AUD/USD soars after US jobless claims surprise
Chinese CPI and PPI decline in May
09-06-2023 04:45 GMT
by Kenneth Fisher
All news & analysis
Stay up-to-date with the latest market developments. Discover breaking news, in-depth analysis, expert commentary, and market insights that affects all asset classes, from forex and commodities to stocks and indices. MarketPulse news will help you stay ahead so you can make informed trading decisions.
AUD/JPY has staged a bullish breakout from its major descending channel and traded back above its 200-day moving average.
Short-term momentum remains positive supported by the 1-hour RSI oscillator.
Key short-term support to watch for AUD/JPY is at 92.70.
The ongoing 11-week up move from the 24 March 2023 low of 86.06 seen in the AUD/JPY has been reinforced by several positive technical elements; the cross pair has rallied by 755 pips (+8.8%) from its 24 March 2023 low to today’s current intrad
09-06-2023 04:05 GMT
by Kelvin Wong
SNB's Jordan hints at a June rate hike
US jobless claims jump
Swiss franc climbs 1.2%
The Swiss franc is showing limited movement on Friday, trading at 0.8998. On Thursday, the Swissie surged higher, gaining 1.2%.
SNB's Jordan signals more rate hikes are coming
It seems that Swiss National Bank head Thomas Jordan doesn't miss an opportunity to warn the markets that inflation is too high in Switzerland.
09-06-2023 03:47 GMT
by Kenneth Fisher
Hang Seng Index has traded back above its key 200-day moving average.
Positive short-term momentum has resurfaced in the past 5 days.
Price actions are now hovering right below a medium-term channel resistance at 19,780.
Fig 1: Hong Kong 33 4-hour trend as of 9 Jun 2023 (Source: TradingView, click to enlarge chart)
This a following-up post on our earlier analysis, “China and HK equities may see the return of positive animal spirits” published on 7 June (click here for more details).
In the
08-06-2023 21:29 GMT
by Kelvin Wong
Oil remains volatile but below pre-US regional banking crisis range
It's been a very choppy week in oil markets, with traders forced to digest the latest compromise deal from OPEC+ against the backdrop of more interest rate hikes and dampening prospects for the global economy. Resilience in the economy now is impressive but the longer it lasts, the more it will be met with higher interest rates that could ultimately deliver a harder landing.
That oil failed to break back into the band it was tra
08-06-2023 13:52 GMT
by Craig Erlam
European stocks ended the day relatively flat while tech is enjoying a bounce in the US on the back of a spike in jobless claims, perhaps an early sign of the labor market weakening.
A well-timed spike in US jobless claims
Jobless claims spiked last week in what could be the start of another trend higher after stabilizing over the last few months. Claims had been expected to rise much earlier than this but for one reason or another, they've stayed remarkably steady.
08-06-2023 13:41 GMT
by Craig Erlam
OANDA Senior Market Analyst Craig Erlam discusses the latest moves in USDCAD after the Bank of Canada surprised markets by restarting its tightening cycle.
08-06-2023 12:44 GMT
by Craig Erlam
US jobless claims jump to 261,000
Eurozone GDP posts back-to-back quarterly declines
EUR/USD climbs sharply
08-06-2023 12:01 GMT
by Kenneth Fisher
Wall Street is clearly in waiting-on-the-Fed mode, but optimism is growing that the Fed might end up being done with their rate hiking cycle. The data-dependent Fed has locked themselves into a skip and that seems to be mostly priced in. Even if we get a somewhat hot inflation report next week, they are likely to keep rates steady at the June 14th meeting. Now that we are seeing weakness in the service sector and overall softness is emerging in the labor market, we should anticipate that the i
08-06-2023 11:24 GMT
by Edward Moya
Bank of Canada raises rates by 25 basis points
US unemployment claims surprise to the upside
Canada releases employment report on Friday
The Canadian dollar is in positive territory on Thursday, after posting gains for two straight days. In the North American session, USD/CAD is trading at 1.3346, down 0.22% on the day.
08-06-2023 09:45 GMT
by Kenneth Fisher
AUD/USD hits one-month high
Lowe warns inflation is too high
China releases inflation on Friday
The Australian dollar has bounced back on Thursday after losing ground on Wednesday. AUD/USD is trading at 0.6681, up 0.42% on the day.
08-06-2023 07:09 GMT
by Kenneth Fisher
OANDA Senior Market Analyst Craig Erlam joins Jonny Hart and Trader Nick to discuss the big stories of the day. They talk about the Chinese trade data, Australia GDP, Bank of Canada, Oil, Gold and the SEC lawsuit against Binance and Coinbase.
07-06-2023 14:29 GMT
by Craig Erlam
Stocks are declining after investors got spooked when the Bank of Canada restarted their rate hiking campaign. Canada’s central bank is viewed as one of the leaders when it comes to being proactive with monetary policy. They were the first to raise rates in 2022 and then put them on hold earlier this year. The BOC is signaling that more rate hikes could come and that has everyone rethinking that the Fed will be done after the July hike.
Oil
Crude prices are higher after the EIA report
07-06-2023 14:10 GMT
by Edward Moya
Wall Street has been on a heightened watch to see if major central banks might be unleashing significantly more tightening and over who will sign Leonel Messi? At the 10am hour in New York, we got answers to both questions. The BBC reported that Lionel Messi has decided not to return to Barcelona and join Inter Miami. Inter Miami has been struggling all season long and saw their odds go from 150/1 to 25/1 to win MLS Cup 2023. If confirmed, this would be massive for consumer spending as MLS g
07-06-2023 11:51 GMT
by Edward Moya
Bank of Canada likely to pause at today's meeting
Fed expected to pause next week
The Canadian dollar is unchanged, trading at 1.3400 in the North American session.
Bank of Canada expected to hold rates
The Bank of Canada meets later today, and the money markets are expecting another pause, which would leave the benchmark rate at 4.5%. The BoC's rate-tightening cycle has been on a "conditional pause", which is another way of saying that rate decisions are data-dependent, especially on inflati
07-06-2023 08:56 GMT
by Kenneth Fisher
Hang Seng Index, Hang Seng TECH Index, and Hang Seng China Enterprises Index have outperformed US and Asia Pacific Ex Japan in the near term.
China’s thematic exchange-traded funds listed in the US have recorded their best outperformance against the MSCI All-World Index since January/March 2023.
An impending cut in China’s major banks’ deposit rates and a weak balance of trade data for May have increased the expectations of a cut to the one-year MLF interest rate next week.
Since last Wednesda
07-06-2023 06:58 GMT
by Kelvin Wong
AUD/USD powers to 1-month high
Australian GDP dips to 0.2%
RBA expected to deliver more rate hikes
The Australian dollar has extended its rally on Wednesday. AUD/USD is trading at 0.6689, up 0.28%.
07-06-2023 05:42 GMT
by Kenneth Fisher
European indices and US futures look a little flat following a mixed session in Asia overnight, as Chinese trade data failed to inspire while Australian GDP pointed to further pain as the RBA continues raising rates.
Disappointing trade figures increase calls for stimulus
Chinese trade data offered further evidence of weakening demand both domestically and abroad, with exports falling particularly hard last month. A 7.5% decline far exceeded the -0.4% expected, while imports actually beat foreca
07-06-2023 04:01 GMT
by Craig Erlam
Oil remains under pressure after Saudi cut
Oil prices are falling again today as Saudi Arabia's attempt to dress up a unilateral move as a group cut fails to have the desired impact. Crude is now trading below the level it ended at Friday which suggests that, despite the knee-jerk reaction on Monday, traders were hedging against broader action from OPEC+ and got a light version of the deal they feared.
While Saudi Arabia remains price-driven, the market is more concerned with the economic outloo
07-06-2023 03:52 GMT
by Craig Erlam
Treasury yields edge higher; 10-year rises 2.3bps to 3.706%
Apple momentum stalls on skepticism with $3,499 headset
VIX touches lowest level since 2021
Stocks
After a valiant attempt at entering a bull market, stocks are wavering as Wall Street contemplates how much more tightening will we see by the Fed. Providing some support for equities was news that Secretary of State Blinken is expected to make a visit to China and meet with key officials. Any progress in cooling tensions with the wor
06-06-2023 13:06 GMT
by Edward Moya