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GBP/USD Technical: Sterling bulls are in control
BoE Governor Bailey’s speech at the Jackson Hole Symposium reiterated BoE’s cautionary dovish monetary policy stance. Short-term interest rate markets are likely to price in a shallower and slower interest rate cut cycle in the UK. The potential further widening of the 2-year yield premium of UK gilts over US Treasury notes may support a further upmove in the GBP/USD. Watch the 1.3000 key medium-term support on the GBP/USD to maintain its ongoing medium-term uptrend phase. The British pound ste
27-08-2024 06:30 GMT by Kelvin Wong
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Brent Crude - Oil Rallies 3% on Middle East Tension, Libya Production Halt
Brent Crude oil prices have surged by approximately 3% following escalated tensions in the Middle East, notably between Israel and Hezbollah, alongside a production halt in Libya. Libya's internal power struggle has led to the closure of oil fields by the Eastern-Based Government, affecting the country's output of around 1 million barrels per day, further supporting higher oil prices.
26-08-2024 11:11 GMT by Zain Vawda
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Three key charts to watch after Jackson Hole that may impact the US stock market
Fed Chair Powell’s speech in the Jackson Hole symposium has cemented the expectations of a Fed funds rate cut in the upcoming September FOMC meeting. The uncertainty element is the magnitude and the pace of the upcoming Fed funds rate cut cycle. Upcoming key US growth data such as ISM manufacturing, and services PMIs (including their sub-components) as well as labour market data will be heavily scrutinized. An ideal soft-landing scenario in the US economy coupled with a further bull steepening U
26-08-2024 08:33 GMT by Kelvin Wong
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Yen soars as Powell signals rate cuts on the way
The Japanese yen has started the week with slight gains. In the European session, USD/JPY is trading at 144.15, down 0.16% on the day at the time of writing. On Friday, the yen shot up 1.3%, as the US dollar was pummeled by the major currencies following Federal Chair Jerome Powell’s speech at the Jackson Hole Symposium. Powell says Fed poised to cut rates The markets eagerly awaited Jerome’s Powell’s speech at Jackson Hole and heard what they were looking for – an endorsement for a milestone
26-08-2024 07:50 GMT by Kenneth Fisher
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Markets Weekly Outlook - Powell Delivers with Nvidia Earnings, PCE Data Next
Fed Chair Powell signals policy adjustments are needed, emphasizing concerns about labor market weakness. The impact of Powell's remarks on the FX space saw GBP/USD and EUR/USD reach new highs. Markets are pricing in a 34.5% chance of a 50 bps cut and 65.5% of a 25 bps cut at the Federal Reserve's September meeting. US PCE and EU Inflation data are highlights.
23-08-2024 13:13 GMT by Zain Vawda
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Gold (XAU/USD) Retests $2500/oz Ahead of Powell’s Jackson Hole Remarks
Gold prices retest $2500/oz ahead of Fed Chair Powell's Jackson Hole speech. Gold's rebound in the European session and technical analysis suggest bullish momentum. September rate cuts likely already priced in. What impact will Powell's remarks have? Most Read: Japanese Yen Price Action Ideas: USD/JPY, EUR/JPY Gold prices are back at $2500/oz following a long awaited retracement which materialized during Thursdays US session.
23-08-2024 08:33 GMT by Zain Vawda
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NZ dollar slips ahead of retail sales, Powell’s speech
The New Zealand dollar is drifting on Thursday. In the North American session, NZD/USD has fallen to 0.6132 at the time of writing, down 0.41% on the day. The New Zealand dollar continues to have its way with its US counterpart and has soared 4% since July 29. New Zealand retail sales expected to slide The markets are braced for a downturn in retail sales for the second quarter, with a market estimate of -1%, following a 0.5% gain in the first quarter.
22-08-2024 10:45 GMT by Kenneth Fisher
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Japanese Yen Price Action Ideas: USD/JPY, EUR/JPY
The Japanese Yen has seen significant volatility in recent weeks, influenced by factors like US Dollar recovery and mixed Japanese economic data. USD/JPY shows potential for retesting the 150.00 level, with resistance at 146.37 and support around 143.60. EUR/JPY mirrors USD/JPY's movements, with resistance at 163.50 and the potential for a 200-pip rally if it breaches the 200-day MA. Most Read: Bitcoins (BTC/USD) Steady Range: Mt Gox Impact and Future Outlook JPY Fundamental Overview  The Japan
22-08-2024 10:18 GMT by Zain Vawda
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Euro edges lower on mixed eurozone PMI
The euro is steady on Thursday. In the European session, EUR/USD is trading at 1.1136 at the time of writing, down 0.11% on the day. Eurozone services accelerates, manufacturing dips down There was mixed news from the eurozone PMIs, which provide a monthly report card for the services and manufacturing sectors.
22-08-2024 07:25 GMT by Kenneth Fisher
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GBP/USD hits 1-month high, UK PMIs next
The British pound is showing limited movement on Wednesday, after a four-day rally in which it surged 1.7% against the retreating US dollar. GBP/USD is trading at 1.3047 in the North American session at the time of writing, up 0.1% on the day. All eyes on Jerome Powell The annual meeting at Jackson Hole has added significance this year as the Federal Reserve is expected to deliver a milestone rate cut in September.
21-08-2024 09:25 GMT by Kenneth Fisher
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Canadian dollar shrugs as Can. CPI drops to 3-year low
The Canadian dollar is almost unchanged on Tuesday after posting gains over the past two days. In the North American session, USD/CAD is trading at 1.3636 at the time of writing. Canada’s inflation eases to 2.5% Canada’s headline CPI rose to 2.5% year-on-year in July, down from 2.7% in June and matching the market estimate.
20-08-2024 13:16 GMT by Kenneth Fisher
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Australian dollar's rally runs out of steam
The Australian dollar has steadied after pummeling the US dollar over the past two sessions. AUD/USD is trading at 0.6729 in the European session, down 0.04% on the day at the time of writing. RBA minutes: Rates will remain steady The RBA minutes from the meeting earlier this month reiterated that interest rates aren’t expected to fall anytime soon.
20-08-2024 07:06 GMT by Kenneth Fisher
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