NZD/USD is down 1%
China's Caixin Mfg. PMI contracted in July
The New Zealand dollar continues to show sharp volatility early in the week.
01-08-2023 10:52 GMT
by Kenneth Fisher
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The Japanese yen continues to slide and is down 1.41% this week. In Tuesday's European session, USD/JPY is trading at 143.16, up 0.64%.
Dollar/yen powers above 143
The yen continues to lose ground against the US dollar.
01-08-2023 08:40 GMT
by Kenneth Fisher
RBA pauses rates
Australian dollar slides 1.3%
ISM Manufacturing PMI expected to remain in negative territory
The Australian dollar continues to swing wildly this week. In Tuesday's European session, AUD/USD is trading at 0.6630, down 1.30%.
01-08-2023 06:12 GMT
by Kenneth Fisher
Australia's central bank, RBA has kept its policy cash rate unchanged at 4.1% for the second consecutive month.
The tonality of the latest monetary policy implies that RBA is now data-dependent, and indirectly acknowledged the negative adverse lagged effects of higher interest rates towards economic growth.
Overall, RBA may continue to remain on hold on its policy cash rate at 4.1% for the rest of 2023 which in turn negates any potential major bullish movement of the AUD/USD.
Expectations of in
01-08-2023 02:26 GMT
by Kelvin Wong
AUD underperformed among the major currencies against the USD from 27 to 28 July 2023 ex-post FOMC, ECB, and BoJ.
Split view among economists and interest rates traders on RBA monetary policy decision today.
Short-term bearish downside momentum at this juncture as the AUD/USD failed to trade above the 200-day moving average.
Key short-term resistance on AUD/USD is at 0.6740.
This is a follow-up analysis of our prior report, “AUD/USD Technical: Rebounded right at 200-day moving average” publishe
31-07-2023 23:01 GMT
by Kelvin Wong
Oil poised for best monthly performance since early 2022
Net-long positions in WTI rise to highest levels in 3 months
Goldman says global oil demand has surpassed peak set just before COVID-19
USD/CAD
Canadian dollar
Oil and the loonie are flying high again as global growth prospects improve and on optimism the Fed is done tightening. The Canadian dollar was weakening last week on fears that the BOC's tightening cycle is starting to weigh on the economy. That outlook might change if China
31-07-2023 13:27 GMT
by Edward Moya
Eurozone Q2 GDP returned to growth with a 0.3% advance reading (prior revised higher to 0.0%).
Eurozone core inflation held steady at 5.3%
Stocks have a flat session as traders await NFP Friday
US stocks are wavering ahead of a key Fed survey that should show loan growth is weakening and that the economy should steadily weaken. The Senior Loan Officer Opinion Survey (SLOOS) will tell us how top lending officers feel about the credit outlook.
The US dollar isn’t making any major moves as Wall
31-07-2023 13:16 GMT
by Edward Moya
Eurozone core inflation surprises on the upside
Eurozone GDP accelerates to 0.3%
The euro is showing little movement on Monday. In the North American session, EUR/USD is trading at 1.1023, up 0.06%.
It has been a wild ride for the euro over the past two weeks.
31-07-2023 11:41 GMT
by Kenneth Fisher
BoJ announces JGB purchases
Japanese yen's slide continues
The Japanese yen has extended its slide on Monday and is trading at 142.22, down 0.75% against the US dollar.
BoJ surprises with JGB purchases
The Japanese yen continues to show sharp volatility, which can be attributed directly to moves by the Bank of Japan. On Friday, the BoJ caught the markets by surprise and loosened its yield curve control policy.
31-07-2023 10:35 GMT
by Kenneth Fisher
Australian MI Inflation gauge jumps 0.8%
AUD/USD climbs 0.80%
RBA expected to pause rates on Tuesday
The Australian dollar has started the week with strong gains. In the European session, AUD/USD is trading at 0.6708, up 0.91%.
31-07-2023 06:38 GMT
by Kenneth Fisher
The 4-hour RSI oscillator has traced out a bullish divergence condition at its oversold region.
A break above the 50-day moving average now acts as a 0.8600 intermediate resistance may rekindle another leg of short-term rebound for EUR/GBP.
The next resistance stands at 0.8720 which is also the 200-day moving average.
The recent 157 pips slide seen on the EUR/GBP cross pair from its 0.8701 high printed on 19 July 2023 to 27 July 2023 intraday low of 0.8544 has managed to find support at the fo
31-07-2023 05:48 GMT
by Kelvin Wong
Price actions staged a bullish breakout from a three-month descending range.
Daily MACD trend indicator rose to a five-month high reading above the zero centreline which reinforces a medium-term uptrend condition of the Hang Seng Index.
In the shorter term, a minor pull-back cannot be ruled out due to an extremely overbought reading seen in the hourly RSI oscillator.
Key short-term support to watch will be at 19,700.
One of China’s proxies benchmark stock indices, the Hang Seng Index staged a b
31-07-2023 00:46 GMT
by Kelvin Wong
With inflation steadily cooling, the Fed’s historic tightening campaign appears to be ending. The focus on Wall Street won’t just be inflation but now also economic activity.
The upcoming week will be filled with several economic readings. On Monday, we will see two Fed regional surveys. The MNI Chicago PMI is expected to slightly improve while the Dallas Fed manufacturing activity report remains deeply in negative territory.
28-07-2023 15:17 GMT
by Craig Erlam
OANDA Senior Market Analyst Craig Erlam joins Jonny Hart and Trader Nick to discuss the ECB rate decision and the latest data from the US.
28-07-2023 09:01 GMT
by Craig Erlam
EUR/USD rebounds after 1% fall on Thursday
US GDP for Q1 beats expectations
The euro has bounced back on Friday after sliding 0.99% a day earlier. In the European session, EUR/USD is trading at 1.1018, up 0.38%.
28-07-2023 08:52 GMT
by Kenneth Fisher
Canada's GDP expected to rebound in May
US releases PCE index
The Canadian dollar is almost unchanged on Friday, trading at 1.3223 in the European session. Things could get busier for the Canadian dollar in the North American session, as Canada releases GDP and the US publishes its preferred inflation indicator, the PCE Price index.
Canada's GDP expected to improve in May
Canada's economy stalled in April, as GDP came in at 0.0% m/m.
28-07-2023 06:53 GMT
by Kenneth Fisher
The Japanese yen took investors on a wild ride on Friday but has settled down. In the European session, USD/JPY is trading at 139.54, up 0.05%.
Yen swings wildly after BoJ tweaks yield curve control
The Bank of Japan appears to relish catching the markets with its pants down, and I'll be the first to admit that I was shocked to read that the BoJ had made a shift in policy at today's policy meeting.
28-07-2023 05:20 GMT
by Kenneth Fisher
OANDA Senior Market Analyst Craig Erlam discusses the latest moves in gold on the back of the Fed's interest rate hike.
28-07-2023 05:16 GMT
by Craig Erlam
Bank of Japan maintained its ultra-loose monetary policy but issued a lukewarm hawkish statement to introduce a “flexible” Yield Curve Control programme on the 10-year JGB yield.
JPY strengthen but did not lead to a sell-off in other Asian benchmark stock indices.
Nikkei 225 has managed to trim its intraday loss of -2.60% and ended with a smaller magnitude of -0.4%.
Japanese banks outperformed; the TOPIX-17 Banks ETF rallied by +4.70%.
The new YCC with “greater flexibility” may reduce specul
28-07-2023 04:48 GMT
by Kelvin Wong
ECB hikes rates by 25 basis points
Signals the central bank may pause at the next meeting in September
Euro slides as eurozone yields fall
The ECB raised rates for potentially the final time in the tightening cycle on Thursday, although it refused to give any indication of what will happen going forward.
Instead, the central bank is insisting that decisions will be guided by the economic data and that interest rates will need to remain sufficiently restrictive for some time.
27-07-2023 10:13 GMT
by Craig Erlam