Forex News - TradeCenterFX

Oil - private survey of inventory shows a large headline crude oil build vs expectations

Via oilprice dot com on Twitter: -- Expectations for change I had seen centred on: Headline crude +0.1 mn barrels Distillates 0 (zero) mn bbls Gasoline +0.9 mn --- This data point is from a privately-conducted survey by the American Petroleum Institute (API). It's a survey of oil storage facilities and companies The official report is due Wednesday morning US time.

Tue, 19 Nov 2024 16:43:42 -0500

Natural Gas Price Forecast: Eyes Sustained Breakout as Bullish Momentum Builds

Natural gas rallied above 3.02 but faces resistance at 3.06. A confirmed breakout could target 3.16, 3.22, and higher resistance levels within a bullish trend.

Tue, 19 Nov 2024 16:42:42 -0500

United States API Weekly Crude Oil Stock above expectations (0.8M) in November 15: Actual (4.753M)

Tue, 19 Nov 2024 16:42:08 -0500

Crude Oil Price Forecast: Tests Resistance at 20-Day MA Amid Choppy Trends

Crude oil's recent rally faces resistance at $70.14, with choppy trading expected unless a breakout above $73.27 or breakdown below $66.86 occurs.

Tue, 19 Nov 2024 16:37:37 -0500

AUD, CAD, NZD lead the pack as commodity-FX bounce enters third day

Hot CPI from Canada, a rise of geopolitical tensions and increased threat of tariffs played nicely for commodity FX bulls, with AUD, CAD and NZD leading the pack among FX majors on Tuesday. And there could be some wriggle room for further gains.

Tue, 19 Nov 2024 16:09:00 -0500

South Korea Producer Price Index Growth (YoY): 1% (October)

Tue, 19 Nov 2024 16:00:49 -0500

South Korea Producer Price Index Growth (MoM) rose from previous -0.2% to -0.1% in October

Tue, 19 Nov 2024 16:00:35 -0500

Canadian Dollar extends rebound on upshot CPI print

The Canadian Dollar (CAD) caught a bid on Tuesday, rising for a second straight day against the Greenback after Canadian Consumer Price Index (CPI) inflation rose again in October. The CAD is burning rubber against the US Dollar, recovering a full percentage point with further gains in the scope as the Loonie claws back ground after hitting 54-month lows near 1.4100.

Tue, 19 Nov 2024 15:24:19 -0500

Australian Dollar strengthens past 0.6500 mark following hawkish RBA Minutes release

The AUD/USD climbed by 0.15% to 0.6520 in Tuesday's trading, driven by several factors. The hawkish Reserve Bank of Australia (RBA) Minutes provided support to the Australian Dollar, as did a weaker US Dollar and hopes for Chinese economic stimulus.

Tue, 19 Nov 2024 14:53:00 -0500

Crude oil futures settled at $69.39

Technically, the price is closing above its 200-hour moving average at $69.23 (green line on the chart above). The last corrective low stayed above its rising 100-hour moving average at $68.25 (blueline on the chart above).

Tue, 19 Nov 2024 14:46:48 -0500

Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Is Mostly Flat As Norway's Johan Sverdrup Oilfield Resumes Production

WTI oil did not manage to test the $70.00 level.

Tue, 19 Nov 2024 14:19:07 -0500

Fed's Schmid: Large fiscal deficits won't cause inflation, because Fed will raise rates

Federal Reserve (Fed) Bank of Kansas President Jeffrey Schmid struck an overall positive tone on Tuesday, stating that he believes inflation and employment are both heading toward desired levels. However the Fed policymaker did caution investors that while the Fed isn't planning pre-emptive measures for government policies that may arise next year, the Fed has more than enough ammunition to head off inflationary pressures that could arise from spiraling government budgets and inflation-stoking immigration policies that loom over the US' next presidency.

Tue, 19 Nov 2024 14:03:37 -0500

Mexican Peso recovers to seven-day high despite Banxico's dovish stance

The Mexican Peso advanced against the US Dollar during the North American session on Tuesday, yet it recovered some ground after the USD/MXN hit a daily high of 20.34 due to risk aversion. A brief escalation of the Russia-Ukraine conflict was the main reason that pushed the pair higher, yet the Mexican currency staged a comeback despite dovish rhetoric by Bank of Mexico (Banxico) Governor Victoria Rodriguez Ceja.

Tue, 19 Nov 2024 13:39:23 -0500

Canadian CPI Inflation Accelerates in October; Boc Still Likely to Cut Rates

With the economy still weak, a loose labour market and inflation at target, the BoC cutting rates by another 50 bps remains a possibility next month.

Tue, 19 Nov 2024 13:27:53 -0500

US Dollar fluctuates amid escalating tensions between Russia and Ukraine, cooling dovish Fed bets

The US Dollar Index (DXY), which measures the value of the USD against a basket of currencies, trades with mild gains around 106.20 on Tuesday, lifted by a combination of factors. The USD initially surged following Russian President Vladimir Putin's announcement that nuclear weapons could be used in conflicts with non-nuclear states supported by nuclear powers.

Tue, 19 Nov 2024 13:20:07 -0500

Brazilian, Indian leaders discuss expanding energy, pharmaceutical trade

Brazil President Luiz Inacio Lula da Silva said on Tuesday he spoke with India's Prime Minister Narendra Modi about expanding scientific and business trade between both countries in areas including the energy and pharmaceutical sectors.

Tue, 19 Nov 2024 12:54:56 -0500

European shares close lower but off lows as geopolitical concerns ease

The major European indices are closing lower on the day but off the lowest level from the geopolitical concerns from the pre-US opening levels.

Tue, 19 Nov 2024 12:09:12 -0500

Temporary Dollar Dip or Intrinsic Euro Strength?

The Dollar Index is retreating from Thursday's highs, moving against the logic of fundamental forces. This behaviour begs the question: either the Dollar Index has reached the limits of its range, or this is an extended shake-out of positions after a prolonged rally.

Tue, 19 Nov 2024 10:54:28 -0500

Canada's inflation hits 2% in October amid rising gas prices

Canada's inflation rate rose to 2% in October, surpassing market expectations and reflecting a notable shift in the country's economic dynamics. This surge, driven by rising gasoline prices, marks a significant leap from the previous month's 1.6% and exceeds analysts' forecasts of a more moderate 1.9%.

Tue, 19 Nov 2024 10:48:57 -0500

Russian rouble official rate to US dollar hits 100 mark after nuclear doctrine change

The official exchange rate of the Russian rouble weakened past 100 to the U.S. dollar for the first time since October 2023 after President Vladimir Putin lowered the nuclear strike threshold in escalating tensions with the United States over Ukraine.

Tue, 19 Nov 2024 10:05:39 -0500