debt ceiling – MaiMarFX

U.S. Debt Deal Passes House Of Representatives

June 1, 2023/in General News & Updates /by MaimarFX

As for the U.S. debt ceiling deal, it passed through the House of Representatives late Wednesday, which translated into chopping swings again, and will now go to Congress for approval. The uncertainty around the question what will follow after a debt deal in terms of interest rates could continuously translate into choppy trading conditions.

GBP/USD

The cable’s support at around 1.23 has proved to hold so far. Provided that sterling remains above 1.2350, we could see a recovery towards 1.2550 and possibly even 1.26. However, we bear in mind the potential for choppy trading conditions and the fact that the pair is approaching overbought territory.

EUR/USD

The euro slipped towards a low of 1.0635, touching the lower descending trendline of its current downtrend channel. We may now see some reversal towards 1.0750-70.

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Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.

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U.S. Dollar Rebound To Continue?

May 15, 2023/in General News & Updates /by MaimarFX

What we saw last week was a sharp U.S. dollar rebound after hawkish comments from the Federal Reserve and still-elevated inflation raised doubts on whether the Fed will pause rate hikes at their next meetings. Since recent Fed speak has tilted toward the hawkish side with some central bankers hinting at the probability that the central bank may not be done raising rates. A speech from Fed chair Jerome Powell is scheduled for Friday. Further concerns remain meanwhile around the debt ceiling while Treasury Secretary Janet Yellen made clear that if raising the debt ceiling is not forthcoming, there will be damage to the U.S. economy and financial markets.

GBP/USD

The pound ended last week lower against the greenback, exiting its recent upward trend channel and entering oversold territory. Meanwhile, the 1.25-mark remains a crucial price level. If sterling is able to climb back above 1.25, the focus shifts back to a resistance around 1.2550-1.26. If 1.25 cannot be recaptured further losses are likely with a potential test of a lower support at 1.2350.

EUR/USD

Taking a look at the weekly chart, a correction from high price levels seemed inevitable and reasonable. Even though the pair entered in shorter time frames oversold territory we prepare for further losses towards 1.0750. However, a crucial support zone ranges from 1.0650 to 1.05 which is likely to dampen selling pressure.

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Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.

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Debt Ceiling Fears Ease, Focus Shifts To NFP Report

October 8, 2021/in General News & Updates /by MaimarFX

Good morning, it’s NFP day. The U.S. payrolls report is estimated to show a gain of 500k jobs in September that could also cement expectations that the Federal Reserve will soon start tapering bond purchases.

As for the U.S. debt ceiling, the risk of a potential default later this month had been averted (at least for now) as Congressional leaders in Washington appeared to agree to a short-term deal to raise the debt limit. However, the short-term agreement does not solve the larger problem of a looming default for the largest global economy.

The U.S. dollar was steady ahead of today’s NFP report which is scheduled for release at 12:30 UTC. If data beat expectations the greenback will further rise as the market can start to price in a more aggressive Fed rate hike cycle.

We will know more later. However, traders should be cautious and brace for higher volatility.

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Short Traders Profit Amid Market Anxiety

October 7, 2021/in General News & Updates /by MaimarFX

Wednesday has been a highly profitable trading day for us as we were able to catch a 100-points-gain while trading the dip in the DAX while elsewhere, all profit targets in the EUR/USD and GBP/USD have been reached as well. The ADP report came in better than expected and although the impact on the greenback was minimal, traders brace for stronger non-farm payrolls tomorrow. These expectations could buoy the U.S. dollar ahead of Friday’s report.

Additionally, the U.S. debt ceiling and the risk of a standoff between the Democrats and Republicans is adding uncertainty. This game of chicken is likely to accompany us through the end of this year.

DAX

The index stopped its fall shy of 14800. A break below 14800 would have generated a stronger sell signal but now that the imminent danger of such break is over, we see a strong rebound towards 15200. For bullish action to resume we must see a break above 15300. A higher target is seen at 15600. On the downside, we would now wait for a break below 14750 in order to shift our focus to 14400.

EUR/USD

The euro follows its steeper downtrend channel with a lower target now seen at 1.1480. If the pair is, however, able to stabilize above 1.1610 we could see a run for 1.17.

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