OANDA Senior Market Analyst Craig Erlam discusses the impact of the eurozone and US inflation data on EURUSD ahead of tomorrow's jobs report.
31-08-2023 12:35 GMT
by Craig Erlam
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Strong run continues
Chinese data doesn't hinder the rally
Momentum may be key as price approaches August highs
Oil prices are nudging higher again today, technically on course for a fifth day of gains in six in Brent - six in a row in WTI - although broadly speaking they're just a little above the middle of what appears to be a newly established range.
Brent peaked near $88 a few weeks ago and bottomed around $82 last week as we await more direction on the economy and therefore demand. Data th
31-08-2023 12:29 GMT
by Craig Erlam
Swiss retail sales decline by 2.3%
Swiss inflation expected to dip to 1.5%
US unemployment claims drop to 228,000
US PCE Price Index rises by 3.3%
The Swiss franc has lost ground on Thursday. In the North American session, USD/CHF is trading at 0.8835, up 0.59%.
Thursday's Swiss retail sales for July looked awful, falling 2.3% m/m.
31-08-2023 10:16 GMT
by Kenneth Fisher
Flash HICP in August 5.3% (5.1% expected, 5.3% in July)
Flash core HICP in August 5.3% (5.3% expected, 5.5% in July)
Key moving average provides resistance once again
Eurozone economic indicators this morning have been something of a mixed bag, although traders seem enthused on the back of them rather than disappointed.
We've seen regional data over the last couple of days which gave us some indication of how today's HICP report would look and a drop in the core reading in line with expectation
31-08-2023 08:34 GMT
by Craig Erlam
The euro is lower on Thursday, after a 3-day rally which pushed the currency 1% higher. In the European session, EUR/USD is trading at 1.0861, down 0.57%.
Eurozone CPI steady, core CPI falls
Eurozone inflation was a mixed bag in August.
31-08-2023 07:54 GMT
by Kenneth Fisher
Bullish acceleration within long-term secular uptrend to print a fresh all-time high of 166.60 yesterday, 30 August.
Current minor pull-back of 102 pips from 166.60 all-time high has almost reached a short-term oversold condition as indicated by the hourly RSI.
Key short-term support rests at 165.10.
The cross-pair CHF/JPY has continued its impulsive up-move sequence in the month of August where it rallied by +291 pips as of 31 August 2023 at this time of the writing, capping off a relentless b
31-08-2023 04:56 GMT
by Kelvin Wong
New Zealand business confidence rises
ADP Employment Change falls to 177,000
The New Zealand dollar is almost flat on Thursday, trading at 0.5958 in Europe.
New Zealand Business Confidence improves again
New Zealand's ANZ Business Confidence index accelerated for a fourth straight month in August. The index improved to -3.7, up from -13.1 in July.
31-08-2023 03:59 GMT
by Kenneth Fisher
OANDA Senior Market Analyst Craig Erlam joins Jonny Hart and Trader Nick to discuss the latest data from the US including JOLTS job openings, ADP employment and GDP, and its impact on the markets.
30-08-2023 13:48 GMT
by Craig Erlam
ADP posts 177,000 new jobs but traders not convinced
US Q2 GDP revised lower to 2.1% (2.4% previously)
USD pares six week gains after weaker figures this week
The recovery in equity markets appears to have stalled on Wednesday as traders likely eye the big economic releases later in the week.
The ADP and revised GDP numbers may attract some attention but they were never likely to have too great an impact. The ADP report has long been ignored as a reliable precursor to the NFP report on Friday a
30-08-2023 13:39 GMT
by Craig Erlam
US GDP expanded by 2.1%
ADP Employment slides to 177,000
New Zealand business confidence expected to improve
The New Zealand dollar posted slight gains on Wednesday but then retreated, after sizzling on Tuesday with gains of 1%. In the North American session, NZD/USD is flat at 0.5970.
30-08-2023 13:07 GMT
by Kenneth Fisher
Australian inflation falls to 4.9%
US GDP expected to rise to 2.4%
The Australian dollar has edged lower on Wednesday after sharp gains a day earlier. In the European session, AUD/USD is trading at 0.6473, down 0.10% on the day.
Australia's inflation slips to 4.9%
There was good news on the inflation front as July CPI fell to 4.9% y/y, down from 5.4% in June and below the consensus estimate of 5.2%.
30-08-2023 07:52 GMT
by Kenneth Fisher
Germany to release CPI on Wednesday, Eurozone on Thursday
US consumer confidence and jobs data disappoint
The euro's mini-rally has run out of steam. EUR/USD climbed 0.80% over the past two days but is trading in negative territory on Wednesday.
30-08-2023 05:47 GMT
by Kenneth Fisher
JOLTS job openings slip to 8.827m (9.465m expected, 9.165m previously)
Consumer confidence also falls but the survey is volatile
Is last week's breakout stalling?
29-08-2023 12:38 GMT
by Craig Erlam
Euro slips below 1.08 but recovers
German GfK consumer climate falls
US consumer confidence and job openings decelerate
The euro fell below the 1.08 line on Tuesday after a weak German consumer confidence report but has recovered in the North American session after soft US data. EUR/USD is currently trading at 1.0840, up 0.20%.
Germany is the eurozone's largest economy and is considered the powerhouse of the bloc.
29-08-2023 10:55 GMT
by Kenneth Fisher
The Japanese yen continues to lose ground on Tuesday. In the North American session, USD/JPY is trading at 147.26, up 0.50%.
29-08-2023 09:15 GMT
by Kenneth Fisher
US releases consumer confidence and job openings later on Tuesday
Australia releases CPI on Wednesday
The Australian dollar is in positive territory on Tuesday. In the European session, AUD/USD is trading at 0.6437, up 0.12% on the day.
China's woes raising concerns in Australia
China's economic slowdown is bad news for the Australian economy, which counts China as its biggest export market.
29-08-2023 07:09 GMT
by Kenneth Fisher
OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss the current state of China's economy in the light of positive performance seen today, 28 August on the benchmark CSI 300 and Hang Seng stock indices triggered by a 50% reduction in stock trading levy announced on Sunday, its first cut since 2008 Great Financial Crisis. In contrast, China property developers' debt woes still persist as the share price of China Evergrande plunged by 79% on Monday, their first trading day followin
28-08-2023 13:16 GMT
by Kelvin Wong
German business climate falls for fourth consecutive month
Fed Chair Powell and ECB President Lagarde address Jackson Hole summit
The euro has posted limited gains at the start of the trading week. In the North American session, EUR/USD is trading at 1.0803, up 0.08%.
German Ifo Business Climate declines
The week ended on a sour note as German Ifo Business Climate fell for a fourth straight month in August to 85.7, down from an upwardly revised 87.4 and shy of the market consensus of 86.7.
28-08-2023 11:30 GMT
by Kenneth Fisher
The Japanese yen is trading quietly at the start of the week. In the North American session, USD/JPY is trading at 146.60, up 0.11%.
The yen has plunged 3.05% in August against the US dollar and is trading at its lowest levels since November 2022.
Powell, Ueda speak at Jackson Hole
There was a degree of anticipation as major central bankers gathered at the Jackson Hole summit.
28-08-2023 10:33 GMT
by Kenneth Fisher
Australian retail sales rebounds with 0.5% gain
Fed's Powell keeps door open to further hikes
The Australian dollar started the week with gains but then retreated. In the European session, AUD/USD is trading at 0.6408, up 0.09%.
28-08-2023 07:12 GMT
by Kenneth Fisher