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The US will impose tariffs on EVs from China after review

May 9, 2024 | 17:56 pm

Bloomberg headline saying Biden’s administration is poised to unveil a sweeping decision on China tariffs as soon as next weektargeting key strategic sectors with new imposts***The US slapping tariffs on Chinese products is not overly surprising is it? Trump accelerated doing so, Biden has built on his. And we're heading into an election, so there are likely to be more to come. This article was written by Eamonn Sheridan at www.forexlive.com.

Heads up for the approaching weekend - China releases April inflation data on Saturday

May 9, 2024 | 17:28 pm

China CPI and PPI data is due on Saturday, 11 May 2024 at 0130 GMT, which is Friday at 2130 US Eastern time.China has barely crawled out of consumer deflation, but producer prices are still falling, they've done so since October 2022. Trade rebounded in April, imports and exports both grew. Coming up soon is the People's Bank of China yuan reference rate setting for today: PBOC is expected to set the USD/CNY reference rate at 7.2102 – Reuters estimateThe PBoC have been propping it up for many, many months now. The Bank fears capital flowing out of the country if the yuan looks like weakening. But a strong USD is keeping it under pressure. This article was written by Eamonn Sheridan at www.forexlive.com.

Aussie dollar trades above US$0.66

May 9, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar is slightly stronger this morning when valued against the Greenback, currently trading at 0.6615 at time of writing. On the data front Australian retail sales volumes declined by 0.4% in the March quarter of 2024, continuing a trend of fluctuating performance over recent quarters, figures released by Australian Bureau of Statistics (ABS) have shown. The quarterly decrease follows a 0.4% rise in the December 2023 quarter and a 0.2% fall in the September quarter of the same year. Retail sales volumes fell for the fifth time in the past six quarters as consumers cut back on buying large household items such as furniture and electronic goods. The only rise in volumes over the past 18 months was the December quarter last year as extensive discounting from Black Friday sales boosted volumes. Compared to the March quarter of the previous year, retail volumes have fallen by 1.3%, marking the fourth consecutive year-on-year decline. The ASX 200 Index snapped a five-day winning streak, primarily driven by a decline in heavyweight bank stocks due to regulatory concerns within the sector. The Australian market also reacted to a weak performance on Wall Street, as investors grappled with mixed corporate earnings reports and the Federal Reserve's hawkish stance on maintaining higher rates for an extended period. Looking ahead today and there are no scheduled releases. Key Movers The US Dollar Index (DXY) is trading at 105.35, slightly down. Despite signals of persistently high inflation acknowledged by Federal Reserve (Fed) Chair Jerome Powell and a recent hawkish stance from the Fed, the US dollar seems to be under mild downward pressure on Thursday due to the report of weak Initial Jobless Claims figures. Initial Jobless Claims data, marking 231K applications, overshooting the 210K forecast, and increased jobless claims underscore anxiety over potential labour market weakness in the US. The upcoming week’s Producer and Consumer inflation data will be crucial, where higher-than-projected figures could minimise rate cut probabilities this year. The Pound sterling erased some of its earlier losses against the US dollar and edged up by 0.03% after the Bank of England’s (BoE) monetary policy decision. The BoE's Monetary Policy Committee voted 7-2 to keep rates at a 16-year high of 5.25%. However, Governor Andrew Bailey said it was possible the central bank would need to cut rates by more than investors currently expect. Money markets are fully pricing in an August rate cut while placing about a 44% chance on a cut in June. Much will depend on upcoming wage settlement and inflation data. The GBP/USD pair is currently trading at 1.2520 at time of writing. Expected RangesAUD/USD: 0.6500 - 0.6700 ▲AUD/EUR: 0.6040 - 0.6240 ▲GBP/AUD: 1.8800 - 1.9000 ▼AUD/NZD: 1.0850 - 1.1050 ▼AUD/CAD: 0.8950 - 0.9150 ▲

Japan Labor Cash Earnings (YoY) dipped from previous 1.8% to 0.6% in March

May 9, 2024 | 16:32 pm

Japan Labor Cash Earnings (YoY) dipped from previous 1.8% to 0.6% in March

Japan data - March Household Spending +1.2% m/m (expected -0.3%)

May 9, 2024 | 16:31 pm

Japan Overall Household Spending for March 2024+1.2% m/m for a nice beatexpected -0.3%, prior +1.4%-1.2% y/y, also for a beat but down for a 13th straight monthexpected -2.4% and prior -0.5% This article was written by Eamonn Sheridan at www.forexlive.com.

Japan Overall Household Spending (YoY) above forecasts (-2.4%) in March: Actual (-1.2%)

May 9, 2024 | 16:30 pm

Japan Overall Household Spending (YoY) above forecasts (-2.4%) in March: Actual (-1.2%)

EUR/USD climbs over 1.0780 on broad-market risk appetite recovery

May 9, 2024 | 16:24 pm

EUR/USD gained ground on Thursday, finding upside on the week after the US Dollar (USD) broadly fell back after rising US Initial Jobless Claims sparked renewed hope of rate cuts from the Federal Reserve (Fed).

GBP/USD posts modest gains above 1.2500, UK GDP data eyed

May 9, 2024 | 16:15 pm

The GBP/USD pair posts modest gains near 1.2525 during the early Asian session on Friday.

New Zealand's Business NZ PMI still in contraction territory, but improves to 48.9 in April

May 9, 2024 | 16:02 pm

BusinessNZ's New Zealand Performance of Manufacturing Index (PMI) saw an uptick in April, with the seasonally-adjusted figure coming in at 48.9 compared to March's 46.8, but is still lower than February's 49.1.

Business NZ Manufacturing PMI (April) 48.9 vs. prior 47.1

May 9, 2024 | 15:32 pm

New Zealand's manufacturing sector has been in contraction for 14 consecutive months.BusinessNZ comment:An overall lack of sales and orders was the dominant theme in comments, along with a struggling economy BNZ comment:PMI this year to date is consistent with manufacturing GDP trailing year earlier levelsthe details were a bit more mixed in April, rather than uniformly weak as has been the case over recent monthsNZD/USD is little changed on the data. The data point is not an immediate NZ dollar mover generally. This article was written by Eamonn Sheridan at www.forexlive.com.

New Zealand Business NZ PMI increased to 48.9 in April from previous 47.1

May 9, 2024 | 15:30 pm

New Zealand Business NZ PMI increased to 48.9 in April from previous 47.1

EUR/GBP churns near 0.8600 as central banks dominate headlines

May 9, 2024 | 15:05 pm

EUR/USD cycled within familiar levels on Thursday as the pair’s respective central banks compete to reaffirm markets that progress is being made on inflation, and the path towards rate cuts is coming, but not quite yet.

US Dollar sees red as soft Jobless Claims figures alarms about the health of the labor market

May 9, 2024 | 15:02 pm

The US Dollar Index (DXY) is trading at 105.35, slightly down.

Gold marches higher as weak jobless claims, increase Fed rate cut speculation

May 9, 2024 | 15:01 pm

Gold price resumed its uptrend on Thursday and climbed more than 1% as US Treasury yields dropped, undermining the Greenback's appetite.

NZD/USD Price Analysis: Buyers gather momentum and challenge the 200-day SMA

May 9, 2024 | 14:59 pm

The NZD/USD pair is showcasing a strong performance, rising to 0.6032 on Thursday.

AUD/USD surges above 0.6600 on soft US jobless claims

May 9, 2024 | 14:58 pm

The Australian Dollar rallied against the US Dollar on Thursday, printed gains of more than 0.60%, due to the Greenback remained offered following a softer than expected US jobs report.

Forexlive Americas FX news wrap 9 May: USD reverses to the downside after weaker claims

May 9, 2024 | 14:13 pm

Yellen says inflation has fallen substantially, but not enough for rate cuts yetS&P index closes at its highest level in a monthMexican central bank rate decision: Rates unchanged at 11.0% as expectedMore from Daly: Can't count on productivity to save the US from inflationFeds Daly :Last 3 mos. has left considerable uncertainty about next few mos. of inflationFed's Daly scheduled to be the next Fed official to speak post FOMC decisionThe US treasury auctioned off $25 billion of 30 year bonds at high yield of 4.635%Israels Netanyahu:if we must stand alone, if we must fight w/only our fingernails we shallMore BOEs Pill: in absence of big disturbances to the economy, we will be cutting ratesBOE Pill: We are more confident we can start to reduce policy restriction...More from BOC Macklem: Higher rates will continue to restrain household spendingBOCs financial stability report: Debt, asset valuations are key risks to stabilityMore from ECBs di Guindos: ECB is not dependent on Fed, but...BOE Decision Maker Panel (DMP) survey: inflation expectations fall to 2.9% from 3.2%ECBs di Guindos:Inflation will probably be higher in the future due to globalization shiftKickstart the FX trading day for May 9 w/a technical look at the EURUSD, USDJPY and GBPUSDECBs di Guindos: Europe's economic growth gaining momentumUS initial jobless claims 231K vs 215K estimateThe USD is the strongest and the GBP is the weakest as the NA session beginsForexLive European FX news wrap: BOE keeps bank rate on holdBOE Bailey Q&A: Each meeting is a new decision on ratesBOE governor Bailey: We are not yet at a point to cut interest ratesThe BoE makes another step towards a rate cutBOE leaves bank rate unchanged at 5.25%, as expectedThe North American session was initially highlighted by the weekly initial jobless claims. They came in higher than expectations at 231K vs 215K estimate. That was thehighest level since November 2023. It is just one week, and the spikes tend to be some funky seasonal. Easter was early this year and that may have been an influence. It will take a few more weeks to figure out whether it was a fluky number or the start of a new trend for jobs/employment. With the US NFP jobs showing weakness last Friday, today's report did catch the markets attention. At the end of the day, the USD is ending the day as the weakest of the major currencies reversing declines and more from yesterday's gains (the USD was the strongest of the major currencies yesterday). The AUD is ending the day as the strongest of the major currencies.The other key event was the Bank of England rate decision. The BOE kept rates unchanged as expected, but by a of vote of 7-2. The 2 dissenters were in favor of easing policy by 25 basis points. In his press conference, Governor Bailey highlighted various insights. He noted increased skepticism among businesses about their ability to pass on higher wage costs (good for inflation), reflecting broader economic uncertainties. Bailey emphasized that recent market movements in interest rate expectations were largely influenced by U.S. actions, with UK inflation dynamics differing significantly. He also pointed out issues with labor force participation data, making it difficult to assess real-time economic changes. Bailey expressed that while the BoE is not yet at a point to cut rates, it is likely that rate cuts will be necessary in the coming quarters and could be more substantial than the market currently anticipates (that was a surprise). He did caution that the rate decisions will be data-dependent. Bailey affirmed that the monetary policy is effectively steering inflation towards the target, but he anticipates a potential uptick in inflation in the latter half of the year. Despite the higher than expected wage and service inflation since February, he cautioned against overinterpreting these signals, underscoring the expectation that the secondary effects on domestic wages and prices will diminish quicker than previously thought. Overall, the comments were more dovish. And although the GBP had a tilt to the downside, the pound still rose vs the USD (by 0.23%) and the JPY (by 0.16%) at the end of the day.Later in the day, BOE's policymaker Pill indicated that while there is increased confidence in beginning to ease policy restrictions, the time to act has not yet arrived. The decision to reduce rates is pending further data and is contingent on the absence of significant economic disruptions. Pill emphasized that the consideration for rate cuts could occur over the coming months, underlining the importance of being data-dependent in their approach. Additionally, he noted that the process of reducing inflation is still ongoing, necessitating the maintenance of some level of economic restriction for the time being.ECBs deGuindos was also chirping today and suggested that the future landscape of inflation is likely to be shaped by the slowdown in globalization and the regionalization of markets, leading to potentially higher inflation rates than previously experienced. This is particularly relevant in the context of Europe post-Russia’s invasion of Ukraine, where there is an expected shift in economic priorities from civilian needs ('butter') to military expenditure ('cannons'), which could result in higher inflation and modestly slower growth. Additionally, while the European Central Bank (ECB) operates independently of the Federal Reserve, global policy interconnections remain significant, especially considering the influence of the U.S. dollar and differing fiscal policies between the U.S. and the eurozone. Notably, the U.S. maintains a lower unemployment rate despite more costly fiscal measures. The decision on future rate cuts by the ECB will hinge on various factors, including wage trends and potential adjustments in financial marketsIn the US, Federal Reserve Bank of San Francisco President Mary Daly, who is a voting member, has shared her insights after the recent FOMC rate decision, reflected on the complexities and uncertainties in the current economic landscape, particularly concerning inflation. Daly noted that the past three months have injected considerable uncertainty about the inflation outlook for the upcoming months. She highlighted a range of potential scenarios the Fed is currently considering, mentioning mixed[…]

Silver Price Analysis: XAG/USD soars above key resistance as buyers’ eye $29.00

May 9, 2024 | 14:07 pm

Silver prices rallied sharply as US Treasury yields tumbled, and the Greenback weakened as major central banks opened the door to ease policy.

Celsius Holdings & The Trade Desk: Two growth stocks show they still got it, while others falter

May 9, 2024 | 13:44 pm

Celsius Holdings (CELH) and The Trade Desk (TTD) have withstood the onslaught of terrible earnings releases this week.

Canadian Dollar locks in further gains against Greenback on Thursday

May 9, 2024 | 13:43 pm

The Canadian Dollar (CAD) found some bids on Thursday after investors’ risk-appetite stepped up, bolstering markets out of safe-havens like the US Dollar (USD).

Dow Jones Industrial Average gains 330 points as investors celebrate rising unemployment claims

May 9, 2024 | 13:39 pm

The Dow Jones Industrial Average (DJIA) found further gains on Thursday as investors bet on Fed rate cuts to come after US Initial Jobless Claims rose to a multi-month high.

S&P index closes at its highest level in a month

May 9, 2024 | 13:11 pm

The major US stock indices are closing with gains for the day:Dow Industrial Average averages up for the seventh consecutive day. That is the longest winning streak for the year.S&P index closes at its highest level since April 9NASDAQ and index snaps its 2-day decline, but the technology index of the S&P was the only declining sector today despite the gain in the tech heavy NASDAQ indexThe final numbers are showing:Dow industrial average rose 331.37 points or 0.85% at 39387.75S&P index rose 26.41 points or 0.51% at 5214.07NASDAQ index rose 42.51 points or 0.27% at 16346.26The small-cap Russell 2000 index rose 18.49 points or 0.90% at 2073.63Nvidia – who will announce their earnings on May 22 - fell $-16.65 or -1.84% at $887.47.Super Micro Computers fell $-22.94 or -2.79% at $799.70.Adobe shares fell $-5.45 or -1.12% at $482.65Tesla fell $-2.75 or -1.57% at $171.97Intuit fell $-5.57 or 0.88% at $626.86IBM felt $-3.63 or 2.14% at $166.27Micron fell $-1.51 or -1.27% at $117.81Salesforce fell $-3.80 or -1.36% at $275.17.Some gainers today included:Meta Platforms rose $2.82 or 0.60% at $475.42Amazon rose $1.50 or 0.80% at $189.50Celsius shares rebounded $4.94 or 6.4% at $82.07Apple shares rose $1.83 or 1.0% at $184.57.Chipotle rose $49.72 or 1.56% at $3232.97Trump Media surged by $5.13 or 10.41% This article was written by Greg Michalowski at www.forexlive.com.

Trade ideas thread - Friday, 10 May, insightful charts, technical analysis, ideas

May 9, 2024 | 13:08 pm

Good morning, afternoon and evening all. Any charts, technical analysis, trade ideas, thoughts, views, ForexLive traders would like to share and discuss with fellow ForexLive traders, please do so: This article was written by Eamonn Sheridan at www.forexlive.com.

Economic calendar in Asia 10 May 2024 is unlikely to move FX too much

May 9, 2024 | 13:08 pm

Japan was on holiday on Monday so today is bringing a barrage of data to catch up. None of it is likely to shift around the yen too much upon release. This snapshot from the ForexLive economic data calendar, access it here.The times in the left-most column are GMT.The numbers in the right-most column are the 'prior' (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected. This article was written by Eamonn Sheridan at www.forexlive.com.

USD/SEK declines on weak US employment data

May 9, 2024 | 13:04 pm

The USD/SEK pair is trading lower, indicating bearish momentum for the pair despite the persistence of inflation and robust US economic performance aiding the Dollar's recovery which fuels hawkish bets on the Federal Reserve (Fed).

Mexican Peso soars to a three-week high as Banxico holds rates at 11.00%

May 9, 2024 | 12:53 pm

The Mexican Peso appreciated against the US Dollar after the latest inflation data increasing the likelihood that the Bank of Mexico (Banxico) will keep rates unchanged.

GBP/JPY searching for 195.00 as pair tests high side

May 9, 2024 | 12:39 pm

GBP/JPY is holding steady, churning above 194.50 as the Japanese Yen continues to soften across the board in the wake of “Yenterventions” from the Bank of Japan (BoJ).

Fed Daly: Considerable uncertainty about inflation over the next three months

May 9, 2024 | 12:26 pm

Mary C. Daly, President of the Federal Reserve (Fed) Bank of San Francisco, highlighted the uncertainty facing the Fed while participating in a fireside chat at George Mason University in Virginia.

USD/CHF Price Analysis: Bears moved in as ‘evening star’ pattern looms

May 9, 2024 | 12:06 pm

The USD/CHF extended its losses for two straight days and is down some 0.16%, courtesy of broad US Dollar weakness, undermined by lower US Treasury yields.

Mexico Central Bank Interest Rate in line with expectations (11%)

May 9, 2024 | 12:01 pm

Mexico Central Bank Interest Rate in line with expectations (11%)

EUR/JPY Price Analysis: Buyers accelerate the pace eye cycle highs

May 9, 2024 | 11:36 am

The EUR/JPY pair is steadily maintaining its upward trajectory, with a decisive rise to 167.64 in Thursday's session.

Forex Today: Central banks return to the fore

May 9, 2024 | 11:26 am

A data-driven sell-off prompted the USD Index (DXY) to give away part of its recent advance amidst lower yields across the curve.

United States 30-Year Bond Auction dipped from previous 4.671% to 4.635%

May 9, 2024 | 10:07 am

United States 30-Year Bond Auction dipped from previous 4.671% to 4.635%

The US treasury auctioned off $25 billion of 30 year bonds at high yield of 4.635%

May 9, 2024 | 10:03 am

The US treasury auctioned off $25 billion of 30-year bonds. The results vs the 6-month averages shows. High Yield: 4.635Previous: 4.671%Six-auction average: 4.451%WI level at the time of the auction: 4.642%Tail: -0.7 bpsPrevious: 1.0 bpsSix-auction average: 0.3 bpsBid-to-Cover: 2.41XPrevious: 2.37xSix-auction average: 2.38xDealers: 15.36%Previous: 17.3%Six-auction average: 16.6%Directs: 19.78%Previous: 18.3%Six-auction average: 16.6%Indirects: 64.86%Previous: 64.4%Six-auction average: 66.8%OVERALL GRADE: BSummary: There was a negative tail vs 0.3BP average. The bid-to-cover was above the average indicative of better than average demand. THe domestic buyers was stronger than the average, but the international demand was less than average. This article was written by Greg Michalowski at www.forexlive.com.

BoE Pill: BoE to think about rate cuts over next few meetings

May 9, 2024 | 10:00 am

Bank of England (BoE) Chief Economist Huw Pill signaled to markets that the UK's central bank will be considering rate cuts over the next few meetings, provided there are no "big disturbances" in the economy.

Israels Netanyahu:if we must stand alone, if we must fight w/only our fingernails we shall

May 9, 2024 | 09:58 am

Israel's Netanyahu:If we must stand alone, if we must fight with only our fingernails we shallSo much for the White House's overtures for other ways to destroy Hamas. He is laser focused. This article was written by Greg Michalowski at www.forexlive.com.

US treasury to auction off $25 billion of 30 year bonds at the top of the hour

May 9, 2024 | 09:50 am

The US treasury is to auction off $25 billion of 30-year bonds at the top of the hour. The auction success or failure will be judged on how the results of the major components, compares to the 6-month averages. High Yield:Previous: 4.671%Six-auction average: 4.451%Tail:Previous: 1.0 bpsSix-auction average: 0.3 bpsBid-to-Cover:Previous: 2.37xSix-auction average: 2.38xDealers:Previous: 17.3%Six-auction average: 16.6%Directs:Previous: 18.3%Six-auction average: 16.6%Indirects:Previous: 64.4%Six-auction average: 66.8%Yields in the US are mixed with the shorter and lower and the longer and higher:two year yield 4.823%, -1.9 basis points5-year yield 4.491%, -0.9 basis points10 year yield 4.488%, +0.6 basis points30-year yield 4.651%, +1.9 basis pointsGoing into the auction, US stocks are higher:Dow Industrial Average average up 0.49%S&P index up 0.34%NASDAQ index up 0.26%Russell 2000 up 0.50% This article was written by Greg Michalowski at www.forexlive.com.

WH Kirby: US believes there are better ways to go after what is left of Hamas

May 9, 2024 | 09:25 am

White House Kirby is on the wires saying:US believes there are better ways to go after what is left of Hamas in Gaza than a major ground operationWill Israel's Netanyahu listen/consider? This article was written by Greg Michalowski at www.forexlive.com.

Bank of England Holds Interest Rates at 5.25% - 09 May 2024

May 9, 2024 | 09:06 am

The Bank of England (BOE) left interest rates on hold at today’s meeting.

United States 4-Week Bill Auction dipped from previous 5.275% to 5.27%

May 9, 2024 | 08:43 am

United States 4-Week Bill Auction dipped from previous 5.275% to 5.27%

Pound Sterling recovers above 1.2500 as ‘hammer’ hints buyers in charge

May 9, 2024 | 08:17 am

The Pound Sterling erased some of its earlier losses against the US Dollar and edged up by 0.03% after the Bank of England’s (BoE) monetary policy decision.

Gold trades higher as central banks move to cut interest rates

May 9, 2024 | 07:53 am

Gold price (XAU/USD) is trading marginally higher on Thursday, exchanging hands in the $2,310s at the time of writing, after better-than-expected trade data from China, a major market for Gold, and the publication of a report by the World Gold Council (WGC) highlighting continued demand from central banks and Asian buyers.

Mexican Peso seesaws between gains and losses ahead of Banxico meeting

May 9, 2024 | 07:49 am

The Mexican Peso (MXN) is trading down about a quarter of a percent against US Dollar (USD) on Thursday ahead of key inflation data and the Bank of Mexico (Banxico) policy meeting, scheduled for later in the day.

GBP/USD Price Analysis: Recovers above 1.2500 as ‘hammer’ hints buyers in charge

May 9, 2024 | 07:46 am

The Pound Sterling erased some of its earlier losses against the US Dollar and edged up by 0.03% after the Bank of England’s (BoE) monetary policy decision.

BOCs financial stability report: Debt, asset valuations are key risks to stability

May 9, 2024 | 07:04 am

Bank of Canada financial stability report:Debt serviceability and asset valuations are key risks to stabilityValuations of some financial assets appear to have become stretched, which increases risk of a sharp correction.System appears resilient, over the last year financial system participants have continued to proactively adjust to higher rates.Price corrections could be large and abrupt if there are significant changes to expectations around the path of rates or to the economic outlook.Stretched asset valuations may not properly reflect the risks to economic outlook, thereby boosting likelihood of this orderly price correction.Valuations remain under pressure in parts of commercial real estate sector, not all asset managers have fully reflected these reduced evaluations on their balance sheets.Smaller mortgage lenders have seen a sharp uptick in credit arrears.Signs of financial stress at risk primarily among households without a mortgage.Largest entities of financial system appeared to have generally limited exposure to commercial real estate.Global markets have continued to function well but uncertainty remains elevated.From the BOCs Tiff Macklem:Canada's financial system remains resilientcould be volatility in global markets as expectations shift about scope of timing of the rate cuts.Adjustment by financial institutions to higher rates and possible shocks has some way to go, presents risks to financial stability.Some indicators of financial stress have risen, valuations of some financial assets appear to have become stretched.From BOCs Rogers:Financial health of large businesses appear solid, but smaller businesses are showing more signs of financial stress.Overall evidence suggests households and continue servicing debt at higher rates.Increase in insolvency filings by smaller firms could be a normalization after years of below-average filings as pandemic support expire.Overall credit performance of Canadian banks remain strong.So the financial stability report does have some warnings that could shift risks to the downside for markets and financial assets.The USDCAD is trading to new session lows. This article was written by Greg Michalowski at www.forexlive.com.

US stocks open mixed with the NASDAQ higher. Dow lower. S&P near unchanged

May 9, 2024 | 06:36 am

The Dow industrial average has been up for six consecutive days, but is moving lower trading today. Meanwhile the NASDAQ index which has been down for two consecutive days is trading marginally higher higher. Yesterday the S&P closed the day virtually unchanged. It is currently trading unchanged (well up 0.01%). A snapshot of the market currently shows:Dow industrial average -35.62 points or -0.09% at 39020.78S&P index up 1.0 points or 0.02% at 5188NASDAQ index of 15.10 points or 0.09% at 16317.86.The small-cap Russell 2000 is up 2.62 points or 0.13% at 2057.85.US yields ahead of the 30 year bond auction at 1 PM ET are mixed with the shorter end lower in the longer end higher:2-year yield 4.21%, -1.9 basis points5-year yield 4.499%, -0.2 basis points10 year yield 4.500%, +1.7 basis points30-year yield 4.665%, +3.4 basis pointslooking at other markets:Crude oil is trading up $0.20 at $79.24. Hamas delegates did leave Cairo after failing to secure an agreement with Israel on a cease-fireGold is trading up $12.49 or 0.54% at $2320.97Bitcoin is trading at $61,145. The high price reached $61,757. The low price today is at $60,634. This article was written by Greg Michalowski at www.forexlive.com.

BOE Decision Maker Panel (DMP) survey: inflation expectations fall to 2.9% from 3.2%

May 9, 2024 | 06:31 am

The BOE Decision-Maker Panel survey shows:1-year inflation expectations fell to 2.9% down in April from 3.2% in MarchThe 3-month average fell by 0.2% points to 3.1% in April3-year ahead CPI inflation expectations were unchanged at 2.7% in the three months to April1-year ahead wage growth expectations declined slightly to 4.8% on a three month moving average basis.Soft inflation expectations from the DMP. This article was written by Greg Michalowski at www.forexlive.com.

ECBs di Guindos: Europe's economic growth gaining momentum

May 9, 2024 | 05:58 am

ECBs di Guindos is on the wires saying: Europe's economic growth is gaining momentum.Inflation is converging to ECB goals by mid- 2025ECBs path of rates beyond June does not want to be precommitted This article was written by Greg Michalowski at www.forexlive.com.

Why the dovish BoE didn't trigger a more sustained drop in the GBPUSD pair?

May 9, 2024 | 05:46 am

The BoE made another step towards rate cuts with a negative revision to inflation forecasts and Ramsden joining Dhingra for a rate cut. Not big surprises but the addition of the line saying "will consider forthcoming data releases and how these inform the assessment that the risks from inflation persistence are receding" suggests that the BoE might even cut in June if we get downside surprises in the inflation figures. Moreover, Governor Bailey added that they cannot rule out a rate cut in June and that they might even cut more than the market currently expects. Overall, it was more dovish than expected, so why the GBPUSD pair hasn’t sold off?When you are trading FX, you should always consider the other side of the pair. That's why choosing the best currency pair to express your idea is key. The market, in fact, is still waiting for the US CPI release next Wednesday before breaking out on either side. At the moment though, there’s a slightly overall positive risk sentiment which is generally negative for the greenback. Moreover, the miss in the US jobless claims added some more pressure on the USD as the market weighs the possibility that the labour market could weaken fast enough in the next months to justify more rate cuts than expected. Finally, do note that for the major currency pairs, 80% of the moves are mainly driven by the USD strength or weakness. This article was written by Giuseppe Dellamotta at www.forexlive.com.

US initial jobless claims 231K vs 215K estimate

May 9, 2024 | 05:30 am

Prior week 209K revised from 208KInitial jobless claims 231K vs 215K estimate.4-week moving average of initial jobless claims 215K vs 210.25K last week.Continuing claims 1.785M vs 1.785M estimate.4-week moving average of continuing claims 1.781M vs 1.787M last week.The initial claims is the largest since the last week of August 2023. It is not a holiday week (well it may be an Easter effect) which can be distorted due to seasonal. The continuing claims did remain steady. In the past the spikes have seen a rotation lower soon thereafter. We will see if this is a trend or an aberration in the week(s) ahead. Yields are a bit lower. The pre-market for US stocks have since declines in the Nasdaq erased. The S&P index is close to unchanged as well. This article was written by Greg Michalowski at www.forexlive.com.

ForexLive European FX news wrap: BOE keeps bank rate on hold

May 9, 2024 | 05:02 am

Headlines:BOE leaves bank rate unchanged at 5.25%, as expectedBOE governor Bailey: We are not yet at a point to cut interest ratesBOE Bailey Q&A: Each meeting is a new decision on ratesThe BoE makes another step towards a rate cutThe little things add up on the BOE decision todayJapan March leading indicator index 111.4 vs 112.1 priorChina property developer Country Garden says it will delay bond paymentMarkets:AUD leads, JPY lags on the dayEuropean equities mixed; S&P 500 futures down 0.1%US 10-year yields up 3.1 bps to 4.514%Gold up 0.3% to $2,315.99WTI crude up 0.7% to $79.57Bitcoin down 0.8% to $61,048The BOE was the main highlight in European trading today and they more or less stuck to the status quo.The central bank left the bank rate unchanged but offered up very, very minor dovish hints. However, all of which will still be conditional on inflation developments in the months ahead. So, essentially not much has changed on that.The only thing to note is that Bailey did mention that June might be on the table and that they could end up cutting rates more than what markets are pricing in. But again, that all depends on the data moving forward mostly.GBP/USD did fall from 1.2490 to 1.2450 initially but has recovered back to around 1.2470 currently.Besides that, the dollar is keeping steadier in the major currencies space with little to work with. USD/JPY is up to near 156.00 while EUR/USD is down 0.2% to 1.0725 on the day. It comes as yields are a little higher on the day while US futures are looking more tepid ahead of North America trading later. This article was written by Justin Low at www.forexlive.com.

The BoE makes another step towards a rate cut

May 9, 2024 | 04:30 am

The BoE made another step towards rate cuts with a negative revision to inflation forecasts and Ramsden joining Dhingra for a rate cut. Not big surprises but the addition of the line saying "will consider forthcoming data releases and how these inform the assessment that the risks from inflation persistence are receding" suggests that the BoE might even cut in June if we get downside surprises in the inflation figures. The next data to watch will be the labour market report on May 14 and the CPI data on May 22. This article was written by Giuseppe Dellamotta at www.forexlive.com.

The little things add up on the BOE decision today

May 9, 2024 | 04:24 am

It's all about the little things in the BOE policy decision here today. Let's summarise what they are.They added one new line to the forward guidance, noting that they will be watching carefully the developments on how inflation persistence will be receding. The key word there being receding of course.We saw Ramsden join Dhingra in voting for a rate cut at this latest meeting. So, one isn't the loneliest number anymore when it comes to the bank rate vote at least.The BOE itself has lowered its inflation forecasts compared to February, signaling that they are growing more confident on the outlook - at least for now. But then again, these are just forecasts.There's a side remark from BOE governor Bailey stating that recent news on inflation has been "encouraging" and that he is "optimistic that things are moving in the right direction".These aren't anything major on their own but they do add up. And that perhaps explains the pound's initial reaction, which is a drop across the board. GBP/USD fell from 1.2490 to 1.2450 but is running into a minor support:As much as the little things do add up, they are still just little things at the end of the day. I don't see this as producing much of a meaningful shift to the BOE outlook. And the rates market is also helping to convince of that with August still the favourite for the BOE to start cutting rates.The total rate cuts priced in for the year is little changed at ~55 bps currently, just mildly higher from ~53 bps before the decision.That being said, the near-term chart for GBP/USD above is still one that sees sellers in control. But for a real push towards 1.2300 again, I reckon it needs help from the dollar side of the equation. As much as the near-term bearish bias is sustained, it's hard to imagine a much steeper drop in sterling just off this alone.In looking at the dollar though, we might have to wait until the slew of US data next week before anything major though. This article was written by Justin Low at www.forexlive.com.

A look at the BOE rates pricing ahead of the policy decision later

May 9, 2024 | 03:40 am

And I don't think that will change after the BOE decision, as they are likely to stick with the status quo. The odds of a June move are priced at ~46% with August pretty much fully priced in at ~96% now. As for the year itself, traders are anticipating at least two rate cuts with ~53 bps worth of rate cuts priced in by the December meeting.Let's see if the BOE has the appetite to shake things up later. This article was written by Justin Low at www.forexlive.com.

Cable holds just below 1.25 ahead of BOE policy decision

May 9, 2024 | 03:37 am

With the BOE in focus, let's take a look at the levels in play for GBP/USD and how the decision might affect sterling.The pair ran up to test the 50.0 Fib retracement level at 1.2596 on Friday before easing back. And with the dollar regaining some composure this week, we are seeing a slight drop under the 1.2500 mark. The failure to lock in a firm break above the 200-day moving average (blue line) is also reinvigorating sellers for now.So, let's see how that is playing out in the near-term chart.There is some minor support around 1.2478-93 that is keeping price action more compact for now. But a break below that and the 1 May low of 1.2466 and GBP/USD will be exposed to some vulnerabilities in a chase towards 1.2300 again. That is at least the take from a technical perspective.As for any upside return, buyers will have to push price back above 1.2500 and into the cluster of the 100 (red line) and 200-hour (blue line) moving averages first. The latter is seen around 1.2525-30 and that will be a defining region to watch going into the BOE as well. Keep below and the near-term bias remains more bearish. But break above, and the near-term bias switches to being more bullish instead.So, what can we expect from the BOE?The central bank is trying to sell the story that they are making progress on the inflation front. That is to help work an angle towards taking the first steps to cut interest rates. However, I would argue that the latest CPI report here is still not enough to convince.As such, the BOE is likely to maintain the status quo and reaffirm that price pressures are still moderating but they would prefer more progress. Or in their words, things are "moving in the right direction but not yet at the point to cut interest rates". And that they will "keep under review for how long the bank rate should be maintained at its current level".If we are to see such a straightforward decision, there shouldn't be much fireworks in sterling. That will make for some light pushing and pulling depending on how traders take to the overall language.The odds of a June rate cut are at ~46% with August more or less fully priced in at ~96%. So, any sterling softness will come from traders pricing out June but I don't think the BOE will offer much to change the outlook for August as of yet.All in all, I see the dollar side of the equation bearing more importance when it comes to GBP/USD in the next week. That especially as we have the US PPI, CPI, and retail sales data due in the week ahead. This article was written by Justin Low at www.forexlive.com.

Another boring day on the data front

May 9, 2024 | 02:22 am

This week continues to be very boring as the lack of key economic data and the waiting for the US CPI next Wednesday keeps the markets at bay. Today, after the BoE policy decision, we will get the latest US Jobless Claims figures. The US Jobless Claims continue to be one of the most important releases to follow every week as it’s a timelier indicator on the state of the labour market. This is because disinflation to the Fed's target is more likely with a weakening labour market. A resilient labour market though could make the achievement of the target more difficult. Initial Claims keep on hovering around cycle lows, while Continuing Claims remain firm around the 1800K level. This week Initial Claims are expected at 210K vs. 208K prior, while Continuing Claims are seen at 1790K vs. 1774K prior. WHY IT'S IMPORTANT?The data tracks new filings for unemployment insurance benefits from the prior week, that's why the actual name of the report is "weekly claims for unemployment insurance". If people lose their jobs, they apply for unemployment insurance which will be reflected in the data. Higher unemployement is bad for the economy as that will lead to lower spending and businesses paring back investments. On the other hand, a low level of filings can indicate a strong labour market which is good for the economy as a whole. The jobless claims data is considered a leading indicator due to its timeliness and it's included in the Conference Board Leading Economic Index (LEI). One caveat is that not everyone is entitled to unemployment benefits which sometimes can lead to big gaps between the total number of people unemployed and those receiving unemployment benefits. Moreover, the data can be volatile from one week to another, so one should not rush to conclusions based on a single release. Nevertheless, it's still a good and timely barometer on the state of the labour market. Generally, figures above the 300K level signal a deterioration in the labour market with the 400K level potentially indicating a recession underway. This is also true for continuing claims although the level is around the 3000K mark. Of course, the data always needs to be taken in the right context and the focus should also be on the trend and the rate of change. This article was written by Giuseppe Dellamotta at www.forexlive.com.

US indices look to data next week for the next push

May 9, 2024 | 01:44 am

It has been a bit more of a tepid one for stocks in the last two days. But even so, the likes of the S&P 500 is up a little over 1% this week. Although, that owes much to the jump higher on Monday. US futures might be pointing lower today but in the bigger picture, the major indices look to be lining up a retest of record highs next week:The drop last month saw the S&P 500 near a test of its 100-day moving average (red line) before buyers stepped in. It came as geopolitical tensions faded before another push higher last week after softer US data.We've sort of hit the floor with regards to the Fed outlook as traders went from seven rate cuts priced in at the start of the year to then just one at the end of last month. Now, we're veering back to two rate cuts and that is helping stocks catch a modest bounce.The question now though, is there more to that change in the Fed outlook? If so, that's going to be a boon for equities.Next week, we have the US PPI, CPI, and retail sales data to work with. The latter two in particular will be ones to watch.If there is further easing in price pressures while the US economy begins to show signs of softening, that will invite traders to price in more potential rate cuts by the Fed.From the data last week, we might have started to see early signals of employment conditions turning around. And Powell said that a few ticks higher in the unemployment rate could also start to turn some heads at the Fed.So, if other data points also corroborate with that, stocks might be poised to start running again as the greed resumes.As much as I would've preferred for the correction last month to run deeper, it didn't end up being the case. And so if the fundamental argument kicks back into gear, it's tough to go against that.How do you think stocks are going to react to softer US data moving forward? Or are stagflation risks and a weaker economy going to be a recipe for investors to cool off? This article was written by Justin Low at www.forexlive.com.

Forex Today: Markets Await Bank of England - 09 May 2024

May 9, 2024 | 00:18 am

The Bank of England will be holding a policy meeting today, at which the voting on rates and monetary policy statement will be closely watched.

Aussie dollar trades below 66 US cents

May 8, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar is slightly weaker this morning when valued against the Greenback, currently trading at 0.6574 at time of writing. Yesterday, the Aussie dollar fell below 0.6600 due to multiple headwinds. A sharp recovery in the Greenback and weakness in the Australian Dollar due to less-hawkish interest rate guidance from the Reserve Bank of Australia (RBA). The RBA left its cash rate on hold at 4.35% for a fourth consecutive meeting on Tuesday, a move that was widely expected. The RBA statement left its key message unchanged, with the bank remaining “vigilant to upside risks” to inflation. Before last month’s release of higher-than-expected inflation figures for the March quarter, most economists and investors had been forecasting the RBA to cut rates as soon as September. On the data front, there are no scheduled releases in Australia for the rest of the week. Key Movers The US Dollar Index (DXY), which gauges the performance of the US dollar (USD) against six major currencies, edges higher to near 105.50. The higher US Treasury yields provide support for the Greenback. The 2-year and 10-year yields on US Treasury bonds stand at 4.84% and 4.47%, respectively, by the press time. The Dow Jones Industrial Average (DJIA) recovered from an early dip during the American trading session, climbing to an intraday high above 39,000.00 as the major equity index broke away from the crowd. The Dow Jones is on pace for a fifth consecutive gainer, climbing from the last swing low into 37,600.00. Looking ahead this week and due to the absence of top-tier United States economic data, investors will focus on speeches from policymakers: Fed Vice Chair Philip Jefferson, President of the Federal Reserve Bank of Boston Susan Collins and Fed Governor Lisa Cook to project the next move in the US Dollar. The Pound Sterling slipped below the psychological support of 1.2500 against the Greenback in Wednesday’s early New York session due to the ongoing uncertainty ahead of the Bank of England’s (BoE) interest rate decision, which will be announced on Thursday. Interest rates in the United Kingdom are expected to remain steady at 5.25% for the sixth time in a row. However, the BoE could turn slightly dovish on the interest rate outlook as policymakers are confident that the headline inflation could have returned to the desired rate of 2% in April. Expected RangesAUD/USD: 0.6500 - 0.6700 ▼AUD/EUR: 0.6000 - 0.6200 ▼GBP/AUD: 1.8900 - 1.9100 ▲AUD/NZD: 1.0840 - 1.1040 ▼AUD/CAD: 0.8900 - 0.9100 ▼

Forex Today: Hawkish Kashkari Boosts Greenback

May 7, 2024 | 23:37 pm

US Dollar Rises on Kashkari Comments on Rates; Global Stocks Lower; BoJ’s Ueda More Aggressive in Rate Comment

AUD slides following dovish RBA commentary

May 7, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar underwhelmed through trade on Tuesday, tracking lower against the USD amid a correction in domestic yields following a somewhat dovish RBA policy update. As anticipated the RBA left rates unchanged at 4.35%, however surprised markets by adopting a less than hawkish tone. Following stronger than anticipated Q1 inflation data markets had expected policy makers may adopt a bias toward one final rate hike. Instead, Governor Bullock noted that the board believes rates are at “the right level”. While she acknowledged a discussion over lifting rates was conducted the board decided the current policy platform was restrictive enough. Q2 inflation data will prove key in shaping near-term direction and rate expectations. Having traded near US$0.6630 leading into the policy announcement the AUD slipped back below US$0.66 and bought US$0.6598 on opening this morning. With little of note on the macro docket today our attentions remain with broader risk trends for direction through trade on Wednesday. Key Movers The US dollar outperformed through trade on Tuesday recovering losses suffered in the wake of the Federal Open Market Committee policy update and softer than anticipated Non-farm payroll print. The DXY dollar index jumped 0.4% on the day led by gains against the yen. Having forced the USD back below ¥152 on Friday last week the yen has been unable to maintain any momentum and now trades just below ¥155 at ¥154.70. After two rounds of Ministry of Finance intervention last week markets are now questioning whether officials can maintain yen support. With gains driven by a backdrop of higher yields and divergent central bank policies, the yen is fundamentally weak, yet markets remain jittery given the prospect of intervention and we are closely monitoring any outsized moves. With the GBP underperforming and the euro trading flat, our attention now turns to Thursday’s Bank of England policy update. We expect rates will be left on hold at 5.25% and are instead keenly focused on the commentary surrounding the meeting for any clues as to the timing and trajectory of future rate movements. Expected RangesAUD/USD: 0.6550 - 0.6650 ▼AUD/EUR: 0.6050 - 0.6180 ▼GBP/AUD: 1.8800 - 1.9100 ▼AUD/NZD: 1.0950 - 1.1050 ▼AUD/CAD: 0.9000 - 0.9100 ▼

Forex Today: RBA Holds Rates, Warns on Recession

May 6, 2024 | 22:44 pm

RBA Maintains Cash Rate at 4.35%, Says Cuts Highly Uncertain; Global Stocks Bullish; BoJ Refuses Comment on Intervention

All eyes on RBA as AUD attempts to consolidate a break above US$0.66

May 6, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar edged higher through trade on Monday, consolidating gains won in the wake of last week's softer-than-expected US labour market print. With hopes the Fed will cut rates through the back half of 2024 rekindled, the AUD extended its break above US$0.66, advancing near two-tenths of a per cent to mark intraday highs just short of US$0.6640, before shifting lower and trading sideways around US$0.6620. The AUD has been well supported since last week's FOMC policy update wherein the Fed maintained its easing bias, taking some of the heat out of the treasury market and putting downward pressure on US yields. With the labour market softening and services data pointing to a slowdown in economic activity, expectations the Fed may need to raise rates again have faltered and markets are again looking toward a rate cut before the year is out. With pressure on the USD mounting, there is room for the AUD to extend on gains and our attentions turn to the RBA and its policy update today. We expect policymakers will leave rates on hold, although the hotter-than-expected Q1 inflation print and resilient labour market leave the door open for a hawkish statement. Despite softer activity across the economy, there is still a near-term risk of a hike in the coming months and we are keenly attuned to any commentary that may offer guidance as to future policy moves. Key Movers The USD edged higher through trade on Monday, up 0.1% for the day, recovering losses suffered in the wake of last week's softer-than-expected ISM services and non-farm payroll prints. That said gains have been driven by JPY losses and half a per cent rally in USD/JPY, amid speculation yen gains won last week following two rounds of intervention can be maintained. The gap between US and Japanese rates is unchanged and the cost for the BoJ and Ministry of Finance will become increasingly expensive. Against a positive risk backdrop, the AUD and NZD are up, while the euro pushed above 1.0750 and the GBP consolidated a break back above 1.25. Our attentions turn now to the RBA policy update today ahead of the Bank of England policy meeting on Thursday as key markers guiding direction through a week that is otherwise absent of headline data points. Expected RangesAUD/USD: 0.6520 - 0.6680 ▲AUD/EUR: 0.6080 - 0.06180 ▲GBP/AUD: 1.8800 - 1.9200 ▼AUD/NZD: 1.0980 - 1.1080 ▲AUD/CAD: 0.8980 - 0.9120 ▲

Forex Today: Japanese Yen Sells Off Again

May 5, 2024 | 23:15 pm

Yen Falls as New Week Opens; Precious Metals Edge Higher; Markets Await Reserve Bank of Australia Policy Meeting Tomorrow

Aussie dollar trades above US$0.66

May 5, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar is stronger this morning when valued against the Greenback currently trading at 0.6606 at the time of writing. The Aussie dollar continued its winning streak for the third successive session on Friday. The hawkish sentiment surrounding the Reserve Bank of Australia (RBA) bolsters the strength of the Aussie dollar and underpinning the AUD/USD pair. On the data front this week Australia’s central bank is expected to maintain its key policy rate at 4.35% for a fourth consecutive meeting on Tuesday, and likely until the end of September. Inflation has come in higher than expected during the March quarter, dampening expectations of interest rate cuts later in the year. The latest Consumer Price Index data from the Australian Bureau of Statistics showed prices increased by 1 per cent during the March quarter, leaving the annual inflation rate at 3.6 per cent. Economists had expected inflation to increase by 0.8 per cent in the March quarter, and by 3.5 per cent annually. Key Movers In the United States last week we saw the releases of the US Nonfarm Payrolls (NFP) and Unemployment Rate for April on Friday. Nonfarm Payrolls (NFP) in the US rose 175,000 in April, the US Bureau of Labor Statistics (BLS) reported on Friday. This reading followed the 315,000 increase (revised from 303,000) recorded in March and came in below the market expectation of 243,000. Further details of the jobs report showed that the Unemployment Rate edged higher to 3.9% from 3.8%, while the Labor Force Participation Rate held steady at 62.7%. Additionally, wage inflation, as measured by the change in the Average Hourly Earnings, declined to 3.9% on a yearly basis from 4.1%. Federal Reserve (Fed) Chair Jerome Powell remains cautious about inflation's uncertain trajectory, emphasizing that restrictive monetary policy has curtailed economic overheating. Market predictions for a Fed rate reduction by September have intensified due to the weak labor market figures. US Treasury bond yields plunged with the 2-year yield at 4.80%, while the 5-year and 10-year yields declined to 4.50% and 4.58%, respectively. Expected RangesAUD/USD: 0.6500 - 0.6700 ▲AUD/EUR: 0.6030 - 0.6230 ▲GBP/AUD: 1.8830 - 1.9030 ▼AUD/NZD: 1.0900 - 1.1100 ▲AUD/CAD: 0.8930 - 0.9130 ▲

United States Federal Reserve Leaves Rates Unchanged

May 2, 2024 | 03:30 am

US Federal Reserve holds interest rates steady, cites inflation as still too high; US dollar declined while the stock market surged but then retreated.

Forex Today: Powell Downplays Rate Hike Chances

May 1, 2024 | 23:25 pm

US Dollar Drops, Stocks Rise After Powell Says a Hike Unlikely; Suspected BoJ Intervention Sends Yen Higher, But Sellers Rebound.

Forex Today: Stocks Bearish as Markets Await Fed Meeting

Apr 30, 2024 | 23:22 pm

Equity Markets See Quite Strong Losses Over Past Day; Japanese Yen Trade Remains Lively; US Dollar Advances to Near 6-Month High

Forex Today: Markets Weigh Suspected BoJ Yen Intervention

Apr 29, 2024 | 23:45 pm

Japanese Yen Makes Huge Swings After 34-Year Lows; Bank of Japan Refuses to Comment; US Dollar Consolidates; Copper Futures Rise to 2-Year High.

Forex Today: Stocks Tumble – Sell in May and Go Away?

Apr 18, 2024 | 00:27 am

Stocks Make Deepest Pullback in Months; Precious Metals Remain Strong; Dollar Weakens After G7 Statement; Several Trends May Be Reversing

Bitcoin Halving: Will it Trigger a Market Frenzy?

Apr 17, 2024 | 04:41 am

Bitcoin is all over the news, as “Bitcoin halving” is expected to occur on Friday, April 19. What is Bitcoin halving and how will it affect the price of Bitcoin?

Forex Today: US Yields Rise on Powell Cut Delay Signal

Apr 17, 2024 | 02:00 am

Fed Chair Powell Says Inflation Falling Too Slowly; Israel Hints at Soft Retaliation, Crude Oil Weaker; USD/JPY Reaches New 34-Year High at ¥154.79; UK CPI Higher Than Expected; Bitcoin Close to Halving

Forex Today: Stock Markets See Strong Selling

Apr 15, 2024 | 23:10 pm

Global Stock Markets Firmly Lower; Israel Signals Retaliation Likely Soon; USD/JPY Reaches New 34-Year High at ¥154.44; Energies, Precious Metals Firm; Markets Await Canadian CPI Data

Forex Today: Risk Sentiment Improves as Mideast Tension Lowers

Apr 15, 2024 | 00:51 am

Immediate Retaliation Against Iran Unlikely; USD/JPY Breaks Out to New 34-Year High Near ¥154; Market Await US Retail Sales Data

Forex Today: US Monthly CPI Unchanged, Triggers Hawkish Shift on Rate Cuts

Apr 10, 2024 | 23:28 pm

US CPI data released yesterday showed the annualized rate rising higher than expected to 3.5%.

US Inflation Higher Than Expected, Accelerates to 3.5%

Apr 10, 2024 | 09:37 am

US inflation for March rose 3.5% year-on-year. This was higher than expected and the US dollar is higher following the inflation release.

Forex Today: US CPI Expected to Show Slower Monthly Increase

Apr 9, 2024 | 23:43 pm

US CPI data will be released today, with the market expecting a slower pace of monthly increase.

Forex Today: Gold Makes New Record at $2,354

Apr 7, 2024 | 23:24 pm

Metals Rise Strongly to New Highs; USD/JPY Likely to Retest 34-Year High at ¥152; Crude Oil, Gasoline Futures Pull Back From Highs

Forex Today: Gold Beats $2,300

Apr 4, 2024 | 00:08 am

Spot Gold has continued to rise to new all-time high prices.

Forex Today: Gold Makes New Record at $2,288

Apr 2, 2024 | 22:27 pm

Precious Metals Rise Firmly to New Highs; Fed’s Daly Expects 3 Rate Cuts in 2024; USD/JPY Remains Close to 34-Year High Near ¥152; Crude Oil Breaks Higher; Eyes on Cocoa Futures After Spectacular Gains

German Inflation Eases to 3-Year Low

Apr 2, 2024 | 07:54 am

Germany’s CPI climbed 2.2% year-on-year in March, down from 2.7% in February and matching expectations. This is the lowest inflation rate since May 2021.

Forex Today: Yen Nears Record Low, Markets Await Possible BoJ Intervention

Apr 1, 2024 | 23:20 pm

USD/JPY Advances Close to 34-Year High Near ¥152; US Dollar Stronger on Firm US Manufacturing Data; Crude Oil Breaks Higher; Eyes on Cocoa Futures After Spectacular Gains

Forex Today: Gold Hits $2265 Per Ounce

Mar 31, 2024 | 23:13 pm

Gold Reaches Record High in Asian Session; USD/JPY Remains Below Record High Near ¥152; Strong Chinese Manufacturing Data; Eyes on Cocoa Futures After Spectacular Gains

United States GDP Expanded in Fourth Quarter by 3.4%

Mar 28, 2024 | 07:44 am

US GDP rises 3.4%, Canada GDP rebounds; US dollar steady, while stock markets show little movement following the announcement.

Forex Today: Fed’s Waller: No Rush to Cut Rates, Prospect of Hikes Remote

Mar 28, 2024 | 01:25 am

US Fed’s Waller Reiterates Ongoing Fed Message of Slow Path to Rate Cuts; USD/JPY Remains Below Record High Near ¥152; Cocoa Futures Make Another Record High Close; Gold Also Makes Record High Closing Price

Forex Today: Japanese Yen Hits 34-Year Low

Mar 27, 2024 | 00:13 am

USD/JPY Hits Record High Near ¥152, Japanese Officials Try to Talk Up Yen; Cocoa Futures Surpass $10,000 to Hit All-Time High; Aussie CPI Unchanged

Forex Today: Cocoa Futures Break $9,000 for Record High

Mar 26, 2024 | 00:38 am

Cocoa Futures Gain 8% in a Day; US Stocks, Gold Remain Bullish; Japanese Officials Try to Talk Up Yen; Bitcoin Rises Above $70k Despite Record Crypto Fund Outflows

United States Federal Reserve Holds Interest Rates, Remains Cautious

Mar 21, 2024 | 04:26 am

The Federal Reserve left interest rates unchanged for a fifth straight time at its meeting on March 20. The US dollar fell against the major currencies following the announcement.

Forex Today: Fed Says 3 Rate Cuts in 2024, Stocks, Gold Boom

Mar 21, 2024 | 00:07 am

Fed Gives Dovish Surprise by Forecasting 3 Cuts in 2024; Markets Await BoE, SNB; Gold, Stock Markets Reach Record Highs; Japanese Yen Regains Ground; Bitcoin Pares Losses; UK CPI Falls

Forex Today: Markets Await FOMC Meeting

Mar 20, 2024 | 00:06 am

FOMC Expected to Leave Rate at 5.50%; Japanese Yen Continues to Fall After BoJ; Bitcoin Weaker; Markets Await UK Inflation Data, New Zealand GDP

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