Today's Economic News

General Market Overview

US CPE coming out later today. Insight of investors not seeing this positively as we received worse than expected outcome of Unemployment claims and GDP from yesterday. Not only that, Meta released bad data, hitting a blow to the Tech industry.

US 10, 20, and 30-year yields are rising as data showed signs of persistent inflation, further lowering hopes of FED intervening to do rate cuts. 

The WTI Crude Oil and Brent crude oil are up by 0.13% and 0.23% today as of this writing.  

Japans finance minister is closely watching the Yen as the currency went on a downtrend, surpassing the 155 yen level, the highest since 1990. This heightens the chance of currency intervention. BoJ is expected to release its monetary policy statement and Outlook report through a press conference today. 

GOLD -With the market closing, we can expect GOLD to stagnate further between 2333.715 and 2319.398. There is potential for GOLD to run beyond the 2333.715 and into 2354.470. We still view GOLD as a bullish market.   

SILVER - Silver still stagnates between 27.552 and 27.095. It may continue to consolidate to collect and fill up orders but, we view this chart to remain bullish. We may see a potential break out of 27.552 and test 28.073.

DXY -  The USD can be seen consolidating and supported by 105.253. We can see strong rejection from the market when the price reached 105.840. With this in mind, we note that a break below may call the price to test 104.607. 

GBPUSD -GBP has broken back into the daily range and above the 1.25019. There is strong rejection on the bottom side of the market and a strong pull toward the upside. We see the price gravitating toward the anchor point of the range and beyond 1.25740.

AUDUSD -AUDUSD has consolidated between 0.65250 and 0.64801 with more potential to rise than to fall. We see the price moving on the upside and beyond 0.65618.

NZDUSD - NZD has broken through 0.59400 and may test 0.59796. A successful break may call for the price to go to 0.60455.

EURUSD - The price has broken through 1.07240 after consolidating for a while. We can see a strong price rejection on 1.06988. With this in mind, we view this pair to be a bullish market.

USDJPY - JPY has lost again to the USD despite its oncoming weakness in the markets. While we may continue to view a weak JPY, we must be wary of entering positions as the market is not giving us a good placement for trades.

USDCHF -We can see the price is between 0.91235 and 0.91473. No changes in our view of this market as the channel remains to support price movement. However, it is important to note that we can currently see a double top in a higher timeframe. The completion of this formation may call for a drop.    

USDCAD - The price is aggressively rejected by 1.37261 as per expectation. We now see a bearish trend for the pair as we can see the price now creeping below 1.36612. There is a higher potential for the price to move lower.

REMINDER

Markets are closing at the end of the day. We may see a very aggressive move toward or away from structure, or see markets consolidating. With this in mind, please practice prudence when entering trades with these conditions.