The Japanese Yen extended gains as Japan’s Yoshimasa Hayashi stated that authorities would respond appropriately to excessive currency volatility. The JPY appreciated as Japanese authorities spent billions of dollars on a Yen-buying intervention. CME FedWatch Tool indicates 67.7% odds of a Fed rate cut in September, compared with 61.5% a week earlier. The Japanese Yen
Fundamental Overview The USD last week finished slightly positive but overall, it was a pretty flat week. We got some great US PMIs on Friday which showed growth without inflationary pressures. In fact, despite the strong PMIs the market pricing for interest rates remained unchanged. That should be positive for risk sentiment for the time
Major currencies are not doing much to start the day but I would expect the ranges to broaden in European trading. The overall risk mood remains more mixed, with tech shares sinking in Wall Street yesterday. The Dow ended higher by 0.7% but the Nasdaq slumped by 1.1%, led by a further drop in Nvidia.
Gold prices edged down on Tuesday, as investors await key U.S. inflation data due this week that could offer fresh clues on how soon the Federal Reserve can cut interest rates. FUNDAMENTALS * Spot gold was down 0.1% at $2,329.64 per ounce, as of 0114 GMT. U.S. gold futures also edged 0.1% lower to $2,342.00.
Canadian Dollar found room up top, bolstered by floundering Greenback. Canada to deliver update on CPI inflation on Tuesday. Risk appetite remains subdued as markets await signs of rate cuts. The Canadian Dollar (CAD) found some room on the high side on Monday, easing higher as the US Dollar softly receded across the board. Investors
USD/JPY attempt to break through the critical 160 level was unsuccessful for, as Yen recovered during a relatively quiet European session today. Although Yen surged briefly, there was no sustained selloff below the 159 mark against the greenback. The scale of the movement makes it challenging to determine if Japan intervened in the market. This
Fundamental Overview Despite good data on the inflation and growth front, Bitcoin couldn’t find a sustained bid amid the generally positive risk sentiment. There was no real catalyst for the drop other than a key technical support getting breached. We got a quick drop into a key support zone today which will likely attract more
Tonight’s tracking poll from Le Figaro paints a worsening picture for Emmanuel Macron’s centralist alliance as voters split left and right. The far right now has 36% of the vote and the left popular front is up to 29.5%. Macron’s camp has lost 1.5% since the pol on Thursday and sits at 20.5%. French stocks
Oil prices fell in early Asian trade on Monday for a second straight session, weighed down by a stronger dollar after concerns of higher-for-longer interest rates resurfaced and cooled investors’ risk appetite. Brent crude futures slid 40 cents, or 0.5%, to $84.84 a barrel by 0036 GMT, after settling down 0.6% on Friday. U.S. West
The Japanese Yen may continue its losing streak as the US Dollar remains stronger due to the hawkish Fed. Japan’s Masato Kanda said to intervene in the FX market around the clock if necessary. The US Dollar edges higher as Fed officials keep delaying the timing of the first interest rate cut in 2024. The Japanese
Yen recovered mildly in quiet Asian session along with the Swiss Franc, driven by mild risk aversion in the region. Despite this uptick, there is no strong indication of a significant rebound for the Japanese currency following its sharp decline last week. Notably, Japan did not utilize the thin liquidity at the beginning of the
In the kickstart video for June 21, I take a look at the three major currency pairs from a technical perspective and explain what the bias is, what the risks are, and what the targets are for each. The EURUSD corrected up to tested 61.8% retracement of the move up from the April low at
Things are moving slower to start the new week, with major currencies keeping in tight ranges. But if anything else, do keep an eye out for USD/JPY as it continues to track towards the 160.00 threshold again. That might prompt Japanese authorities to intervene to lock down further yen depreciation, at least for now. After
Continuing to make lower highs on charts, MCX gold August futures on Monday opened at Rs 71,683 per 10 grams, falling by merely Rs 151 in June so far while silver MCX July futures contracts fell by Rs 6,390 in the same time period as the prices opened at Rs 81,180/kg. Gold and silver prices
Kiwi tallies a three-day losing streak, end the week on a negative note with the pair stabilizing at 0.6115. NZD/USD outlook continues to skew bearish as bulls fail to maintain upward traction. Bucking the bearish trend, a break above 0.6150, the position of the 20-day SMA, is vital. On Friday, the NZD/USD extended its losing streak
The Swiss National Bank cut rates by 25 basis points yesterday and that reversed the downward bias that the USDCHF was experiencing going into the rate decision. The subsequent move higher move back above the 38.2% retracement of the move up from the December 2023 low at 0.8883, a swing area between 0.8881 and 0.8892,
UPCOMING EVENTS: Monday: BoJ Summary of Opinions, German IFO. Tuesday: Canada CPI, US Consumer Confidence. Wednesday: Australia Monthly CPI. Thursday: Japan Retail Sales, US Durable Goods Orders, US Final Q1 GDP, US Jobless Claims. Friday: Tokyo CPI, UK Final Q1 GDP, Canada GDP, US PCE, University of Michigan Consumer Sentiment (final). Tuesday The Canadian CPI
Brent crude futures edged up in early trade on Thursday as Israeli tanks advanced into Gaza, while U.S. crude futures dipped on the prospect of swelling oil inventories. Brent crude futures for August delivery rose 8 cents to $85.15 a barrel by 0008 GMT. U.S. West Texas Intermediate crude for June was down 27 cents,