FX

USD/TRY stays firm following the heaviest run-up in 31 months. Sustained bounce off early-month top, bullish MACD signals back buyers. 61.8% Fibonacci retracement levels, November 2020 levels lure bulls. USD/TRY picks up bids near the intraday high of 7.8450, currently up 0.50% near 7.8390, during early Tuesday. In doing so, the quote justifies its U-turn

AMC shares are up over 500% in 2021. The cinema leader has been boosted by sentiment not reality. The meme stock is trading at a lofty multiple for such an enormous debt pile. AMC shares have been one of the major trends of the US stock market so far this year, after experiencing stratospheric appreciation. AMC

The People’s Bank of China has left the one-year loan prime rate unchanged at 3.85%, and the five-year loan prime rate unchanged at 4.65%. There has been no reaction in the markets related such as the Australian dollar which trades at 0.7710 and higher on the day by 0.3%. Description of the PBoC Interest Rate Decision The PBoC Interest

What you need to know on Monday, March 22:  The American dollar finished the week with modest gains against most major rivals, up on Friday amid persistent yields’ strength. The yield on the benchmark 10-year Treasury note settled at 1.73%, near the multi-month peak of 1.75% achieved earlier in the week. The EUR/USD pair hovers

Turkish lira looks set to depreciate after Erdogan fires the central bank chief. USD/TRY rose sharply last week after CBRT rate hikes that will probably be reversed now. The USD/TRY finished last week at 7.19, and now it looks likely to open with a sharp upside gap following Tukey’s President Erdogan decision to fire the

Inflation concerns are likely to keep investors’ focus for the week ahead. Equities stage a modest recovery on Friday after Thursday’s thrashing. Fed Chair Jerome Powell on the wires throughout next week. Equity markets are finishing out the week with mixed feelings after a solid thrashing on Thursday. This led to some profit-taking ahead of

Growth stocks outperformed value stocks on the final trading day of the week. The Nasdaq 100 gained and Dow dropped while the S&P 500 was caught in the middle and flat. The Fed hurt financials by announcing there will be no extension to SLR relief at the end of the month. It was a mixed

EUR/JPY has been unable to sustain its move to a new cycle high and the subsequent sharp setback has seen a bearish “reversal day” established to leave the spotlight firmly on the recent low and 13-day exponential average at 129.50/40. Below the latter, the pair would mark a near-term top to warn of a fall

AUD/USD refreshes intraday low, drops for consecutive second day. Australia’s preliminary Retail Sales dropped 1.1% in February. Market sentiment consolidates ahead of BOJ, US-China jitters probe the optimists. Treasury yields step back from 14-month top, S&P 500 Futures print mild gains. AUD/USD stands on a slippery ground while refreshing the intraday low with 0.7740, down

Philly Fed Manufacturing Index rose sharply in March. US Dollar Index continues to erase Wednesday’s losses. The Federal Reserve Bank of Philadelphia reported on Thursday that the headline Manufacturing Activity Index of the Manufacturing Business Outlook Survey improved sharply to 51.8 in March from 23.1. This reading beat the market expectation of 23.1 by a

In another solid performance in the Aussie jobs market, Australia’s February Employment change arrived at +88.7K vs the expected +30K, a huge beat, with the Unemployment rate at 5.8% which was better than the expected 6.3%, down from a peak of 7.5% in July. Jobs details Employment Change: +88.7K vs the expected +30K, prior +29.1K   Unemployment Rate: 5.8% vs

Housing Starts and Building Permits in US fell sharply in February. US Dollar Index clings to modest daily gains a little below 92.00. Housing Starts in the US declined by 10.3% on a monthly basis in February following January’s 5.1% decline, the data published jointly by the US Census Bureau and the US Department of Housing

USD/JPY bulls moving in on the resistance structure. USD/JPY traders will await the Federal Reserve in New York.  USD/JPY is turning higher as Tokyo gets going while the focus remains on the risk of the Federal Open Committee meeting later in the New York session. At the time of writing, USD/JPY is trading at 109.08

Retail Sales in US fell more than expected in February. US Dollar ındex stays in the negative territory below 91.80. Retail Sales in the US fell by 3% in February to $561.7 billion, the data published by the US Census Bureau showed on Tuesday. This reading followed January’s increase of 7.6% (revised from 5.3%) and came

EUR/USD picks up bids inside immediate range between 1.1910 and 1.1940. Bearish MACD, 100-day SMA cross over 21-day SMA favor sellers. 200-day SMA, ascending trend line from early November offers strong support. EUR/USD seesaws inside a 30-pip trading range above 1.1910, currently up around 1.1930, during Tuesday’s Asian session. In doing so, the quote struggles

China is requesting Alibaba (BABA) to divest some of its media assets according to Reuters, citing the Wall Street Journal (WSJ). China is increasingly concerned about Alibaba’s growing influence over public opinion according to a report carried by Benzinga citing Dow Jones. Chinese officials are also reported to have reviewed Alibaba’s entertainment businesses but getting rid

The latest NZIER Consensus Forecasts (CF) show a downward revision to growth forecasts later this year the report shows.  However, it states that ”this partly reflects a higher starting point, as the recovery in demand after lockdown restrictions were relaxed turned out to be stronger than expected.” Key notes ”The downward revision to the medium-term

Gold is seeking higher support, preferably at $1,720 ahead of the upswing toward $1,800. A technical breakout from the falling wedge flipped the trend bullish. XAU/USD will fail to reach the potential target if support at $1,720 and the 100 SMA is broken. Gold is setting up for a colossal move to highs around $1,800.