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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

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

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

Podcast - Yen rallies on soft US PMIs, Foot Locker cuts guidance again, EIA report highlights a tight market

OANDA Senior Market Analyst Ed Moya joins Nick Syiek (Trader Nick) to discuss the latest global PMI readings, Foot Locker earnings, and the EIA crude oil report

23-08-2023 16:10 GMT by Edward Moya

USD/JPY: Dollar stays near lows after mixed 20-year auction

Earnings and soft services PMIs sends yields and dollar lower Fed rate hike odds for September 20th meeting stand at 11% (down from yesterday's 16%) Russian mercenary leader Prigozhin may have died in plane crash The US dollar remained near session lows against the Japanese yen after the Treasury's mixed 20-year auction. The bond market rally that started yesterday is holding up after decent demand saw a 4.499% yield, which was higher than the pre-sale yield of 4.490%, and obviously above the

23-08-2023 15:21 GMT by Edward Moya

GBP/USD pares losses after soft PMIs

UK manufacturing and services PMIs decelerate The British pound has edged lower on Wednesday. In the North American session, GBP/USD is trading at 1.2720, down 0.09%. UK PMIs head lower The UK economy continues to cool down, and today's PMI readings showed deceleration in both the manufacturing and services sectors.

23-08-2023 13:36 GMT by Kenneth Fisher

EUR/JPY: Pullback emerges following horrible EZ PMI data

Eurozone August Services PMI fell into contraction territory; dropping from 50.9 to 48.3 Treasuries extend gains after global PMIs disappoint; double digit declines across global 10-year bonds Yen rallies to a 1-week high against the dollar EUR/JPY (a daily char of which is show) as of Wednesday (8/23/2023) displays a noticeable pullback after the euro area's service sector contraction worsened. The 20-nation bloc saw the service sector unexpectedly fell into contraction territory.

23-08-2023 12:33 GMT by Edward Moya

EUR/USD - ECB may be convinced to hold in September after latest data

Eurozone Services PMI falls to 48.3 in August (50.5 expected, 50.9 in July) Eurozone Manufacturing PMI rises to 43.7 in August (42.6 expected, 42.7 in July) Euro testing key support against the US dollar The data from the eurozone was no more promising, particularly Germany - the bloc's largest economy - which has had a harder year than most and looks likely to continue to do so going into next year. There was a slight and unexpected improvement in the manufacturing number.

23-08-2023 12:08 GMT by Craig Erlam

Canadian dollar pares losses after lukewarm retail sales

Canadian retail sales post weak 0.1% gain Markets eye Jackson Hole Symposium as tightening cycles near end The Canadian dollar remains under pressure on Wednesday. In the North American session, USD/CAD is trading at 1.3554, up 0.04%.

23-08-2023 11:30 GMT by Kenneth Fisher

GBP/USD - BoE rate expectations pared back as PMIs point to recession

UK Services PMI falls to 48.7 (50.8 expected, 51.5 in July) UK Manufacturing PMI falls to 42.5 (45 expected, 45.3 in July) Cable tests support but rebounds for the third time The UK services and manufacturing PMI surveys fell well short of forecasts this morning, the former deep into contraction territory. What's more, the weakness was widespread from new orders to hiring and prices paid, which suggests we're not just talking about a blip in the data, but rather the prospect of a recessio

23-08-2023 11:10 GMT by Craig Erlam

Australian dollar steady after lackluster PMIs

Australia's manufacturing and services PMIs ease in August The Australian dollar is slightly lower on Wednesday. In the European session, AUD/USD is trading at 0.6416, down 0.07%.

23-08-2023 07:14 GMT by Kenneth Fisher

D-day for the US stock market as Nvidia earnings loom

The share price performance of Nvidia has been the main driver of Nasdaq 100 outperformance/premium against the rest of the world stock indices ex-US. Lofty expectations have been priced in for Nvidia ahead of its Q2 earnings release today. Several bearish technical elements have emerged in the share price of Nvidia.

23-08-2023 05:15 GMT by Kelvin Wong

British pound eyes PMIs reports

UK order expectations decline Manufacturing and services PMIs are expected to tick lower on Wednesday The British pound started the Tuesday session in positive territory but has given up these gains. In North American trade, GBP/USD is trading at 1.2737, down 0.16%. UK manufacturing continues to sputter The Confederation of British Industry industrial order expectations fell to -15 in August, down from -9 in July and missing the consensus estimate of -13.

22-08-2023 09:08 GMT by Kenneth Fisher

BRICS Summit: Dedollarization risks ease

Xi meets Ramaphosa and discuss how to bolster trade in their own currencies Yuan still weakens despite PBOC’s most forceful fixing on record BRICS might lead to more investment in Africa, potentially bolstering rand The annual BRICS Summit begins in Johannesburg with China’s President Xi meeting South African President Ramaphosa. China and India have enjoyed 25 years of diplomatic ties and are looking to bolster trade and investment with more countries. The three-day summit will be attended b

22-08-2023 08:31 GMT by Edward Moya

NZD/USD climbs ahead of retail sales

NZD/USD posts strong gains on Tuesday New Zealand retail sales are expected to decline by 2.6% The New Zealand dollar has posted strong gains on Tuesday. In the European session, NZD/USD is trading at 0.5959, up 0.55%.

22-08-2023 08:17 GMT by Kenneth Fisher

GBP/USD - Consolidation continues amid promising inflation numbers for the UK

New inflation methodology offers hope for BoE 1.28 could be major resistance point for GBPUSD A break of 1.26 could be bearish signal Recent UK economic data has been a mixed bag, with wages rising at a much-accelerated rate but inflation decelerating as expected. While the Bank of England will be relieved at the latter, the former will remain a concern as wage growth even near those levels is not consistent with inflation returning sustainably to target over the medium term. The ONS released

22-08-2023 05:44 GMT by Craig Erlam

Japanese yen rises as inflation higher than expected

The Japanese yen has bounced back on Tuesday after starting the week with losses. In the European session, USD/JPY is trading at 145.67, down 0.37%. BoJ core inflation rises to 3.3% Earlier today, Japan released BoJ core inflation, one of the central bank's preferred inflation indicators.

22-08-2023 05:11 GMT by Kenneth Fisher

USD/CHF Technical: Potential continuation of medium-term downtrend

The CHF is the second-best performing major currency against the USD based on a one-month rolling basis. The recent four weeks of up move of USD/CHF has flashed out bullish exhaustion conditions that advocate the potential continuation of its medium-term impulsive down move. 0.8800/8830 is the key resistance zone to watch on the USD/CHF. In the past four weeks, the Swiss Franc (CHF) is the second best-performing major currency against the USD where the CHF just depreciated by -1.40% with the GB

22-08-2023 02:40 GMT by Kelvin Wong

USD/CAD: Little Loonie support from oil; Reversal or Fakeout time?

Dollar supported as 10-year Treasury hits 4.34%, highest levels since financial crisis Oil market to remain tight, but so far offers little help for the loonie Loonie was having biggest intra-day gain since end of July The Canadian dollar has been steadily weakening against the greenback since the middle of July. The USD/CAD bullish uptrend appears to be facing some resistance as FX traders anticipate both the Fed and BOC are possibly one more rate hike away from being done with tightening. It

21-08-2023 13:24 GMT by Edward Moya

Euro shrugs after mixed inflation report

Markets show little reaction to Friday's eurozone inflation report Headline inflation falls but core rate unchanged The euro is steady at the start of the week. In the North American session, EUR/USD is trading at 1.0886, up 0.13%.

21-08-2023 11:41 GMT by Kenneth Fisher

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