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Bank of Japan (BoJ) Preview: Potential Cut in Bond Buying to Aid Ailing Yen?

Hawkish FOMC adds further pressure on the BoJ as USD/JPY advances. Speculation builds that the BoJ will announce a more comprehensive cut to its bond buying programme. Fundamental Overview: FOMC Recap and BoJ Outlook The Japanese continued its slide this morning as USD/JPY edged higher toward the 160.00 psychological level. A brief respite yesterday for USD/JPY which was somewhat of a surprise given the outcome of the Federal Reserve (FOMC) meeting.

13-06-2024 08:31 GMT by Zain Vawda

Nasdaq 100: Minor melt-up sequence may have hit a roadblock

The Dow Jones Industrial Average (DJIA) has given up all its ex-post US CPI intraday gains triggered by losses inflicted on the 10-year US Treasury Note futures. The ongoing weakness seen on the DJIA may act as a drag on the Nasdaq 100. Watch the 19,800 pivotal resistance on the Nasdaq 100 for a potential short-term mean reversion decline scenario to unfold. This is a follow-up analysis of our prior report, “Nasdaq 100: Bullish reversal remains intact supported by positive momentum in 10-year

13-06-2024 07:00 GMT by Kelvin Wong

Gold (XAU/USD) Vulnerable Heading Into US CPI and FOMC Releases

Gold struggles for direction ahead of key US data releases as geopolitics take a backseat. People’s Bank of China (PBoC) pauses gold buying following 18-Month spree. Downside momentum appears to be building as buyers lack conviction. Fundamental Overview Gold has edged higher this week yet remains under pressure heading into the US inflation data release and the FOMC decision.

12-06-2024 07:45 GMT by Zain Vawda

US CPI and FOMC Rate Decision - EUR/USD and USD/JPY Technical Analysis

This week, financial markets are focused on the FOMC interest rate decision, as well as key economic indicators such as CPI and PPI. The Fed's decision comes on the heels of rate cuts by the ECB and BOC, with expectations of a hold on rates in June.

11-06-2024 22:29 GMT by Moheb Hanna

Russell 2000 Technical: A persistent underperformer among the US stock indices

Russell 2000 Technical: A persistent underperformer among the US stock indices The Russell 2000 has recorded its worst relative performance against the S&P 500 in 23 years. Momentum and technical elements have remained lackluster. The Russell 2000 may be the hardest hit if the Fed continues to signal a higher interest rate environment for a longer period. Short-term momentum has turned bearish ahead of tomorrow’s US CPI release & FOMC meeting. Watch the key short-term resistance at 2,065 on the

11-06-2024 09:49 GMT by Kelvin Wong

Aussie edges lower as business confidence slips

The Australian dollar has declined by 0.28% on Tuesday. AUD/USD is trading at 0.6600 in the European session, down 0.16% on the day.

11-06-2024 08:50 GMT by Kenneth Fisher

Euro under pressure as Macron calls snap election

The euro is down for a third straight day and has dropped 1.3% since Thursday. EUR/USD is trading at 1.0731 in the European session, down 0.32% on the day.

11-06-2024 07:26 GMT by Kenneth Fisher

GBP/USD shrugs as UK unemployment rises, GDP next

The British pound is drifting on Tuesday. GBP/USD is trading at 1.2720 in the European session at the time of writing, down 0.08% on the day.

11-06-2024 05:08 GMT by Kenneth Fisher

Market Insights Podcast - All eyes on FOMC, Fed new “dot plot” projections, BOJ, US and China inflation data

OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week's key economic data and events. Firstly, the major key risk event this week will be on Wednesday, 12 June where we have a double dose of US CPI data release for May and US FOMC meeting outcome where the focus will be on the forward guidance of US monetary policy from Fed Chair Powell's press conference and the latest summary of economic projections ("dot plot") release on forecasted inflationary trends and the implied

11-06-2024 01:29 GMT by Kelvin Wong

USD/JPY calm as GDP within expectations

The Japanese yen is calm on Monday. In the North American session, USD/JPY is trading at 156.91, up 0.09% on the day at the time of writing. Japan’s GDP declines Japan’s economy contracted in the first quarter with a weak reading of -1.8% y/y, following a revised 0.4% gain in Q4 2023.

10-06-2024 12:18 GMT by Kenneth Fisher

GBP/USD steady ahead of UK employment data

The British pound has started the week quietly. GBP/USD is trading at 1.2718 in the North American session at the time of writing, down 0.03% on the day. UK job growth expected to shrink The UK releases the May employment report on Tuesday.

10-06-2024 10:46 GMT by Kenneth Fisher

Canadian dollar drops to six-week low after strong US jobs data

The Canadian dollar had a rough week and declined 1% against the US dollar. On Friday, a combination of lukewarm job data out of Canada and a hot US nonfarm payrolls report sent USD/CAD up 0.70%.

10-06-2024 09:04 GMT by Kenneth Fisher

Gold Technical: On the brink of a potential multi-week corrective decline

Gold (XAU/USD) plummeted below its 20-day & 50-day moving averages, and recorded a daily loss of 3.45% last Friday, 7 June; its worst daily performance since November 2020. The main negative catalyst has been a halt in China’s gold purchases in May after 18 consecutive months of buying through its official reserves.

10-06-2024 03:51 GMT by Kelvin Wong

USD/JPY steady despite soft household spending

The Japanese yen is calm on Friday. In the European session, USD/JPY is trading at 155.50, down 0.06% on the day at the time of writing. Japan's household spending slips Japan’s economic activity has been sluggish and household spending, a key driver of economic growth, declined by 1.2% m/m in April.

07-06-2024 06:35 GMT by Kenneth Fisher

Canadian dollar eyes Can., US job data

The Canadian dollar has had a relatively quiet week and has ticked higher on Friday. In the European session, USD/CAD is trading at 1.3683, up 0.10%.

07-06-2024 05:14 GMT by Kenneth Fisher

Euro shrugs as ECB lowers rates to 3.75%

The euro is drifting on Friday. EUR/USD is trading at 1.0892 in the European session, up 0.04% on the day.

07-06-2024 04:06 GMT by Kenneth Fisher

USD/JPY eyes household spending

The Japanese yen is steady on Thursday after showing sharp swings throughout the week. In the North American session, USD/JPY is trading at 156.27, up 0.10% on the day at the time of writing. Japan’s consumers have been holding tight on the purse strings as inflation remains high and economic conditions remain gloomy.

06-06-2024 10:39 GMT by Kenneth Fisher

British pound calm, BoE wage growth expectations fall

The British pound is slightly lower on Thursday. GBP/USD is trading at 1.2771 in the European session at the time of writing, down 0.12% on the day. BoE: Businesses expect lower wage growth The Bank of England released a survey today which showed wage growth expectations for the coming year have fallen sharply.

06-06-2024 07:50 GMT by Kenneth Fisher

EUR/GBP Technical: Hovering at a 21-month low ahead of ECB

The FX market is likely to have fully priced in a 25-bps cut from the ECB today, hence it is likely going to be a non-event. The catalysts that may trigger a significant intraday movement in the FX market are new forward guidance (if any) from ECB President Lagarde and the latest Eurozone inflation trend forecasts. Watch the 0.8540 key short-term resistance on the EUR/GBP.

06-06-2024 07:02 GMT by Kelvin Wong

Euro steady as ECB poised to deliver rate cut

The euro is showing limited movement ahead of the ECB rate decision later today. EUR/USD is trading at 1.0879 in the European session, up 0.10% on the day. ECB likely to cut, but then what? Barring a huge surprise, the European Central Bank will cut its deposit rate later today.

06-06-2024 06:03 GMT by Kenneth Fisher

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