The Japanese yen continues to make inroads against the US dollar. In Monday’s European session, USD/JPY is trading at 146.54, down 0.35%.
11-03-2024 06:48 GMT
by Kenneth Fisher
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EUR/USD has evolved into a short-term uptrend phase as it traded back above its 20-day and 50-day moving averages in the past two days.
Yesterday’s swift upmove of +89 pips ex-post ECB increases the risk of a minor mean reversion decline for the EUR/USD.
The consensus estimate for today’s US NFP is pegged at a relatively low expectation of 200K jobs added for February below 353K added in January.
Watch the 1.0970 key short-term resistance on the EUR/USD
08-03-2024 05:12 GMT
by Kelvin Wong
The Canadian dollar has edged higher on Thursday. In the North American session, USD/CAD is trading at 1.3470, down 0.33%.
07-03-2024 12:46 GMT
by Kenneth Fisher
This is a follow-up analysis of our prior report, “US stock market bulls are facing a reality check (3 ominous signs to watch)” published on 14 February 2024. Click here for a recap.
In the past two weeks, the US SPX 500 has continued its pace of acceleration and hit another fresh all-time of 5,150 on Monday, 4 March.
However, under the surface, there are signs of weakness from a sector rotation perspective.
07-03-2024 06:19 GMT
by Kelvin Wong
The Australian dollar has posted strong gains on Wednesday despite a weak GDP report today. In the North American session, AUD/USD is trading at 0.6562, up 0.90%.
Australian GDP posts weak gain of 0.2%
Australia’s economy ended 2023 on whimper rather than a gain, as GDP rose just 0.2% q/q the fourth quarter.
06-03-2024 11:22 GMT
by Kenneth Fisher
The Canadian dollar is trading quietly on Wednesday. In the North American session, USD/CAD is trading at 1.3580, down 0.08%
On the economic calendar, the Bank of Canada holds its rate meeting.
06-03-2024 06:24 GMT
by Kenneth Fisher
3 key risk events that may significantly influence the movement of NZD/JPY; Japan’s FY 2024/2025 annual wage negotiations preliminary results (15 March), BoJ’s monetary policy outcome (19 March) & Fed FOMC and release of its latest dot plot (20 March).
Technical analysis has indicated a potential medium-term bearish momentum on sight for NZD/JPY.
Watch the key short-term resistance of 92.00 for NZD/JPY.
This is a follow-up analysis of our prior report, “NZD/JPY: JPY crosses under downside press
06-03-2024 01:25 GMT
by Kelvin Wong
The Japanese yen is drifting on Tuesday. In the European session, USD/JPY is trading at 150.44, down 0.05%.
Tokyo rises 2.5% as expected
Today’s release of Tokyo Core CPI, which excludes fresh food and is considered Japan’s important inflation indicator, had no effect on the Japanese yen, as February’s gain of 2.5% y/y was in line with market expectations.
05-03-2024 04:52 GMT
by Kenneth Fisher
Lacklustre movement was seen in China & Hong Kong benchmark stock indices today after the release of China Premier Li Qiang’s economic work report during the second day of the “Two Sessions”.
Premier Li Qiang has officially announced China’s 2024 GDP growth target of around 5% (within consensus) and stuck to the same rhetoric of targeted stimulus measures to achieve the economic growth target.
Lack of fresh positive catalysts may reverse the four weeks of the rally seen in China & Hong Kong benc
05-03-2024 00:21 GMT
by Kelvin Wong
OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week's key economic data and event. A busy week ahead across the globe, over in Asia, the key focus will be on Tokyo's core-core inflation rate (excluding food & energy) where the consensus is expecting an uptick from January's softer print of 2.2% y/y.
04-03-2024 19:21 GMT
by Kelvin Wong
The Swiss franc is slightly higher at the start of the week. In the North American session, USD/CHF is trading at 0.8852, up 0.20%.
Swiss inflation lower than expected
Switzerland’s inflation rate dipped to 1.2% y/y in February, down from 1.3% in January but above the market estimate of 1.1%.
04-03-2024 12:24 GMT
by Kenneth Fisher
The Japanese yen is showing limited movement on Monday. In the European session, USD/JPY is trading at 150.34, up 0.13%.
Tokyo Core CPI expected to rise to 2.5%
Japan releases Tokyo Core CPI, considered the most important inflation indicator, on Tuesday.
04-03-2024 05:32 GMT
by Kenneth Fisher
Gold Technical: On the cusp of a potential major bullish breakout
Gold (XAU/USD) recorded its highest weekly gain of 2.33% year-to-date on 1 March 2024, and its best weekly return seen in the past three months.
Positive technical elements and a softer real US 10-year Treasury yield below 2.15% support a potential major bullish breakout scenario for Gold (XAU/USD).
Gold (XAU/USD) potential bullish breakout trigger level stands at US$2,090.
04-03-2024 00:54 GMT
by Kelvin Wong
Eurozone inflation falls to 2.6%
Eurozone unemployment rate drops to record low of 6.4%
The euro is calm on Friday. In the European session, EUR/USD is trading at 1.0818, up 0.13%.
Eurozone inflation eases to 2.6%
Inflation continues its downward trend in the eurozone.
01-03-2024 08:37 GMT
by Kenneth Fisher
The Canadian dollar is showing limited movement on Friday. In the European session, USD/CAD is trading at 1.3576, down 0.03%.
Canada’s GDP expands by 1.0%
The Canadian economy grew by 1.0% y/y in the fourth quarter of 2023, beating the market estimate of 0.8%.
01-03-2024 06:45 GMT
by Kenneth Fisher
Japanese yen falls below 150
BoJ’s Tanaka urges changes to monetary policy
US PCE price index falls to 2.4%
BoJ's Tanaka hints at tighter monetary policy
After close to two weeks of little movement, the Japanese yen is showing some volatility. The yen climbed as much as 1% on Thursday before paring much of those gains.
01-03-2024 04:37 GMT
by Kenneth Fisher
Eurozone to release inflation data on Friday
EUR/USD dips as Germany’s inflation rate falls
German inflation falls to 2.5%
The euro is in negative territory on Thursday. In the North American session, EUR/USD is trading at 1.0800, down 0.35%.
Germany’s inflation rate dropped to 2.5% y/y in February, down from 2.9% in January and lower than the market estimate of 2.6%.
29-02-2024 13:30 GMT
by Kenneth Fisher
The Australian dollar has stabilized on Thursday after sustaining sharp losses a day earlier. In the North American session, AUD/USD is trading at 0.6512, up 0.26%.
Australian retail sales rebound but miss estimate
Australia's retail sales started the year on the right foot but were not as strong as expected.
29-02-2024 09:19 GMT
by Kenneth Fisher
The Canadian dollar is drifting on Thursday. In the European session, USD/CAD is trading at 1.3585, down 0.06%.
29-02-2024 06:07 GMT
by Kenneth Fisher
OANDA Senior Market Analyst Craig Erlam joins Jonny Hart and Trader Nick to discuss the recent US data, RBNZ rate decision and the latest rally in bitcoin.
28-02-2024 15:18 GMT
by Craig Erlam