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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

USD/JPY punches above 146, BoJ inflation next

USD/JPY pushes above 146 line Bank of Japan's Core CPI is expected to ease to 2.7% The Japanese yen has posted significant losses on Monday. USD/JPY is trading at 146.23 in the North American session, up 0.57% on the day.

21-08-2023 10:39 GMT by Kenneth Fisher

EUR/USD: The Jackson Hole Dollar Playbook

2-year Treasury yield rises 3.7bps to 4.979% (supports Fed's higher for longer push) Dollar softens as risk appetite tentatively returns following last week's stock market rout Fed Chair Powell to speak at Jackson Hole Symposium on Friday The fate of the dollar will not solely depend on what Fed Chair Powell says at Jackson, but on several other factors. Will Nvidia’s earnings reignite the AI trade and provide much needed relief to tech stocks?

21-08-2023 10:24 GMT by Edward Moya

Podcast - China stock market hit 9-month low, further downside risk in Nasdaq 100 as Jackson Hole looms

OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to decipher the current bearish performance of China stock market as its key CSI 300 benchmark stock index sank to a 9-month low and the implications of Fed Chair Powell's keynote address on the upcoming Jackson Hole Economic Symposium on the longer-term equilibrium interest rate while momentum elements of long duration risk assets such as Nasdaq 100 are exhibiting risk of further downside pressure. https://open.spotify.com/episode/2QVJo6

21-08-2023 08:28 GMT by Kelvin Wong

WTI Oil Technical: Potential bullish reversal to resume medium-term uptrend

The recent decline of -6.8% from its 10 August 2023 high has not damaged the medium-term uptrend phase of WTI oil. Today’s price actions have indicated a revival of a short-term uptrend phase. Watch the key short-term support at US$80.90. This is a follow-up analysis of our prior report, “WTI Oil Technical: Time for a potential short-term pullback” published on 15 August 2023. Click here for a recap. The price actions of West Texas Oil (a proxy of WTI crude oil futures) have indeed shaped the

21-08-2023 08:06 GMT by Kelvin Wong

Another rough week for the Australian dollar

AUD/USD close to 9-month lows China fails to cut 5-year LPR The Australian dollar is steady at the start of the new trading week. In the European session, AUD/USD is unchanged at 0.6404.

21-08-2023 06:45 GMT by Kenneth Fisher

AUD/JPY Technical: Watch 92.80 key downside trigger level

Weak medium-term momentum may kickstart a medium-term downtrend phase for AUD/JPY. Key short-term resistance stands at 93.70 with a potential downside trigger at 92.80. This is a follow-up analysis of our prior report, “AUD/JPY: Minor downtrend remains intact” published on 28 June 2023. Click here for a recap. Since its 19 June 2023 high of 97.67, the price actions of the AUD/JPY have continued to shape lower highs despite a retest and rebound on its key 200-day moving average after it printed

21-08-2023 02:29 GMT by Kelvin Wong

Week Ahead - Powell's Jackson Hole Speech will be Must-See TV

The main event for next week will be the Kansas City Fed’s Jackson Hole Symposium. Fed Chair Powell’s speech will reiterate that more rate hikes might be needed and that rates should stay higher for longer. With the recent surge with real yields, Fed Chair Powell can acknowledge that policy is restrictive and that future rate cuts could eventually be warranted as long as inflation has been defeated.

18-08-2023 14:30 GMT by Edward Moya

BTC/USD: Bitcoin crash triggers massive liquidations

Bitcoin fell to a two-month low as $1billion of losses occurred over past 24 hours Elon Musk's SpaceX reportedly sold all its Bitcoin, after writing down holdings in 2021 and 2022 Bitcoin under pressure as global risk aversion leads to de-risking moment Bitcoin’s plunge stemmed from nervousness about the looming US Bitcoin ETF decisions and on concerns that China’s property crisis could lead to further downward pressure for risky assets. Now that Bitcoin fell below the key trading range of $28

18-08-2023 13:27 GMT by Edward Moya

USD/JPY: Yen struggles to act like safe-haven this week as stocks have worst week since March

Soft landing hopes fizzle as real yields hit highest levels in a decade China jitters remain as Evergrande files for US bankruptcy Dollar index posts best win streak since May 2022 The Japanese yen is no longer acting like a safe haven currency. With global stocks having the worst week since March, dollar-yen appears poised to finish the week higher. Wall Street has had a major reset, and now believes that interest rates will stay higher for longer, and is fearful that the Fed might have to d

18-08-2023 12:00 GMT by Edward Moya

USD/JPY - yen gains ground as core inflation slows

Japan's core CPI eases in July The decline supports expectations that BoJ will maintain policy USD/JPY has dipped lower on Friday The Japanese yen has extended its gains on Friday. In the North American session, USD/JPY is trading at 145.29, down 0.38%. The month of August has been kind to the US dollar, which has posted strong gains against all of the major currencies.

18-08-2023 10:19 GMT by Kenneth Fisher

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