Notable Residents – Ardud http://ardud.ro/ Mon, 27 Jun 2022 14:49:40 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://ardud.ro/wp-content/uploads/2021/05/default1-150x150.png Notable Residents – Ardud http://ardud.ro/ 32 32 The false pretenses of the Turkish lira following a new lending ban which is expected to affect thousands of businesses https://ardud.ro/the-false-pretenses-of-the-turkish-lira-following-a-new-lending-ban-which-is-expected-to-affect-thousands-of-businesses/ Mon, 27 Jun 2022 14:49:40 +0000 https://ardud.ro/the-false-pretenses-of-the-turkish-lira-following-a-new-lending-ban-which-is-expected-to-affect-thousands-of-businesses/ A money changer holds Turkish lira and US dollar banknotes at a currency exchange office in Ankara, Turkey, December 16, 2021. Cagla Gurdogan | Reuters Turkey’s currency, the lira, got a much-appreciated boost on Monday and the previous Friday after the country’s banking regulator announced a ban on lira lending to companies holding what it […]]]>

A money changer holds Turkish lira and US dollar banknotes at a currency exchange office in Ankara, Turkey, December 16, 2021.

Cagla Gurdogan | Reuters

Turkey’s currency, the lira, got a much-appreciated boost on Monday and the previous Friday after the country’s banking regulator announced a ban on lira lending to companies holding what it considered too much currency foreign.

On Monday morning in Istanbul, the lira had gained about 8% in two days, trading at 16.01 for the greenback, against Thursday’s close at 17.35.

But by late Monday afternoon, it had pared some of those gains, declining slightly to 16.5 against the dollar, after hovering between 16 and 17 liras to the dollar.

The moves reflect mixed feelings from investors about the new lending ban, which states that if Turkish businesses want to obtain commercial loans in pounds, they must sell enough of their currencies to buy pounds instead. which helps support the beleaguered currency that is being lost. nearly half its value over the past year.

The new rule states that companies holding the equivalent of 15 million lira in foreign currency (about $910,000 as of 3 p.m. Istanbul) cannot borrow lira if their foreign currency funds exceed 10% of their assets or annual sales. An exception for small businesses that cannot borrow in foreign currency allows them to borrow liras as long as their foreign currency position is net short.

The new rule aims to bolster the lira, which has weakened significantly in recent years after Turkey’s central bank, at the behest of President Recep Tayyip Erdogan, largely refused to raise interest rates to curb the rise of inflation. Today, for the country of 84 million people, inflation has reached a staggering 73%, severely crippling the purchasing power of Turks.

A man sells slippers at Eminonu on May 5, 2022 in Istanbul, Turkey. The country has grown rapidly for years, but President Erdogan has refused for years to raise rates significantly to calm the resulting inflation. The result was a plummeting Turkish Lira and much less purchasing power for the average Turk.

Burak Kara | Getty Images News | Getty Images

Turkey’s decision “potentially affects thousands of businesses”, Saxobank analysts wrote on Monday. “These companies may have an incentive to shed their foreign currency holdings if they want to continue accessing credit in TRY.”

Deutsche Bank wrote in a note that the rule’s impact will be “severe”, but the benefits for the lira could be short-lived after big companies reduce their foreign currency holdings.

Some analysts observing the change are unimpressed.

“Bad politics. Really desperate. Short-termism and actually capital controls, whichever way you look at it,” Timothy Ash, emerging markets strategist at Bluebay Asset Management, wrote in a note via email. mail.

“It complicates things too much for businesses and banks when everyone knows Turkey needs outright interest rate hikes.”

He added that any rise in the pound is unlikely to be sustainable and that the rule will not change demand for currency from Turkish businesses.

“Could give the pound a short-term boost, but doesn’t change the underlying story – arguably it makes it worse in the long term by driving trade and business underground and likely out of the system “, did he declare.

Ercan Erguzel, an economist at Barclays, says this poses a new risk to market liquidity, as Turkey is already running low on its foreign currency reserves.

“We may see additional pressure on the already tight system-wide FX liquidity,” he wrote in a note, adding that “in addition, some firms may consider delaying investments until ‘they have a better image in terms of their FX and TRY liquidity (read).

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USD TO PKR and other exchange rates in Pakistan, June 26, 2022 https://ardud.ro/usd-to-pkr-and-other-exchange-rates-in-pakistan-june-26-2022/ Sat, 25 Jun 2022 23:46:51 +0000 https://ardud.ro/usd-to-pkr-and-other-exchange-rates-in-pakistan-june-26-2022/ USD TO PKR and other exchange rates (credit: file) USD to PKR – Today the US dollar rate in Pakistan on June 26, 2022 is Rs. 205.0 This is the closing interbank exchange rate between the US Dollar and the Pakistani Rupee, which is provided daily by the State Bank of Pakistan (SBP). The US […]]]>

USD TO PKR and other exchange rates (credit: file)

USD to PKR – Today the US dollar rate in Pakistan on June 26, 2022 is Rs. 205.0 This is the closing interbank exchange rate between the US Dollar and the Pakistani Rupee, which is provided daily by the State Bank of Pakistan (SBP).

The US Interbank Dollar (USD) against the Pakistani Rupee (PKR) The closing exchange rate is Rs 205.0.

USD To PKR: Dollar rate in Pakistan

Below you can check the exchange rate of US Dollar in PKR (Pakistani Rupee) to Dollar in Pakistan today June 26, 2022

The Dollar Rate in Pakistan Recognized by two names: the buy rate and the sell rate. Apart from this, the international banks are sole owners of the currency conversion rate in the global market, while the Central Bank will regulate the national currency and maintain a balance between the buying and selling of goods by monitoring the fixing of exchange rates . The State Bank of Pakistan is the central bank of Pakistan and sets the exchange rate daily.

Importance of the dollar rate in Pakistan

The dollar, also known as the US dollar, is the official currency of the United States of America. The exchange rates on this page are obtained from various money market sources.

Historical Open Market USD to PKR Exchange Rates

Here are the historical rates for USD to PKR – Open Market Exchange Rates.

DATE PURCHASE SALE
June 25, 2022 205.750000 208.500000
June 24, 2022 206.500000 209.500000
June 23, 2022 213.000000 215.000000
June 22, 2022 213.500000 215.500000
June 21, 2022 211.000000 213.000000
June 20, 2022 209.000000 211.000000
June 19, 2022 209.000000 211.000000
June 18, 2022 209.000000 211.000000
June 17, 2022 206.500000 208.500000
June 16, 2022 206.000000 208.000000

BOLNews.com, Pakistan’s best exchange rate portal provides you with up-to-date Pakistan exchange rates. Interbank exchange rates in Pakistan are not quite the same as the free market rates, especially dollar rates. In Pakistan, banks usually charge a higher exchange rate on the currency. We update interbank exchange rates on our website in a timely manner.

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USD TO PKR and other exchange rates in Pakistan, June 24, 2022 https://ardud.ro/usd-to-pkr-and-other-exchange-rates-in-pakistan-june-24-2022/ Thu, 23 Jun 2022 23:43:01 +0000 https://ardud.ro/usd-to-pkr-and-other-exchange-rates-in-pakistan-june-24-2022/ USD TO PKR and other exchange rates (credit: file) USD to PKR – Today, the US Dollar rate in Pakistan on, Date is Rs. This is the closing interbank exchange rate between the US Dollar and the Pakistani Rupee, which is provided daily by the State Bank of Pakistan (SBP). The US Interbank Dollar (USD) […]]]>

USD TO PKR and other exchange rates (credit: file)

USD to PKR – Today, the US Dollar rate in Pakistan on, Date is Rs. This is the closing interbank exchange rate between the US Dollar and the Pakistani Rupee, which is provided daily by the State Bank of Pakistan (SBP).

The US Interbank Dollar (USD) against the Pakistani Rupee (PKR) The closing exchange rate is Rs 207,500.

USD To PKR: Dollar rate in Pakistan

Below you can check the exchange rate of US Dollar in PKR (Pakistani Rupee) to Dollar in Pakistan today June 24, 2022

CURRENCY BUY TT CLEAN SALE TT & OD

AUSTRALIAN DOLLAR

143,650 143,860

CANADIAN DOLLAR

160.850 161.080

THE CHINESE YUAN

30,850 31,290

DANISH CROWN

29,600 29,640

EURO

220.260 220.580

HONG KONG DOLLAR

26.540 26.580

JAPANESE YEN

1,540 1,540

SAUDI RIYAL

55.520 55,600

SINGAPORE DOLLAR

149,890 150.100

SWEDISH CROWN

20.610 20.640

SWISS FRANC

216.690 217,000

THAI BHAT

5.870 5.880

United Arab Emirates Dirham

56.710 56.790

British pound sterling

255.430 255,800

American dollars

207,000 207,500

The Dollar Rate in Pakistan Recognized by two names: the buy rate and the sell rate. Apart from this, the international banks are sole owners of the currency conversion rate in the global market, while the Central Bank will regulate the national currency and maintain a balance between the buying and selling of goods by monitoring the fixing of exchange rates . The State Bank of Pakistan is the central bank of Pakistan and sets the exchange rate daily.

Importance of the dollar rate in Pakistan

The dollar, also known as the US dollar, is the official currency of the United States of America. The exchange rates on this page are obtained from various money market sources.

Historical Open Market USD to PKR Exchange Rates

Here are the historical rates for USD to PKR – Open Market Exchange Rates.

DATE PURCHASE SALE
June 23, 2022 209.750000 212.250000
June 22, 2022 213.500000 215.500000
June 21, 2022 211.000000 213.000000
June 20, 2022 209.000000 211.000000
June 19, 2022 209.000000 211.000000
June 18, 2022 209.000000 211.000000
June 17, 2022 206.500000 208.500000
June 16, 2022 206.000000 208.000000
June 15, 2022 204.500000 206.500000
June 14, 2022 203.000000 205.000000

BOLNews.com, Pakistan’s best exchange rate portal provides you with up-to-date Pakistan exchange rates. Interbank exchange rates in Pakistan are not quite the same as on the open market, especially dollar rates. In Pakistan, banks usually charge a higher exchange rate on the currency. We timely update interbank exchange rates on our website.

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SIRIN LABS (SRN) has fallen, but is the spark still there? https://ardud.ro/sirin-labs-srn-has-fallen-but-is-the-spark-still-there/ Tue, 21 Jun 2022 14:16:09 +0000 https://ardud.ro/sirin-labs-srn-has-fallen-but-is-the-spark-still-there/ Last week, we saw the SIRIN LABS (SRN) cryptocurrency coin surge nearly 1000%, making it the top earner on Friday. This was big news for a crypto token that hadn’t done much in a while, especially during a bear market. SIRIN LABS recent performance is volatile The price of SRN rose further on Saturday, reaching […]]]>

Last week, we saw the SIRIN LABS (SRN) cryptocurrency coin surge nearly 1000%, making it the top earner on Friday. This was big news for a crypto token that hadn’t done much in a while, especially during a bear market.

SIRIN LABS recent performance is volatile

The price of SRN rose further on Saturday, reaching as high as $0.03729 (SRN/USD) until it started to decline. The token has turned bearish since then, dropping significantly to $0.00246 at its low on Sunday. Since then, the rate of SRN has stabilized. The SRN rate for today is $0.4084, down 1.12% since this time yesterday.

The rate has only slightly deviated since Sunday’s drop, holding close to the $0.050 level, and chances are it won’t deviate much from it for a few days.

Meanwhile, the rest of the market is getting a little boost today, with many of the major cryptos up 4-5% this morning. This is good news for a market that has been going through a very tough time lately, and it won’t be enough for rates to fully recover from the last cut, but it’s a positive sign.

Renewed interest in the SRN

The recent price action of SIRIN LABS has definitely brought this crypto token back into the spotlight. At present, trading volume is down 73%, with trading volume around $143,000 in the last 24 hours. This could change, however, as the market experiences a small jump. We could see rates go up and investors will give SIRIN LABS a chance.

Because this crypto has climbed so high recently, some investors might start buying some of its tokens in hopes that the rate will turn bullish again. It is definitely a crypto that will be on a lot more people’s radar from here on out, which means people will be watching price developments closely. If there is any indication that the rate will skyrocket, investors may go crazy buying tokens, so watch out for that as well.

Due to the low trading volume, compared to other cryptos, it won’t take much to drive the rate up.

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Bitcoin recovers, climbs 7.6% to pass $20,400 By Reuters https://ardud.ro/bitcoin-recovers-climbs-7-6-to-pass-20400-by-reuters/ Sun, 19 Jun 2022 22:15:00 +0000 https://ardud.ro/bitcoin-recovers-climbs-7-6-to-pass-20400-by-reuters/ © Reuters. A view of a representation of the Bitcoin cryptocurrency sinking into water in this illustration taken May 23, 2022. REUTERS/Dado Ruvic/Illustration By Tina Bellon (Reuters) – On Sunday rose around 7.6% to $20,404 from its previous close, signaling a recovery from a sharp decline on Saturday. Bitcoin, the world’s largest and best-known cryptocurrency, […]]]>

© Reuters. A view of a representation of the Bitcoin cryptocurrency sinking into water in this illustration taken May 23, 2022. REUTERS/Dado Ruvic/Illustration

By Tina Bellon

(Reuters) – On Sunday rose around 7.6% to $20,404 from its previous close, signaling a recovery from a sharp decline on Saturday.

Bitcoin, the world’s largest and best-known cryptocurrency, is now up 16.7% from this year’s low of $17,592.78 on June 18, when it fell due to investor concerns over growing problems in the crypto industry and amid a general pullback from riskier assets.

Andrew Brenner, head of international fixed income at National Alliance Securities, said on Sunday that Bitcoin’s rise was likely the result of retail investors buying the digital currency over the weekend, when few professional traders work.

“Some bulls think it’s a good time to get in because Bitcoin has fallen to a level that shows some near-term attractiveness,” Brenner said. He added that Bitcoin and other digital currencies remain extremely volatile.

Ether, the coin linked to the Ethereum blockchain network, rose more than 13% to $1,131 on Sunday from its previous close on Saturday, which at $993 marked the lowest price for Ether since the start of this month. year.

The sell-off in the crypto market coincided with a tumble in equities, with US equities suffering their biggest weekly percentage decline in two years on fears of rising interest rates and the growing likelihood of a recession.

Brenner said digital currencies were not a good investment at a time when the US Federal Reserve is tightening the supply of dollars by ending its expansive monetary policy.

“As long as the dollar continues to show strength, digital currencies are not where you want to be,” Brenner said.

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Gold Rangebound On Rates And Inflation Tug Of War https://ardud.ro/gold-rangebound-on-rates-and-inflation-tug-of-war/ Fri, 17 Jun 2022 20:00:00 +0000 https://ardud.ro/gold-rangebound-on-rates-and-inflation-tug-of-war/ Gold price analysis and news Choppy Gold Trade Set to Persist Gold Techs to Watch Choppy Gold Trade Set to Persist Gold is on course for a weekly loss for the first time in 4 weeks as rising global yields and a rising US Dollar continue to weigh on the precious metal. However, the price […]]]>

Gold price analysis and news

  • Choppy Gold Trade Set to Persist
  • Gold Techs to Watch

Choppy Gold Trade Set to Persist

Gold is on course for a weekly loss for the first time in 4 weeks as rising global yields and a rising US Dollar continue to weigh on the precious metal. However, the price action remains somewhat choppy, which looks set to persist between 1800 and 1880.

As I said before, I find it hard to be bullish on gold given the significant rise in real yields (see chart below). Although, what I would say is that if yields start to pull back with a return to 3% for the US 10yr (currently at 3.25%), that would keep gold afloat. Ultimately, price action going forward is likely to remain limited in the short term.

Gold vs US 10-Year Real Yields

Source: Refinitiv

The Fed speaks in brief

Looking ahead to next week, the Fed speech will be the biggest risk for gold amid a slew of Fed officials, including Fed Chairman Powell, giving testimony on June 22.n/a. As we saw in his press conference, the Fed Chairman noted that a 75 basis point move would not be common. Although even the biggest doves on the committee, like the Fed’s Kashkari, are talking about the possibility of a 75 basis point rate hike in July, that will remain on the agenda during Chairman Powell’s testimony. That being said, in light of recent data prompting Fed officials to deviate from their forward guidance, economic data will be front and center in assessing the outlook for monetary policy.

Gold Techs to Watch

Support: 1833 (61.8% Fib), 1800 (psychological), 1786 (May 16e Down)

Resistance: 1843 (200MA), 1874 (50DMA), 1880 (monthly highs)

Gold price forecast: gold is limited by rates and inflation

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FOREX-Dollar stabilizes as Fed aid wanes https://ardud.ro/forex-dollar-stabilizes-as-fed-aid-wanes/ Thu, 16 Jun 2022 04:56:08 +0000 https://ardud.ro/forex-dollar-stabilizes-as-fed-aid-wanes/ By Tom Westbrook SINGAPORE, June 16 (Reuters) – The dollar found some footing in Asia on Thursday as initial relief that the Federal Reserve had not gone further than expected in raising rates began to fade in the face of rising expectations. aggressive outlook. Markets had anticipated the Fed’s 75 basis point hike on Wednesday […]]]>

By Tom Westbrook

SINGAPORE, June 16 (Reuters) – The dollar found some footing in Asia on Thursday as initial relief that the Federal Reserve had not gone further than expected in raising rates began to fade in the face of rising expectations. aggressive outlook.

Markets had anticipated the Fed’s 75 basis point hike on Wednesday and had forecast several more after a surprisingly strong inflation reading last week. But the dollar fell after President Jerome Powell’s press conference, before pausing during Asian trading.

It last bought a euro at $1.0440 and got support from US Treasury yields, which fell sharply on Wednesday but started to rise again on Thursday.

The dollar rose 0.4% to 134.25 yen, as the Fed’s rising path contrasted sharply with the Bank of Japan’s determination to set Japanese interest rates near zero.

The Aussie dollar struggled to add much to Wednesday’s upside even as jobs numbers came in stronger than expected. It was last up 0.2% at $0.7016.

The dollar index, which hit a two-decade high of 105.79 on Wednesday, was trading at 104.96.

“The reversal in the dollar index as well as rates after the Fed raised rates by 75 basis points is more than anything else indicative of elevated near-term expectations,” Westpac analysts said in a note. .

“It could pull back to the near-term low of 104, before the uptrend resumes. the index may reach 107 in the third quarter.”

Members of the Fed have significantly raised their projections for the peak in the benchmark funds rate, with the median forecast putting it around 3.8% in 2023, well above the median peak forecast of 2.8% published in march.

This, however, was met with initial relief as it was a bit lower than the 4% and more that the futures markets implied, and as Powell had no surprises in his remarks to reporters.

“Today’s 75 basis point increase is unusually large,” Powell said. “I don’t expect moves of this magnitude to be common. Looking ahead to today, a 50 or 75 basis point increase looks very likely at our next meeting.”

The greenback eased against the New Zealand dollar, but the kiwi struggled to make further progress on Thursday after data showed an unexpected contraction in the economy.

It last bought $0.6290.

The pound fell 0.3% to $1.2145 ahead of a Bank of England meeting later today that is expected to see at least a 25 basis point rise, with swap pricing implying around 80 % chance of a 50 basis point hike.

“Continued acceleration in UK inflation could encourage the BoE to deliver a hawkish message and further support the pound,” said Commonwealth Bank of Australia analyst Carol Kong.

“Nevertheless, we expect markets to reduce their expectations for BoE rate hikes, which will eventually weigh on the pound.”

Traders will also be watching several speakers from the European Central Bank closely after the ECB promised to control borrowing costs for the currency bloc’s periphery after an emergency meeting on Wednesday.

The Bank of Japan is meeting on Friday in a speculative attack on its yield curve control policy that has led to erratic trading in Japanese government bonds this week.

(Reporting by Tom Westbrook; Editing by Lincoln Feast and Kim Coghill)

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Rupee crosses 78/$ level for the first time and plunges to all-time low of 78.28 https://ardud.ro/rupee-crosses-78-level-for-the-first-time-and-plunges-to-all-time-low-of-78-28/ Mon, 13 Jun 2022 21:02:00 +0000 https://ardud.ro/rupee-crosses-78-level-for-the-first-time-and-plunges-to-all-time-low-of-78-28/ MUMBAI: The rupee hit a new low of 78.28 in intraday trading and closed below the 78 level for the first time on Monday as foreign investors sold in equity markets on fears that the US Fed could raise further interest rates. A forex trader said markets were starting to price in another 75 basis […]]]>
MUMBAI: The rupee hit a new low of 78.28 in intraday trading and closed below the 78 level for the first time on Monday as foreign investors sold in equity markets on fears that the US Fed could raise further interest rates.
A forex trader said markets were starting to price in another 75 basis point hike in U.S. interest rates.
The rupiah opened weakly, breaking through the 77 level as foreign investors sold Indian stocks. It crashed to 78.28 in intraday trade before closing at 78.04, 20 paise below Friday’s close of 77.84.
It wasn’t just the rupee, many other currencies including the Japanese yen, Australian dollar and British pound fell against the dollar. The dollar index almost touched 105, with most currencies weakening against the greenback. Bankers say that even if India’s trading partner’s currency depreciated with the rupee, imports would still be more expensive as invoicing is in dollars and most importers have no bargaining power.
On Friday, the United States reported inflation of 8.6% in May, the fastest since December 1981. The trigger for the rise in prices was the shortage caused by the Russian invasion of Ukraine and the closures of China.
“The weakening of the currency is not specific to India, the rupee still outperformed. US inflation of 8.6% spooked the markets. The market expects a bigger and faster rise in interest rates to bring real rates (inflation-adjusted interest) close to neutral,” said Ashhish Vaidya, head of treasury and markets at DBS Bank.
According to Vaidya, higher interest rates could trigger a recession due to the high level of borrowing in the world. While private borrowing is not a problem in India, high government borrowing will result in interest rates that will dampen growth. A slowdown in growth will cause inflation to pause, but supply issues will keep pressure on prices until the conflict subsides.
“Inflation may calm down a bit, but it does not go away quickly. Transmitting more fuel/coal into electricity takes time. When this happens, it can trigger utility inflation,” Vaidya said.
The increase in the value of the dollar will make all imports expensive. This will add to inflation. While a weak rupee is beneficial for exporters, the current macroeconomic environment will make it difficult for exporters to convert the favorable exchange rate into demand.
Rating agency Moody’s recently said four rated companies together hold about $2.5 billion in US dollar-rated bonds maturing over the next 12 months through May 2023. Vedanta Resources accounts for a large portion upcoming maturities, the rating agency said.
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Parity on the charts for USD/CHF before the SNB rate decision https://ardud.ro/parity-on-the-charts-for-usd-chf-before-the-snb-rate-decision/ Sat, 11 Jun 2022 22:00:00 +0000 https://ardud.ro/parity-on-the-charts-for-usd-chf-before-the-snb-rate-decision/ USD/CHF TALKING POINTS Overview of Swiss National Bank interest rates US inflation and upcoming Fed decision IG Client Sentiment: Bullish BASIC CONTEXT OF THE SWISS FRANC On Fridays, the US CPI beat revived dollar bets, causing USD/CHF to test Can reach heights. This printout of data was a key indicator for assessing whether the U.S. […]]]>

USD/CHF TALKING POINTS

  • Overview of Swiss National Bank interest rates
  • US inflation and upcoming Fed decision
  • IG Client Sentiment: Bullish

BASIC CONTEXT OF THE SWISS FRANC

On Fridays, the US CPI beat revived dollar bets, causing USD/CHF to test Can reach heights. This printout of data was a key indicator for assessing whether the U.S. economy had peaked (in terms of inflation) after the April decline. The basic numbers and headlines surprised the markets and reinforced the inflation rhetoric, leaving the Federal Reserve with little choice but to continue on his falcon path. With the US in a relatively strong economic position compared to its European counterparts, the economy can withstand a steeper rate hike path to deal with inflationary pressures. Whereas Oil prices remain strong, I do not see inflation decreasing and is also showing up on the Swiss market.

Currently the Swiss National Bank (SNB) adopted a rather neutral/dovish approach but with inflation exceeding 2% in May, money markets are pricing in a potential rate hike this week with around 20bps price right now. Should the SNB avoid tightening, we could see price action similar to that Japanese yen (JPY) in particular against currencies whose central banks increase rates.

SNB interest rate probabilities

Source: RefineItv

As a precursor to the SNB rate announcement, the Fed’s rate decision will set its interest rate with a consensus around a 50bps jump. The American dollars is likely to remain a bid ahead of the release, leaving little room for Swiss franc support ahead of the SNB. That being said, retail sales in the US could take a hit, giving USD/CHF bears some breathing room.

USD/CHF Economic Calendar

Swiss Franc Price Prediction: Parity Charts for USD/CHF Ahead of SNB Rate Decision

Source: Refinitiv

TECHNICAL ANALYSIS

USD/CHF daily chart

Swiss Franc Price Prediction: Parity Charts for USD/CHF Ahead of SNB Rate Decision

Chart prepared by Warren Venketas, GI

USD/CHF price action shows bulls looking to breach the March 2020 swing high at 0.9901 for the second time since early May 2022. Momentum is therefore reaching overbought levels as shown on the Relative Strength Index (RSI). A daily confirmation candle closing above this level could lead to higher highs next week and potentially the elusive 1.0000 parity mark. If the SNB remains neutral/dovish, this level is highly probable.

Resistance levels:

Support Levels:

IG CUSTOMER SENTIMENT DATA: BULLISH

The IGCS shows that retail traders are currently LONG on USD/CHFwith 62% of traders currently holding long positions (as of today). At DailyFX, we generally take a contrarian view of crowd sentiment, however, due to recent changes in long and short positioning, we are coming to a bullish bias.

Contact and follow Warren on Twitter: @Wenketas

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Nasdaq 100 sinks as ECB gets more hawkish; ASX 200 in danger, eyeing Chinese CPI data https://ardud.ro/nasdaq-100-sinks-as-ecb-gets-more-hawkish-asx-200-in-danger-eyeing-chinese-cpi-data/ Fri, 10 Jun 2022 05:13:23 +0000 https://ardud.ro/nasdaq-100-sinks-as-ecb-gets-more-hawkish-asx-200-in-danger-eyeing-chinese-cpi-data/ Recap of Thursday’s trading session on Wall Street Sentiment notably deteriorated on Wall Street looking back to Thursday’s trading session. Nasdaq 100, S&P 500 and Dow Jones futures fell 2.7%, 2.4% and 1.9% respectively. For all three major benchmark stock indices, that meant the worst daily performance since May 18. With that in mind, what […]]]>

Recap of Thursday’s trading session on Wall Street

Sentiment notably deteriorated on Wall Street looking back to Thursday’s trading session. Nasdaq 100, S&P 500 and Dow Jones futures fell 2.7%, 2.4% and 1.9% respectively. For all three major benchmark stock indices, that meant the worst daily performance since May 18. With that in mind, what seemed to drive the pessimism?

We would have to go back further to the European session when the European Central Bank (ECB) announced its last monetary policy announcement. Until recently, the ECB was considered a relatively dovish central bank. President Christine Lagarde has helped further downplay this notion amid mounting inflationary pressures.

The ECB raised inflation expectations while lowering growth forecasts. He also announced that he would stop buying assets from July, with plans to raise short-term interest rates. So another central bank takes a hawkish turn, amplifying concerns about the flight of cash from financial markets and pushing bond yields higher, undermining risk-sensitive assets. Unsurprisingly, technology was one of the worst performing sectors in the S&P 500 on Thursday – see chart below.

Nasdaq 100 Technical Analysis

On the daily chart, the Nasdaq 100 fell below short-term support, which was around 12465. This highlighted the May low at 11491, which sits just above the extension 100% Fibonacci at 11443. the remaining 24 hours could open the door to a return to last month’s bottom. Otherwise, key resistance appears to be the 61.8% Fibonacci extension at 12904.

Nasdaq 100 Futures Daily Chart

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