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Softs Report - Friday, May 3
Article By:
Jack Scoville
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Friday, May 3, 2024 2:45 PM EDT
Cotton was lower again yesterday, and trends remain down in the market. Demand remains a problem. The export sales report showed poor sales once again, and demand is not likely to improve with the US dollar stronger.
In this article: CANE
GBP/USD Price Analysis: Bears In Charge As 'Shooting Star' Looms
Article By:
Christian Borjon Valencia
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Friday, May 3, 2024 1:45 PM EDT
The pound has held onto its gains versus the US dollar, as it retraced from its three-week highs following a softer-than-expected US Nonfarm Payrolls report. Buyers lacked the strength to keep prices above the 1.2600 level.
Japanese Yen
Article By:
Brian Romanchuk
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Friday, May 3, 2024 12:30 PM EDT
The decline of the Japanese yen — recently stabilized by a round of intervention — has brought forth the usual “currency crisis” discussion from the usual suspects. I cannot say that I am following Japan closely right now, so I'll make a few points.
In this article: FXY
EUR/JPY Extends Losses To Near 164.50 Amid Japan’s Intervention Fear
Article By:
Akhtar Faruqui
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Friday, May 3, 2024 10:56 AM EDT
EUR/JPY continues to lose ground amid potential market intervention by Japanese authorities. BoJ data showed that Japanese authorities possibly expended approximately ¥6.0 and ¥3.66 trillion on Monday and Wednesday, respectively, to bolster the JPY.
USD/CAD Outlook: BoC Governor’s Remarks Lift Canadian Dollar
Article By:
Yohay Elam
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Friday, May 3, 2024 10:41 AM EDT
The BoC might wait on a clearer Fed policy outlook to avoid a big divergence. Canada recorded a surprise trade deficit of C$ 2.28 billion in March. US equities rallied a day after the Fed held rates and sounded less hawkish than expected.
EUR/USD Price Analysis: ECB’s Less Dovish Remarks Boost Euro
Article By:
Yohay Elam
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Friday, May 3, 2024 10:10 AM EDT
The ECB’s Stournaras said on Friday that there might only be three ECB rate cuts this year. Eurozone economic growth beat forecasts in Q1. The dollar was heading for its worst week in two months.
USD/JPY Extends Losses For Third Consecutive Session Towards Crucial Support
Article By:
Filip Lagaart
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Friday, May 3, 2024 6:55 AM EDT
The Japanese Yen is set to lock in a staggering performance for this week against the US Dollar. The Yen has appreciated over 3% following Japan’s intervention to propel the currency and the Fed’s less-hawkish rhetoric.
EURUSD Tests Resistance: Uptrend Signal Or Correction Within Downtrend?
Article By:
ForexCycle
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Friday, May 3, 2024 6:39 AM EDT
EURUSD’s price action faces a critical juncture, with a key resistance level potentially dictating the future direction of the currency pair. This analysis examines the technical situation and explores potential scenarios.
GBP/CHF Forecast: British Pound Plunges Against Swiss Franc
Article By:
Christopher Lewis
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Friday, May 3, 2024 6:21 AM EDT
At this point, the market is likely to continue to look at the 1.15 level as a major ceiling, and the fact that we have fallen so hard will certainly scare some traders away.
GBPUSD Forex Elliott Wave Technical Analysis
Article By:
Peter Mathers
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Friday, May 3, 2024 6:05 AM EDT
British Pound/U.S.Dollar(GBPUSD) Forex Elliott Wave Technical Analysis
GBP/USD Forecast: Sees Sluggish Behavor
Article By:
Christopher Lewis
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Friday, May 3, 2024 4:43 AM EDT
This is a market that I think is just killing time between now and the jobs number on Friday. It's worth noting that the 200 day EMAs is just above, and of course just above there we have the 50 day EMA.
Is The NFP Cat Out Of The Bag?
Article By:
Stephen Innes
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Friday, May 3, 2024 3:40 AM EDT
The dovish Powell lean is still reverberating across global markets,
FX Daily: Bearish Dollar Momentum Faces Key Payroll Test
Article By:
ING Economics
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Friday, May 3, 2024 3:10 AM EDT
The post-FOMC hawkish repricing of Federal Reserve rate expectations is applying pressure on the dollar, although today’s US jobs figures will be the real pivotal event for FX.