
The G20 summit took place in Bali, Indonesia, on November 2022…
Don’t waste your time – keep track of how NFP affects the US dollar!
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The fresh resurgence of Covid-19 cases and Fed’s Meeting Minutes drove USD/ZAR above the psychological mark of 15.00. It has failed to break above the 15.25 resistance level so far. However, if it manages to do so, the pair may rocket to the next round number of 15.50, which is near the high of March 8.
Rand bulls were encouraged by the retail sales data for June as actual numbers (10.4%) exceeded market expectations of 9.6%. However, it is not so significant factor for the USD/ZAR currency pair. The main driver is the upcoming Fed meeting. Even market expectations of this event are affecting the US dollar and thus USD/ZAR.
On August 18, the Fed has revealed Meeting Minutes – a detailed record of its latest event. After watching it, investors have become more confident that the Fed may start slowing down its financial support (tightening the policy) already this year! It is expected that tapering will likely take place between September 2021 – December 2021. It is positive news for the US dollar.
USD/ZAR may move sideways between 15.00 and 15.25 for a while as the RSI indicator is close to 70.00, signaling the asset is overbought. Thus, we might expect a pullback to 15.00 and then reverse up again. However, the current strength of the US dollar makes the breakout above 15.25 very likely!
The G20 summit took place in Bali, Indonesia, on November 2022…
The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.
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