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USD/JPY: Yen firms up as risk aversion flows grow on rate fears and rising US-China tensions
US weekly jobless claims drop to lowest levels since February Apple shares slide as China's crackdown on iPhone use grows; Losing over $200 billion in market value BOJ's Nakagawa reiterates stance that BOJ and gov't are monitoring FX rates and impact on economy The US dollar index hit its highest level since March as risk aversion runs wild on higher interest rate fears and as global growth concerns spread to the US.  The dollar is poised to have an eight straight week of gains, but that is som
07-09-2023 11:36 GMT by Edward Moya
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BoC hold rates, Canadian dollar hits 5-month low
Bank of Canada holds rates at 5.0% US ISM Services PMI hits 6-month high The Canadian dollar has edged lower on Thursday. In the European session, USD/CAD is trading at 1.3662, up 0.20%. Bank of Canada holds rates at 5.0% The future markets had priced in a hold from the Bank of Canada at a massive 94%, and there were no surprises as the central bank maintained the benchmark cash rate at 5.0%, after back-to-back increases.
07-09-2023 09:24 GMT by Kenneth Fisher
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Japanese yen takes aim at 148
The Japanese yen is slightly higher on Thursday. In the European session, USD/JPY is trading at 147.39, down 0.19%. The yen can't seem to find its footing and has dropped close to 1% this week.
07-09-2023 07:31 GMT by Kenneth Fisher
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Nikkei 225 Technical: Bullish breakout from 2-month descending range
The Japanese Nikkei 225 has outperformed the rest of the world for the dreaded month of August where most global benchmark stock indices recorded their worst losses in three months. Since its 18 August 2023 low, it has recorded a gain of 6.1% as of yesterday, 6 September. 33,000 is the key short-term support to watch. This is a follow-up analysis of our prior report, “Nikkei 225 Technical: Overstretched decline, potential rebound looms” published on 18 August 2023. Click here for a recap. The
07-09-2023 01:55 GMT by Kelvin Wong
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GBP/USD - Sinks to three-month low after BoE monetary policy report hearing
Dovish BoE commentary weighs on the pound Two more rate hikes are still heavily priced in Major support below around the 200/233-day SMA band The monetary policy report hearing can often be a much-hyped but ultimately anti-climactic event, with policymakers sticking to the script whenever possible and the Treasury Select Committee frequently blurring the lines between politics and central banking. While that was probably largely true today, it was interesting that Governor Bailey and his
06-09-2023 17:40 GMT by Craig Erlam
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USD/CAD rally resumes as BOC seen holding rates and amid US economic resilience
Bank of Canada keeps rates on hold(as expected), continues quantitative tightening Fed rate hike odds for the November meeting rise from yesterday’s 39.3% to 49.5% BOC rate hike odds for October 25th seen at 31.1%, with December 6th having a 18.9% chance USD/CAD (daily chart) as of Wednesday (9/6/23) has continued its significant bullishness from last week by surging above key resistance that has been in place since the spring.  The simultaneous release of the BOC decision and US ISM services
06-09-2023 12:43 GMT by Edward Moya
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EUR/USD: Shrugs off hawkish ECB speak; dollar firms after impressive ISM services report
US ISM Services Index unexpectedly surges to a six-month high, boosted on robust new orders and strong hiring ECB's Kazimir prefers a September rate to later and Knot thinks markets underestimating September rate hike chance Euro looks vulnerable to lose all of 2023 gains The dollar’s rise is starting to unnerve everyone.  Last night, both Japanese and Chinese officials attempted to thwart the greenback's rally, but weren’t effective.
06-09-2023 11:21 GMT by Edward Moya
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USD/CAD rises to 22-week high, BoC decision looms
Bank of Canada expected to hold rates at 5.0% US to release ISM Services PMI USD/CAD is trading quietly in Europe at 1.3651, up 0.06%. I expect to see stronger movement in the North American session, with the Bank of Canada making its rate announcement and the US releasing the ISM Services PMI which is expected to show little change. Bank of Canada widely expected to hold rates The Bank of Canada is virtually certain to hold rates at today's meeting, with just a 6% probability of a rate hike,
06-09-2023 06:30 GMT by Kenneth Fisher
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Australian dollar steadies after solid GDP
Australian GDP unchanged at 0.4% RBA holds rates at 4.10% The Australian dollar has edged higher on Wednesday, after sustaining sharp losses a day earlier. In the European session, AUD/USD is trading at 0.6391, up 0.19%. Australia's GDP holds steady in Q2 The Australian economy grew by 0.4% q/q in the second quarter, unchanged from the upwardly revised reading in the first quarter and matching the consensus.
06-09-2023 04:55 GMT by Kenneth Fisher
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USD/JPY Technical: Aroused FX verbal intervention, watch 147.90 and 147.20 intraday
USD/JPY has risen the most among the majors in the past month. The current swift up move of USD/JPY has prompted FX verbal intervention today from Japan’s Ministry of Finance. The current tonality of verbal intervention is the strongest since mid-August 2023 that occurred when the current upward trajectory of USD/JPY is fast approaching a key medium-term resistance zone of 148.40/148.85. Short-term upside momentum has started to wane. This is a follow-up analysis of our prior report, “USD/JPY
06-09-2023 01:48 GMT by Kelvin Wong
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USD/CAD eyes key resistance at 1.3700, pares losses on OPEC driven oil price surge
Loonie pares losses alongside oil price surge Oil rises on OPEC+ action, but may remain a choppy trade on global growth concerns and rising Non-OPEC production $100 oil risk will remain on table throughout the winter USD/CAD Daily Chart After having its worst slide in a month, the Canadian dollar continues to weaken as investors digest the surprise Canadian contraction in the second quarter.   BOC rate hike bets are fading away but an outperformance with European currencies could limit the dow
05-09-2023 11:48 GMT by Edward Moya
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GBP/USD Breaks Down Amid Global Risk-Aversion
EU and China Service PMIs drive global growth concerns UK Final Services PMI revised higher but downward trend remains Fed's Waller (hawk) says "There is nothing that is saying we need to do anything imminent anytime soon." GBP/USD (daily chart) as of Tuesday (9/5/2023) has made a quick and strong breakdown below multiple support levels, indicating a potential bearish breakdown could target the 38.2% Fibonacci level, which resides at 1.2072.  A bearish near-term outlook has been in place over t
05-09-2023 09:46 GMT by Edward Moya
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EUR/USD falls to 3-month low on soft Services PMIs
EUR/USD declines to two-month low Eurozone, Germany Services PMIs indicate contraction Eurozone inflation expectations steady at 3.4% The euro is back to its losing ways on Tuesday, after holding steady a day earlier. In the North American session, EUR/USD is trading at 1.0745, down 0.48%.
05-09-2023 09:42 GMT by Kenneth Fisher
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AUD/USD - Back in decline as the Reserve Bank of Australia remains on hold
RBA leaves the cash rate at 4.1% but signals more tightening may be needed China Caixin services PMI unexpectedly falls to 51.8 AUDUSD tumbles again to test recent support The Australian dollar fell further this morning despite the RBA holding interest rates steady and warning that further tightening may be necessary. The central bank warned that while inflation is declining, a strong labor market and economy remain a risk. What's more, persistent services price inflation which is being seen in
05-09-2023 09:26 GMT by Craig Erlam
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Australian dollar sinks after RBA pause, GDP next
RBA holds rates for third straight time AUD/USD slides 1.3% Australian GDP expected to slow in second quarter The Australian dollar has plunged on Tuesday after the Reserve Bank of Australia held rates at today's policy meeting. In the European session, AUD/USD is trading at 0.6373, down 1.36%. RBA holds rates, as expected The RBA held interest rates at today's meeting for a third straight time, maintaining the official cash rate at 4.10%.  This was the final meeting chaired by Governor Phili
05-09-2023 04:59 GMT by Kenneth Fisher
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