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German Factory Orders rebound with 3.6% gain US nonfarm payrolls projected to ease to 170,000 The euro is almost flat on Friday after two straight daily gains. In the European session, EUR/USD is trading at 1.0554, up 0.04%. Germany's economy is struggling, as the traditional locomotive of the eurozone is grappling with high inflation and weak growth.

06-10-2023 07:03 GMT by Kenneth Fisher

Australian dollar steady ahead of US jobs report

US nonfarm payrolls expected to slow to 170,000 RBA financial stability report points to trouble for householders The Australian dollar is drifting on Friday. In the European session, AUD/USD is trading at 0.6364, down 0.10%.

06-10-2023 04:39 GMT by Kenneth Fisher

Gold Technical: A consolidation in the US 10-year Treasury yield may offer a relief bounce

Spot Gold (XAU/USD) has a significant indirect correlation with the 10-year US Treasury yield since May 2023. A potential short-term pull-back in US 10-year Treasury yield below a 4.90% key medium-term resistance may offer a “relief mean reversion rebound” on spot Gold. Watch the key support of US$1,810 on spot Gold. In the past two weeks, the price of spot Gold (XAU/USD) has tumbled swiftly by -6.90% from its 21 September 2023 high of US$1,947 to a seven-month low of US$1,813 printed on Thursd

06-10-2023 04:36 GMT by Kelvin Wong

NZD/USD: Bounce limited as RBNZ rate hike odds for November underwhelm

Fed's Daly (non-voter) noted that recent bond market tightening equals about 1 rate hike; if labor market cools, we can hold rates steady RBNZ rate hike expectations are between a hold or one more rate hike China's improving outlook could boost commodities The New Zealand central bank is keeping all their options open after keeping rates on hold this week, refraining to signaling that inflation outlook could warrant further tightening.

05-10-2023 16:04 GMT by Edward Moya

USD/CAD - Canadian dollar stops nasty slide

Canada Ivey PMI remains in expansion territory Canada, US job reports expected to decline The Canadian dollar has steadied on Thursday. In the North American session, USD/CAD is trading at 1.3728, down 0.12%. The Canadian currency has stabilized after a nasty four-day slide, in which it declined 1.9%.

05-10-2023 12:19 GMT by Kenneth Fisher

USD/JPY: the king dollar trade and bond market selloff isn't over just yet

Bond futures traders wagers (open interest) hit record high; Bets are calling for a hike at November 1st meeting US jobless claims edge higher but still remain historically low levels Fed's Daly noted they can hold rates steady if labor, prices keep cooling The dollar is softening and stocks are slightly lower as calm emerges in the bond market. Wall Street is still seeing a lot of strength in the labor market.

05-10-2023 12:17 GMT by Edward Moya

Pound shrugs off soft Construction PMI

UK Construction PMI declines The British pound has ticked higher on Thursday. In the North American session, GBP/USD is trading at 1.2149, up 0.09%. UK Construction PMI declines The UK Construction PMI fell to 45.0 in September, down significantly from 50.8 in August and below the consensus estimate of 49.9.

05-10-2023 09:31 GMT by Kenneth Fisher

Japanese yen steadies as intervention speculation subsides

USD/JPY drifting for a second straight day BoJ likely did not intervene in currency markets The Japanese yen has posted slight gains on Thursday. In the European session, USD/JPY is trading at 148.97, down 0.10%. Yen spike was likely not due to intervention The yen has stabilized after a massive spike on Tuesday.

05-10-2023 06:03 GMT by Kenneth Fisher

USD/JPY Technical: Retesting the 20-day moving average support with bearish momentum

USD/JPY Technical: Retesting the 20-day moving average support with bearish momentum Key technical elements have turned bearish for USD/JPY ex-post suspected BoJ’s invention. USD/JPY bulls’ first defence line at the 20-day moving average acting as a 148.25 support looks vulnerable. The next immediate support to watch will be at 146.10/146.00 This is a follow-up analysis of our prior report, “USD/JPY rallied to an 11-month high despite a rosy Q3 Tankan report and verbal interventions” published

05-10-2023 01:45 GMT by Kelvin Wong

Podcast - Suspected yen intervention, mixed US data, OPEC+ meet

OANDA Senior Market Analyst joins Jonny Hart and Trader Nick to discuss the potential Japanese yen intervention, US economic data and the OPEC+ meeting.

04-10-2023 16:58 GMT by Craig Erlam

Brent Crude - Oil slips as OPEC+ looks to maintain cuts for now

OPEC+ expected to leave output unchanged until the end of the year Saudi Arabia and Russia are also expected to leave restrictions unchanged Brent falls more than 5% Oil prices have fallen more than 3% today as OPEC+ looks set to leave their output targets unchanged, while Saudi Arabia and Russia reaffirmed their commitment to additional cuts until the end of the year. That may not sound particularly bearish for oil but in doing nothing, the group is leaving the door open to output increases f

04-10-2023 16:29 GMT by Craig Erlam

USD/CAD: Loonie weakness extends as oil prices drop

USD/CAD has been hit with heightened volatility given bond market chaos and the big moves in the oil market. The dollar rally has paused against euro and yen, but it continues against commodity currencies. Demand for all commodities are taking a hit here as surging Treasury yields are driving global growth concerns. Price action on the USD/CAD daily chart is showing the recent bullish rally is tentatively breaking above key trendline resistance that has been in place since the start of the pan

04-10-2023 12:52 GMT by Edward Moya

EUR/USD higher after mixed European releases

German Services PMI rises slightly Eurozone retail sales decline 1.2% The euro has stabilized on Wednesday and is in positive territory. In the North American session, EUR/USD is trading at 1.0519, up 0.50%. Germany's Services PMI expands slightly Germany is the largest economy in the eurozone.

04-10-2023 12:13 GMT by Kenneth Fisher

EUR/USD: Dollar follows bond market and hits ludicrous speed

ADP report shows job weakness occurred in September ISM Services report shows largest part of economy remains resilient Yields remain near session lows Wall Street is waking up to more FX and bond market chaos. Overnight, the 30-year Treasury yield surged to 5%, the highest level since 2007. With hedge funds aggressively riding this bond market selloff, Treasury yields blew right by ‘ridiculous’ speed and entered ‘ludicrous speed’. Heading into the NY open, the 30-year Treasury yield has rev

04-10-2023 10:24 GMT by Edward Moya

New Zealand dollar pares losses as RBNZ pauses

RBNZ holds benchmark rate at 5.5% The New Zealand dollar has posted small losses on Wednesday. In Europe, NZD/USD is trading at 0.5901 in Europe, down 0.11%.

04-10-2023 08:23 GMT by Kenneth Fisher

Japanese yen spikes after breaching 150

USD/JPY breaches 150 but spikes lower BoJ may have intervened but no confirmation The Japanese yen is unchanged on Wednesday, trading at 149.05 in the European session. This calmness is deceptive, however, as the yen had a massive spike on Tuesday after it breached the key 150 level. Did BoJ intervene? The Bank of Japan won't win any awards for transparency and has a knack of making significant moves that catch the market off guard.

04-10-2023 06:19 GMT by Kenneth Fisher

Nikkei 225 may see a silver lining from Japanese banks

The current second-half performance of the Nikkei 225 is considered wobbly as it recorded a Q3 loss of -4% and underperformed slightly against the US S&P 500. The recent lacklustre performance of the Nikkei 225 has been impacted significantly by the performance of the S&P 500 rather than JPY movement. In the past three months, Japanese banks have offered a silver lining in a bearish Nikkei 225 environment as the TOPIX Banks sector outperformed with a positive return of +13.22% Watch the 200-day

04-10-2023 03:15 GMT by Kelvin Wong

USD/JPY: JOLTS dollar pop likely triggered Japanese intervention

USD/JPY fell 275 pips immediately after the JOLTS report sent price action above the 150 level Japan MOF Official: No comment on in Japan intervened with the yen JOLTS: August job openings rose from an upwardly revised 8.920 million to 9.610 million

03-10-2023 11:45 GMT by Edward Moya

NZ dollar sliding, RBNZ expected to pause

New Zealand dollar slides for a second successive day The New Zealand dollar is sharply lower for a second straight day. In the North American session, NZD/USD is trading at 0.5904, down 0.71%. It has been an awful week so far for the New Zealand dollar, which is down 1.55%.

03-10-2023 10:47 GMT by Kenneth Fisher

Gold - Continues to struggle amid hawkish central bank warnings

Gold eyeing a seventh consecutive decline? JOLTS job openings reinforce the view of a strong labor market Major technical support below if sell-off continues Gold is on course to extend its losing run to seven sessions, with the yellow metal down around half a percent following the US JOLTS report. Rising bond yields have hammered gold prices recently which have fallen from $1,900 to near $1,800 remarkably fast.

03-10-2023 10:34 GMT by Craig Erlam

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