The British pound has extended its losses on Wednesday. In the European session, GBP/USD is trading at 1.2695, down 0.21%.
20-03-2024 07:11 GMT
by Kenneth Fisher
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Gold (XAU/USD) has traded in a tight range of 2% in the past two weeks after it printed a fresh all-time high of US$2,195 on 8 March.
The biggest risk event for today will be the latest Fed FOMC’s dot plot projection on the trajectory of its Fed funds rate; a reduction to two cuts from three cuts for 2024 cannot be ruled out.
Technical analysis suggests potential short-term weakness in Gold (XAU/USD).
Watch the key short-term resistance at US$2,180 on Gold (XAU/USD).
20-03-2024 06:52 GMT
by Kelvin Wong
The Japanese yen has taken a tumble on Tuesday. In the North American session, USD/JPY is trading at 150.67, up 1.02%.
BoJ lifts rates, end yield curve control
The Bank of Japan hiked interest rates for the first time since 2007 at today’s meeting and also abolished the yield control curve to target interest rate at specific levels.
19-03-2024 10:51 GMT
by Kenneth Fisher
The Australian dollar is sharply lower on Tuesday. In the European session, AUD/USD is trading at 0.6507, down 0.80%.
19-03-2024 05:55 GMT
by Kenneth Fisher
No clear forward guidance and “shadow accommodative vibes” in BoJ’s latest monetary policy led to a continuation of the rally in USD/JPY (JPY sell-off).
Cautious now for USD/JPY bulls as it is now resting at the 20/151.95 major resistance zone where both verbal and real FX intervention has occurred in the past.
BoJ Governor Ueda’s press conference later is likely to be critical with near-term key support at 148.70 to watch on the USD/JPY.
Bank of Japan (BoJ) has not created a “shock” to the
19-03-2024 02:18 GMT
by Kelvin Wong
OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week's key economic data and events. Major central banks' monetary policy decisions are the focus of this week; we will have the Bank of Japan (BOJ) with the Reserve Bank of Australia (RBA) on Tuesday, 19 March, the US Fed on Wednesday, 20 March, and Bank of England (BOE) on Thursday, 21 March.
The major policy change is likely to come from BOJ as new fundamental data (better than expected wage hike for Japanese employee
18-03-2024 22:06 GMT
by Kelvin Wong
BOJ Policy Rate
The Bank of Japan is scheduled to announce its Policy Rate, Monetary Policy Statement, and BOJ Press Conference. Japan has held its interest rates at record-low levels for almost 17 years.
18-03-2024 18:35 GMT
by Moheb Hanna
The Australian dollar is showing little movement on Monday. In the North American session, AUD/USD is trading at 0.6655, down 0.07%.
RBA expected to pause
The Reserve Bank of Australia wraps up a two-day meeting on Tuesday and is widely expected to maintain the cash rate at 4.35%.
18-03-2024 14:16 GMT
by Kenneth Fisher
The Japanese yen is showing limited movement to start off the week. In the European session, USD/JPY is trading is almost unchanged at 149.07.
Will the BoJ raise rates on Tuesday?
The Bank of Japan will make its rate announcement on Tuesday and there is a strong possibility that the BoJ will lift interest rates out of negative territory.
18-03-2024 07:50 GMT
by Kenneth Fisher
The recent rally of USD/JPY has ignored fundamentals (biggest Japanese wage hike in 33 years) and hawkish BoJ news flows.
The current bear-steepening trajectory seen in JGB yield curves may indicate mispricing of the recent bout of JPY weakness.
Watch the key short-term resistance of 149.50 on the USD/JPY as BoJ’s monetary decision outcome looms tomorrow, 19 March.
This is a follow-up analysis of our prior report, “USD/JPY: All eyes on Japan's core-core inflation tomorrow” dated 26 Februar
18-03-2024 03:01 GMT
by Kelvin Wong
The euro is steady on Friday, after sustaining sharp losses a day earlier due to the US inflation report. In the North American session, EUR/USD is trading at 1.0893, up 0.09%.
ECB members signal rate cuts coming
The European Central Bank maintained the deposit rate at 4.0% for a fourth straight time at last week’s meeting.
15-03-2024 09:35 GMT
by Kenneth Fisher
The New Zealand dollar continues to lose ground and has dropped more than 1% since Wednesday. In the European session, NZD/USD is trading at 0.6094, down 0.59%.
NZ Manufacturing PMI declines for 12th straight month
New Zealand’s manufacturing industry marked an unhappy anniversary on Friday as the sector contracted for a twelfth straight month (a PMI reading below 50 indicates contraction and above 50 indicates expansion).
15-03-2024 07:01 GMT
by Kenneth Fisher
The Japanese yen has extended its losses against the US dollar for a fourth straight day and is down 1.1% this week. In the European session, USD/JPY is trading at 148.70, up 0.28%.
Japanese unions win big, BoJ considering rate hike
Japan’s largest trade union announced today that workers at Japan’s largest firms would receive a 5.28% salary raise, a huge victory for workers.
15-03-2024 05:23 GMT
by Kenneth Fisher
US PPI jumps 0.6%
New Zealand Mfg. PMI expected to remain in negative territory
The New Zealand dollar has lost ground on Thursday.
14-03-2024 13:36 GMT
by Kenneth Fisher
The Japanese yen is drifting on Wednesday. In the European session, USD/JPY is almost unchanged at 147.77.
It’s a busy day in the US, with the release of retail sales, the producer price index and unemployment claims.
14-03-2024 07:06 GMT
by Kenneth Fisher
The Australian dollar remains close to the 0.66 line, where it has been for most of the week. In the North American session, AUD/USD is trading at 0.6620, up 0.21%.
NAB Business Confidence edges down to zero
The business sector is not feeling very confident about the near-term outlook of the Australian economy.
13-03-2024 11:25 GMT
by Kenneth Fisher
The British pound is drifting on Wednesday. In the European session, GBP/USD is trading at 1.2784, down 0.06%.
UK GDP expands 0.2% in January
It wasn’t a spectacular rebound but the UK economy showed some slight improvement, with GDP rising 0.2% m/m in January.
13-03-2024 08:34 GMT
by Kenneth Fisher
The recent significant increase of a total of 20 bps in the 2-year JGB yield since the start of the year has come in line with the highly anticipated rosy results of the annual wage negotiations in Japan.
In the past week, the JPY crosses have come under downside pressure as the carry trade strategy loses its appeal.
Watch the 168.75 key short-term resistance on the CHF/JPY.
The JPY crosses have continued to face downside pressure in the recent week ahead of key related risk events such as the
13-03-2024 02:14 GMT
by Kelvin Wong
The Japanese yen has looked sharp lately but is considerably lower on Tuesday. In the North American session, USD/JPY is trading at 147.75, up 0.55%.
12-03-2024 14:09 GMT
by Kenneth Fisher
Next week, markets await the Bank of Japan’s policy rate, monetary policy statement, and press conference, market participants are speculating whether the BOJ will raise interest rates for the first time since 2007. Last week, the Yen appreciated by 1.85% against the Euro, as EURJPY dropped from a high of 163.56 to a low of 160.57 as rate speculation began.
12-03-2024 06:23 GMT
by Moheb Hanna