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Japanese yen soars as BoJ hints at shift in policy

BoJ hints at monetary policy shift Japanese yen soars over 2% US releases nonfarm payrolls on Friday The Japanese yen has surged on Thursday. In the North American session, USD/JPY is trading at 144.00, down a massive 2.25%.

07-12-2023 11:54 GMT by Kenneth Fisher

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

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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Market Insights Podcast - US ADP softer, Bank of Canada holds rates

OANDA Senior Market Analyst Craig Erlam joins Jonny Hart and Trader Nick to discuss the US economic data, the Bank of Canada interest rate decision, and another fall in oil.

07-12-2023 04:45 GMT by Craig Erlam

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

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

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

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

USD/CAD eyes Bank of Canada rate decision

Bank of Canada expected to hold rates at 5.0% The Canadian dollar is steady ahead of today's Bank of Canada rate decision. Early in the North American session, USD/CAD is trading at 1.3526, down 0.22%. BoC expected to pause The Bank of Canada has held the cash rate at 5.0% for two straight times and another pause is widely expected at today's meeting.

06-12-2023 08:52 GMT by Kenneth Fisher

Germany 30 Technical: New intraday record high, short-term bullish trend intact

Cleared above 16,300 major range resistance in place since November 2021. Watch the 16,440 key short-term support. This is a follow-up analysis of our prior report, “Germany 30 Technical: Bullish momentum remains intact” published on 24 November 2023. Click here for a recap. The price actions of the Germany 30 Index (a proxy for the DAX futures) have continued to surge upward since our last analysis and cleared above the 16,200 short-term resistance as highlighted in our prior report. Yesterd

06-12-2023 04:37 GMT by Kelvin Wong

Australian dollar rebounds despite soft GDP

Australian GDP falls to 0.2% AUD/USD rebounds after two-day losing streak The Australian dollar has bounced back on Wednesday and snapped a two-day losing streak. In the European session, AUD/USD is trading at 0.6574, up 0.34%. Australian GDP eases to 0.2% Australia's GDP rose 0.2% q/q in the third quarter, below the consensus estimate of 0.4% and the second quarter print of 0.4%.

06-12-2023 04:34 GMT by Kenneth Fisher

USD/JPY: Bearish momentum remains intact despite softer Tokyo CPI

Tokyo’s CPI for November slowed down further due to a recent drop in oil prices. Tokyo’s services prices accelerated to 3% y/y in November, its fastest pace since 1994. Japan’s latest consumer sentiment data for November also improved to its highest level since August 2023. A boost in consumer sentiment coupled with services inflation on the uptick indicates signs of a potential demand-driven increase in prices has emerged in Japan.

06-12-2023 01:30 GMT by Kelvin Wong

Nasdaq - How sustainable is the stock market rally? PMIs a positive surprise

Are interest rate expectations too optimistic? PMI revisions positive but the outlook is broadly unchanged NAS100 nears all-time highs Equity markets in Europe and the US continued to edge higher on Tuesday despite many now questioning whether investors are getting too carried away. The rally appears to be based on the view that central banks from the Fed to the ECB and BoC will start cutting interest rates in March and then do so another three times over the rest of 2024. That's quite the diff

05-12-2023 15:01 GMT by Craig Erlam

EUR/USD - slump continues despite Services PMIs' improvement

Germany, eurozone PMIs revised upwards Euro slide continues for a fifth day US ISM Services PMI beats forecast The euro has extended its losses on Tuesday. In the North American session, EUR/USD is trading at 1.0792, down 0.41%.

05-12-2023 12:30 GMT by Kenneth Fisher

Australian dollar slides as RBA holds rates

RBA maintains cash rate at 4.35% Australian dollar extends slide The Australian dollar is down sharply for a second straight day. In the European session, AUD/USD is trading at 0.6561, down 0.88%.

05-12-2023 07:47 GMT by Kenneth Fisher

Japanese yen steady, Tokyo CPI falls

Tokyo Core CPI eases to 2.3% US to release ISM Services PMI later today The Japanese yen has edged lower on Tuesday. In the European session, USD/JPY is trading at 147.08, down 0.10%. Tokyo Core CPI softer than expected Tokyo Core CPI, a leading indicator for nationwide inflation, climbed 2.3% y/y in November.

05-12-2023 04:36 GMT by Kenneth Fisher

AUD/USD: Challenging key 200-day moving average post RBA

RBA left its policy cash rate unchanged at 4.35% in line with expectations. A slight dovish tonality in the monetary policy statement has reduced the expectations of a “hawkish pause”. Technical analysis suggests that the medium-term uptrend phase of the AUD/USD from its 26 October 2023 low remains intact. Watch the 0.6570 pivotal support. This is a follow-up analysis of our prior report, “AUD/USD: Bullish breakout ahead of monthly AU CPI data” published on 28 November 2023.

04-12-2023 23:53 GMT by Kelvin Wong

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Podcast - Gold flash rally to record high, US non-farm payrolls and RBA looms ahead

OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week's key economic data releases, events, and gold's flash rally on Monday toward a new record high. The short to medium-term dynamics at play for gold given that market expectations have increasingly skewed toward a Fed pivot.

04-12-2023 20:47 GMT by Kelvin Wong

US jobs data eyed ahead of next week's Fed rate decision

US jobs report the next major event Powell hints at less hawkish Fed view JOLTS, ISM and jobless claims eyed The next couple of weeks could be massive for financial markets going into 2024, with a range of data from the US in the coming days setting us up nicely for the Fed meeting on the 13th. The standout event is the jobs report on Friday, with the Fed still seemingly of the view that getting inflation back sustainably to target will require some more slack in the labor market.

04-12-2023 19:07 GMT by Craig Erlam

Euro extends slide, Services PMIs next

Eurozone inflation falls to 2.4% Powell's push back doesn't faze markets Eurozone and Germany to release Services PMIs on Tuesday The euro is down considerably on Monday. In the North American session, EUR/USD is trading at 1.0817, down 0.60%.

04-12-2023 11:26 GMT by Kenneth Fisher

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