The New Zealand dollar has recorded marginal gains on Thursday. NZD/USD is trading at 0.5998 in the North American session, up 0.05%.
08-08-2024 11:32 GMT
by Kenneth Fisher
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The Australian dollar has had a busy week and is showing strong gains on Thursday. In the European session, AUD/USD is trading at 0.6550, up 0.50% at the time of writing.
RBA’s Bullock says rate hikes still on table
Two days after the Reserve Bank of Australia held the cash rate, Governor Bullock reinforced her hawkish stance on monetary policy.
08-08-2024 09:32 GMT
by Kenneth Fisher
Monday, 5 August significant sell-off in the Nikkei 225 has triggered a potential bullish key reversal inflection week.
Citigroup Economic Surprise Index for Japan staged a positive turnaround on Monday, 5 August which suggests an improvement in macro data.
The percentage of Nikkei 225 component stocks trading above their respective 200-day moving averages has reached an extremely low level; a potential capitulation of bearish pressure.
Watch the 30,460 major key support on the Nikkei 225
This
08-08-2024 08:07 GMT
by Kelvin Wong
The Bank of Japan (BoJ) released their summary of opinions, accompanied by bearish comments from BoJ policymakers.
Geopolitical concerns could bolster the Yen, but the safe haven appeal might be divided among the US Dollar, Yen, and Swiss Franc.
From a technical perspective, USD/JPY, GBP/JPY, and EUR/JPY have all rebounded strongly and formed an imperfect morning star candlestick pattern, which typically signals a bullish move.
Most Read: S&P 500, Nasdaq 100 Technical Outlook: Sig
08-08-2024 06:35 GMT
by Zain Vawda
Pullbacks of 5% or more in the S&P 500 are relatively common, having occurred on average three times per year since 1930.
Despite a recent market correction, the S&P 500 is still up 10% year-to-date, and the Nasdaq 100 is up 8.5% year-to-date.
The S&P 500 faces technical resistance at the 100-day moving average (between 5330 and 5267), with further resistance expected at 5391 and 5500.
07-08-2024 13:55 GMT
by Zain Vawda
The Japanese yen’s rally came to crashing halt on Wednesday. USD/JPY has jumped 2.1%, trading at 147.41 in the North American session at the time of writing.
BoJ deputy governor says no hikes during market unrest
The Japanese yen has been on a tear, rising a massive 10.7% since July 11, prior to today.
07-08-2024 13:50 GMT
by Kenneth Fisher
The Canadian dollar has rallied for a third straight day on Wednesday. In the North American session, USD/CAD is trading at 1.3729, down 0.41% on the day at the time of writing.
Canada’s Ivey PMI decelerates
Canada’s Ivey PMI, a useful gauge of economic activity, fell to 57.6 in July, down from 60.0 in June and shy of the market estimate of 62.5.
07-08-2024 11:48 GMT
by Kenneth Fisher
The New Zealand dollar has soared today. In the European session, NZD/USD is trading at 0.6018, up an impressive 1.1% at the time of writing.
New Zealand job growth surprises on the upside
New Zealand’s labour market has been cooling off due to elevated interest rates and the markets were braced for a soft jobs report for the second quarter.
07-08-2024 08:03 GMT
by Kenneth Fisher
Oil prices remain subdued due to recession fears and demand concerns.
US stockpiles unexpectedly increased, adding to the bearish sentiment, EIA data out later today.
Geopolitical tensions in the Middle East and China's economic outlook are also contributing factors.
Most Read: USD/CAD Targets 1.3740 Support as Canada’s Trade Balance Surges
Oil prices continued to struggle yesterday as increasing recession fears kept bullish investors at bay. The prospect of a recession is exacerbating global d
07-08-2024 05:18 GMT
by Zain Vawda
The British pound has posted considerably on Tuesday. GBP/USD is trading at 1.2713 in the North American session, down 0.66% on the day.
06-08-2024 12:06 GMT
by Kenneth Fisher
The USD/CAD pair is declining due to the anticipation of aggressive rate cuts by the US Federal Reserve, which could narrow the interest rate differential between the US and Canada
Canada's better-than-expected trade surplus in June, driven by increased crude oil and gold exports, further strengthened the Canadian dollar.
BoC summary of deliberations and job data releases expected to provide insights into the central bank's views and the employment situation.
06-08-2024 11:34 GMT
by Zain Vawda
The New Zealand dollar is showing strong volatility for a second successive day. Earlier, NZD/USD rose as much as 0.74% to 0.5980 but has pared most of these gains.
06-08-2024 10:44 GMT
by Kenneth Fisher
Gold prices rebounded above $2,400/oz after a dip to $2,364/oz, showing resilience despite a strengthening US Dollar.
Gold benefits from expectations of more aggressive rate cuts and its safe-haven status.
Geopolitical and economic risks in the second half of 2024, along with anticipated rate cuts, should theoretically support the gold rally, but a Middle East peace agreement could complicate the outlook.
06-08-2024 08:48 GMT
by Zain Vawda
The Australian dollar gained ground earlier but has reversed directions and has edged lower. In the European session, AUD/USD is trading at 0.6778, down 0.24% at the time of writing.
RBA maintains cash rate at 4.35%
The Reserve Bank of Australia held the cash rate at 4.35% for a seventh straight time today.
06-08-2024 06:54 GMT
by Kenneth Fisher
Bitcoin prices sharply declined overnight, falling from $58,000 to below $50,000 before recovering to around $55,000.
The drop in Bitcoin's value reflects a souring of market sentiment, with the Crypto Fear and Greed Index falling significantly.
Over $740 million in leveraged positions were liquidated in the last 24 hours, primarily affecting traders with leveraged exposure to Bitcoin and Ether.
Most Read: Markets Weekly Outlook – Rising US Job Fears, Geopolitics in the Spotlight
Bitcoin prices
05-08-2024 13:29 GMT
by Zain Vawda
The euro has posted strong gains on Monday. In the North American session, EUR/USD is trading at 1.0982, up 0.68% on the day at the time of writing.
05-08-2024 11:26 GMT
by Kenneth Fisher
AUD/USD has been the worst performer among the major currencies in the past 4 weeks due to a double whammy slow-down growth effect from the US and China.
RBA's “hawkish hold” monetary policy stance on Tuesday may offer a relief for the AUD/USD.
The recent 6.6% decline in the AUD/USD has almost reached an extreme oversold condition since December 2021.
05-08-2024 08:30 GMT
by Kelvin Wong
The Australian dollar has taken a nasty spill to start off the trading week. AUD/USD dropped as much has 2.5% in the Asian session and fell to its lowest levels since November 2023.
05-08-2024 06:50 GMT
by Kenneth Fisher
Global markets extend losses, Nikkei plummets, Nasdaq 100 enters correction territory.
Selloff attributed to recession fears, profit-taking, and geopolitical tensions.
Goldman Sachs raises recession odds, Australian government increases terrorism threat level.
Nasdaq 100 technical analysis indicates potential for further decline or dip-buying rebound.
Most Read: Markets Weekly Outlook – Rising US Job Fears, Geopolitics in the Spotlight
Global markets extended their losses in Asian trading as co
05-08-2024 05:19 GMT
by Zain Vawda
US jobs data underwhelmed, triggering the SAHM rule, signaling a likely recession.
The Magnificent 7 tech companies have lost nearly $1.75 trillion in market capitalization over the past 10 days.
Rate cut bets for the US face significant revisions with recessionary fears weighing on global markets.
Reserve Bank of Australia (RBA) next week. Will the RBA deliver a dovish pivot.
Read More: EUR/CHF: Medium-term global risk-off kickstarts (Part 2)
Week in Review: US Unemployment Rate Triggers Reces
02-08-2024 13:37 GMT
by Zain Vawda