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Forex News & Events Live, Nagercoil (2026)

17/03/2022

GBP/USD plummets to 1.3100 mark on BoE's 8-1 rate hike vote distribution

GBP/USD witnessed a dramatic turnaround after the BoE announced its policy decision. The 8-1 vote distribution to hike rate disappointed investors and weighed on sterling. Hopes for diplomacy in Ukraine undermined the safe-haven USD and might limit losses. The GBP/USD pair plunged over 100 pips from a near two-week high and refreshed daily low, around the 1.3100 mark after the Bank of England announced its policy decision. As was widely expected, the UK central bank raised its key rate by 25 bps to 0.75% at the end of the March policy meeting this Thursday. This marked the third straight hike in as many meetings, though the 8-1 vote distribution disappointed investors and prompted aggressive selling around the GBP/USD pair. Moreover, the markets had priced in 40% chances of a 50 bps rate hike. This, along with the uncertain outlook in the wake of Russia's invasion of Ukraine and growth concerns, further weighed on the British pound. This, in turn, was seen as a key factor behind the GBP/USD pair dramatic intraday turnaround.

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17/03/2022

BP/USD now targets the 1.3220 region – UOB.

FX Strategists at UOB Group suggested the upside momentum in GBP/USD could extend to the 1.3220 area in the next weeks. Key Quotes 24-hour view: “Our expectations for GBP consolidate yesterday were incorrect as it soared to 1.3156 before closing on a firm note at 1.3146 (+0.77%). The rapidly improving momentum is likely to lead to further GBP strength. In view of the overbought conditions, any advance in GBP is unlikely to challenge the major resistance at 1.3220 (minor resistance is at 1.3180). Support is at 1.3125 followed by 1.3090.” Next 1-3 weeks: “The weak phase in GBP that started about 3 weeks ago has ended as GBP rose above our ‘strong resistance’ level of 1.3140. The strong rebound has room to extend to 1.3220. A break of 1.3220 is not ruled out but at this stage, the odds for a sustained rise above this level are not high. Overall, GBP is expected to trade on a firm footing as long as it does not move below 1.3040 within these few days.”

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17/03/2022

AUD/USD refreshes weekly top, around 0.7330-35 area amid positive risk tone/weaker USD.

AUD/USD gained traction for the third straight day and was supported by a combination of factors. The risk-on impulse weighed on the safe-haven USD and benefitted the perceived riskier aussie. Upbeat Australian jobs data further underpinned the domestic currency and remained supportive. The Fed's more hawkish outlook could act as a tailwind for the USD and cap the upside for the pair.

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17/03/2022

NZD/USD faces a tough resistance at 0.6875 – UOB

Extra gains in NZD/USD are likely although there is a strong hurdle around 0.6875, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “The strong surge in NZD has gathered momentum and it could test the major resistance at 0.6875. In view of the overbought conditions, a clear break of this level is unlikely. The next resistance is at 0.6900. O the downside, a breach of 0.6795 (minor support is at 0.6815) would indicate that the current upward pressure has eased.” Next 1-3 weeks: “NZD soared yesterday and easily took out our ‘strong resistance’ level at 0.6810 (high of 0.6845). The break of 0.6810 indicates that our view for NZD to trade with a downward bias was incorrect. The rapid build-up in momentum has shifted the risk to the upside. That said, any advance is expected to face solid resistance at 0.6875. On the downside, a breach of 0.6765 would indicate that the current upward pressure has eased.”

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16/03/2022

US Dollar Index comes under pressure near 98.70 ahead of FOMC.

DXY adds to recent gains below the 99.00 yardstick. The Fed is expected to hike rates by 25 bps later on Wednesday. Retail Sales, Mortgage Applications, NAHB Index also in the docket. The greenback extends the bearish note and retests the 98.70 region when tracked by the US Dollar Index (DXY) on Wednesday. US Dollar Index focuses on the Fed, geopolitics The index loses ground for the third consecutive session so far midweek amidst the better tone in the risk complex, particularly after Russia’s Lavrov suggested there is certain hope in the peace talks with Ukraine. Other than the geopolitical scenario, investors are expected to closely follow the FOMC event later in the NA session, where the Committee is expected to raise the Fed Funds Target Range by 25 bps, while the future rate path and the balance sheet runoff will surely take center stage as well. In the US cash markets, yields in the short end of the curve alternate gains with losses in the upper end of the recent range, while yields in the belly and the long end extend the upside for yet another session to the 2.15% region and the 2.50% zone, respectively. Other than the FOMC gathering, it will be an interesting session in the US docket, with the releases of Retail Sales, Business Inventories, the NAHB Index and weekly MBA Mortgage Applications.

16/03/2022

GBP/USD to hold above 1.30 barring a major upside surprise in FOMC Dot Plots – ING

GBP/USD closed the second straight day in positive territory on Tuesday despite losing its bullish momentum near 1.31. The pair is moving sideways near the mid-1.30s ahead of the all-important Fed rate decision. In absence of a major upside surprise, the cable should remain above 1.30, economists at ING report. Trailing in the recovery “The pound should continue to find some modest support from the tentative optimism around military de-escalation in Ukraine. Interestingly, GBP is struggling to recoup the war-related losses, unlike other European currencies.” “At Thursday’s Bank of England meeting, a rate hike combined with more hawkish language could allow the pound to play catch-up with the benign market environment and trigger some EUR/GBP weakness.” “Barring a major upside surprise in the FOMC Dot Plots today, cable should hold above 1.3000 for another session.” See – Fed Preview: Forecasts from 14 major banks, raising rates but with a huge asterisk related to the war.

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16/03/2022

Gold Futures: Potential rebound on the cards.

Open interest in gold futures markets shrank for the second session in a row on Tuesday, this time by around 5.6K contracts considering advanced prints from CME Group. Volume, instead, went up by nearly 87K contracts after four consecutive daily pullbacks. Gold looks supported around $1900 Tuesday’s downtick in gold prices approached the key $1900 mark per ounce troy amidst shrinking open interest, which is indicative that a deeper decline would not be favored, at least in the very near term.

16/03/2022

EUR/JPY Price Analysis: Rising wedge, MACD teases bears below 130.00,

EUR/JPY prints four-day uptrend inside a bearish chart pattern. MACD signals also hint at the pair’s weakness.200-SMA adds to the downside filters, bulls have a bumpy road to the north. EUR/JPY struggles to justify the bounce off 200-SMA despite printing mild gains around 129.75 heading into Wednesday’s European session. The reason could be linked to the cross-currency pair’s failures to defy a one-week-old rising wedge bearish chart pattern, as well as an impending bear cross on the MACD. It should be noted, however, that the EUR/JPY sellers will need validation from the 200-SMA level of 129.55 to retake control.

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16/03/2022

EUR/USD sticks to the consolidation scheme – UOB.

EUR/USD is still expected to navigate the 1.0870-1.1080 range in the next weeks, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “Yesterday, we held the view that EUR ‘is likely to trade sideways within a range of 1.0900/1.1000’. EUR subsequently traded between 1.0924 and 1.1019. The price actions still appear to be part of a consolidation and we expect EUR to trade between 1.0920 and 1.1020 for today.” Next 1-3 weeks: “There is not much to add to our update from Monday (14 Mar, spot at 1.0930). As highlighted, EUR is likely to trade sideways within a range of 1.0870/1.1080. Looking ahead, if EUR closes below 1.0870, it would likely revisit the major support at 1.0805.”

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16/03/2022

Gold Price Forecast: Bears hope more weakness below $1,907 amid risk-on impulse, FOMC meet eyed.

Gold price seeks more pain below $1,907.00 ahead of the Fed’s policy announcement. The DXY and US Treasury yields are also trading lower on active risk-on impulse. A bearish crossover from 20 and 50-period EMAs adds to the downside fillers. Gold (XAU/USD) is falling sharply as investors are dumping the asset on skyrocketing odds of an interest rate hike by the Federal Reserve (Fed). The precious metal is hovering around $1,917.00 on Wednesday. Gold prices have witnessed a fall of almost 7.4% from their recent highs at $2,070.54 last week. The Fed will announce the interest rate decision on Wednesday and a rate hike is imminent amid the soaring inflation. But the fact is, investors are eyeing the scale of a rate hike to adjust their positions in respect to the precious metal.

15/03/2022

More restrictive monetary policy would be legitimate in the US, but not in the eurozone – Natixis.

Analysts at Natixis seek to determine in what cases (for what origins of inflation) the central bank is justified in fighting inflation. They then seek to identify what this means for current monetary policy in the United States and the eurozone, especially after the sharp rise in commodity prices caused by the war in Ukraine. What type of inflation should monetary policy respond to? “Inflation is caused by: In the US, the decline in labour supply; insufficient production capacity for oil, metals, transport and semiconductors; rising profit margins; In the eurozone, only insufficient production capacity for commodities, transport and semiconductors; In both countries/regions, currently the war in Ukraine, ultimately the energy transition.” “We see that the only valid reason for switching to a more restrictive monetary policy is the rise in profit margins in the US.”

15/03/2022

Silver Price Analysis: XAG/USD seems vulnerable near two-week low, around mid-$24.00s.

Silver continued losing ground on Tuesday and dropped to a two-week low, around mid-$24.00s.The technical set-up favours bearish traders and supports prospects for a further depreciating move. Any meaningful recovery back above the $25.00 mark could now be seen as a selling opportunity. Silver added to the previous day's heavy losses and witnessed some follow-through selling for the third successive day on Tuesday. This also marked the third day of a negative move in the previous four and dragged spot prices to a fresh two-week low, around mid-$24.00s during the mid-European session. The XAG/USD has now found acceptance below the key $25.00 psychological mark and seems vulnerable to extending its recent decline from the vicinity of the $27.00 mark or the highest level since June 2021. The outlook is reinforced by the fact that oscillators on the daily chart have been losing traction.

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