NZDUSD moves toward lower channel trendline The NZDUSD rallied in the Asian session, and moved back up toward a topside trend line. Recall from yesterday, the price did move briefly above that trend line but quickly reversed to the downside. That move to the downside extended to a swing area between 0.63749 and 0.63792 toward
Beijing has reintroduced a few minor restrictions (all off-campus and “offline” sports activities for teens would be cancelled starting Sunday). Earlier a spokesperson for the city’s government said a recent outbreak “The recent outbreak … is strongly explosive in nature and widespread in scope“. Which does not sound too good at all. Even Chinese Communist
Oil bulls are starting to picture a world in which China, the engine of demand growth, comes back to the market. And if their analysis is right, the summer is going to be painful for oil consumers everywhere who’re already facing spiraling prices — whether that’s Americans paying about $5 a gallon gasoline, or Brits
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On Friday, the USD/JPY climbs 0.11%, and in the week, 2.80%. Risk-aversion initially weighed on the USD, but late in the North American session, higher US Treasury yields lifted the USD/JPY. USD/JPY Price Analysis: The USD/JPY might retrace as intervention looms, towards 131.00s. The USD/JPY is registering gains close to 2.80% during the week, and
USDJPY takes a nap The USDJPY moved down and up yesterday, and it is moving down and up today. The low price yesterday stalled ahead of the 38.2% retracement of the last trend leg higher (from June 6). That retracement level is also near the swing high from Tuesday’s trade and a swing low from
MON: UK GDP Estimate (Apr). TUE: UK Jobs Data (Apr/May); Swedish CPI (May); German ZEW Survey (Jun); US PPI (May); OPEC MOMR. WED: FOMC Announcement; BCB Announcement; Chinese Industrial Production and Retail Sales (May), French CPI (May), US Retail Sales (May), New Zealand GDP (Q1); IEA OMR. THU: BoE Announcement; SNB Announcement; Australian Labour Market
It was a non-consequential week for gold as market players remained non-committal ahead of the US Fed decision next week. The price traded in a narrow range near $1850/oz for most of the week, but a late Friday rally helped the bullion gain about 1.5%. Gold has recovered substantially from the lows set in mid-May.
Worries of stagflation intensified a whole lot last week. In particular, even the habitually cautious ECB pre-committed to rate hikes in July and September, while delivering new economic forecasts with sharply higher inflation and lower growth projections. Selloff in risk markets accelerated further after US CPI re-accelerated to new 40-year high. The hope of inflation
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Next week, the Bank of England will have its monetary policy meeting. Analysts at MUFG Bank consider it poses some upside risk for the pound but they warn any rally should be short-lived in light of the still unfavourable UK cyclical backdrop. Key Quotes: “The GBP has been consolidating at weaker levels after correcting lower
It’s a rough day for all risk assets but the pound has been particularly hard hit, lagging risk assets badly. Some of that might be a catch-up trade after it found some strength earlier in the week around the Boris Johnson drama but it’s re-correlated with stocks. That correlation was one of the stronger ones
The stronger than expected CPI reversed premarket stock gains and pushed the major indices lower. A weaker Michigan consumer sentiment didn’t help with the overall sentiment. The weekly percentage declines in the Dow, S&P, and NASDAQ weeks was the worst since January 21 Major indices closed near lows for the day Dow Jones is down
Oil prices held near 13-week highs on Thursday, underpinned by robust demand in the world’s top consumer United States while demand is expected to rebound in China as COVID-19 curbs across major cities are relaxed. Brent crude futures for August nudged up 12 cents to $123.70 a barrel by 0033 GMT, while U.S. West Texas
Traders on the floor of the NYSE, May 27, 2022. Source: NYSE Signs that inflation is at least starting to abate from a 40-year high could be a positive for stocks, according to Goldman Sachs. Markets rallied Friday as a government report showed the pace of inflation slowed a bit in April, primarily due to
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