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USD/CAD - A quiet start to the week but plenty to come
Canadia inflation expected to have fallen again in January Will the FOMC minutes shed any light on rate cuts? USDCAD higher but momentum remains weak It's no surprise that it's been a quiet start to the week, with both countries observing a bank holiday but several events on the horizon should ensure things pick up. Canadian inflation data on Tuesday is the first of those, with the headline rate expected to have eased slightly in January. While not nearly enough to make the next Bank of Canada
20-02-2024 01:18 GMT by Craig Erlam
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AUD/USD Technical: Bulls have failed to break above the 0.6570 resistance
Recent China’s stimulus policies have failed to provide a positive feedback loop for AUD/USD bulls. The recent movement of the AUD/USD seems to be more driven by the fixed income yield spread between the 2-year US Treasury note and the Australian government bond. The pushback in expectations of the first Fed funds rate cut has put downside pressure on the 2-year negative yield spread between the Australian government bond and the US Treasury note. Watch the 0.6570 key short-term resistance for t
20-02-2024 00:56 GMT by Kelvin Wong
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Market Insights Podcast - FOMC minutes, flash PMI from Japan, Eurozone & UK are the key focus
OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week's key economic data and events, notably on the release of the FOMC minutes of the recent January Fed's monetary policy meeting where market participants will be scrutinizing the thoughts and comments of Fed official on the views of US inflationary pressure trajectory given the hotter than expected CPI and PPI prints for January. Meanwhile, China stock market is backed after a 5-day Lunar New Year break, and the Nikkei
19-02-2024 20:48 GMT by Kelvin Wong
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New Zealand dollar rises on strong services data
The New Zealand dollar continues to gain ground and has extended its gains for a fourth straight day. In the North American session, NZD/USD is trading at 0.6149, up 0.44%. Services PMI hits 8-month high New Zealand’s BusinessNZ Performance of Services Index improved to 52.1 in January from 48.8 in December, above the forecast of 49.6.
19-02-2024 14:40 GMT by Kenneth Fisher
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Australian dollar extends gains, RBA minutes next
The Australian dollar extended its gains for a fourth straight day. In the European session, AUD/USD is trading at 0.6537, up 0.10%. Last Tuesday, the Australian dollar suffered its worst one-day showing of the year, declining by 1.18%, after US inflation was higher than expected, which sent the US dollar surging higher.
19-02-2024 06:38 GMT by Kenneth Fisher
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EURJPY Price Action and Technical Analysis Overview
Talking Points: FOMC January 31st, 2024, Meeting Minutes. Technical Analysis EUR/JPY 8-Hour chart Commitment of Traders Report - EUR/JPY OANDA’s Position Ratio Indicator FOMC January 31st, 2024, Meeting Minutes This Wednesday, markets await the FOMC minutes for their latest meeting on January 31st, 2024; it is not expected that there will be any significant surprises in the minutes; however, traders will be searching within the text for indications regarding the Fed’s economic projections and
18-02-2024 11:40 GMT by Moheb Hanna
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RBNZ’s Orr – Inflation expectations still too high
The New Zealand dollar is drifting on Friday. In the European session, NZD/USD is trading at 0.6110, up 0.08%. Orr pushes back against rate cut expectations The Reserve Bank of New Zealand has made inflation its top priority and the Bank’s steep rate-hiking cycle has brought inflation lower.
16-02-2024 08:02 GMT by Kenneth Fisher
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GBP/USD yawns as UK retail sales soar
The British pound has edged lower on Friday. In the European session, GBP/USD is trading at 1.2578, down 0.17%. UK retail sales rebound with 3.4% gain UK retail sales were more than impressive, surging 3.4% m/m in January.
16-02-2024 05:18 GMT by Kenneth Fisher
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Nikkei 225 Technical: Eyeing a potential new all-time high
Nikkei 225 has continued its bullish momentum despite a technical recession in the Japanese economy. Current price action is just 0.9% away from its 38,957 all-time high printed in December 1989. Medium-term momentum is overbought but no clear signs of bullish trend exhaustion. Watch the 38,260 key short-term support. This is a follow-up analysis of our prior report, “Nikkei 225: Major bullish breakout from 7-month range with further potential upside in store” published on 10 January 2024. Clic
16-02-2024 01:51 GMT by Kelvin Wong
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USD/CAD - Rally stalls again after weaker US retail sales data
US retail sales below expectations at -0.8% in January November and December also revised lower USDCAD falls after briefly breaching resistance There was a big data drop from the US ahead of the opening bell on Wall Street today, with one report in particular getting people's attention. The retail sales data for January were poor. Not only that, they were much poorer than already low expectations.
15-02-2024 10:32 GMT by Craig Erlam
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Brent Crude - Oil gives back gains after inventory data
EIA reported inventories rose by 12 million barrels last week Volatility remains amid uncertainty Inverse head and shoulders forms Oil prices remain very volatile and last week's unexpected and substantial inventory build, reported by EIA, further added to that. The price fell sharply after the data and continued earlier today before recouping those losses to trade flat on the session.
15-02-2024 08:33 GMT by Craig Erlam
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Empire State Manufacturing Index - EURUSD Technical Analysis Overview
The markets await the Empire State Manufacturing Index this morning; the index is based on surveying a monthly sample of the State’s manufacturing executives and is handled by the Federal Reserve Bank of New York. The index is considered a leading indicator; a reading above zero reflects expansion, and below zero reflects contraction.
15-02-2024 07:51 GMT by Moheb Hanna
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Australian dollar shrugs after weak jobs report
The Australian dollar is showing limited movement on Thursday. In the European session, AUD/USD is trading at 0.6496, up 0.07%. Australian job growth flatlines Australia’s employment report was softer than expected, but the Australian dollar didn’t show much reaction.
15-02-2024 06:31 GMT by Kenneth Fisher
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GBP/USD - UK in recession but that's unlikely to sway the BoE yet
UK GDP -0.3% in Q4 and -0.1% in December BoE not concerned about recession GBPUSD momentum fading near February lows? The UK fell into recession in the second half of last year after GDP figures for the fourth quarter showed a steeper contraction than expected. While a recession was expected ahead of the release, the fourth quarter number was slightly worse despite December performing better than anticipated.
15-02-2024 04:58 GMT by Craig Erlam
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USD/JPY: Lingering below 151.40/95 major resistance zone
JPY weakness failed to materialize after Japan’s Q4 GDP came in way below expectations. Fear of looming BoJ’s intervention to put a halt to recent JPY weakness after MoF’s vice finance minister Masato Kanda’s warnings yesterday on the recent rapid moves in the FX markets ex-post hotter than expected US CPI data release. Short-term upside momentum of US dollar strength against JPY has started to ease. Flash Q4 2023 GDP data for Japan has indicated that the Japanese economy slipped into a technic
15-02-2024 01:16 GMT by Kelvin Wong
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