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Forex: all news & analysis

Explore our comprehensive Forex Archive, an essential resource that provides expert insights on price movements, trends, and the currency market. By analysing past price actions and key events, you can uncover vital market dynamics and elevate your understanding of effective trading strategies. Whether you're focusing on major currency pairs or emerging markets, our archive is packed with information to help you sharpen your trading decisions.

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USD/JPY rallies, Japanese inflation remains above target
USD/JPY climbs above 143 Japan's core CPI remains above 3% The Japanese yen has stabilized on Friday after falling close to 1% a day earlier.  In the European session, USD/JPY is trading at 143.05, down 0.04%. Earlier, USD/JPY touched a high of 143.45, the highest level since early November 2022. On the data calendar, the US releases ISM Services PMI later today.
23-06-2023 05:36 GMT by Kenneth Fisher
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USD/JPY surged to a 7-month high but fundamentals diverge
USD/JPY rallied by 100 pips and broke above 142.50 resistance in yesterday’s NY session. Japan’s headline inflation for May softened but the core-core rate (excluding fresh food & energy) accelerated to 4.3% y/y, a 42-year high. High direct correlation between USD/JPY & Nikkei 225 has dissipated. Watch the next key resistance zone of 145.50/146.10 for USD/JPY. In a stunning move, the USD/JPY has rallied by 100 pips from the start of yesterday, the 22 June US session to print an intraday high of
23-06-2023 02:53 GMT by Kelvin Wong
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Canadian dollar gets boost from sizzling retail sales
Canada's retail sales higher than expected Fed's Powell stays hawkish, signals two rate hikes The Canadian dollar is almost unchanged in the North American session, trading at 1.3165. Canada's retail sales surprise to the upside Canadian retail sales rebounded impressively in April, after declining in March. Headline retail sales jumped 1.1% m/m in April, after a -1.5% reading in March and crushing the consensus of 0.2%.
22-06-2023 11:37 GMT by Kenneth Fisher
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Hawks in charge of Central Bank-a-Palooza (BOE, CBRT, Norges)
BOE raises rates by 50bps to 5.00% (not expected) CBRT raises rates 650bps to 15.00% (less-than-expected) Norges raises rate 50bps to 3.75% (not expected) The European growth picture isn't looking good at all.  After a steady dose of hawkish central bank decisions, it appears clear that tightening from here on out will torpedo the European economy. BOE The BOE’s inflation fight will force them to tank the UK economy.  The British pound rallied after the BOE delivered a half-point rate
22-06-2023 08:55 GMT by Edward Moya
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BoE slams on the brakes again, CBRT a step in the right direction
The Bank of England accelerated its tightening efforts after meeting this week, hiking rates by 0.5% in response to another raft of worrying inflation data. And it's not just yesterday's CPI data that will have caused considerable discomfort for the MPC; the April figures were also far too high and wage numbers we've had in the interim suggest it's becoming increasingly embedded. That had to have caused serious alarm within the BoE, within seven members of the committee anyway. Two policymaker
22-06-2023 07:58 GMT by Craig Erlam
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SNB opts for smaller hike but signals it isn't done yet
The Swiss National Bank slowed the pace of its tightening cycle on Thursday, in line with market expectations but signaled there is more to come. While most central banks would dream of 2.2% inflation right now, the SNB has made clear that there will be no complacency. Today's hike likely doesn't mark the end of its cycle, with another 25 basis points expected in September.
22-06-2023 07:03 GMT by Craig Erlam
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British pound steady ahead of BoE rate decision
BoE expected to raise rates at Wednesday's meeting Powell signals two more rate hikes this year The British pound is calm on Thursday. In the European session, GBP/USD is trading at 1.2786, up 0.15%. It has been a quiet week for the British pound, although I expect to see more movement after the Bank of England announces its rate decision later today. Will BoE deliver 50-bp hike? It would be an understatement to say that BoE hasn't gotten the job down on the inflation front.
22-06-2023 05:24 GMT by Kenneth Fisher
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GBP/USD Technical: Looking to resume minor up move
Recent drop of 156 pips from the current 52-week high of 1.2848 has not damaged GBP/USD minor uptrend. Price actions so far have been trading above upward sloping 13-day moving average now acting as support at 1.2630. Short-term upside momentum seems to have resurfaced as indicated by the hourly RSI oscillator. The ongoing medium-term uptrend phase of GBP/USD in place since the 26 September 2022 low of 1.0359 has hit a current 52-week high of 1.2848 last Friday, 16 June. In the past week, it h
22-06-2023 05:09 GMT by Kelvin Wong
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Hawkish Powell weighs on stocks, 50 basis points on the table for the BoE
European stocks are poised to open a little lower on Thursday, tracking moves we saw in the US on Wednesday following Jerome Powell's appearance in Congress. The Fed Chair appeared before the House Financial Services Committee and very much stuck to last week's script, which should come as a surprise to no one. Inflation is not under control and the vast majority at the Fed believe more rate hikes will be warranted was the message, although we got that from the dot plot. For once, markets are
22-06-2023 03:48 GMT by Craig Erlam
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Oil remains choppy, gold eyes BoE decision
Oil remains choppy but edging towards the upper end of its range Oil prices remain very volatile as we've seen over the last week. Trading has been very choppy as traders have tried to reconcile weaker Chinese growth, slightly more modest support from the PBOC, more hawkish central banks, and resilient economies.
22-06-2023 03:44 GMT by Craig Erlam
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Powell’s higher for longer interest rates spook risk assets and USD
High-duration US stocks underperformed, Nasdaq 100 on track for worst weekly performance since 6 March 2023. US dollar sold off with the USD Dollar Index at risk of breaking below 100.95 key support. Asian stock markets are on weak footing despite the current bout of USD weakness. In his first semi-annual US congressional testimony to the House Financial Services Committee, Federal Reserve Chairman Powell reiterated that the Fed’s current objective is to reduce elevated inflationary pressures t
22-06-2023 03:18 GMT by Kelvin Wong
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Swiss franc drifting ahead of SNB rate decision
Swiss National Bank expected to raise interest rates on Thursday Fed Chair Powell testifies before Congress Wednesday and Thursday The Swiss franc is showing little movement on Wednesday, trading at 0.8984 in the North American session. Will Swiss National Bank deliver a hawkish surprise? The Swiss National Bank will announce its rate decision on Thursday, and the meeting is live, as the markets have priced a 0.50% hike at 60% and a 0.25% at 40%. The current benchmark rate is 1.50%.
21-06-2023 09:15 GMT by Kenneth Fisher
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Is the BoE prepared to step up its inflation fight in light of another devastating inflation report?
Policymakers at the Bank of England will be scratching their heads this morning wondering what they have to do to get inflation down, with the latest CPI report another setback in the central bank's ambition of delivering price stability and a soft landing. While there are many reasons to be confident that inflation should fall sharply over the coming months including lower energy and food price contributions, it's hard to be too optimistic when the data keeps consistently coming in well above
21-06-2023 04:41 GMT by Craig Erlam
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New Zealand dollar slides as consumer confidence stays weak
NZD/USD is down 1.3% this week New Zealand consumer confidence rises Powell to testify before a House Committee on Wednesday The New Zealand dollar is sharply lower for a second straight day. In the North American session, NZD/USD is trading at 0.6148, down 0.83%. New Zealand consumer confidence rises New Zealand Westpac consumer confidence accelerated to 83.1 in May, up from 77.7 in April and above the consensus of 76.2 points.
20-06-2023 10:15 GMT by Kenneth Fisher
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GBP/USD lower ahead of UK inflation
UK inflation expected to fall to 8.4% on Wednesday BoE likely to raise rates on Thursday Fed Chair Powell to testify before House committee on Wednesday The British pound is lower on Tuesday. In the European session, GBP/USD is trading at 1.2739, down 0.41%. UK inflation expected to ease The UK releases the May inflation report on Wednesday and BoE policy makers will be hoping that inflation continues to trend lower.
20-06-2023 08:56 GMT by Kenneth Fisher
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US return could boost activity, focus remains on BoE and UK inflation
Stock markets remain slightly in the red on Tuesday but activity should pick up with the return of Wall Street from the long bank holiday weekend. The focus this week remains on the central banks and whether we are as close to the end of the tightening cycle as everyone wants to believe. While there is the temptation to take what the Fed and others say with a small pinch of salt given their record over the last couple of years and the fact that any pivot was always likely to come late, they hav
20-06-2023 04:49 GMT by Craig Erlam
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