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EUR/USD - USD/JPY - USD/CAD Technical Analysis Overview ahead of US CPI and Retail Sales

Talking Points US Consumer Price Index - US CPI US Retail Sales EUR/USD Daily Chart - Technical Analysis USD/JPY Daily Chart - Technical Analysis USD/CAD Weekly Chart - Technical Analysis US Consumer Price Index - US CPI The core CPI, which excludes Energy and food products, came in at 3.8% in March, slightly higher than 3.75% in February 2004. The uptick was mainly driven again by a rise in the cost of services.

15-05-2024 06:58 GMT by Moheb Hanna

Gold Technical: Stagflation risk and a softer US 10-year Treasury real yield are supporting the bulls

Stagflation risk has led to a softer US 10-year Treasury real yield below 2.38%. The 6% decline of Gold (XAU/USD) from its recent all-time high in April may have reached an inflection point to kickstart another potential medium-term impulsive bullish sequence. Watch the key short-term support of US$2,327 on Gold (XAU/USD). This is a follow-up analysis of our prior report, “Gold Technical: A floor may have been formed for the bulls” published on 6 May 2024.

15-05-2024 06:36 GMT by Kelvin Wong

Australian dollar higher, wage growth dips lower

The Australian dollar has extended its gains on Wednesday. AUD/USD is up 0.24%, trading at 0.6642 in the European session at the time of writing. Has Australia’s wage growth peaked? Australian wages rose less than expected in the first quarter, a sign that inflationary pressures may be easing. The wage price index rose 0.8% q/q in the first quarter, down from a revised 1% in Q4 2023 and below the market estimate of 0.9%.

15-05-2024 06:13 GMT by Kenneth Fisher

AUD/USD gains ground ahead of wage growth

The Australian dollar has posted gains on Tuesday. AUD/USD is up 0.19%, trading at 0.6620 in the North American session at the time of writing. Australian wage growth expected to remain unchanged Australia’s wage growth for the first quarter is expected to remain unchanged.

14-05-2024 10:56 GMT by Kenneth Fisher

EUR/USD steady as German confidence index rises

The euro is drifting on Tuesday. EUR/USD is up 0.07% on Tuesday, trading at 1.0798 in the European session at the time of writing. German inflation steady, confidence higher Germany’s inflation rate remained unchanged in April at 2.2% y/y, matching the market consensus.

14-05-2024 08:16 GMT by Kenneth Fisher

A steeper JGB yield curve may kickstart another bullish leg in the Nikkei 225

Nikkei 225 has undergone a 4-week corrective decline of 10.6% since its 41,088 all-time high printed on 22 March. Nikkei 225 major uptrend phase in place since 4 January 2023 remains intact. BoJ’s recent announcement on its reduction of 5 to 10-year JGBs purchases has led to a spiked up in JGBs yields that implied BoJ may have loosened its grip on “yield control”. A further steepening on the JGBs yield curve may trigger a positive feedback loop back into the Nikkei 225. This is a follow-up ana

14-05-2024 07:16 GMT by Kelvin Wong

Pound edges lower as UK labor market cools

The British pound has posted slight losses on Tuesday. GBP/USD is down 0.08%, trading at 1.2548 in the European session at the time of writing. UK job growth slides The UK labor market continues to show cracks as job growth was sharply lower in today’s employment report.

14-05-2024 06:37 GMT by Kenneth Fisher

Market Insights Podcast - US CPI , Fed Speak from Powell, China retail sales and industrial production looms

OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week's key economic data and events. Firstly, after a slew of Fed Speak from officials Bowman, Daly, Bostic, Collins, Kashkari, and Barkin last week that erred towards a "higher-for-longer" approach in terms of the direction of the Fed funds rate; for this week, market participants will hear from the helm of the Fed, Chair Powell's view via his public speeches on Tuesday (14 May).

13-05-2024 20:36 GMT by Kelvin Wong

Japanese yen under pressure, BoJ trims bond purchases

The Japanese yen has edged lower on Monday. USD/JPY is up 0.26% on the day and is trading at 156.17 at the time of writing.

13-05-2024 11:25 GMT by Kenneth Fisher

GBP/USD higher with eye on employment report

The British pound is slightly higher on Monday. GBP/USD is up 0.20%, trading at 1.2549 in the European session at the time of writing. UK job growth expected to slide The UK labor market has held up well despite high interest rates but cracks have appeared and Tuesday’s job report is expected to be soft.

13-05-2024 08:04 GMT by Kenneth Fisher

NZ dollar edges lower as inflation expectations fall

The New Zealand dollar has edged lower on Monday. NZD/USD is down 0.17% on the day, trading at 0.6009 in the European session at the time of writing. NZ inflation expectations ease to 2.3% New Zealand’s inflation expectations fell to 2.3% in the second quarter, its lowest point since Q3 2021.

13-05-2024 05:04 GMT by Kenneth Fisher

NZ dollar dips as Manufacturing PMI contracts

The New Zealand dollar is lower on Friday. NZD/USD is down 0.31% on the day, trading at 0.6015 in the European session at the time of writing. New Zealand manufacturing has been in a prolonged slump and the April Manufacturing PMI remained in contraction, with a reading of 48.9, up from 47.1 in March.

10-05-2024 08:24 GMT by Kenneth Fisher

Hang Seng Index: Oversold-led positive animal spirits overshadowed currency war risk

The Hang Seng Index has transformed into a medium-term uptrend phase with key support at 17,110. Momentum factor is now taking a front seat over fundamentals such as the deflationary risk spiral. A softer than-expected China CPI and PPI prints for April may further erode consumer confidence. A yuan devaluation cannot be ruled out to offset weak domestic demand via a boost in export growth that can spark a currency war. This is a follow-up analysis of our prior report, “Hang Seng Index: Potentia

10-05-2024 05:37 GMT by Kelvin Wong

Canadian dollar quiet ahead of jobs data

The Canadian dollar is almost unchanged on Friday. USD/CAD is up 0.03%, trading at 1.3680 in the European session at the time of writing. Canada’s job growth expected to rebound Canada releases the April employment report later today.

10-05-2024 05:25 GMT by Kenneth Fisher

British pound listless despite strong GDP

The British pound is drifting on Friday. GBP/USD is up 0.05%, trading at 1.2531 in the European session at the time of writing. UK GDP rises 0.6% The British economy grew by 0.6% q/q in the first quarter, higher than the market estimate of 0.4% and above the Q4 2023 decline of 0.3%.

10-05-2024 04:18 GMT by Kenneth Fisher

Pound shows little reaction as BoE holds rates

The British pound is showing limited movement on Thursday. GBP/USD is up 0.15%, trading at 1.2515 in the North American session at the time of writing. Bank of England maintains rate at 5.25% The Bank of England kept the cash rate unchanged at 5.25% for a sixth straight time in a widely expected move.

09-05-2024 11:35 GMT by Kenneth Fisher

NZ dollar rises ahead of Manufacturing PMI

The New Zealand dollar has made gains on Thursday. NZD/USD is up 0.33% on the day, trading at 0.6024 in the North American session at the time of writing. New Zealand manufacturing has been in the doldrums and the April manufacturing PMI, which will be released on Friday, is expected to show contraction, with a forecast of 48.5.

09-05-2024 10:52 GMT by Kenneth Fisher

Japanese yen lower after BoJ minutes

The Japanese yen has posted a three-day slide and is in negative territory on Thursday. USD/JPY has risen 0.26% on the day and is trading at 155.93 at the time of writing. Is the BoJ turning hawkish? The Bank of Japan released its Summary of Opinions from its April 26th meeting earlier today.

09-05-2024 07:12 GMT by Kenneth Fisher

Euro drifting after weak German data

The euro continues to have an uneventful week. EUR/USD is up down 0.06%, trading at 1.0748 in the North American session at the time of trading. German industrial production declines It has been a mixed week for German data.

08-05-2024 11:42 GMT by Kenneth Fisher

Canadian dollar slips despite strong Ivey PMI

USD/CAD has edged higher on Wednesday and is up 0.25%, trading at 1.3760 at the time of writing. Canada’s Ivey PMI climbed sharply in April to 63.0, up from 57.5 in March and beating the forecast of 58.1. This marked the highest level since May 2022, indicating that purchasing managers have seen an improvement in business activity.

08-05-2024 08:16 GMT by Kenneth Fisher

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