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The Bank of Japan expected to maintain negative rate levelsEUR/USD 🔼 GBP/USD 🔽 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔼 XAU 🔽 WTI 🔼 As the rest of the world has been raising rates throughout most of 2022, Mitrade expects the Bank of Japan is likely to keep a negative rate level at -0.100%, with a possible policy shift in the short term. USD/JPY has increased by over 40 pips to 137.40, currently trading at 136.880, while USD/CAD is trading lower at 1.3642. Meanwhile, the US dollar’s performance against other major currencies varied. The Euro and the Aussie increased a little over 10 pips to a closing price of 1.0605 and 1.2146 respectively. GBP/USD suffered minor losses at 1.2146. China’s gradual re-opening sent WTI oil futures higher at $75.38 a barrel, but spot gold declined to $1,787.78 an ounce. Bitcoin just bounced back from a low of 16,372, recovering to 16,571.0. The Dow Jones Industrial Average fell 162 points to 32,757 (-0.49%), the S&P 500 lost 34 points to 3,817 (-0.91), and the Nasdaq 100 decreased 159 points to 11,084.
by Mitrade_official
Federal Reserve announces a 50 bps rate hikeEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔽 XAU 🔽 WTI 🔼 Early this morning, the Federal Reserve increased interest rates by 50 basis points to 4.50%, meeting market estimates. Later tonight, Mitrade expects the Bank of England and the European Central Bank to follow suit with a 50 bps rate hike. Although Fed Chair Powell claimed rate hikes will continue until meeting the 2% inflation target, the US dollar extended its weak run. EUR/USD added more than 50 pips to 1.0682, and AUD/USD traded higher at 0.6863. The UK year-on-year inflation rate eased to 10.7%, against the projected 10.9%. USD/CAD had negligible losses, closing at 135.47, while USD/JPY slid to 135.47. The stock market closed with modest losses. The Dow Jones Industrial Average came in 142 points lower (-0.42%) at 33,966, the S&P 500 fell 24 points (-0.61%) at 3,995, and the Nasdaq 100 decreased 93 points (-0.79%) to 11,740. Spot gold price closed lower at $1,807.37 an ounce, and just plunged to $1,793.93. US crude oil inventories moved against market projections by adding 10.2 million barrels. WTI oil futures increased to $77.28 a barrel. Bitcoin first soared to a month-high of 18,343.45, then plunged to 17,669.0.
by Mitrade_official
US annual inflation is expected to drop to 7.3%EUR/USD 🔽 GBP/USD 🔼 AUD/USD 🔽 USD/CAD 🔽 USD/JPY 🔼 XAU 🔽 WTI 🔼 US inflation data will be announced tonight, just before the Federal Reserve announces its interest rate. Mitrade expects a slowing annual inflation rate at 7.3% and a monthly reading of 0.3%, rate hike expectations are also adjusted to 50 basis points. This includes central banks in the Eurozone and the United Kingdom. The US stock market ended with modest gains. As a result, the Dow Jones Industrial Average rose 528 points (+1.58%) to 34,005, the S&P 500 rose 56 points (+1.43%) to 3,990, and the Nasdaq 100 gained 143 points (+1.24%) to 11,706. Meanwhile, the latest UK GDP results were higher than forecast, with a 1.5% year-on-year increase against a 1.4% projection. As a result, GBP/USD received a slight boost to 1.227. EUR/USD traded lower at 1.0535, and AUD/USD lost over 40 pips to 0.6745. Though USD/CAD declined to 1.3631, USD/JPY rose more than 110 pips to 137.66. Spot gold closed at $1,781 an ounce, down $16. The US oil supply was disrupted by the Keystone oil pipeline outage, driving WTI oil futures higher at $73.17 a barrel. Bitcoin plunged below the $17,000 level but soon recovered, currently trading at 17,160.0.
NASDAQ:AAPL
by Mitrade_official
Oil futures slid to a 1-year lowEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔼 XAU 🔼 WTI 🔽 Recession fears from the imminent Fed rate hike led to a dip in oil prices, despite the Chinese government relaxing lockdown measures is likely to increase consumption. WTI oil futures briefly dipped to a 1-year low at $71.22 a barrel and reached a closing price of $71.46, the US has experienced one of the largest crude spills in the past decade, with more than 14,000 barrels spilled. The US dollar extended its weakened run toward its peers, EUR/USD added over 50 pips to 1.0556, GBP/USD climbed to 1.2233, and AUD/USD closed higher at 0.6768. Meanwhile, USD/CAD fell 70 pips to 1.3595, as USD/JPY traded slightly higher at 136.65. Spot gold increased $3 to $1,789.07 an ounce, and Bitcoin further rebounded to 17,250.0. U.S. stocks ended their losses on Thursday, with the S&P 500 up 29 points (+0.75%) to 3,963, breaking an eight-session losing streak. The Dow Jones Industrial Average rose 183 points (+0.55%) to 33,781 and the Nasdaq 100 gained 140 points (+1.22%) to 11,637.
by Mitrade_official
Canada ready to go neutral after December rate hikeEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔼 USD/JPY 🔽 XAU 🔼 WTI 🔽 In yesterday’s interest rate decision, the Bank of Canada increased rates by 50 basis points to 4.25%, meeting Mitrade's forecast. The central bank has extended the quantitative tightening cycle while acknowledging and will continue to assess the risks. USD/CAD closed at 1.3651 and is trading slightly higher at 1.3680. The greenback has weakened against other major currencies. EUR/USD climbed to 1.0508, GBP/USD added over 70 pips to 1.2199, and AUD/USD rose to 0.6724. Despite a 0.2% decrease in Japanese GDP, USD/JPY dropped more than 40 pips to 136.6. As of market close, the Dow Jones Industrial Average was flat at 33,597, the S&P 500 was down 7 points (-0.19%) to 3,933, and the Nasdaq 100 was down 52 points (-0.45%) to 11,497. US crude oil inventories fell by over 5.2 million barrels against a forecast of -3.3 million barrels, but WTI oil futures slipped to $72.01 per barrel regardless. Spot gold surged $14 to $1,786.19 an ounce, and Bitcoin was last traded lower at 16,842.0.
by Mitrade_official
Reserve Bank of Australia raises rates by 25 basis pointsEUR/USD 🔽 GBP/USD 🔽 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔼 WTI 🔽 The Reserve Bank of Australia has just increased its interest rate by 25 basis points to 3.1%, aligning with market estimates. Meanwhile, Australia recorded 0.6% quarterly growth for its GDP, slightly lower than the projected 0.7%, and AUD/USD suffered minor losses at 0.6692. As the Federal Reserve is yet to put an end to the tightening cycle, the greenback continues to strengthen against other major currencies. As a result, EUR/USD retreated to 1.0469, while GBP/USD slid more than 50 pips to 1.2137. USD/CAD increased over 60 pips to 1.3651, as Mitrade anticipated a rate hike of 50 basis points in Canada later tonight. USD/JPY rebounded from a low of 136.03 to 137.05. Multiple attacks deep in Russian territory suggest Ukraine will not sit idly during winter. This is despite the extended Russian invasion putting pressure on the global oil supply. WTI oil futures decreased to $74.25 a barrel. Spot gold rose to $1,771.07 an ounce, and Bitcoin suffered minor oscillations, currently at 17,066.0. In the stock market, the S&P 500 slipped 57 points (-1.44%) to 3,941, the Dow Jones Industrial Average fell 350 points (-1.03%) to 33,596, and the Nasdaq 100 fell 237 points (-2.01%) to 11,549.
by Mitrade_official
US Stocks fall amidst rate hike fearsEUR/USD 🔽 GBP/USD 🔽 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔽 WTI 🔽 Last night, the US ISM Non-Manufacturing Purchasing Managers Index had a monthly reading of 56.5, considerably higher than the market estimate of 53.3. Sustained inflation and strong labor data have led Mitrade to anticipate further rate hikes from the Federal Reserve. As a result, the stock market closed lower. The Dow Jones Industrial Average fell 482 points to 33,947, the S&P 500 dropped 72 points to 3,998, and the Nasdaq 100 was down 207 points to 11,786 (-1.40%). The dollar’s strength was also reflected against its peers. The EUR/USD pair was last traded lower at 1.0512, while the Pound and Aussie fell over 90 pips to 1.2188 and 0.6696 respectively. Later this morning, the Reserve Bank of Australia is expected to raise interest rates by 25 basis points to 3.10%. USD/CAD rose more than 120 pips to 1.3588, and USD/JPY added almost 250 pips to 136.74. On the other hand, spot gold declined to $1,768.73 an ounce. Despite a tight crude oil supply, WTI oil futures decreased to $76.93 a barrel. Bitcoin plunged over $300 to 17,039.0.
by Mitrade_official
Strong nonfarm data likely to extend Fed rate hikesEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔽 NZD/USD 🔼 USD/CAD 🔼 USD/JPY 🔽 XAU 🔽 WTI 🔽 The US Nonfarm Payrolls reading for November was 263,000, exceeding market expectations. Even though the Federal Reserve is already inclined to slow its rate hikes, this news will likely prolong the rate hike series. As a result, the stock market closed slightly lower. As the S&P 500 fell 4 points (-0.12%) to 4,071, the Nasdaq 100 fell 47 points (-0.40%) to 11,994, and the Dow Jones Industrial Average rose 34 points (+0.10%) to 34,429. EUR/USD rose 18 pips to 1.0538, GBP/USD reached 1.2287, and AUD/USD fell to 0.6789. Mitrade anticipated a 35 basis point rate hike from the Reserve Bank of Australia, where New Zealand raised rates by 75 basis points in late November. NZD/USD rose to a three-month high at 0.6408. USD/CAD climbed 36 pips to 1.3468, and USD/JPY slid over 100 pips to 134.29. Bitcoin just traded higher to 17,260.0. Gold prices retreated $5 to $1,797.88 an ounce and just recovered to $1,806.29. Upon the European Union’s embargo, the G7 group also imposed a $60-a-barrel price cap on Russian crude oil, which Russia claimed it would not supply. WTI crude futures settled lower at $79.98 a barrel.
by Mitrade_official
Wheat: Rough ride since March...Now what???Wheat has had a rough ride since the historic highs reached in March, and now is at levels that will test a "swing support" zone that has held several times in the past year. In summarizing this past week's wheat action, Total Farm Marketing noted (www.totalfarmmarketing.com) Wheat Prices Lower for the Week December CBOT wheat futures shed 10-1/2 cents this week to close at 803-1/4 December KCBOT wheat futures shed 9-1/4 cents this week to close at 934-1/4 December MGEX wheat futures added 5-3/4 cents this week to close at 951-1/2 Informa raised its estimate for the 2023 World wheat crop my 4.5 million tons on higher production in China and India Wheat export sales were only 5.7 million bushels last week which is the second smallest weekly total for that date since 1996 Managed money is currently holding its largest net-short position in 3 years US winter wheat conditions improved somewhat after last week’s rains, but the Plains are still in an extreme drought and will need higher than normal winter precipitation to replenish soil moisture before crops come out of dormancy in the spring Given the mostly negative news, the price action is understandable. But from here, what's the play? Carley Garner from DeCarley Trading tweeted the following idea (and shared with her clients): madmimi.com The link will take you to Carley's specific trade idea which...spoiler alert....plays on Wheat holding support and bouncing from here at some point. I think her trade idea is well constructed and founded on sound reasoning. I actually initiated a small position in the call spread (without selling the otm put). As always, my positioning and my article is NOT meant to be advice in any way! But it's good food for thought and discussion. Eager to hear reactions/thoughts.
CBOT:ZW1!Long
by trader_investr
US nonfarm payrolls expected to drop offEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔼 USD/JPY 🔽 XAU 🔼 WTI 🔼 Despite outperforming market estimates seven months in a row, investors predicted US nonfarm payrolls to indicate an economic slowdown to around 200,000 jobs added in November. This could sway the Federal Reserve to opt for a more moderate monetary policy. Meanwhile, the dollar continues to weaken against its peers. EUR/USD rose to a five-month high of 1.0524, GBP/USD climbed and stabilized at 1.2253, and AUD/USD closed at 0.6809 with minor gains. USD/CAD traded higher at 1.3432, and USD/JPY lost over 270 pips to 1.3432. Starting next week, the European Union will officially ban crude oil imports from Russia, causing WTI oil futures to move up slightly to $81.22 a barrel. Spot gold surged more than $30 to 1,802.99 an ounce. There was a 0.56% drop in the Dow Jones Industrial Average to 34,395, a 3-point loss (-0.08%) in the S&P 500 to 4,076, and an 11-point gain (+0.10%) in the Nasdaq 100 to 12,041.
by Mitrade_official
1
US nonfarm payrolls expected to drop offEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔼 USD/JPY 🔽 XAU 🔼 WTI 🔼 Despite outperforming market estimates seven months in a row, Mitrade predicted US nonfarm payrolls to indicate an economic slowdown to around 200,000 jobs added in November. This could sway the Federal Reserve to opt for a more moderate monetary policy. Meanwhile, the dollar continues to weaken against its peers. EUR/USD rose to a five-month high of 1.0524, GBP/USD climbed and stabilized at 1.2253, and AUD/USD closed at 0.6809 with minor gains. USD/CAD traded higher at 1.3432, and USD/JPY lost over 270 pips to 1.3432. Starting next week, the European Union will officially ban crude oil imports from Russia, causing WTI oil futures to move up slightly to $81.22 a barrel. Spot gold surged more than $30 to 1,802.99 an ounce. There was a 0.56% drop in the Dow Jones Industrial Average to 34,395, a 3-point loss (-0.08%) in the S&P 500 to 4,076, and an 11-point gain (+0.10%) in the Nasdaq 100 to 12,041.
by Mitrade_official
Fed more likely to decelerate rate hikesEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔽 XAU 🔼 WTI 🔼 Market sentiment was lifted as Jerome Powell, the Chair of the Federal Reserve hinted at slowing down rate hikes in December’s interest rate decision. EUR/USD then rebounded from a low of 1.0295 to 1.0404, currently at 1.0438. On the other hand, the British Pound and Aussie both rallied almost 100 pips against the greenback to 1.2056 and 0.6786 respectively. USD/CAD plunged over 130 pips to a week-low of 1.3409, and USD/JPY declined to 138.03. Upon multiple large-scale protests against lockdown measures in China, the government is now leaning towards relaxing some of them. The news sent spot gold to $1,768.61 an ounce and reached a three-month high of 1,776.60 afterwards. WTI oil futures traded slightly higher at $80.55 a barrel. In the stock market, the Nasdaq 100 had the largest gain of the day by gaining 526 points (+4.58%) to 12,030. The S&P 500 rose 122 points (+3.08%) to 4,079, as the Dow Jones Industrial Average climbed 737 points (+2.18%) to 34,589.
by Mitrade_official
More Chinese unrest dampens the market moodEUR/USD 🔽 GBP/USD 🔽 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔽 XAU 🔽 WTI 🔼 Lockdown measures in China to curb the pandemic have been met with significant pushback. This has led to demonstrations in domestic and overseas locations, and many disgruntled civilians have clashed with Chinese police in the process. In response, the US dollar's safe-haven demand increased, EUR/USD fell to 1.0337, and AUD/USD decreased nearly 100 pips to 0.6648. GBP/USD dropped below 1.2000 to 1.1958, losing over 130 pips. USD/CAD spiked more than 110 pips to 1.3497, while USD/JPY fell to 138.94. Gold prices lost $13 to $1,741.62 an ounce. WTI oil futures rebounded from a low of $73.68 a barrel to a closing price of $77.24. There was a drop of 497 points (-1.45%) in the Dow Jones Industrial Average to 33,849, a loss of 62 points in the S&P 500 to 3,963, and a decline of 168 points (-1.43%) in the Nasdaq 100 to 11,587. Cryptocurrency lender BlockFi just filed for bankruptcy, causing Bitcoin to trade lower at $16,200.
by Mitrade_official
US dollar rebounds on Black FridayEUR/USD 🔽 GBP/USD 🔽 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔽 WTI 🔽 After Thanksgiving, the Dow Jones Industrial Average rose 152 points to 34,347, while the S&P 500 and the Nasdaq 100 dipped to 4,026 and 11,756 respectively. In China, protests against strict COVID measures spread to several major Chinese cities. This put a halt to the dollar's decline. EUR/USD traded slightly lower to 1.0395, and GBP/USD declined to 1.2093. The USD/CAD rose 44 pips to 1.3381, and the USD/JPY gained 53 to 139.07. Australia Retail Sales recorded the first loss since February, decreasing 0.2% on the month, bringing AUD/USD down to 0.6749. Spot gold suffered minor losses at $1,754 an ounce. WTI oil futures fell to a near 11-month low at $76.28 a barrel.
by Mitrade_official
Extended greenback sell-off on ThanksgivingEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔽 XAU 🔼 WTI 🔼 The US market is closed on Thanksgiving Day, while major currencies enjoy moderate gains against the greenback. EUR/USD added 12 pips to 1.0408, and GBP/USD climbed more than 60 pips to 1.2116., while AUD/USD rose 33 pips to 0.6763. CAD/USD closed at 1.3337, losing 17 pips. The USD/JPY pair fell over 100 pips to 138.61, while the Japanese inflation rate rose to 3.8%, the highest level in four decades. As a result of a weaker dollar, spot gold rose $5 to $1,755.38 an ounce, while WTI crude futures traded slightly higher at $78.25 a barrel.
by Mitrade_official
GOLD (XAU/USD): multi-timeframe analysis. Bulls have taken overFirst and foremost, looking at the Weekly timeframe graph of Gold, it can be inferred that the price has broken out of the descending channel portrayed on the chart and started printing impulsive moves to the upside. Narrowing down to the Daily timeframe graphic, we can observe that the price has recently re-tested the highlighted area of resistance that lines up with the 61.8% Fibonacci retracement level. Lastly, zooming into the 8h timeframe chart, it can be clearly illustrated that the price is currently attempting to break above the local area of resistance. After a breakout takes place, a re-test will be awaited before entering long positions and riding the bullish trend.
OANDA:XAUUSDLong
by Investroy
10
Fed officials prefer a slowdown in rate hikesEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔽 XAU 🔼 WTI 🔼 Investors’ mood has been lifted by the release of Federal Reserve meeting minutes, as more fed officials opted to slow the pace of rate hikes. After that, the stock market surged with significant gains. There were gains of 95 points (+0.28%) on the Dow Jones Industrial Average, 23 points (+0.59%) on the S&P 500, and 113 points (+0.97%) on the Nasdaq 100. There is also weakness in the dollar against other major currencies. The EUR/USD pair hit a four-month high of 1.0395. The GBP/USD increased 176 pips to 1.2052, and the AUD/USD increased 87 pips to 0.6731. USD/CAD was down 25 pips to 1.3351, and USD/JPY declined below 140.0 to 139.59, losing 170 pips. Spot gold rose $9 to $1,749.59 an ounce, while WTI crude futures fell $3.50 to $77.94.
by Mitrade_official
Cathie Wood acquires loads of Coinbase sharesEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔽 XAU 🔼 WTI 🔼 The crypto market has received unexpected support from Cathie Wood of Ark Invest. Over 1.3 million Coinbase shares were purchased by the investment firm in November. Her optimistic outlook allowed bitcoin to recover to 16,535.0. As investors await the latest Federal Reserve minutes, market sentiment has improved with the greenback retreating against its peers. EUR/USD rose 60 pips to 1.0302, GBP/USD gained 66 pips to 1.1883, and AUD/USD rose to 0.6648. USD/CAD suffered moderate losses at 1.3375. USD/JPY slid almost 100 pips to 141.24. WTI oil futures moved up to $80.95 a barrel, due to a slowed decrease in US crude oil inventories. Spot gold was boosted by a weakened dollar and closed at $1,740.08 an ounce. The S&P 500 reached 4003, the highest level in over two months, The Dow added almost 400 points (+1.18%) to 34,098, and the Nasdaq 100 increased to 11,724.
by Mitrade_official
Resurging pandemic fears in China sparks risk-off moodEUR/USD 🔽 GBP/USD 🔽 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔽 WTI 🔽 While the Chinese government had imposed stringent quarantine measures, there was an uptick in confirmed cases and the first covid-related death in months. Hopes for lifting those measures were silenced. The stock market then retreated, as the S&P 500 slipped 15 points (-0.39%) to 3,949, and the Nasdaq 100 fell 123 points (-1.06%) to 11,553. The Dow Jones Industrial Average fell 45 points (-0.13%) to 33,700. The US dollar continued to rise thanks to its safe-haven appeal. EUR/USD slid to 1.0241, losing over 80 pips. GBP/USD traded lower at 1.1821, and AUD/USD dropped to a closing price of 0.6605. USD/CAD climbed to 1.3454, while USD/JPY surged to 142.09 by adding 172 pips. WTI oil futures briefly plunged to a month-low of $75.35, after Saudi Arabia denied reports of increasing OPEC oil production quotas. It then rebounded to $80.04 a barrel. Spot gold declined to $1,737.84 an ounce. Bitcoin just dropped to 15,588 - the lowest in over two years.
by Mitrade_official
Rebounding Treasury yields strengthens the greenbackEUR/USD 🔽 GBP/USD 🔼 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔽 WTI 🔽 Last week, US 10-year Treasury yields rose 5.8 basis points to 3.823%, which strengthened the greenback against other major currencies. EUR/USD dropped to 1.0324, and AUD/USD lost 10 pips to 0.6671. An unexpected 0.6% month-on-month increase in UK retail sales has sent GBP/USD higher to 1.1884. USD/CAD added over 50 pips to 1.3384, while USD/JPY moved up slightly to 140.35. Projected oil demand tumbled due to growing COVID-19 cases in China. WTI oil futures then closed lower at a two-month low of $80.11 a barrel. As the Federal Reserve is likely to carry out further rate hikes, spot gold declined $10 to $1,750.84 an ounce. The Dow Jones Industrial Average rose 199 points (+0.59%) to 33,745, the S&P 500 gained 18 points (+0.48%) to 3,965, and the Nasdaq 100 was unchanged at 11,677.
by Mitrade_official