Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
USD/CAD: softer US dollar and higher crude oil helping the pair
Information is not investment advice
Ichimoku Kinko Hyo
CAD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.
XAU/USD: Gold facing a further weakness the last hours and trading below 23.6% key retracement area. Gold bulls are disappointed from the current price action.
US Market View
U.S. stocks are seen opening slightly lower Thursday, consolidating after recent gains amid cautious trading ahead of key unemployment data, while the cold snap keeps oil prices elevated. Oil prices extended recent gains Thursday, as although the winter storm that crippled the Texas electrical grid is moving out of the state, freezing temperatures remain, hampering attempts to restore power.
Data Wednesday pointed to a strong economic recovery, with retail sales climbing 5.3% on the month in January and producer prices climbing more sharply than expected, but the FOMC minutes from its last meeting emphasized that its monetary stance will nonetheless remain easy for some time.
USA Key Point
- ECB policymakers agreed that ample monetary stimulus remained essential.
- BOE's Saunders supports ‘’don't need to decide yet on negative rates.’’
- Cable closes in on the week's high as buyers stay in the hunt towards 1.4000.
- US futures keep lower ahead of North American trading.
- EUR/USD regains some of yesterday's decline, but sellers stay in near-term control.
- EUR/GBP falls to lowest levels since April last year as the technical breakdown continues.
- The GBP is the strongest and the USD is the weakest.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD.
The US dollar index has all chances of reaching the 2000s high of 120.00.
Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?