The US dollar index stabilized while American shares retreated as investors reflected on the strong numbers from the country. Data published on Wednesday showed that the country’s building permits rose from 1.56 million in September to more than 1.6 million in October. This was a 4% increase after the permits fell by more than 7% in the previous month. Further data showed that housing starts declined slightly but remained near the highest level this year. These numbers came after the US released strong retail sales data on Wednesday and a week after the strong inflation data.

US stocks declined slightly after Target published its quarterly results. The company reported strong results, but its stock fell by more than 4% after it warned about low margins as costs keep rising. The company’s net income rose to more than $1.49 billion while its revenue rose to more than $25 billion. Meanwhile, TJX's share price jumped sharply after the company published strong results. It made 84 cents per share while its revenue rose to more than $12 billion. These results came a day after Walmart and Home Depot published strong earnings.

The price of crude oil declined slightly after the US published better than expected inventories data. According to the Energy Information Administration (EIA), the country’s inventories declined by more than 2.1 million barrels last week. This was a bigger drawdown than analysts were expecting. They were expecting the data to show that inventories rose by more than 1 million barrels. Prices also declined after a symbolic letter by Joe Biden to the FTC. In the letter, the president asked the agency to investigate the fuel retail industry in the country. This happened as gasoline price has soared to a multi-year high.

EUR/USD

The EURUSD pair stabilized in the American session as some sellers started taking profits. The pair is trading at 1.1320, which is slightly above this week’s low of 1.1263. On the hourly chart, the pair is slightly below the 23.6% Fibonacci retracement level. It is also slightly below the 25-day moving average while the Chaikin oscillator moved above the neutral level. Therefore, the pair will likely hold steady today also the overall trend is bearish.

EURUSD

AUD/USD

The AUDUSD pair’s downward trend continued as the US dollar strength continued. The pair dropped to a low of 0.7267, which was the lowest level since October 7. On the four-hour chart, the pair dropped below the 25-day moving average. The MACD has moved below the neutral level. The pair will likely keep falling in the near term now that it has moved below the 61.8% retracement level.

AUDUSD

XTI/USD

The price of crude oil declined sharply in the overnight session. The West Texas Intermediate (WTI) dropped to 79, which is slightly above the key support at 78.53. The pair has also moved below the 25-day and 50-day moving averages and the parabolic SAR. The MACD has also dropped below the neutral level. Therefore, the pair will likely keep falling.

XTIUSD

General Risk Warning for FX & CFD Trading. FX & CFDs are leveraged products. Trading in FX & CFDs related to foreign exchange, commodities, financial indices and other underlying variables, carry a high level of risk and can result in the loss of all of your investment. As such, FX & CFDs may not be appropriate for all investors. You should not invest money that you cannot afford to lose. Before deciding to trade, you should become aware of all the risks associated with FX & CFD trading, and seek advice from an independent and suitably licensed financial advisor. Under no circumstances shall we have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to FX or CFDs or (b) any direct, indirect, special, consequential or incidental damages whatsoever.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD clings to modest daily gains near 1.1350 after US data

EUR/USD stays afloat in the positive territory near 1.1350 in the early American session as the greenback struggles to gather strength on retreating US T-bond yields. The data from the US revealed that Housing Starts and Building Permits rose by 1.4% and 9.1% on a yearly basis in December, respectively.

EUR/USD News

GBP/USD holds its ground in the positive territory above 1.3600

GBP/USD holds above 1.3600 in the second half of the day on Wednesday supported by the modest selling pressure surrounding the dollar. The benchmark 10-year US Treasury bond yield stays in the red in the early American session and the US Dollar Index edges lower toward 95.50.

GBP/USD News

Gold: Bullish breakout exposes November monthly high at 1,877.15

Spot gold trades above $1,840 a troy ounce, at levels last seen in November 2021. The bright metal soared through the American session amid persistent concerns about inflation and volatile US government bond yields. 

Gold News

Shiba Inu price has a good chance to surge to $0.000040

A brief technical and on-chain analysis on Shiba Inu price. FXStreet's analysts evaluate why SHIB could advance further. 

Read more

Microsoft bets big on Metaverse with $69bln deal for Activision Blizzard

The move will give the tech giant access to Activision’s 390 million monthly users and headline franchises such as Call of Duty, Warcraft and Candy Crush. Find out why Microsoft has made this move.

Read more

Majors

Cryptocurrencies

Signatures