The euro is slightly lower on Tuesday. EUR/USD is trading at 1.0719 in the European session, down 0.19% on the day at the time of writing.
02-07-2024 07:36 GMT
by Kenneth Fisher
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Sovereign credit risk remains elevated in France despite yesterday’s rallies seen in the EUR/USD, CAC 40 & DAX ex-post first round of the French legislative election.
Speculative net capital outflows & bearish sentiment in CAC 40 & DAX may trigger a negative feedback loop into the EUR/USD.
EUR/USD at risk of breaking down below 1.0656
02-07-2024 06:31 GMT
by Kelvin Wong
The Australian dollar has posted slight losses on Tuesday. AUD/USD is trading at 0.6649 in the European session, down 0.15% on the day.
Australian retail sales expected to improve
Australian consumers have been in frugal mood and have reduced their discretionary spending.
02-07-2024 04:57 GMT
by Kenneth Fisher
OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week's key economic data and events. We kicked off the week with the post market reactions to the outcome of the pivotal first round of the France legislative elections that saw Le Pen's far right National Rally party took the lead while French President Macron's centrist alliance dropped to third place, below a far left coalition, New Popular Front party.
02-07-2024 02:25 GMT
by Kelvin Wong
Brent Crude oil prices are rising despite a slight drop in demand from Asia in the first half of 2024.
Inventories data will be important as US summer holidays get into full swing.
Range breakout on the cards... is the $90 a barrel mark out of the question?
01-07-2024 13:07 GMT
by Zain Vawda
The Japanese yen has dropped below the 161 line on Monday. The yen is trading at 161.39 early in the North American session, down 0.35% on the day.
Japan’s GDP revised sharply lower
Japan revised its first-quarter GDP report to -2.9%, y/y, sharply lower than the initial reading of -1.8%.
01-07-2024 09:55 GMT
by Kenneth Fisher
Gold rises as a weaker US Dollar and uncertainty around monetary policy continues.
ISM data later today before all attention turns to US jobs data later in the week.
Trendline break and price action hint at at a potential rise toward the $2370 resistance handle.
Market participants are closely watching for a new catalyst to drive gold prices in a definitive direction.
01-07-2024 08:20 GMT
by Zain Vawda
The euro has started the week with strong gains. EUR/USD is trading at 1.0756 in the European session, up 0.41% on the day at the time of writing.
01-07-2024 06:31 GMT
by Kenneth Fisher
Despite a decline in core PCE numbers, hawkish comments from Fed policymakers cast doubt on a September rate cut.
The first half of 2024 saw a widening gap between growth and value stocks, with the former outperforming the S&P 500.
Concerns over central bank policy divergence and a weakening Yen add to market uncertainty. The week ahead brings key data releases, including US non-farm payroll and unemployment figures.
Chart of the week: S&P 500 RSI divergence hints at further downside.
28-06-2024 15:18 GMT
by Zain Vawda
The euro is almost at a standstill on Friday. EUR/USD is trading at 1.0705, up 0.02% on the day.
28-06-2024 10:03 GMT
by Kenneth Fisher
Today’s Asia session US dollar strength triggered by the first round of the US Presidential Election debate has started to dissipate ahead of US PCE inflation.
The recent 11 days of rally seen in the USD/JPY has reached an overstretched condition.
Short-term bullish exhaustion condition detected on the USD/JPY after a test on the 161.10 short-term pivotal resistance.
The earlier pop-up of the US dollar strength against the major G-10 currencies seen during today’s early Asian session, 28 June
28-06-2024 07:59 GMT
by Kelvin Wong
The Canadian dollar is almost unchanged on Friday. USD/CAD is trading at 1.3704 in the European session.
Canada’s GDP expected to rise 0.3%
Canada’s economy has been in low gear, with a flat GDP reading in March.
28-06-2024 07:57 GMT
by Kenneth Fisher
Japanese yen pushes above 161
The Japanese yen is unchanged on Friday, but has managed to set a new low against the US dollar. The yen is trading at 160.72 in the European session and fell as low as 161.28 earlier, its lowest level since 1986.
Tokyo Core CPI accelerates to 2.1%
Tokyo core CPI, which excludes fresh food and is closely monitored by the Bank of Japan, climbed to 2.1% y/y in June, up from 1.9% in May and above the market estimate of 2%.
28-06-2024 06:44 GMT
by Kenneth Fisher
The euro has gained ground on Thursday. EUR/USD is trading at 1.0707, up 0.26% on the day.
27-06-2024 12:37 GMT
by Kenneth Fisher
Acceptance below $2300/oz remains elusive as bulls return in force.
PCE inflation data culd shake up the markets and provide a stable medium-term outlook for gold prices.
Trendline break hints at potential upside toward $2365-2370/oz area.
Must Read: US Dollar on Edge: how PCE data could shake up the markets
Gold (XAU/USD) prices surged on Thursday following a sharp selloff and a brief dip below the $2300 psychological barrier.
27-06-2024 11:01 GMT
by Zain Vawda
Japanese yen remains below 160
USD/JPY is trading at 160.38 early in the North American session, down 0.25% on the day. The Japanese yen has been trading below 160 on Thursday, after dropping as low as 160.87 on Wednesday, its lowest level since December 1986.
As the yen continues to hit new lows, there are concerns of another intervention from the Bank of Japan in order to stem the currency’s rapid depreciation.
27-06-2024 09:39 GMT
by Kenneth Fisher
What is the US PCE data and why is it important?
Uncertainty regarding the Federal Reserve and US Dollar remains high due to conflicting US data and global inflation concerns.
The upcoming PCE data release is highly anticipated as it may influence the Fed's stance on rate cuts.
The US Dollar Index (DXY) is rangebound ahead of the PCE release. Will 107 finally be revisited?
Most Read: Bitcoin (BTC/USD) Stabilizes: Is this the bottom markets have been waiting for?
Market participants contin
27-06-2024 09:34 GMT
by Zain Vawda
The Australian dollar has posted small gains on Thursday. AUD/USD is trading at 0.6654 in the European session, up 0.10% on the day.
Australian inflation expectations rises to 4.4%
This week’s inflation indicators have risen more than expected, an indication that inflation remains sticky and that the road to the Reserve Bank of Australia’s inflation target band of 2% to 3% will be bumpy.
On Wednesday, the Melbourne Institute Inflation Expectations rose to 4.4% in June, up from May’s 4.1% gain,
27-06-2024 07:47 GMT
by Kenneth Fisher
Nikkei 225 broke above a 4-week range configuration
Market breadth on the TOPIX has improved steadily as more of its component stocks have traded above their respective 200-day moving averages in the past three weeks.
Citigroup Economic Surprise Index for Japan has inched higher since the end of May which suggests an improvement in Japanese macro data.
Watch the 39,230 key medium-term support on Nikkei 225
This is a follow-up analysis of our prior report, “A steeper JGB yield curve may kicksta
27-06-2024 06:12 GMT
by Kelvin Wong
Bitcoin, Ethereum & Cryptocurrency Key Points:
Spot Bitcoin ETF flows show a net inflow of $31 million following 7 days of outflows.
BTC/USD rises around 7% from weekly low yet remains on course for a lackluster month of June.
Mt. Gox may repay up to $8.5 billion worth of crypto starting next month.
SEC Chair Gary Gensler hints at Ethereum (ETH) ETF approval soon.
Most Read: Gold prices under pressure as the Dollar Index (DXY), US Yields Rise
Bitcoin (BTC/USD) rebounded from its weekly low ye
26-06-2024 12:39 GMT
by Zain Vawda