The Canadian dollar is calm on Friday. In the European session, USD/CAD is trading at 1.3717, up 0.08% on the day at the time of writing.
19-07-2024 06:05 GMT
by Kenneth Fisher
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Japanese authorities have not confirmed whether they have intervened in the market to support the Yen.
USD/JPY broke a long-term descending trendline but found support near the 100-day MA and 155.00 level.
Price Action outlook and potential setups on USD/JPY and GBP/JPY.
Most Read: EUR/USD Rallies Toward Key Confluence Zone Amid Accelerating DXY Selloff
Fundamental Overview
The Japanese Yen is enjoying a stellar week thanks in part to optimism around wage growth as well as rising rate cut optim
18-07-2024 10:09 GMT
by Zain Vawda
The euro has edged lower on Thursday. Early in the North American session, EUR/USD is trading at 1.0919, down 0.18% on the day.
18-07-2024 09:50 GMT
by Kenneth Fisher
The Australian dollar is showing limited movement on Thursday. AUD/USD is trading at 0.6736 in the European session, up 0.10% on the day, up 0.1% at the time of writing.
Job growth shines but unemployment rises
Australia’s employment report for June was a mix, leaving investors scratching the heads.
18-07-2024 06:09 GMT
by Kenneth Fisher
Oil prices are rising due to a significant decrease in US oil inventories, exceeding expectations.
The CCP's third plenum could impact oil prices depending on its policy decisions.
Support and resistance levels are identified.
Most Read: S&P 500, Nasdaq 100 Slide as US Threatens Stricter Restrictions on Chinese Trade
Oil prices are on the offensive this afternoon following US inventories data. In its weekly survey released on Tuesday, the American Petroleum Institute reported that U.S.
17-07-2024 12:06 GMT
by Zain Vawda
The Australian dollar is steady on Wednesday. AUD/USD is trading at 0.6743 early in the North American session, up 0.08% on the day.
Australia releases the June employment report early on Thursday.
17-07-2024 09:56 GMT
by Kenneth Fisher
US trade restrictions on China could significantly impact the semiconductor industry, causing a selloff of chip stocks, including Nvidia and ASML.
ASML's Q2 earnings exceeded expectations despite a decline in net income, but concerns remain about potential revenue loss if restrictions tighten.
Geopolitical tensions between the US and China are expected to intensify, with implications for various sectors, including technology.
17-07-2024 09:31 GMT
by Zain Vawda
The recent 4-week rally of EUR/CHF from 19 June has started to show signs of exhaustion.
The ongoing weakness of the France CAC 40 has triggered a negative feedback loop towards EUR/CHF.
Watch the 0.9780 key short-term resistance on the EUR/CHF.
17-07-2024 08:22 GMT
by Kelvin Wong
Eurozone inflation remained stable at the end of Q2 2024, with core inflation for services and non-energy goods unchanged at 4.1% and 0.7% respectively.
EU services inflation remains persistently high and is unlikely to decrease significantly in the near future. A challenge for the ECB?
EUR/USD is approaching a key resistance zone around 1.0950 ahead of the ECB meeting, which could be pivotal for sustained bullish momentum.
Most Read: Gold (XAU/USD) Hits Record High of $2465/oz Despite Positive
17-07-2024 06:39 GMT
by Zain Vawda
The British pound continues to roll and is up for a sixth straight day. GBP/USD is trading at 1.3038 in the European session, up 0.51% on the day.
17-07-2024 05:44 GMT
by Kenneth Fisher
Gold prices reach a new record high of $2465/oz, driven by post-CPI and rate cut optimism.
Despite a resurgent US Dollar, gold's upward momentum remains strong, briefly dipping before rallying to new highs.
June's US retail sales figures and an upward revision of May's data had minimal impact on gold's rally and market expectations for Fed rate cuts.
16-07-2024 12:17 GMT
by Zain Vawda
The New Zealand dollar has posted sharp losses for a second successive day. NZD/USD is trading at 0.6042 in the North American session, down 0.54% on the day at the time of writing.
16-07-2024 11:52 GMT
by Kenneth Fisher
The Canadian dollar is showing limited movement on Tuesday. In the North American session, USD/CAD is trading at 1.3687, up 0.03% on the day at the time of writing.
Canada’s CPI lower than expected
Canada followed the US and posted a better-than-expected inflation report for June.
16-07-2024 10:26 GMT
by Kenneth Fisher
A bullish rotation in play towards US small-cap Russell 2000 aided by the US Treasury yield curve bull steepener & potential revival of “Trumponomics”.
Potential outperformance of Russell 2000 over Nasdaq 100 in the medium term.
Watch the 2,146/108 key medium-term support on the Russell 2000.
This is a follow-up analysis of our prior report, “US DJIA: UST yield curve un-inversion may help the laggard to catch up” dated 4 July 2024. Click here for a recap.
Since our last publication, the Dow Jo
16-07-2024 07:18 GMT
by Kelvin Wong
The Japanese yen has edged lower on Tuesday. USD/JPY is trading at 158.42 in the European session, up 0.28% on the day at the time of writing.
BoJ likely intervened after US inflation report
The Bank of Japan has been playing a cat-and-mouse game with currency speculators looking to take advantage of the yen’s descent.
16-07-2024 06:59 GMT
by Kenneth Fisher
GBP/USD struggles to break above the 1.3000 level despite softer US data and a dovish comment from Fed Chair Powell.
UK inflation data will be crucial in determining whether GBP/USD can break above 1.3000.
Technical analysis suggests GBP/USD may struggle to break above 1.3000 due to option barriers and overbought RSI.
Most Read: Bitcoin (BTC/USD) Soars Amidst Surging ETF Inflows
Cable is hovering just below the psychological 1.3000 level, with Fed Chair Powell's remarks at the Economic Club of
16-07-2024 05:48 GMT
by Zain Vawda
OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week's key economic data and events. Firstly, the short term impact on global markets after last week's shocking assassination attempt on former US President Donald Trump which has increased his prospects of winning the ticket to the White House in this upcoming November's US Presidential Election according to betting markets.
16-07-2024 02:08 GMT
by Kelvin Wong
The euro keeps pushing higher and is up for a fourth straight day. EUR/USD is trading at 1.0913, up 0.34% on the day.
15-07-2024 11:31 GMT
by Kenneth Fisher
Weak China retail sales, Q2 GDP & the potential return of Trumponomics sparked today’s sell-off seen on the Hang Seng Index.
The Hang Seng Index is still trading above its 17,110 key medium-term support.
Direct fiscal stimulus measures to jumpstart consumer spending in China if announced in the Third Plenum may trigger another round of short-term upmove on the Hang Seng Index.
15-07-2024 08:40 GMT
by Kelvin Wong
Oil prices remain stable despite a turbulent weekend and a strong US dollar.
Chinese economic data, including disappointing GDP growth and declining refinery output, raises concerns about oil demand.
The focus shifts from supply concerns in the US to demand worries in China.
Technical analysis suggests potential for a triple bottom pattern in oil prices, with key support and resistance levels identified.
Most Read: The Week Ahead – ECB Spotlight as Fed Rate Speculations Drive Market Shifts
Oil
15-07-2024 06:49 GMT
by Zain Vawda