OANDA Senior Market Analyst Craig Erlam discusses the recent moves in EURGBP in light of this morning's PMI data.
23-11-2023 11:26 GMT
by Craig Erlam
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UK PMIs accelerate
The British pound has gained ground on Thursday. In the North American session, GBP/USD is trading at 1.2536, up 0.34%.
23-11-2023 10:34 GMT
by Kenneth Fisher
New Zealand retail sales expected to decline by 0.8%
US markets closed for Thanksgiving
The New Zealand dollar is in positive territory on Thursday. Early in the North American session, NZD/USD is trading at 0.6042, up 0.34%.
Will New Zealand retail sales continue declining?
Retail sales are a key gauge of consumer spending and the New Zealand consumer has been holding tightly to the purse strings.
23-11-2023 08:50 GMT
by Kenneth Fisher
German, Eurozone PMIs accelerate
The euro is trading slightly higher on Thursday. In the European session, EUR/USD is trading at 1.0917, up 0.27%.
German PMIs accelerate but still in decline
German PMIs were released earlier today, presenting a cup-half-full-half-empty picture.
23-11-2023 05:53 GMT
by Kenneth Fisher
Recent price actions of the Nikkei 225 are still trading above its 20-day moving average despite the latest official downbeat assessment of Japan’s economy.
Significant correlation flip between USD/JPY and Nikkei 225 may persist as a weaker JPY may not be a main driver to drive up the price actions of Nikkei 225.
A strengthening JPY may see the outperformance of consumer-oriented TOPIX equities sectors such as Retail Sales and IT & Services.
A new medium-term uptrend may have kickstarted in Nik
23-11-2023 04:25 GMT
by Kelvin Wong
Fed policymakers encouraged by recent data but won't get complacent
BoE interest rate expectations barely changed after UK Autumn Statement
GBPUSD reverses near key resistance
The two big events of the last 24 hours haven't really packed the punch they occasionally can which perhaps explains why we aren't seeing big moves today.
Fed determined to "proceed carefully"
The FOMC minutes were arguably slightly on the dovish side, with the committee now seemingly of the view that no further hikes wi
22-11-2023 16:14 GMT
by Craig Erlam
OANDA Senior Market Analyst Craig Erlam joins Jonny Hart and Trader Nick to discuss the FOMC minutes, UK Autumn Statement and plunge in oil prices.
22-11-2023 14:34 GMT
by Craig Erlam
ECB financial stability review warns of stress
Fed minutes point to rates remaining restrictive
The euro is in negative territory on Wednesday. In the North American session, EUR/USD is trading at 1.0864, down 0.42%.
ECB says banks showing stress
The ECB released its semi-annual financial stability review earlier today and warned of stress in financial stability in the eurozone.
22-11-2023 12:17 GMT
by Kenneth Fisher
Canada's inflation rate falls to 3.1%
Fed minutes indicate rates to remain restrictive
The Canadian dollar continues to have a quiet week. In the North American session, USD/CAD is trading at 1.3723, up 0.14%.
Canada's inflation declines to 3.1%
Canada's inflation rate fell to 3.1% y/y in October, down sharply from 3.8% in September and below the consensus estimate of 3.2%.
22-11-2023 10:59 GMT
by Kenneth Fisher
RBA's Bullock says inflation has peaked
Fed says it will proceed carefully
The Australian dollar continues to try and break out, without much success. In the North American session, AUD/USD is trading at 0.6561, up 0.09%.
RBA's Bullock says inflation has peaked
Reserve Bank of Australia Governor Michele Bullock said on Tuesday that inflation has peaked and that the upside risk to inflation was domestic and demand-driven.
22-11-2023 08:00 GMT
by Kenneth Fisher
The 7-week decline of -23% in WTI crude oil has started to stabilize in the last two days.
The recent rebound of +8% from last Friday, 17 November low has been driven by anticipation of an extension of oil supply cuts into 2024 by OPEC+.
Watch the US$75.60 key short-term support in WTI crude oil.
In the past four weeks, oil prices have been hammered to the downside due to waning external global demand as the past year of tight monetary policies enacted by developed nations’ central banks (excep
22-11-2023 04:39 GMT
by Kelvin Wong
The AUD/JPY cross pair tends to be used as a proxy for “risk-on/risk-off” behaviour where a clear uptrend movement can be considered as a persistent “risk-on-herding” behaviour is at play and vice versa.
In the past four weeks, the AUD/JPY has rallied by +445 pips from its 16 October 2023 low of 94.14 to the recent 16 November 2023 high of 98.58 which was in line with the rallies seen in major benchmark stock indices.
This risk-on behaviour has been driven by the anticipation that the US Feder
22-11-2023 01:08 GMT
by Kelvin Wong
Talking points
FOMC Meeting Minutes Post CPI Numbers
EURUSD - Weekly and 1-hour charts
USDJPY - Weekly chart
FOMC Meeting Minutes Post CPI Numbers
Traders and Investors will be keeping a close eye today on the FOMC meeting minutes expected to be released at 2 PM EST, market participants are looking for any information that may help in forecasting the FED's next move and how the FED officials view the rate hike path for next year. The FED decided to keep rates on hold at their November 1st, 20
21-11-2023 13:39 GMT
by Moheb Hanna
OANDA Senior Market Analyst Craig Erlam joins Jonny Hart and Trader Nick to discuss the latest comments from the BoE, and preview the FOMC minutes, Nvidia earnings and UK Autumn Statement.
21-11-2023 11:08 GMT
by Craig Erlam
BoE policymakers hawkish in Monetary Policy Report hearing
FOMC minutes likely to reinforce higher for longer narrative
GBPUSD facing big test at 1.26
The Bank of England used its monetary policy report hearing to once more push back against market expectations on rate cuts next year.
A lot of the comments echoed similar sentiments expressed recently by the central bank regarding the job not being done, risks being to the upside for various reasons, and the need to leave rates for an exten
21-11-2023 10:39 GMT
by Craig Erlam
BoE's Bailey says markets underestimating inflation
Federal Reserve to release minutes later today
The British pound continues to rally on Tuesday after recording back-to-back winning days. In the North American session, GBP/USD is trading at 1.2544, up 0.33%.
21-11-2023 09:14 GMT
by Kenneth Fisher
Canada inflation expected to drop to 3.2%
US releases FOMC minutes
The Canadian dollar continues to have a quiet week. In the European session, USD/CAD is trading at 1.3709, down 0.12%.
21-11-2023 07:15 GMT
by Kenneth Fisher
The current bullish movement seen in the US Nasdaq 100 is primarily driven by an ongoing multi-week slide in the US 10-year Treasury yield.
Market breadth has improved remarkably where the number of component stocks in the Nasdaq 100 that are trading above their 200-day moving averages jumped to 67%.
Watch the key short-term support at 15,765/15,690.
A major shift in calculus has taken form in the dynamics of the US stock market where long-duration growth US equities have outperformed in the pa
21-11-2023 05:41 GMT
by Kelvin Wong
RBA says rate hike was needed to avoid larger increases
Fed releases meeting minutes later today
The Australian dollar continues to rally. In the European session, AUD/USD is trading at 0.6567, up 0.15%.
21-11-2023 04:50 GMT
by Kenneth Fisher
Spot Gold (XAU/USD) minor corrective pull-back of -3.8% from the 27 October 2023 high to 13 November 2023 low may have ended.
Potential start of another multi-week bullish up move for Spot Gold (XAU/USD).
A further slide in the 10-year US Treasury real yield supports a bullish narrative for Gold.
Watch the key short-term support at US$1,972.
This is a follow-up analysis of our prior report, “Gold Technical: At the risk of further corrective decline before potential recovery” published on 9 Nove
21-11-2023 00:01 GMT
by Kelvin Wong