lifted prices for the commodity up by nearly 5% on Wednesday.
USD/CHF posted back-to-back bullish days on Wednesday, rising by over 0.25% after the latest US inflation report and as high energy prices pushed US Treasury yields higher, consequently the US Dollar (USD). At the time of writing, the pair trades near 0.7800.USD/CHF Price Forecast: Technical outlookFurther consolidation lies ahead, even though buyers pushed USD/CHF to a fresh two-day high past 0.7800. Nevertheless, momentum continues to favour sellers as buyers have remained unable to clear key resistance at 0.7817, the latest cycle high.The Relative Strength Index (RSI) shows that bulls are gathering some strength, outweighing bears.With that said, USD/CHF must finish…
Americans are opting out of the Affordable Care Act, and health insurance companies are taking a financial hit.
The Israel Defense Forces said that it had unleashed a new wave of strikes on Iran, shortly after a round of explosions was heard in Tehran.Israel also launches more missiles at Lebanon, where the Israeli military says it’s targeting infrastructure that belongs to Iran-backed Hezbollah in the south of the Lebanese capital.The Financial Times reported late Tuesday that Israel rejected Lebanon’s request for cessation in fighting to allow for talks, demanding negotiations only take place “under fire.” Market reactionAt the time of writing, the West Texas Intermediate (WTI) is down 1.06% on the day at $83.85, retreating from over three-year highs…
Aramco’s CEO warns of “catastrophic consequences” for the oil market if the effective closure of the Straits Of Hormuz were to remain for an extended period. He was unenthusiastic about prospects for the U.S. Navy escorting tankers in transit.