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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
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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
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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
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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
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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
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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
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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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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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