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New Zealand dollar sinks after RBNZ cuts by 50 bps

The New Zealand dollar is sharply lower on Wednesday. NZD/USD is trading at 0.6079 in the European session, down 0.96% on the day. RBNZ slashes rates to 4.75% The Reserve Bank of New Zealand lowered the cash rate by 50 basis points on Wednesday to 4.75%.

09-10-2024 07:12 GMT by Kenneth Fisher

Gold (XAU/USD) Heads Toward $2600/oz Ahead of FOMC Minutes and US CPI

Gold prices fell in the US session after a positive European session, influenced by renewed US Dollar strength and concerns about China's economic slowdown. Despite the pullback, ETF demand for gold remains strong, and geopolitical risks in the Middle East persist, suggesting buying pressure remains. From a technical analysis perspective, gold has broken out of a recent range, and further support and resistance levels are identified.

08-10-2024 13:31 GMT by Zain Vawda

NZD/USD - RBNZ poised to cut, but how much?

The New Zealand dollar is down for a sixth straight day and has fallen 3.6% during that time. NZD has stabilized on Tuesday and is trading at 0.6120 in the North American session, down 0.07% on the day. RBNZ expected to chop rates by 50 bps The Reserve Bank of New Zealand meets on Wednesday and is widely expected to a cut rates, but by how much?

08-10-2024 10:22 GMT by Kenneth Fisher

USD/CHF Technical Outlook: Confluence Area Hints at Bullish Breakout

USD/CHF is poised for a potential bullish move following a recent breakout, supported by a confluence of technical and fundamental factors. The Swiss National Bank's preference for a weaker CHF and the repricing of Fed rate cut expectations contribute to the bullish outlook. Upcoming US CPI and PPI data releases could further fuel the USD rally and drive USD/CHF to new highs. Most Read: Brent Crude – Oil Eyes $80 a Barrel as Geopolitical Concerns Linger, Libya Production Returns USD/CHF is eyei

08-10-2024 08:36 GMT by Zain Vawda

Australian dollar lower, RBA keeps options open

The Australian dollar has extended its losses for a sixth straight day and is down 2.5% during that period. In the European session, AUD/USD is trading at 0.6736, down 0.29%. RBA minutes: Board considered scenarios for raising and lowering rates The Reserve Bank of Australia released the minutes of its September meeting on Tuesday.

08-10-2024 08:13 GMT by Kenneth Fisher

Australian dollar falls ahead of RBA minutes

The Australian dollar has started the week in negative territory. In the North American session, AUD/USD is trading at 0.6760, down 0.40%.

07-10-2024 11:59 GMT by Kenneth Fisher

Brent Crude - Oil Eyes $80 a Barrel as Geopolitical Concerns Linger, Libya Production Returns

Oil prices are rising due to geopolitical tensions in the Middle East, particularly the potential for an Israeli attack on Iranian oil facilities. Despite increased Libyan oil production, prices continue to climb, indicating market sensitivity to potential supply disruptions. Experts predict that Brent crude could reach $90 or even $100 per barrel if Iranian oil exports are disrupted.

07-10-2024 10:45 GMT by Zain Vawda

USD/JPY soars as rate hike hopes chilled

The yen has stabilized after massive losses last week. In the North American session, the USD/JPY is trading at 148.03 at the time of writing, up 0.45%. Ishiba's U-turn sends yen reeling The yen is coming off a spectacularly bad week with a 4.5% decline.

07-10-2024 09:43 GMT by Kenneth Fisher

Pound falls to 3-week low, markets expect BoE cut in November

The British pound continues to lose ground on Monday after a dismal week. In the European session, GBP/USD is trading at 1.3063, down 0.48% on the day and its lowest level since October 12.

07-10-2024 07:35 GMT by Kenneth Fisher

Russell 2000: Soft to no-landing is supporting another bullish upleg

Better than expected US non-farm payrolls & unemployment rate for September have revived the soft to non-landing narrative. The Citigroup US Economic Surprise Index has improved significantly since August. The improvement in US economic growth prospects is likely to benefit the Russell 2000 at least in the medium-term. This is a follow-up analysis of our prior report, “Russell 2000: Another laggard catch-up play as UST yield curve bull steepening firms up” dated 16 July 2024. Click here for a r

07-10-2024 06:49 GMT by Kelvin Wong

Markets Weekly Outlook - Jobs Report May Lead to Cautious Fed, US CPI Next

Strong US jobs report shifts Fed rate cut expectations from 50 bps to 25 bps. Geopolitical tensions in the Middle East drive up oil prices and safe-haven assets. Upcoming US inflation data and RBNZ rate decision in focus for the week ahead. Oil prices surge on Middle East tensions, with key support and resistance levels identified.

04-10-2024 16:26 GMT by Zain Vawda

USD/JPY Technical: Recent mean reversion rebound in US dollar strength may have hit a ceiling

The recent week of Japanese yen weakness is likely driven by “political jawboning” The current jump in the JPY implied volatility index has reached an overstretched condition that suggests a potential pause in the recent USD/JPY’s up move. A break below 143.60 intermediate support on the USD/JPY may trigger renew weakness. This is a follow-up analysis of our prior report “USD/JPY Technical: Mean reversion rebound in progress within a medium-term downtrend” published on 23 September 2024.

04-10-2024 06:16 GMT by Kelvin Wong

NFP Preview - US Jobs Report and Potential Impact on the S&P 500

US Non-Farm Payroll (NFP) data release is highly anticipated amidst shifting expectations of a Fed rate cut. Market predictions for the NFP report vary, with analysts split on expected figures. S&P 500 technical analysis reveals a bullish triangle pattern, will the bulls finish the week strong?

04-10-2024 05:54 GMT by Zain Vawda

US Dollar Index (DXY) Extends Gains, BoE Governor Bailey Remarks Weighs on GBP/USD

The US Dollar Index (DXY) has seen a strong rally this week, fueled by expectations of a 25 bps Fed rate cut in November and safe-haven flows amid rising Middle East tensions. Meanwhile, the GBP/USD pair experienced a sharp selloff following comments by BoE Governor Bailey. The NFP report and US unemployment rate will be key catalysts for both the DXY and GBP/USD tomorrow. Most Read: JPY Price Action Ideas: EUR/JPY, GBP/JPY and USD/JPY US Dollar Index Starts Q4 with a Bang

03-10-2024 13:12 GMT by Zain Vawda

WTI Oil: Rising geopolitical risk premiums and China stimulus may have created a medium-term floor at US$67.55-65.70/barrel

The recent sell-off of 18% in WTI crude oil since August has stalled. An increase in hostilities in the Middle East and impending fiscal stimulus measures from China are likely to trigger a medium-term trend change in oil prices. Technical factors suggest a further potential rebound in WTI crude oil towards the next medium-term resistance zone at US$78.30/80.30. This is a follow-up analysis of our prior report “WTI Oil: At the risk of a further drop to retest major range support of US$73.15-71.

03-10-2024 07:54 GMT by Kelvin Wong

JPY Price Action Ideas: EUR/JPY, GBP/JPY and USD/JPY

The Japanese Yen faces uncertainty due to a new PM, snap elections, and shifting market sentiment. Despite a strong US Dollar and GBP, the Yen saw a temporary boost from safe-haven flows amid geopolitical risks. USD/JPY is range-bound, with a potential breakout above 146.37 hinting at a run toward 150.00. Most Read: EUR/USD Update – Euro Vulnerable on Rate Cut Bets and Safe Haven Flows The Japanese Yen is going through a bumpy week with a new PM incoming, snap elections and modest safe haven ga

02-10-2024 12:13 GMT by Zain Vawda

EUR/USD Update - Euro Vulnerable on Rate Cut Bets and Safe Haven Flows

The Euro's appeal has diminished due to expectations of ECB rate cuts, fueled by softer economic data and dovish policymaker comments. The US Dollar is gaining strength amid Middle East tensions, potentially attracting safe-haven flows. EUR/USD has formed a double top pattern at 1.1200 and is facing immediate support at 1.1000. Most Read: Nasdaq 100 Technical: Failure bullish breakout with rising geopolitical risk The Euro has lost some of its appeal over the past two weeks as softer data has i

02-10-2024 09:23 GMT by Zain Vawda

Japanese yen slides as political drama continues

The yen is sharply lower on Wednesday. In the European session, the USD/JPY is trading at 144.82 at the time of writing, up 0.89%. New finance minister makes markets uneasy In Japan, the dust is yet to settle on the political drama.

02-10-2024 07:34 GMT by Kenneth Fisher

Nasdaq 100 Technical: Failure bullish breakout with rising geopolitical risk

Nasdaq 100 has reintegrated back below its most recent medium-term swing high of 19,880. Nvidia is now showing leadership weakness which may trigger a jump in VIX, in turn setting up a potential multi-week corrective decline sequence in the Nasdaq 100. Market breadth has turned lacklustre as the Nasdaq 100 component stocks have recorded lesser new 52-week highs in the past four weeks. The Nasdaq 100, a higher beta index among the major US stock indices due to its higher weighted concentration o

02-10-2024 05:57 GMT by Kelvin Wong

Changing of the Guard at the Swiss National Bank

The Swiss franc is calm on Wednesday. In the European session, USD/CHF is trading at 0.8454, up 0.13% on the day. SNB welcomes Schlegel – will he bring more of the same? Martin Schlegel has taken over as the new president of the Swiss National Bank, replacing long-term head Thomas Jordan.

02-10-2024 04:46 GMT by Kenneth Fisher

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