The Australian dollar continues to swing sharply this week. AUD/USD is trading at 0.6641 in the North American session, down 0.71% on the day.
04-06-2024 12:03 GMT
by Kenneth Fisher
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The Swiss franc is in positive territory on Tuesday. USD/CHF is trading at 0.8935 in the European session, down 0.24% on the day.
04-06-2024 06:23 GMT
by Kenneth Fisher
OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week's key economic data and events. Firstly, OPEC+ members did not extend the voluntary cuts of 2.2 million bpd till end of 2024 but instead only until Q3 2024, oil prices reacted negatively due to incoming influx of more supplies after September 2024.
Secondly, market participants have likely fully priced in a 25 bps cut for this coming Thursday, 6 June ECB monetary policy meeting.
04-06-2024 00:19 GMT
by Kelvin Wong
Swiss franc has extended its gains on Monday. USD/CHF is trading at 0.8961 in the North American session, down 0.68%.
Swiss franc rally continues
The Swiss franc posted its strong weekly gain of the year last week, rising 1.35%.
03-06-2024 11:18 GMT
by Kenneth Fisher
The euro has posted slight losses on Monday. EUR/USD is trading at 1.0835 in the European session, down 0.11% on the day.
Eurozone manufacturing close to stabilizing
The eurozone manufacturing sector is still contracting but there is light at the end of the tunnel.
03-06-2024 07:18 GMT
by Kenneth Fisher
The euro has on Friday after edged higher on Friday after eurozone CPI was hotter than anticipated. EUR/USD is trading at 1.0848 in the European session, up 0.27% on the day.
Eurozone inflation accelerates in April
The inflation rate in the eurozone surprised the markets with a hotter-than-expected release for May.
31-05-2024 10:44 GMT
by Kenneth Fisher
The Canadian dollar is showing little movement on Friday, but that could change with the release of Canadian GDP and the US PCE Price index later today. USD/CAD is trading at 1.3660 in the European session, down 0.15% on the day.
Canada’s economy expected to have flatlined in March
Canada’s economy is expected to have remained unchanged in March, after a weak gain in February of just 0.2% m/m, which was less than expected.
31-05-2024 04:33 GMT
by Kenneth Fisher
A further rise in the JGB yields may increase the cost of JPY-funded carry trade strategies.
The pace of the JGB yield upmove has increased significantly since March-end.
A lower-end offered amount of 425 billion yen for BOJ’s scheduled bond-buying programme on 31 May for JGBs with residual maturity of 5 to 10 years may see a further rally in JGB yields.
Watch the key short-term resistance of 158.30 on the USD/JPY.
This is a follow-up analysis of our prior report, “USD/JPY: JPY weakness is back
30-05-2024 13:34 GMT
by Kelvin Wong
The euro is in positive territory on Thursday. EUR/USD is trading at 1.0840 in the North American session, up 0.37% on the day.
Eurozone inflation expected to tick higher to 2.5%
The week wraps up with eurozone inflation on Friday.
30-05-2024 11:46 GMT
by Kenneth Fisher
The Swiss franc has posted strong gains on Thursday after Switzerland’s GDP was hotter than expected. USD/CHF is down 0.83% on the day and is trading at 0.9056 early in the North American session.
30-05-2024 08:51 GMT
by Kenneth Fisher
The euro is quiet on Wednesday. EUR/USD is trading at 1.0840 in the North American session, down 0.14% on the day.
German inflation rises to 2.4%
Germany’s inflation rate rose to 2.4% y/y in May, following a 2.2% gain in each of the past two months.
29-05-2024 10:21 GMT
by Kenneth Fisher
The Australian dollar is showing limited movement on Wednesday. AUD/USD is trading at 0.6647 in the European session, down 0.02% on the day at the time of writing.
What will it take to shake up the Australian dollar?
29-05-2024 05:49 GMT
by Kenneth Fisher
The Australian dollar has edged higher on Tuesday. AUD/USD is trading at 0.6667, up 0.25% on the day at the time of writing.
Australia’s retail sales rise 0.1%, CPI next
Australian consumers remain frugal and cautious, as retail sales rose just 0.1% m/m April.
28-05-2024 10:08 GMT
by Kenneth Fisher
The Japanese yen continues to drift and is showing little movement on Tuesday. USD/JPY is trading at 156.92, up 0.01% on the day at the time of writing.
Corporate service prices jumps, BoJ core CPI dips
Japanese inflation indicators have been a mix this week.
28-05-2024 05:34 GMT
by Kenneth Fisher
OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week's key economic data and events. Firstly, Asian stock markets started the week with a bright spark as more stimulus measures are enacted out from China.
27-05-2024 21:45 GMT
by Kelvin Wong
The potential upcoming interest cut on 6 June from the ECB is likely to have been fully priced in by the markets.
The forward guidance by ECB officials on the timing of subsequent rate cuts is murky and the consensus forecasts for the current Eurozone core inflation deceleration trend may have plateaued in May.
These factors are likely to support a further potential widening of the premium seen in the Eurozone/Switzerland 2-year sovereign bond yield spread.
Watch the key medium-term support of 0
27-05-2024 12:01 GMT
by Kelvin Wong
The euro is drifting on Monday. EUR/USD is down 0.05%, trading at 1.0849 in the North American session at the time of writing.
27-05-2024 10:48 GMT
by Kenneth Fisher
The Japanese yen has been drifting since late last week and is calm on Monday. USD/JPY is trading at 156.85, down 0.09% on the day at the time of writing.
Ueda: BoJ will proceed with caution
The Bank of Japan has been outlier, as it looks to raise interest rates at a time when other major central banks are aiming to cut rates as inflation falls.
27-05-2024 07:06 GMT
by Kenneth Fisher
The British pound continues to have a quiet week in which it has stayed close to the 1.27 line. GBP/USD is trading at 1.2715, up 0.13% at the time of writing in the European session.
UK retail sales tumbles 2.3%
UK retail spending slumped in April with a 2.3% m/m decline.
24-05-2024 08:21 GMT
by Kenneth Fisher
The 10-year JGB yield has continued to push higher to 1% together with 3-month and 6-month overnight indexed swap (OIS) rates in Japan at 0.12% to 0.17%
The JPY has failed to strengthen despite the bullish movements in JGB yields and OIS rates.
Broad-based US dollar strength and the deceleration in the lagging core-core CPI inflation trend are the main drivers of short-term JPY weakness.
Watch the key short-term support of 155.90 on the USD/JPY.
This is a follow-up analysis of our prior report,
24-05-2024 02:17 GMT
by Kelvin Wong