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Japanese yen correction continues
Japanese yen's slide continues Markets walk back expectations of a change at BoJ December meeting US nonfarm payrolls rise to 199,000, better than expected The Japanese yen has started the week where it left off on Friday, posting sharp losses. In the European session, USD/JPY is trading at 146.16, up 0.83%. BoJ December mania wanes The yen soared over 2% on Thursday, after comments by senior BoJ officials triggered speculation that Bank of Japan might exit negative interest rates at the Dece
11-12-2023 04:19 GMT by Kenneth Fisher
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Gold Technical: Extension of corrective decline ahead of FOMC
Lofty dovish expectations of 4 Fed funds rate cut in 2024 are at risk of being dialed back. Short-term bullish momentum has resurfaced in the US 10-year Treasury real yield. Spot Gold (XAU/USD) may continue its short-term corrective decline sequence. Watch the key short-term resistance at US$2,040 on Spot Gold (XAU/USD). This is a follow-up analysis of our prior report, “Gold Technical: Medium-term uptrend remains intact but risk of minor pull-back” published on 4 December 2023. Click here for
10-12-2023 23:37 GMT by Kelvin Wong
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How may the US Nonfarm Payroll numbers impact EURUSD Prices?
Talking Points US Data beat expectations, Nonfarm Payroll breakdown Technical analysis for EURUSD Daily Chart Conclusion, What’s next for EURUSD Price? US Data beat expectations, Nonfarm Payroll breakdown The November Nonfarm payroll numbers released this morning were better than expected, the US economy added 199K jobs last month, slightly above the median forecast of 185K jobs and the Unemployment Rate fell to 3.7% compared to the consensus of 3.9% supporting the theory that the US job mar
08-12-2023 20:45 GMT by Moheb Hanna
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Gold - Testing $2,000 after a surprisingly strong jobs report
NFP in November 199,000 (184,000 expected, 150,000 in October) Average hourly earnings in November 0.4% (m/m) (0.3% expected, 0.2% in October) Gold testing $2,000 support There's been a lot of talk this week about whether investors have become too optimistic about interest rate cuts next year and today's jobs report may have brought some crashing back down to earth. Don't get me wrong, it's not a terrible report by any stretch of the imagination. But it may well convince the Fed that it must pr
08-12-2023 16:48 GMT by Craig Erlam
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Australian dollar on a roller-coaster, US NFP looms
Australian dollar steady after sharp gains on Thursday US nonfarm payrolls expected to climb to 180,000 The Australian dollar is trading quietly on Friday. In the European session, AUD/USD is trading at 0.6611, up 0.14%. It has been a roller-coaster week for the Australian dollar.
08-12-2023 06:17 GMT by Kenneth Fisher
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Euro flat as German inflation declines
German inflation confirmed at -0.4% US nonfarm payrolls project to accelerate to 180,000 The euro has edged lower on Friday. In the European session, EUR/USD is trading at 1.0774, down 0.17%.
08-12-2023 04:51 GMT by Kenneth Fisher
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Yen pushes higher, GDP softer than expected
Japan's Q3 GDP revised lower to -2.9% Japanese yen gains ground but can't consolidate US nonfarm payrolls expected to rise to 180,000 The Japanese yen continues to show strong swings. In the European session, USD/JPY is trading at 143.94, down 0.16%.
08-12-2023 03:47 GMT by Kenneth Fisher
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USD/JPY Technical: Potential counter-trend rebound within medium-term downtrend
Recent bizarre hawkish rhetoric from BoJ top officials ahead of Japan's 2024 nationwide spring wage negotiations sparked a further rally in JPY. Increasing expectations of a BoJ pivot to scrap its decade-long plus of short-term negative interest rate policy to come as early as this month, 19 December monetary policy meeting. The interest rates swap market has priced in a 45% chance of removal of negative interest rate on 19 December, a jump from the 3.5% chance seen earlier this week. USD/JPY re
08-12-2023 01:12 GMT by Kelvin Wong
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Nasdaq - Tech leading the surge, jobless claims steady but weaknesses appearing
Tech boosted by Google announcement Continuing jobless claims continue to rise Nasdaq nearing all-time highs It's been an interesting day in financial markets with US stocks performing well, particularly the Nasdaq, and Europe rather poorly. Tech is the difference maker, with Alphabet leading the charge after Google announced the release of its new AI model "Gemini".
07-12-2023 12:59 GMT by Craig Erlam
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New Zealand dollar climbs ahead of NZ Manufacturing Sales
New Zealand Manufacturing Sales expected to improve to 0.9% China releases CPI on Saturday The New Zealand dollar is in positive territory on Thursday. In the North American session, NZD/USD is trading at 0.6168, up 0.48%. NZ manufacturing sales expected to rebound The manufacturing sector has been in a major slump worldwide and New Zealand has not been immune.
07-12-2023 12:46 GMT by Kenneth Fisher
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Canadian dollar muted as BoC holds rates
Bank of Canada holds rates for third consecutive time US releases nonfarm employment on Friday The Canadian dollar is almost unchanged on Thursday. In the European session, USD/CAD is trading at 1.3596, up 0.03%. BoC pauses as expected There were no surprises from the Bank of Canada, which maintained the cash rate at 5.0% on Wednesday.
07-12-2023 07:47 GMT by Kenneth Fisher
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What's Next for Gold Price - XAU/USD Technical Analysis
Talking Points: Why did gold prices decline sharply? Daily Chart Analysis 4-Hour Chart Analysis What's next for Gold Prices? Why did gold prices decline sharply? Gold Price fell significantly last week after reaching an all-time high of $2150/Oz, the price fell to $2020/Oz within a day which left many traders stunned and unable to comprehend what has happened, and the more difficult question remains unanswered, what's next for Gold Prices? Over the past few weeks/months, inflation has been
07-12-2023 06:47 GMT by Moheb Hanna
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Nasdaq 100 Technical: Impending corrective decline within major uptrend
Medium-term breadth condition (% of Nasdaq 100 stocks above 50-day MA) has reached an overbought condition that led to significant corrective declines in past occasions on 16 August 2022, 1 December 2022, and 19 July 2023. Broke below the 20-day moving average. Watch the 15,690 near-term support as a potential downside trigger. This is a follow-up analysis of our prior report, “Nasdaq 100 Technical: Relentless bullish move” published on 21 November 2023. Click here for a recap. The price actio
07-12-2023 04:29 GMT by Kelvin Wong
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Hang Seng Index Technical: Entrenched in a downward spiral
China’s negative import growth in November suggests a sticky weak domestic demand environment. China and Hong Kong stock markets have failed to reignite bullish animal spirits despite the weakening trend seen in the US 10-year Treasury yield in the past month. Hang Seng Index now faces a potential major bearish breakdown that may retest the 12,200 October 2008 GFC swing low area in Q1 2024. This is a follow-up analysis of our prior report, “Deflationary spiral is still a recurring risk in China
07-12-2023 00:53 GMT by Kelvin Wong
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British pound shrugs as Construction PMI misses estimate
UK Construction PMI remains in decline BoE's Bailey warns of 'higher for longer' rate policy The British pound is showing limited movement on Wednesday. GBP/USD is trading at 1.2582 in the North American session, down 0.10%. UK Construction PMI barely moves The UK Construction PMI ticked lower to 45.5 in November, compared to 45.6 in October and shy of the consensus estimate of 46.3.
06-12-2023 12:24 GMT by Kenneth Fisher
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USD/CAD - BoC Holds, positive US economic figures ahead of Friday's jobs report
First BoC rate cut priced in for as early as March US ADP employment increases 103k in November (131k expected, 106k previously) USDCAD bounces off key moving average BoC remains committed to hiking if necessary, markets price in March cut The Bank of Canada continued to insist it remains prepared to raise rates again if needed despite acknowledging that inflationary pressures have eased and higher rates are weighing on the economy and demand. Markets continue to focus on the latter, pricing in
06-12-2023 12:16 GMT by Craig Erlam
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