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Australian dollar slides after weak retail sales report
The Australian dollar is down sharply and has fallen to a three-week low. In the European session, AUD/USD is trading at 0.6491, down 0.66%. Australia’s retail sales rise 0.3% Australia’s retail sales slipped in February to 0.3% m/m, a sharp drop from the 1.1% gain in January and shy of the market forecast of 0.4%.
28-03-2024 06:50 GMT by Kenneth Fisher
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Nasdaq 100: Deteriorating market breadth does not bode well for the bulls
The price actions of Nasdaq 100 have reached the lower limit of a major resistance zone at 18,435/620. Heightened over-concentration risk from Nvidia as its current year-to-date returns of 87% contributed to 55% of Nasdaq 100’s year-to-date return of 10.50% as of 27 March. Nasdaq 100’s market breadth indicators have started to deteriorate which increases the risk of an imminent multi-week corrective decline sequence. This is a follow-up analysis of our prior report, “Nasdaq 100 Technical: Bulls
28-03-2024 04:55 GMT by Kelvin Wong
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Aussie yawns after inflation remains unchanged at 3.4%
The Australian dollar continues to drift. In the European session, AUD/USD is trading at 0.6529, down 0.06%. Australian CPI softer than expected Australia’s inflation rate stayed steady at 3.4% y/y in February, unchanged for a third straight month.
27-03-2024 11:22 GMT by Kenneth Fisher
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USD/JPY slides to lowest level since 1990
The Japanese yen has edged higher on Wednesday. In the European session, USD/JPY is trading at 151.17, down 0.26%. Yen falls to 34-year low, will Tokyo intervene? The Bank of Japan raised interest rates last week for the first time since 2007.
27-03-2024 07:18 GMT by Kenneth Fisher
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USD/JPY shrugs after BoJ core inflation dips
The Japanese yen continues to have a quiet week. In the North American session, USD/JPY is trading at 151.36, down 0.03%. BoJ core inflation eases to 2.3% Bank of Japan core inflation fell to 2.3% in February, down from 2.6% in January and shy of the market estimate of 2.5%.
26-03-2024 11:26 GMT by Kenneth Fisher
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CHF/JPY Technical: On the brink of a potential major bearish breakdown (CHF weakness)
The surprise rate cut by SNB has reinforced the bearish momentum of CHF/JPY. CHF has weakened across the board against the G-10 currencies; it is the weakest against the EUR. Watch the 169.00 key short-term resistance on CHF/JPY with key support coming in at 166.55. This is a follow-up analysis of our prior report, “CHF/JPY Technical: Potential major bullish trend exhaustion” dated 13 March 2024. Click here for a recap. The CHF/JPY cross-pair has remained soft as it failed to surpass its 50-da
26-03-2024 04:55 GMT by Kelvin Wong
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USD/JPY drifting at start of week
The Japanese yen is showing limited movement on Monday. In the North American session, USD/JPY is trading at 151.25, down 0.13%. Yen can’t find its footing Last week’s Bank of Japan was dramatic as the central bank raised interest rates for the first time since 2007.
25-03-2024 10:29 GMT by Kenneth Fisher
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Australian dollar stabilizes, consumer sentiment next
The Australian dollar has started the week with slight gains, after sliding 0.86% on Friday. In the European session, AUD/USD is trading at 0.6530, up 0.24%. PBoC move sends Aussie sharply lower The Australian dollar ended the week with sharp losses after China’s central bank set the daily fixing of the Chinese yuan lower than expected on Friday.
25-03-2024 07:15 GMT by Kenneth Fisher
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Hang Seng Index: Potential currency war may kick start another bearish leg
A less dovish Fed with a surprise cut by SNB has triggered a bout of US dollar strength since last Thursday, 21 March. China's central bank, PBoC responded with a lower-than-expected daily fixing on the onshore yuan (CNY) last Friday, 22 March which led the offshore yuan (CNH) to plunge by -0.8% against the US dollar to a two-month low. Further CNH weakness may trigger a currency war which in turn can trigger a potential negative feedback loop back into risk assets. This is a follow-up analysis
25-03-2024 03:56 GMT by Kelvin Wong
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Cdn. dollar dips as retail sales disappoint
The Canadian dollar has extended its losses on Friday. USD/CAD is trading at 1.3569 in the North American session, up 0.29%. Canada’s retail sales slip in January Canada’s retail sales fell 0.3% m/m in January, revised from the earlier estimate of -0.4% and well off the 0.9% gain in December.
22-03-2024 09:24 GMT by Kenneth Fisher
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Pound edges lower ahead of BoE meeting
The British pound is slightly lower on Thursday. In the European session, GBP/USD is trading at 1.2766, down 0.16%. BoE expected to hold rates The markets will shift focus from the Federal Reserve, which maintained rates on Wednesday, to the Bank of England, which is holding its rate meeting later today. The BoE is widely expected to maintain the cash rate at 5.25% at today’s meeting but investors will be looking for signals of a rate cut.
21-03-2024 07:09 GMT by Kenneth Fisher
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Cdn. dollar falls to three-month low as CPI slows
USD/CAD is trading at 1.3580 in the North American session, up 0.10%. The Canadian dollar is under pressure and dropped to a 3-month low on Tuesday, following Canada’s CPI release. Canada’s CPI falls to 2.8% Canada’s inflation rate continues to head lower and fell to 2.8% y/y in February.
20-03-2024 10:57 GMT by Kenneth Fisher
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Gold Technical: A potential minor corrective pull-back in play as FOMC looms
Gold (XAU/USD) has traded in a tight range of 2% in the past two weeks after it printed a fresh all-time high of US$2,195 on 8 March. The biggest risk event for today will be the latest Fed FOMC’s dot plot projection on the trajectory of its Fed funds rate; a reduction to two cuts from three cuts for 2024 cannot be ruled out. Technical analysis suggests potential short-term weakness in Gold (XAU/USD). Watch the key short-term resistance at US$2,180 on Gold (XAU/USD).
20-03-2024 06:52 GMT by Kelvin Wong
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USD/JPY soars as BoJ scraps negative rates
The Japanese yen has taken a tumble on Tuesday. In the North American session, USD/JPY is trading at 150.67, up 1.02%. BoJ lifts rates, end yield curve control The Bank of Japan hiked interest rates for the first time since 2007 at today’s meeting and also abolished the yield control curve to target interest rate at specific levels.
19-03-2024 10:51 GMT by Kenneth Fisher
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