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Market Insights Podcast - FOMC minutes push back, US data key

OANDA Senior Market Analyst Craig Erlam joins Jonny Hart and Trader Nick to discuss the FOMC minutes, US Jolts data and preview Friday's jobs report.

03-01-2024 16:33 GMT by Craig Erlam

Dow - Investors awaiting Fed minutes but jobs data more important

Stocks pare gains at the start of the year JOLTS data points to less heat in the labor market Dow turns lower after a period of divergence Stock markets are spending a second day in the red, continuing the softer start to the year as traders await minutes from the December FOMC meeting. Given the remarkable end to 2023, it's not particularly surprising that we're seeing a little profit-taking at this stage.

03-01-2024 13:20 GMT by Craig Erlam

Australian dollar's slide continues

The Australian dollar is down for a fourth straight day and has posted sharp losses on Wednesday. In the North American session, AUD/USD is trading at 0.6719, down 0.62%. The last week of the year was subdued as the data calendar was light.

03-01-2024 11:15 GMT by Kenneth Fisher

British pound starts New Year's with a tumble

The British pound is steady on Wednesday after sharp losses a day earlier. In the European session, GBP/USD is trading at 1.2632, up 0.11%. UK Services PMI expected to accelerate UK Services PMI will be released on Thursday.

03-01-2024 08:35 GMT by Kenneth Fisher

EUR/USD stabilizes after slide, FOMC minutes loom

Euro slips to two-week low US ISM Manufacturing PMI expected to rise slightly FOMC minutes to be released later on Wednesday Germany, Eurozone to release CPI on Thursday The euro has steadied on Wednesday after sustaining sharp losses a day earlier. In the European session, EUR/USD is trading at 1.0932, down 0.08% and its lowest level since December 21. The US dollar has been struggling in recent weeks but came flying out of the gates on Tuesday, the first trading day of the New Year.

03-01-2024 05:46 GMT by Kenneth Fisher

US DJIA Technical: Uptrend intact with looming outperformance over Nasdaq 100

Nasdaq 100 outperformance over the Dow Jones Industrial Average (DJIA) since the start of the major uptrend phase has started to dissipate. A bullish rotation into the laggard, DJIA is considered a sign of a positive breadth development for the US stock market. Watch the key short-term support at 37,470. This is a follow-up analysis of our prior report, “US DJIA Technical: Bullish impulsive upmove remains intact” published on 29 November 2023. Click here for a recap. Since our last analysis, t

03-01-2024 04:54 GMT by Kelvin Wong

NZD/USD Technical: Pulled back towards potential bullish inflection zone

Medium-term uptrend phase from 26 October 2023 remains intact. 6240 is the potential bullish inflection level. Hourly RSI has flashed a bullish momentum breakout condition. The Kiwi (NZD/USD) has been oscillating within a medium-term uptrend phase in place since 26 October 2023 low of 0.5774. So far, it has rallied by +596 pips/+10.3% to print a recent intraday high of 0.6370 on 28 December 2023. There were two prior minor pullbacks seen within this ongoing medium-term uptrend; 3 November 2023

03-01-2024 00:31 GMT by Kelvin Wong

Traders eye the US jobs report after an exceptional end to 2023

An exceptional end to the year has left markets with a lot to live up to in 2024, with huge rate cuts and a soft landing now among the things investors have priced in. The fantasy scenario for central bankers across the globe over the last couple of years is now a very real possibility but it's also far from guaranteed, despite how markets are now positioned. With so much now to live up to, investors may start asking themselves whether evaluations have become a little stretched. Everyone will na

02-01-2024 17:48 GMT by Craig Erlam

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British pound takes a tumble on soft Mfg. PMI

The British pound has started the New Year with sharp losses. In the North American session, GBP/USD is trading at 1.2626, down 0.82%. UK Manufacturing PMI eases lower The UK manufacturing sector remains in the doldrums.

02-01-2024 09:07 GMT by Kenneth Fisher

Euro extends losses after weak PMIs

Euro slips below 1.10 line German and eurozone manufacturing PMIs contract The euro is down sharply on Tuesday. In the European session, EUR/USD is trading at 1.0969, down 0.62%.

02-01-2024 07:07 GMT by Kenneth Fisher

USD/JPY Technical: Potential countertrend USD corrective rebound on the horizon

The medium-term downtrend phase of USD/JPY in place since the 15 November 2023 high has reached a potential inflection level at 140.25. A potential countertrend corrective rebound scenario may unfold next. Watch the first immediate resistance zone at 142.85/143.40. This is a follow-up analysis of our prior report, “USD/JPY Technical: JPY strength remains intact ahead of BoJ” published on 19 December 2023. Click here for a recap. The price actions of USD/JPY have plummeted lower as highlighted

02-01-2024 05:19 GMT by Kelvin Wong

Australian dollar edges higher after Chinese data

China Caixin Manufacturing posts slight growth The Australian dollar is in positive territory on Tuesday. In the European session, AUD/USD is trading at 0.6826, up 0.22%. The week between Christmas and New Year's was subdued in the currency markets.

02-01-2024 04:49 GMT by Kenneth Fisher

Goodbye 2023 and hello to a potentially volatile 2024

Auld Lang Syne to 2023 and welcome 2024! Here is a recap of the key highlights that shocked global markets in 2023 and the potential emerging themes to look out for in 2024 as well as my “Chart Of The Year”. 2023 key highlights & cross-assets performances in the past 2 years Fig 1: Cross assets performances as of 29 Dec 2023 (Source: TradingView, click to enlarge chart) The US Federal Reserve’s stance of keeping interest rates higher for a longer period in the first half of 2023 triggered a r

02-01-2024 02:47 GMT by Kelvin Wong

Japanese yen edges higher

The Japanese yen is slightly lower on Friday. In the European session, USD/JPY is trading at 141.75, up 0.27%. The US dollar has taken a tumble in recent weeks against most of the major currencies, including the yen.

29-12-2023 06:34 GMT by Kenneth Fisher

New Zealand dollar under pressure, Chinese PMIs next

Chicago PMI expected to decelerate China releases PMIs on Saturday The New Zealand dollar is in negative territory on Friday. In the European session, NZD/USD is trading at 0.6308, down 0.37%. The US dollar has hit a rough patch lately and retreated against most of the majors.

29-12-2023 05:22 GMT by Kenneth Fisher

EUR/USD steady as Spanish CPI lower than expected

Spanish CPI lower than expected at 3.1% Chicago PMI expected to decelerate to 51.0 The euro is calm in Friday trade. In the European session, EUR/USD is trading at 1.1053, down 0.08%. Spanish CPI dips to 3.1% Spain released the December inflation report today, with CPI dipping to 3.1% y/y, down from 3.2% in November.

29-12-2023 04:16 GMT by Kenneth Fisher

Euro edges lower ahead of Spanish CPI

Thursday: US unemployment claims rise unexpectedly Friday: Spanish CPI projected to accelerate The euro has edged lower on Thursday. In the North American session, EUR/USD is trading at 1.1079, down 0.25%.

28-12-2023 11:33 GMT by Kenneth Fisher

AUD/USD eyes Chinese PMIs

China releases PMIs on Saturday The Australian dollar has edged lower on Thursday. In the European session, AUD/USD is trading at 0.6833, down 0.21%.

28-12-2023 07:13 GMT by Kenneth Fisher

Japanese yen keeps on rolling

Japanese retail sales climb but industrial production declines Japanese yen rises sharply The Japanese yen has posted sharp gains on Thursday. In the European session, USD/JPY is trading at 140.66, down 0.82%. Japanese retail sales beat forecast Japanese releases were a mixed bag today.

28-12-2023 05:20 GMT by Kenneth Fisher

Euro jumps to 5-month high

Euro climbs sharply as risk appetite rises US Richmond Manufacturing Index falls The euro has posted strong gains on Wednesday. In the North American session, EUR/USD is trading at 1.1121, up 0.72%. Euro climbs on risk-on mood The US dollar is under pressure this week as we're seeing a risk-on mood in global markets.

27-12-2023 11:38 GMT by Kenneth Fisher

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