USDMXN Can Be a Good Short With Crude Oil On The Rise
USDCAD has been in a bearish trend since the end of 2022.
USDCAD has been in a bearish trend since the end of 2022.
Today, I want to talk about silver because it’s one of the things that everyone expects to break higher.
The USD has recently demonstrated an upward trend, after higher inflation data last week but still below 3.3% expectations y/y.
Up until now this year, the pound has made significant upward progress, continuing its recovery that began in September 2022 after a massive capitulation, pushing it to levels not seen since 1985 at 1.05.
The USD experienced a strengthening last week while stocks faced a decline, which was influenced by Powell’s statement suggesting the possibility of raising interest rates once or twice more this year.
Crude oil is demonstrating efforts to stabilize following the recent FED rate decision, exhibiting intriguing intraday support around $67.00 per barrel throughout the week.
Last week, the US CPI exceeded expectations with a reading of 5.0%, resulting in a weaker US dollar (USD) at the beginning of the week.
Over the past week, the value of USD has been declining due to bank liquidity issues, starting with Silicon Valley Bank and Signature Bank in the US, and followed by Credit Suisse.
Crude oil has been volatile since start of the year, but only within limited important levels.
We have seen a major reversal on the markets in the last few weeks, firstly after the strong US jobs data for January and then also more dollar strength followed after worse-than-expected US CPI figures.