Are you following the FOREX.com Research Team on Twitter? If not, you are missing up to the minute updates about market moves, insight in to what, when, why, and where of market moves, as well as links to easily accessible published material as soon as it is finished. Just in case you missed some of our most popular tweets of the week, here’s a Top 5 countdown to catch you up to speed.
5. 7 RETWEETS AND 5 FAVORITES = 12 ACTIONS
Matt Weller started the week with a relatively popular tweet that pointed out the early week strength of WTI. In this tweet he also mentioned how $52-$54 has been a particularly difficult area to pass for the commodity, and so it came to be as it hit $54 and then came crashing back down toward $50 to end the week.
4. (tie) 8 RETWEETS AND 5 FAVORITES = 13 ACTIONS
Matt’s homage to the Daniel Day Lewis film “There Will Be Blood” was fitting due to the CAD’s reliance on the movie’s subject, oil. However, there was no blood for USD bulls who defended the 1.24 floor of this range and kept the pair rangebound for at least another week.
4. (tie) 10 RETWEETS AND 3 FAVORITES = 13 ACTIONS
As the USD has returned with a vengeance following the post Non-Farm Payroll collapse, it appears investors are thinking the same thing that Matt is from this tweet about Service PMI’s in the US. Even Federal Reserve members are getting in on the act as formerly neutral members are appearing a bit more hawkish than we’d expect after an employment miss. If NFP bounces back next month, an interest rate hike could come sooner than many expect which could give the USD even stronger legs on which to stand.
4. (tie) 10 RETWEETS AND 3 FAVORITES = 13 ACTIONS
While Matt may have found it hard to be bearish on Gold when it was still above the $1200 level, the general market evidently didn’t agree. Gold kept on falling as the USD kept on gaining and fell all the way down to $1192 before retaking $1200 on Friday. Now that we’re back above $1200, is it still hard to be bearish at these levels?
4. (tie) 11 RETWEETS AND 2 FAVORITES = 13 ACTIONS
Matt dominated the number four slot in our countdown (and the list so far), and his quick fingers also awarded his tweets activity after the Federal Open Market Committee minutes were released. When the Fed made their monetary policy decision a few weeks ago, the general interpretation was that it was pretty dovish, however, the minutes seemed to indicate they weren’t quite as dovish as we thought. As Matt indicated in this tweet, even though they weren’t ultra-dovish, they did still have a dovish lean.
- 3. 11 RETWEETS AND 3 FAVORITES = 14 ACTIONS
Finally, someone other than Matt made his way to the countdown as Chris Tedder noted that economists surveyed by Bloomberg were unanimous in their predictions of an interest rate cut by the Reserve Bank of Australia in May. While some may argue that “economists agree” are the two most dangerous words in the world of finance, consensus typically gets it right when it comes to central bank actions. If employment figures don’t impress this coming week, the consensus may be upended by some who think a 50 bps cut may be in the works instead of only 25 bps.
2. (tie) 8 RETWEETS AND 9 FAVORITES = 17 ACTIONS
Neal Gilbert also helped to break up Matt’s domination of the Twittersphere with this creatively titled piece on parity in the AUD/NZD. After nearly reaching the parity level earlier in the week, the RBA’s decision to NOT cut interest rates staved off the equating of these currencies. Neal’s assertion was that it was only a matter of time before it gets there due to trends, Fibonacci levels, and the spectacle of the whole thing, but as we end the week, this pair has suddenly started to go sideways. As of this writing though, 1.02 has remained as a ceiling to this pair, and parity is still within shouting distance as the new week begins.
2. (tie) 11 RETWEETS AND 6 FAVORITES = 17 ACTIONS
Not to be denied for too long, Matt returns to the countdown with his Emerging Market Rundown and the quiet domination of the Russian Ruble. Within his piece Matt stated, “a move down to key psychological support at 50.00 may be seen next,” and lo and behold, that is exactly what happened. The USD/RUB fell down to 50.018 before rallying back up to 53.00 to end the week.
1. (tie) 13 RETWEETS AND 8 FAVORITES = 21 ACTIONS
For the third straight week Neal takes the top spot in our countdown with his comment on EUR/USD weakness from the start of the week. Before all was said and done for the week, the EUR/USD fell even further, down to 1.0567, for a total top to bottom decline of 468 pips. While we haven’t seen many parity articles quite yet, they will be sure to come as investors seemed to have bought back in to the King Dollar narrative once again.
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