OANDA Senior Market Analyst Craig Erlam discusses EURUSD as we await some huge economic data releases and the Fed rate decision in two weeks.
09-03-2023 11:52 GMT
by Craig Erlam
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The Canadian dollar has edged higher on Thursday and trading slightly below the 1.38 line. The Canadian dollar is struggling and has declined by 1.5% this week.
Bank of Canada holds rates
As widely expected, the Bank of Canada took a breather at Wednesday's meeting and maintained the cash rate at 4.50%.
09-03-2023 09:43 GMT
by Kenneth Fisher
US stocks erased losses after some softening labor data helped cool down this week’s surging Fed rate hike bets. Wall Street is hoping we are about to see a quicker cooling of the labor market, but we probably won't see major positioning until after Friday's NFP report.
Fed Chair Powell seems to have signaled they will accelerate the tightening pace to a half-point rate rise if we get both a hot NFP and inflation reports.
09-03-2023 09:26 GMT
by Edward Moya
The Japanese yen is showing strength on Thursday. In the European session, USD/JPY is trading at 136.27, down 0.79%.
Kuroda's last hurrah
After 10 years at the helm of the Bank of Japan, Governor Kuroda chairs his final policy meeting on Friday.
09-03-2023 04:34 GMT
by Kenneth Fisher
OANDA Senior Market Analyst Ed Moya reviews the latest market news with Jonny Hart. They discussed Fed Chair Powell's hawkish testimony, another round of strong second tier labor data, Bank of Canada rate decision, and cryptos.
08-03-2023 16:06 GMT
by Edward Moya
The euro has stabilized on Wednesday after sustaining sharp losses a day earlier. In the European session, EUR/USD almost unchanged, trading at 1.0550.
German retail sales sink
Germany, the bellwether of the German economy, continues to post soft data.
08-03-2023 12:29 GMT
by Kenneth Fisher
The Canadian dollar has steadied on Wednesday, after sliding 1% a day earlier. Later today, the Bank of Canada meets for its monthly meeting.
BoC likely to pause
The Bank of Canada is widely expected to take a pause at today's meeting and maintain the cash rate at 4.50%.
08-03-2023 06:32 GMT
by Kenneth Fisher
The Australian dollar has stabilized on Wednesday after a dreadful outing a day earlier. In the European session, AUD/USD is trading just below the 0.66 line.
AUD/USD sustained its second most bearish day this year on Wednesday, with a staggering decline of 2.1%.
08-03-2023 04:34 GMT
by Kenneth Fisher
Fed Chair Powell killed risk appetite with a hawkish first day on Capitol Hill. Powell said that the Fed will likely need to raise interest rates more than expected due to the recent strong data and is prepared to move in larger steps if the "totality" of incoming information suggests more needs to be done to bring down inflation.
US stocks did not stand a chance after Fed Chair Powell convinced markets that policymakers are comfortable taking this rate hiking campaign much higher.
07-03-2023 15:28 GMT
by Edward Moya
US stocks are slightly higher ahead of Fed Chair Powell’s Congressional testimony. Everyone is expecting Fed Chair Powell to deliver his best hits of ‘we have more work to do’ and ‘higher for longer’. Powell might not commit how much higher rates will go, but he will keep the door open for the Fed’s dot plots to move higher. Lawmakers will argue that we don’t need to see a recession to bring inflation back to target. Powell will likely signal that Americans could see economic pain later this
07-03-2023 07:46 GMT
by Edward Moya
USD/CHF has rebounded on Tuesday, ending a rally that saw the Swiss franc climb over 1%. In the European session, USD/CHF is trading at 0.9344, up 0.40%.
Swiss inflation higher than expected
Switzerland released the February inflation report on Monday and the reading was higher than expected.
07-03-2023 07:44 GMT
by Kenneth Fisher
The Australian dollar continues to lose ground and is sharply lower on Tuesday. In the European session, AUD/USD is trading at 0.6676, down 0.81%.
07-03-2023 05:06 GMT
by Kenneth Fisher
It's shaping up to be another relatively flat day in the markets as investors turn their attention to Capitol Hill ahead of Jerome Powell's first testimony.
The Fed Chair will appear before the Senate Banking Committee later today to testify on the semi-annual monetary policy report. These events naturally attract a lot of attention but the reality is the Chair's performance is usually quite polished and uncontroversial, and the occasion itself can drag on and frequently venture away from topic.
07-03-2023 03:49 GMT
by Craig Erlam
The Japanese yen is drifting at the start of the week. In the North American session, USD/JPY is trading just under the 136 line.
Japan's wage growth expected to slow
Japan will release Average Cash Earnings for January later today.
06-03-2023 12:47 GMT
by Kenneth Fisher
The Canadian dollar is coming off a relatively quiet week but that could change as there a host of key releases this week. Ivey PMI kicks things off later today, followed by the Bank of Canada rate decision on Wednesday and the February employment report on Friday.
Canada's Ivey PMI recorded a massive rebound in January, climbing from 33.4 all the way to 60.1 points.
06-03-2023 07:29 GMT
by Kenneth Fisher
The Australian dollar is under pressure at the start of the new trading week. AUD/USD is trading at 0.6735 in Europe, down 0.50%.
RBA expected to hike by 25 bp
The RBA is widely expected to raise rates by 25 basis points on Tuesday, which would bring the cash rate to 3.60%, the highest level in a decade.
06-03-2023 05:15 GMT
by Kenneth Fisher
OANDA Senior Market Analyst Craig Erlam talks about how gold is trading ahead of a big week for the US.
03-03-2023 19:26 GMT
by Craig Erlam
The euro has steadied on Friday after sustaining sharp losses on Thursday. In the European session, EUR/USD is trading at 1.0615, up 0.18%.
Lagarde says more hikes could be coming
The markets were treated to somewhat hawkish comments ECB President Lagarde on Thursday, who kept the door open to further rate hikes beyond the expected 50-bp move at the March 16th meeting.
03-03-2023 08:32 GMT
by Kenneth Fisher
The Japanese yen has gained ground on Friday. In the European session, USD/JPY is trading at 136.17, down 0.44%.
Tokyo Core CPI eases
There was some positive news on the inflation front, as Tokyo Core CPI for February slowed for the first time since January 2022.
03-03-2023 07:26 GMT
by Kenneth Fisher
The British pound is down sharply on Thursday, as the US dollar has recorded strong gains against the major currencies. In the European session, GBP/USD is trading at 1.1930, down 0.80%.
In the UK, the economic calendar is unusually quiet this week, with no tier-1 releases. This put BoE speak in the spotlight, with the highlight being a speech from BoE Governor Bailey on Wednesday.
02-03-2023 12:58 GMT
by Kenneth Fisher