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EUR/USD gains ground as eurozone CPI dips
EUR/USD has edged higher in the European session and trading at 1.0890, up 0.18% on the day. The euro had a strong day on Thursday, gaining 0.50%. Eurozone CPI eases to 2.8% Inflation continues to fall in the eurozone, although the drop was very modest.
02-02-2024 05:25 GMT by Kenneth Fisher
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GBP/USD: Poised for potential bullish breakout ex-post BoE
BoE offered dovish guidance but projected that inflation may run hot again in Q1 2025. GBP has remained the top outperformer major currency against the US dollar. Technical analysis suggests a potential bullish breakout for GBP/USD. The British pound sterling (GBP) made remarkable intraday recovery yesterday after the Bank of England (BoE) maintained its policy Bank Rate at a 16-high of 5.24% for the fourth consecutive time as expected and toned down its prior hawkish rhetoric.
02-02-2024 02:32 GMT by Kelvin Wong
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British pound higher as BoE holds rates
The British pound is higher on Thursday. In Tuesday's North American session, GBP/USD is trading at 1.2731, up 0.32%. BoE holds rates in a three-way split The Bank of England maintained the benchmark rate at 5.25% at today's meeting, as expected.
01-02-2024 12:36 GMT by Kenneth Fisher
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JPY carry trades downside pressure reinforced ex-post FOMC
The US Federal Reserve pushed back the first Fed funds rate cut and Fed Chair Powell indicated that the “highly anticipated” March rate cut is not the base case for now. The dovish Fed Pivot narrative is still alive as both the 2-year and 10-year Treasury yields continued to inch lower and closed near their session lows. The continuation of down-trending US Treasury yields put pressure on JPY carry trades indirectly; AUD/JPY is the worst performing among the G-10 currencies so far. This is a fo
01-02-2024 05:32 GMT by Kelvin Wong
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Gold - Will the Fed hint at a March cut or just leave the door slightly ajar?
Fed statement and press conference key Will they hint at a rate cut in March? Gold hovering between $2,000 and $2,500 It's been a relatively slow start to trading on Wednesday which isn't surprising considering what's to come later in the day. On another day, earnings from Alphabet and Microsoft may have dictated sentiment in the broader markets but as it is, investors are more focused on events in Washington, so tech aside markets are relatively flat.
31-01-2024 09:53 GMT by Craig Erlam
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Canadian dollar recovers after strong GDP report
The Canadian dollar started the day with slight losses but recovered after Canada's GDP was stronger than expected. In the North American session, USD/CAD is unchanged at 1.3397. Canada's GDP rises 0.2% Canada's economy has been flat in recent months, which meant that the November GDP reading of 0.2% was a welcome, albeit modest improvement.
31-01-2024 09:50 GMT by Kenneth Fisher
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A dovish Fed guidance may not reverse the rout in China and Hong Kong stock markets
China and Hong Kong benchmark stock indices have almost erased last week’s gains. NBS Non-Manufacturing PMI sub-components for January are indicating feeble service activities in China. A weaker US dollar via a dovish forward monetary policy guidance from the Fed is not enough to act as a bullish catalyst for China and Hong stock markets. Technical analysis advocates further potential weakness in the Hang Seng Index in the short to medium term.
31-01-2024 01:24 GMT by Kelvin Wong
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EUR/GBP - Eurozone narrowly avoids recession as UK sees more progress on inflation
Eurozone records zero growth in Q4 UK shop prices rise at a slower pace in January EURGBP rebounds near 2023 lows Economic data confirmed what we already knew earlier today, that the eurozone is not growing and its largest economy - Germany - is on the brink of technical recession. The bloc as a whole could have already been in recession if the data came in as expected but as it turns out that was just avoided, barring any revisions in the coming months.
30-01-2024 12:40 GMT by Craig Erlam
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Euro steady despite German GDP decline
The euro has edged higher on Tuesday. In the European session, EUR/USD is trading at 1.0850, up 0.16%. German GDP declines by 0.2% Germany, the largest economy in the eurozone, continues to weigh on the bloc with its weak economy.
30-01-2024 09:44 GMT by Kenneth Fisher
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Aussie shrugs off soft retail sales, inflation next
The Australian dollar showed little reaction to the release of Australian retail sales earlier today. In the European session, AUD/USD is trading at 0.6600, down o.15%. Australia's retail sales sink in December The markets were braced for a soft December retail sales but the damage was worse than expected.
30-01-2024 05:24 GMT by Kenneth Fisher
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Market Insights Podcast - FOMC, BOE, and US NFP to stand out in this busy week
OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this pivotal week's key economic data and events which may trigger higher volatile movements in the global markets due to the anticipation of market participants' dovish expectations on the forward guidance from the Fed and Bank of England due on Wednesday (31 January), and Thursday (1 February). Also, keep a lookout for the potential negative ramifications of China Evergrande Group's liquidation order by a Hong Kong court, a ma
29-01-2024 23:00 GMT by Kelvin Wong
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GBP/USD - Consolidation as traders eye BoE and Fed meetings
Fed could signal a March rate cut is on the cards Will the BoE forecasts offer any insight on interest rates? Cable continues to consolidate ahead of central bank meetings This is widely expected to be the year of rate cuts for major central banks after a period of aggressive tightening that will soon get inflation back to target. Going into 2024, traders became incredibly optimistic about how many rate cuts we could see this year.
29-01-2024 13:27 GMT by Craig Erlam
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