The euro is drifting on Monday. EUR/USD is down 0.05%, trading at 1.0849 in the North American session at the time of writing.
27-05-2024 10:48 GMT
by Kenneth Fisher
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The Japanese yen has been drifting since late last week and is calm on Monday. USD/JPY is trading at 156.85, down 0.09% on the day at the time of writing.
Ueda: BoJ will proceed with caution
The Bank of Japan has been outlier, as it looks to raise interest rates at a time when other major central banks are aiming to cut rates as inflation falls.
27-05-2024 07:06 GMT
by Kenneth Fisher
The British pound continues to have a quiet week in which it has stayed close to the 1.27 line. GBP/USD is trading at 1.2715, up 0.13% at the time of writing in the European session.
UK retail sales tumbles 2.3%
UK retail spending slumped in April with a 2.3% m/m decline.
24-05-2024 08:21 GMT
by Kenneth Fisher
The 10-year JGB yield has continued to push higher to 1% together with 3-month and 6-month overnight indexed swap (OIS) rates in Japan at 0.12% to 0.17%
The JPY has failed to strengthen despite the bullish movements in JGB yields and OIS rates.
Broad-based US dollar strength and the deceleration in the lagging core-core CPI inflation trend are the main drivers of short-term JPY weakness.
Watch the key short-term support of 155.90 on the USD/JPY.
This is a follow-up analysis of our prior report,
24-05-2024 02:17 GMT
by Kelvin Wong
The Japanese yen is slightly lower on Thursday. USD/JPY is trading at 156.70, down 0.08% on the day at the time of writing.
Japan’s PMIs for April were a mixed bag and the yen didn’t show much reaction.
23-05-2024 09:15 GMT
by Kenneth Fisher
The New Zealand dollar is in positive territory on Thursday. NZD/USD is up 0.38%, trading at 0.6120 in the European session at the time of writing.
23-05-2024 06:03 GMT
by Kenneth Fisher
The euro is slightly lower on Wednesday. EUR/USD is down 0.17%, trading at 1.0836 in the North American session at the time of writing.
Will Fed minutes be hawkish?
It has been a light data calendar in the US, with no tier-1 events until Thursday.
22-05-2024 11:45 GMT
by Kenneth Fisher
The British pound edged higher earlier today but has pared most of those gains. GBP/USD is trading at 1.2703, up 0.06% early in the North American session.
UK inflation declines less than expected
UK inflation fell sharply in April, falling to 2.3% y/y.
22-05-2024 08:49 GMT
by Kenneth Fisher
Momentum and micro factors are likely the key drivers of Nasdaq 100 performance at this juncture.
The current year-to-date (YTD) performance of AI giant Nvidia's share price of 98% has contributed to a significant 47% to 49% of Nasdaq 100 and S&P 500 YTD gains.
22-05-2024 08:08 GMT
by Kelvin Wong
The New Zealand dollar has pushed higher on Wednesday. NZD/USD is up 0.54%, trading at 0.6124 in the European session at the time of writing.
22-05-2024 07:00 GMT
by Kenneth Fisher
Reserve Bank of New Zealand Consumer Price Index
New Zealand Dollar traders eagerly anticipate the Reserve Bank of New Zealand’s Official Cash Rate (OCR), a critical event that can significantly impact the market. Over the past two years, inflation in New Zealand has mirrored global trends.
21-05-2024 20:28 GMT
by Moheb Hanna
The Canadian dollar has edged lower on Tuesday. USD/CAD is up 0.24%, trading at 1.3655 in the North American session at the time of writing.
Canada’s inflation rate sinks to 1.6%
Canada's headline inflation continued to fall in April, dropping to 2.7% y/y, down from 2.9% in March and matching the market estimate.
21-05-2024 10:06 GMT
by Kenneth Fisher
The New Zealand dollar is almost unchanged on Tuesday. NZD/USD is down 0.06%, trading at 0.6102 in the European session at the time of writing.
RBNZ expected to maintain cash rate
The Reserve Bank of New Zealand has shown it can be patient, having held the cash rate at 4.35% for six straight times.
21-05-2024 07:36 GMT
by Kenneth Fisher
The Australian dollar edged lower but recovered in the Asian session. AUD/USD is showing little movement in the European session, trading at 0.6660.
RBA minutes: members discussed rate hike
The minutes of the Reserve Bank of Australia’s meeting earlier this month indicated that members discussed the possibility of a rate hike before deciding to hold the cash rate at 4.35% for a fourth consecutive time.
21-05-2024 04:46 GMT
by Kenneth Fisher
OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week's key economic data and events. Firstly, at the start of a brand new week, Gold (XAU/USD) maintained its bullish tone and rocketed to a fresh record on Monday, 20 May, printing an intraday high of US$2,450 on the backdrop of a potential uptick in geopolitical risk premium arising in the Middle East due to the death of Iranian President Raisi in a helicopter crash.
20-05-2024 22:05 GMT
by Kelvin Wong
The Japanese yen is lower on Monday. USD/JPY is trading at 156.12, up 0.31% in the North American session at the time of writing.
Japanese services activity declines
Japan’s tertiary industry activity for March, a measure of activity in the services sector, posted its first decline this year.
20-05-2024 09:48 GMT
by Kenneth Fisher
The Japanese Government Bond (JGB) market is now anticipating a potential Q2 recovery in the Japanese economy as the 2-year and 10-year JGB yields have rallied to more than a decade high.
The 10-year and 20-year yield premiums of US Treasuries over JGBs have shrunk in the past two weeks which in turn supports a potential bearish reversal in USD/JPY.
However, technical analysis suggests an ongoing potential medium-term uptrend in USD/JPY.
In the short term, watch these two key levels of 157.00 an
20-05-2024 07:26 GMT
by Kelvin Wong
The British pound is almost unchanged on Monday. GBP/USD is trading at 1.2704 in the European session at the time of writing.
The pound is coming off a strong week, with gains of 1.4%.
20-05-2024 07:18 GMT
by Kenneth Fisher
The euro has posted slight losses on Friday. EUR/USD is down 0.28%, trading at 1.0837 in the North American session at the time of writing.
Eurozone CPI steady, core CPI falls
The April inflation report showed that headline inflation remained steady at 2.4% y/y, holding at its lowest level in almost three years.
17-05-2024 07:44 GMT
by Kenneth Fisher
The British pound is down slightly on Friday. GBP/USD is down 0.14%, trading at 1.2648 in the European session at the time of writing.
It has been a good week for the pound, which has gained 1% against the US dollar.
17-05-2024 05:05 GMT
by Kenneth Fisher