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Nasdaq - Leads the way in otherwise mixed trade
Nasdaq outperforms other indices Fed officials remain cautious NAS100 breaks major technical resistance Stocks traded a little mixed in Europe and the US on Tuesday, the one outlier being the Nasdaq which powered ahead with gains of more than 1%. Lower bond yields enabled stocks to bounce back strongly in the second half of last week, aided by some less hawkish Fed commentary after the meeting and a softer jobs report. But with yields now stabilizing again, equities have been running low on en
07-11-2023 15:26 GMT by Craig Erlam
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Euro edges lower as German Industrial Production declines
German Industrial Production declines Fed's Powell will make public remarks on Wednesday The euro is in negative territory for a second straight day. In Tuesday's North American session, EUR/USD is trading at 1.0684, down 0.31%. German Industrial Production declines 1.4% Germany's industrial production slipped 1.4% m/m in September, following a downwardly revised -0.1% reading in August and well shy of the market consensus of -0.1%.
07-11-2023 12:14 GMT by Kenneth Fisher
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Australian dollar plunges after RBA hike
RBA raises rates but eases tightening bias Australian dollar slides over 1% The Australian dollar has recorded massive losses on Monday. In the European session, AUD/USD is trading at 0.6422, down 1.05%.
07-11-2023 07:24 GMT by Kenneth Fisher
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AUD/USD Technical: RBA hike has already been priced in, minor corrective decline in progress
AUD/USD Technical: RBA hike has already been priced in, minor corrective decline in progress RBA hiked the official cash rate by 25 bps to 4.35% as expected. Revised up slightly projected year-end 2024 Australia CPI inflation to be around 3.5% from 3.25% previously forecasted in August. AUD/USD has declined by -64 pips intraday from yesterday, 6 November high of 0.6523. Short-term momentum has turned bearish as depicted by the hourly RSI.
06-11-2023 23:24 GMT by Kelvin Wong
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Nikkei 225 Technical: An imminent potential minor corrective pull-back
The prior four days of the rally have reached an extreme overbought condition. Odds have increased for a minor pull-back scenario reinforced by the latest reading from the 4-hour RSI momentum indicator. Watch the 32,760 key short-term pivotal resistance with an immediate support zone at 32,120/31,620. This is a follow-up analysis of our prior report, “Nikkei 225: Short-term positive momentum emerged ahead of BoJ” published on 30 October 2023. Click here for a recap. In the past week, the Japan
06-11-2023 20:25 GMT by Kelvin Wong
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Podcast - Potential rate hike by RBA, China's deflationary risk and Powell's Fed speak on the radar
OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss several key highlights and events for this week; a hawkish RBA resurgence and its implications on the AUD/USD, China's deflationary spiral risk, and all ears on Fed speak from Powell on the clarity on the pace and start of interest rate cuts in US. https://open.spotify.com/episode/25yapp1dEbC1H5MVUWYhyM
06-11-2023 19:19 GMT by Kelvin Wong
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Nasdaq - Rally running on fumes after Fed and NFP boost
Recovery stalling after a brief boost Fed and jobs report provide optimism Major technical resistance tested It's been a relatively subdued start to trading on Monday, with stock markets struggling to maintain the momentum from the second half of last week. Investors got everything they wanted from the Federal Reserve and the jobs report. Chair Jerome Powell and his colleagues adopted a slightly less hawkish tone for the meeting while maintaining its extremely cautious position on inflation and
06-11-2023 13:35 GMT by Craig Erlam
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British pound steadies, Construction PMI declines
UK Construction PMI continues to decline British pound soars on soft US nonfarm payrolls The British pound is steady at the start of the week. In the North American session, GBP/USD is trading at 1.2396, up 0.14%. UK Construction PMI declines UK Construction PMI declined for a second straight month in October, with a reading of 45.6.
06-11-2023 11:48 GMT by Kenneth Fisher
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Aussie soars to 3-month high, RBA expected to hike
AUD/USD climbs after soft US nonfarm payrolls RBA rate decision a 50/50 toss-up The Australian dollar has edged lower on Monday, after huge gains on Friday. In the North American session, AUD/USD is trading at 0.6499, down 0.21%. On Friday, the Aussie posted spectacular gains, rising 1.22% and hitting its highest level since August 10th.
06-11-2023 10:45 GMT by Kenneth Fisher
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Dollar-yen back below 150 as greenback retreats
Yen improves after soft US nonfarm payrolls BOJ September minutes indicated members saw no need to tweak YCC The Japanese yen is steady on Monday. In the European session, USD/JPY is trading at 149.66, up 0.20%. US nonfarm payrolls cements pause in December US nonfarm payrolls fell to 150,000 in October, down from a downwardly revised 297,000 in September and shy of the consensus estimate of 170,000.
06-11-2023 06:33 GMT by Kenneth Fisher
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Potential bullish tactical movements arise for Hong Kong and China equities due to USD weakness
The latest set of lacklustre US non-farm payrolls and ISM Services PMI data for October has reinforced further US dollar weakness. The narrowing of the 2-year US Treasury yield over the 2-year China sovereign bond has negated the current major downtrend of the offshore yuan (CNH) against the US dollar. A further breakdown below 7.2675 on the USD/CNH may trigger a potential tactical multi-month up moves in China and Hong Kong equities. In the past week, the medium-term uptrend of the US dollar
06-11-2023 00:16 GMT by Kelvin Wong
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EUR/USD - A very good jobs report for the Federal Reserve, PMIs fall again
US job growth slows as prior months revised lower Wage growth slows to 0.2% on a monthly basis in October  EURUSD rebounds off channel lows The Federal Reserve could not realistically have hoped for a better jobs report today but it will need to be one of a number of positive economic reports over the coming months before it's ready to declare victory.
03-11-2023 14:07 GMT by Craig Erlam
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USD/CAD steady ahead of Canada, US job reports
Canada's job growth expected to ease to 22,500 US nonfarm payrolls projected to decline to 170,000 The Canadian dollar is showing little movement on Friday. In the European session, USD/CAD is trading at 1.3740, up 0.03%. US, Canadian job growth expected to ease The week wraps up with US and Canadian employment reports, which could mean volatility from the Canadian dollar during the North American session. The US releases nonfarm payrolls, which had a massive September and crushed expectatio
03-11-2023 07:46 GMT by Kenneth Fisher
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British pound eyes US nonfarm payrolls
US nonfarm employment expected to fall sharply The British pound has posted strong gains on Thursday. In the European session, GBP/USD is trading at 1.2222, up 0.16%. US nonfarm payrolls expected to decline The week wraps up with the US nonfarm employment report.
03-11-2023 07:00 GMT by Kenneth Fisher
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Euro calm ahead of US nonfarm payrolls
US nonfarm payrolls expected to ease to 170,000 The euro is showing limited movement on Friday after posting strong gains a day earlier. In the European session, EUR/USD is trading at 1.0633, up 0.10%. All eyes on US nonfarm payrolls The US dollar has been under broad pressure since the Federal Reserve decision on Wednesday.
03-11-2023 05:26 GMT by Kenneth Fisher
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EUR/GBP - BoE in wait and see mode with wage growth now key
BoE leaves Bank Rate at 5.25% MPC believes inflation risks are to the upside EURGBP fails to break key resistance zone The Bank of England left interest rates unchanged today at 5.25%, as expected, with the vote widening slightly but remaining very close. The fact that the vote remains close highlights how uncertain the outlook remains in the view of the MPC and how, as Bailey reaffirmed in the press conference after, the risks to inflation are still to the upside. That said, based on its
02-11-2023 13:41 GMT by Craig Erlam
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