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Canadian dollar dips as Canada's inflation slides
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
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Australian dollar can't break out, Fed stays cautious
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
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WTI Oil Technical: Recent plunge seems to have found a floor ahead of OPEC+
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
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AUD/JPY Technical: Holding above the 20-day moving average
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
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FOMC Meeting Minutes - A Technical Analysis Approach for EURUSD - USDJPY
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
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GBP/USD - BoE continues to push back against market expectations, Fed minutes
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
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GBP/USD rises after Bailey's hawkish remarks
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
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Nasdaq 100 Technical: Relentless bullish move
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
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Gold Technical: Potential multi-week bullish movement kickstarts
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
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Japanese yen improves to six-week high
Japanese yen posts sharp gains on Monday The Japanese yen is up for a third straight day on Monday and has climbed 2% against the US dollar in the current rally. In the European session, USD/JPY is trading at 148.40, down 0.84%. Yen rebounds as US/Japan rate differential narrows After falling to a one-year low last week, the yen has rebounded and is trading at a six-week high.
20-11-2023 04:39 GMT by Kenneth Fisher
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USD/JPY: A potential medium-term bearish reversal in progress
Heightened dovish expectations on US monetary policy have led to US Treasuries-JGBs yield premium shrinkage. Bearish momentum factor has taken a foothold as well with USD/JPY’s price action below its 20 and 50-day moving averages. Watch the 150.30/70 key medium-term resistance zone. The relentless medium-term impulsive upside movements of the USD/JPY in place since the 16 January 2022 low of 127.22 are likely to have succumbed to the “law of gravity” triggered by momentum and fundamental factor
20-11-2023 01:16 GMT by Kelvin Wong
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