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Australian dollar weakens as RBA says no rate hikes planned
The Australian dollar has lost ground on Tuesday. AUD/USD has dropped by 0.31%, trading at 0.6604 in the European session at the time of writing. RBA stays pat but wary of inflation There was no surprise as the Reserve Bank of Australia maintained the cash rate at 4.35% for a sixth straight time.
07-05-2024 08:10 GMT by Kenneth Fisher
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Pound shrugs as construction PMI jumps
The British pound is slightly lower on Tuesday. GBP/USD is down 0.21%, trading at 1.2535 in the European session at the time of writing. The UK construction PMI jumped to 53.0 in April, up from 50.2 in March and above the forecast of 50.4.
07-05-2024 04:59 GMT by Kenneth Fisher
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AUD/NZD: Aussie medium-term outperformance against Kiwi intact supported by RBA
Today’s RBA monetary policy decision statement has kept the possibility of a rate hike before 2024 ends “alive”. The narrowing of the discount between Australia-New Zealand sovereign bonds yield spread has supported the potential continuation of the AUD/NZD medium-term uptrend phase. Watch the key medium-term support of 1.0940 on the AUD/NZD. The paths of inflationary trends between the two Antipodean countries have started to diverge in the past month.
07-05-2024 03:42 GMT by Kelvin Wong
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Yen rally fizzles as US dollar climbs
The Japanese yen is sharply lower on Monday after stringing together a three-day rally.  USD/JPY is trading at 153.92, up 0.62% at the time of writing. The yen took traders on a roller-coaster ride last week. The Japanese yen fell below the 160 level on Monday, setting another 34-year record before recovering.
06-05-2024 11:29 GMT by Kenneth Fisher
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Euro edges higher as eurozone data improves
The euro has started the new trading week quietly. EUR/USD is up 0.23%, trading at 1.0787 in the North American session at the time of trading. Eurozone investor confidence shows slight improvement The eurozone Sentix Investor Confidence index took a small step forward in May, rising to -3.6, up from -5.9 in April and was higher than expected.
06-05-2024 09:25 GMT by Kenneth Fisher
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Gold Technical: A floor may have been formed for the bulls
Stagflation risk is still lingering as indicated by the latest April US ISM Manufacturing and Services PMI data. A not fully priced-in stagflation risk scenario may support another bullish impulsive upmove sequence for Gold (XAU/USD). Watch the key medium-term pivotal zone of US$2,260/2,210 for Gold (XAU/USD). This is a follow-up analysis of our prior report, “Gold Technical: Is the bull run over after its worst daily decline in 2 years?” published on 24 April 2024. Click here for a recap.
06-05-2024 04:46 GMT by Kelvin Wong
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NZ dollar higher as nonfarm payrolls looms
The New Zealand dollar has extended its gains on Friday. NZD/USD is trading at 0.5985, up 0.39% at the time of writing. It has been a roller-coaster ride for the New Zealand dollar, which plunged 1.5% on Tuesday but has since rebounded and fully recovered. US nonfarm payrolls expected to ease The US economy remains strong and a big factor has been the robust labor market, which has weathered the Federal Reserve’s steep rate-tightening cycle.
03-05-2024 07:28 GMT by Kenneth Fisher
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Pound edges higher as UK Services PMI beats estimate
The British is in positive territory on Friday. GBP/USD is trading at 1.2555, up 0.16% at the time of writing. UK Services PMI hits 11-month high The service sector accelerated in April, as the Services PMI rose to 55.0, up from 53.1 in April.
03-05-2024 06:32 GMT by Kenneth Fisher
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Nasdaq 100: Sandwiched, watch the US 10-year Treasury yield next
Nasdaq 100 has exhibited short-term intraday wild gyrations of 3% to 4% in opposite directions since last week. Today’s data focus will be on US non-farm payrolls and ISM Services PMI for April to offer clues on whether the stagflation risk narrative is still alive. Macro factors such as the movement of the US 10-year Treasury yield are likely to take over the driver's seat over micro factors (earnings results) in the next two weeks. Key levels on the US 10-year Treasury yield to watch are 4.70
03-05-2024 05:42 GMT by Kelvin Wong
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AUD/USD jumps after Fed says rate hike unlikely
The Australian dollar has steadied after two straight days of sharp swings. AUD/USD is up 0.14%, trading at 0.6532 at the time of writing in the North American session. It has been a roller-coaster for the Australian dollar this week.
02-05-2024 10:04 GMT by Kenneth Fisher
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Canadian dollar edges higher as Fed pauses again
USD/CAD is steady on Thursday and is trading at 1.3720, down 0.14% at the time of writing. Powell says inflation still too high to lower rates The Federal Reserve kept the benchmark rate in the target range of 5.25% to 5.50% for a six straight time at the Wednesday meeting. Fed Chair Powell said that the Fed was not yet ready to lower rates, pointing the finger at high inflation.
02-05-2024 08:07 GMT by Kenneth Fisher
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USD/JPY slides – did Tokyo intervene?
It has been a remarkable week for the yen, which has exhibited sharp swings throughout the week. The Japanese yen fell as much as 1% earlier and on Thursday but has pared most of those losses. USD/JPY has risen 0.38% to 155.19 at the time of writing. In the Asian session, the yen fell as low as 157.55 but then recovered to precisely 153.
02-05-2024 06:59 GMT by Kenneth Fisher
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USD/JPY calm ahead of Fed decision
Japanese yen is trading quietly on Wednesday. USD/JPY is trading at 157.68, down 0.07% at the time of writing. Fed expected to hold rates The Federal Reserve meets later today and is widely expected to keep rates unchanged for a sixth straight time.
01-05-2024 11:14 GMT by Kenneth Fisher
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AUD/USD stabilizes after taking a tumble, Fed next
The Australian dollar has steadied on Wednesday after sliding 1.4% a day earlier. AUD/USD is up 0.19%, trading at 0.6489 at the time of writing in the North American session. Australian dollar slides after soft retail sales Retail sales in Australia fell 0.4% m/m in March, following a downwardly revised 0.2% gain in February and shy of the market estimate of 0.2%.
01-05-2024 09:45 GMT by Kenneth Fisher
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NZ dollar shrugs after soft jobs report
The New Zealand dollar has steadied on Thursday, after a sharp decline of 1.5% a day earlier. NZD/USD is trading higher 0.08% on the day at 0.5890, at the time of writing. New Zealand’s employment declines New Zealand’s labor market is showing signs of cracks.
01-05-2024 06:02 GMT by Kenneth Fisher
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