November 2023

Later today sees the release of the US PCE price index, which is closely tracked by the Fed. The regulatory agency reportedly uses this measure even more than core CPI to make policy decisions. And since this is the last time the figure is…
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NZDUSD tests resistance The New Zealand dollar jumped after the RBNZ warned that further policy tightening might be needed. The pair is testing 0.6210 at the start of a sell-off in August and a bullish breakout would put last summer’s…
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OPEC will meet to discuss production cuts tomorrow, with the focus on the preceding JMMT meeting which will provide recommendations on what to do. The meeting got extra attention after it was delayed from last weekend amidst rumors that…
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AUDUSD grinds higher The US dollar tumbled after Fed Governor Christopher Waller raised the possibility of rate cuts. The price continues on its way up after lifting offers around the psychological level of 0.6600. 0.6740 at the start of…
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The Euro got a boost following the flash PMIs last week which were above expectations. Albeit, the expectations were for continued contraction, and the results point to contraction. Just that the downward slope isn't as bad as initially…
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USDCHF drifts lower The US dollar softens amid expectations of an end to the Fed tightening. The pair continues downward in search of bids as short-term sentiment remains pessimistic. As the daily RSI indicator sinks into the oversold…
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The UK has had a series of positive news over the last few days, which has helped push the pound higher. The general weakness in the dollar naturally helped push cable higher. But there is some data that fits into a narrative that the UK…
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USDCAD tests key floor The Canadian dollar rose after retail sales stayed in positive territory in September. The price drifted lower after hitting resistance at 1.3760 where a shooting star pattern showed a rejection of higher offers.…
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USDJPY steadies as BoJ may stay dovish The Japanese yen struggles as the end of the massive monetary stimulus seems elusive. As the exchange rate hits its yearly high, market participants are awaiting signs that the Bank of Japan will…
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