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Australian dollar edges up ahead of inflation report
US releases consumer confidence and job openings later on Tuesday Australia releases CPI on Wednesday The Australian dollar is in positive territory on Tuesday. In the European session, AUD/USD is trading at 0.6437, up 0.12% on the day. China's woes raising concerns in Australia China's economic slowdown is bad news for the Australian economy, which counts China as its biggest export market.
29-08-2023 07:09 GMT by Kenneth Fisher
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Hang Seng Index Technical: Downside pressure has eased
The recent three weeks of -13.90% decline has reached a key medium-term support level of 17,530. The latest reading of its daily MACD trend indicator has indicated a possible pause in the medium-term downtrend movement. Key short-term support to watch will be at 17,970 with intermediate resistances at 18,600 and 18,910. The Hang Seng Index is set to record its worst monthly performance since October 2022 as it recorded a month-to-date loss of -9.70% as of yesterday, 28 August 2023, on the track
28-08-2023 21:44 GMT by Kelvin Wong
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Podcast - China property developers' debt woes, US dollar at key juncture as PCE and NFP looms.
OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss the current state of China's economy in the light of positive performance seen today, 28 August on the benchmark CSI 300 and Hang Seng stock indices triggered by a 50% reduction in stock trading levy announced on Sunday, its first cut since 2008 Great Financial Crisis. In contrast, China property developers' debt woes still persist as the share price of  China Evergrande plunged by 79% on Monday, their first trading day followin
28-08-2023 13:16 GMT by Kelvin Wong
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EUR/USD slips to 10-week low after soft German business climate
German business climate falls for fourth consecutive month Fed Chair Powell and ECB President Lagarde address Jackson Hole summit The euro has posted limited gains at the start of the trading week. In the North American session, EUR/USD is trading at 1.0803, up 0.08%. German Ifo Business Climate declines The week ended on a sour note as German Ifo Business Climate fell for a fourth straight month in August to 85.7, down from an upwardly revised 87.4 and shy of the market consensus of 86.7.
28-08-2023 11:30 GMT by Kenneth Fisher
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Yen steady as Ueda sticks to script at Jackson Hole
The Japanese yen is trading quietly at the start of the week. In the North American session, USD/JPY is trading at 146.60, up 0.11%. The yen has plunged 3.05% in August against the US dollar and is trading at its lowest levels since November 2022. Powell, Ueda speak at Jackson Hole  There was a degree of anticipation as major central bankers gathered at the Jackson Hole summit.
28-08-2023 10:33 GMT by Kenneth Fisher
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Retail sales gives Australian dollar brief boost
Australian retail sales rebounds with 0.5% gain Fed's Powell keeps door open to further hikes The Australian dollar started the week with gains but then retreated. In the European session, AUD/USD is trading at 0.6408, up 0.09%.
28-08-2023 07:12 GMT by Kenneth Fisher
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AUD/USD Technical: Potential minor countertrend rebound in progress
Medium-term downtrend phase of AUD/USD has reached an oversold condition with downside momentum easing. Key short-term support to watch will be at 0.6385. Intermediate resistance at 0.6490. The price actions of AUD/USD have been oscillating in a medium-term downtrend phase in place since the 17 July 2023 high which has been reinforced by the bearish breakdown of its former medium-term ascending trendline support from 13 October 2022 low on 9 August 2023. So far, the AUD/USD has plummeted by -5
28-08-2023 01:01 GMT by Kelvin Wong
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Brent Crude - Tentative recovery but growth concerns continue to weigh
Investors becoming wary about the economic outlook Supply cuts remain supportive Head and shoulders neckline provides support Oil prices recovered a little toward the back end of the week after coming under some pressure this month. Supply cuts from OPEC+ continue to support the market but uncertainty over the global economic outlook - sluggish recovery in China, possible recession in the US and Europe - are weighing a little.  Recent economic data has not been encouraging and central banks ar
25-08-2023 10:43 GMT by Craig Erlam
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USD/JPY breaks above 146, Tokyo Core CPI dips to 2.8%
Tokyo Core CPI gains 2.8%, less than expected Powell and Ueda to speak at Jackson Hole symposium USD/JPY has posted small gains on Friday, enough to push above the symbolic 146 line. On the data calendar, Tokyo Core CPI dipped lower and Fed Chair Powell addresses the Jackson Hole Symposium later today. Tokyo Core CPI eases to 2.8% Japan released the Tokyo Core CPI earlier today.
25-08-2023 06:47 GMT by Kenneth Fisher
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Euro falls below 1.08, German business confidence next
Euro falls below 1.08 for first time since June Fed's Harker says interest rates may have peaked The euro has extended its losses for a second straight day. In the European session, EUR/USD is trading at 1.0785, down 0.23% and falling below the 1.08 line for the first time since June.
25-08-2023 03:41 GMT by Kenneth Fisher
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Nasdaq 100 Technical: Bearish momentum reasserts
Bearish elements have emerged at a key inflection/resistance level of 15,415. The leader of the AI boom, Nvidia has shaped a bullish exhaustion where its initial price actions’ exuberance dissipated ex-post Q2 earnings result release. 15,135 key short-term resistance to watch on the Nasdaq 100 to maintain bearish bias. This is a follow-up analysis of our prior reports, “Nasdaq 100 Technical: Minor countertrend rebound” and “D-day for the US stock market as Nvidia earnings loom” published on 15
25-08-2023 01:44 GMT by Kelvin Wong
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EUR/SEK: Riksbank eyes a major krona reversal
Governor Thedeen say krona is fundamentally undervalued Markets fulling pricing in September Riksbank quarter-point rate hike Sweden's government expects economy shrink by -0.8% in 2023 (previously eyed -0.4%) Sweden’s krona has been punished as the economy appears to be headed for a tough recession. Core inflation is coming down too slowly and that will keep the Riksbank hiking even as expectations grow for a lengthy recession.  The krona has not been getting any relief as many Swedes have sta
24-08-2023 14:02 GMT by Edward Moya
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Australian dollar continues sharp swings
Australian dollar slides close to 1% The Australian dollar continues to show strong volatility for a second straight day. In the North American session, AUD/USD is trading at 0.6426, down 0.84%. After a sleepy start to the week, the Aussie is showing some life.
24-08-2023 13:03 GMT by Kenneth Fisher
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USD/JPY: Dollar pares gains after Harker says Fed’s done enough with rates
Atlanta Fed's GDP estimate sees real Q3 GDP growth of 5.9%, up from last week's 5.8% Fed Chair Powell's Jackson Hole Speech is scheduled for tomorrow at 10:05 am EST Fed's Harker (voter) says they've done enough with rates while Fed's Collins (non-voter) more rate hikes may be needed As Wall Street awaits Fed Chair Powell’s Jackson Hole speech, some traders shifted their focus to Federal Reserve Bank of Philadelphia Patrick Harker’s CNBC interview. When talking about interest Harker said, “Righ
24-08-2023 11:56 GMT by Edward Moya
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GBP/USD - Slips for a third day amid cracks in UK economic data
UK yields fall amid economic uncertainty BoE expected to raise rates twice more this year to 5.75% Cable testing key support for a second day The pound is on the decline again on Thursday, having fallen over the last couple of days on the back of some worrying economic figures from the UK. Whether we're talking about a blip in the data or cracks finally appearing in the economy after a very aggressive tightening cycle from the Bank of England, traders are paring back expectations for interest
24-08-2023 10:16 GMT by Craig Erlam
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Japan yen's mini-rally fizzles, Tokyo Core CPI next
Tokyo Core CPI expected to tick lower to 2.9% US to release jobless claims and durable goods orders later on Thursday USD/JPY put together a mid-week rally with gains of 1% but is considerably lower on Thursday.  In the European session, USD/JPY is trading at 145.72, up 0.60%. Markets eye Tokyo Core CPI Japan releases Tokyo Core CPI on Friday, the third inflation report in just over a week. The previous two releases were for July, but Tokyo Core CPI is the first indicator of August inflation,
24-08-2023 08:20 GMT by Kenneth Fisher
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EUR/USD dips ahead of US jobless claims, durable goods orders
Euro yawns after weak German and eurozone PMIs US to release unemployment claims and durable goods orders on Thursday The euro has edged lower on Thursday. In the European session, EUR/USD is trading at 1.0851, down 0.11%. On the data calendar, there are no releases from the eurozone.
24-08-2023 06:26 GMT by Kenneth Fisher
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