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China's April CPI +0.3% y/y (vs. +0.1% expected) and PPI -2.5% (expected -2.3%)

May 10, 2024 | 19:00 pm

For the y/y data:CPI +0.3% continuing to claw its way out of deflation this is the third consecutive month of above zero CPI y/yexpected +0.2%, prior +0.1%PPI -2.5% still in deep deflation, as it has been since October of 2022expected -2.3%, prior -2.8%The slight lift for the CPI is good news in China and should be a positive for China markets, and China proxy trades, such as AUD, at the margin. Stay tuned, its an active week coming from China with the People’s Bank of China’s medium-term lending facility (MLF) rate decision due on Wednesday. No change to the rate is expected. If we do see cuts from the PBOC, the first is likely to be to the reserve requirement ratio (RRR). Actual cuts to lending rates would widen the interest rate differential with the rest of the world (cough ... USA) and would further pressure the yuan. In the months to come the PBOC may have no choice but to cut rates if the economy continues to only stumble along though. There are 'green shoots' showing (last week's trade data was a welcome improvement), but they are sporadic and the debt-ridden property sector remains a huge drag. This screenshot, from our Economic Calendar, is of y/y CPI. The CPI scale is on the righ- hand side and its a wee bit confusing, but I've put a box around the zero point to make it a little easier to see: This article was written by Eamonn Sheridan at www.forexlive.com.

US Dollar tallied weekly gains on hawkish Fed speakers

May 10, 2024 | 14:54 pm

The US Dollar Index (DXY) is currently trading around the 105.35 mark, posting mild gains on Friday near the end of the trading week.

NZD/USD Price Analysis: Momentum slackens as buyers get rejected at the 200-day SMA

May 10, 2024 | 14:53 pm

At the end of the week, the NZD/USD has lost 0.21% as buyers seem to have run out of steam.

Gold advances on weaker than expected US data despite strong US Dollar

May 10, 2024 | 14:46 pm

Gold prices advanced sharply late in the North American session on Friday, up by more than 1% despite US Treasury bond yields remaining high.

Forexlive Americas FX news wrap 10 May: Markets react to lower sentiment/higher inflation

May 10, 2024 | 14:36 pm

US major indices close mixed with Nasdaq modestly lower. Dow up for 8th day in a rowWhat company earnings will be released in the week starting May 13Crude oil futures settle at $78.26What key economic events the releases are on the schedule starting May 13?Goolsbee and Kashkari: In a wait-and-see mode.US federal budget for April surplus $210.00 billion versus $244 billion estimateChicago Fed Pres. Goolsbee: Feds inflation target acts as an anchor on expectationsBaker Hughes oil rig count -3 to 496.Fed's Kashkari and Goolsbee are aheadThe godfather of quants dies: Jim Simons dead at 86Why the bond market might be overreacting to rising UMich inflation expectationsEuropean indices close higher. German Dax, France CAC & UK FTSE 100 close at record levelsWhite House Brainard: Debt ceiling fights have been unproductiveMore Minneapolis Fed Pres. Kashkari: Baseline is strong productivity rates will moderateMinn. Fed Pres. Kashkari: Fed is interested in AI because it contributes to productivityMore from Fed Logan Logan: We want to see everybody testing the discount windowUniversity of Michigan consumer sentiment (preliminary) for May 67.4 versus 76.0 estimateDallas Fed Pres. Lorie Logan: Fed has made substantial progress on inflationKickstart the FX trading day for April 10 w/a look at the EURUSD, USDJPY and GBPUSD.Canada April employment change 90.4K vs 18.0K estimateThe GBP is the strongest and the NZD is the weakest as the NA session beginsForexLive European FX news wrap: Currencies muted, equities look for perfect weekBOE's Pill: The persistent parts of inflation are fallingThe US session was informed most by the University of Michigan consumer sentiment preliminary data which showed a sharp decline in the sentiment index to 67.4 from 76.0 . The expectations also fell sharply to 66.5 from 75.0 and current conditions also tumbled to 68.8 versus 79.0. To make the data even worse when you inflation expectations rose to 3.5% from 3.2% last month which was the highest level since November 2023. The five year inflation also rose to 3.1% from 3.0% last month. Although somewhat shocking, there were reports that this month marked the first month that the survey was done electronically versus through phone calls (people pick up phones and answer questions on the economy....hmmmm). The commentary was that statistically people are more pessimistic about inflation when surveyed online. I wonder if generally there also pessimistic about the economy in general. Nevertheless, the news sent yields higher, and erased gains in the NASDAQ index in particular which was up +91.13 points at session highs before rotating to the downside to as much as -52.74 points lower on the day ast session lows. The index ended up closing near unchanged. The S&P was up 0.17% in the Dow Industrial Average average rose for the 8th consecutive day with a gain of 0.32%.For the trading week, the Dow closed higher for the 4th consecutive week. Both the Nasdaq and the S&P closed up for the 3rd straight week:Dow Industrial Average average rose 2.16%S&P index rose 1.85%NASDAQ index rose 1.14%In the US debt market, the yield closed higher across the curve with the shorter end up the most:2- year yield 4.871%, +6.5 basis points5-year yield 4.516%, +5.6 basis points10 year yield 4.500%, +5.1 basis points30-year yield 4.642%, +4.2 basis pointsFor the trading week, the yields were mixed with the shorter end rising and the longer end falling:2-year was up 5.2 basis points5-year was up 2.8 basis points10-year was down -1.2 basis points30-year was down -2.6 basis pointsThere was more Fedspeak today with Fed's Kashkari, Chicago Fed Pres. Goolsbee and Dallas Fed Pres. Lorie Logan all speaking. Neel Kashkari from the Federal Reserve discussed economic issues and monetary policy, highlighting persistent U.S. housing supply challenges and the impact of higher interest rates on reducing this supply in the short term. Kashkari emphasized the necessity of controlling inflation and noted that low interest rates alone wouldn't resolve housing issues. He expressed caution about the restrictiveness of current monetary policies, pointing out that the business community doesn't view financial conditions as tight. Currently in a "wait and see" mode, Kashkari is open to the possibility of future rate hikes but notes that any decision to increase rates would require significant justification. He remains uncertain about the neutral rate's current level, suggesting a period of steady rates ahead unless conditions change markedly.Meanwhile, Chicago Fed Pres. Goolsbee was also talking a lot today discussed the managing inflation, particularly emphasizing the 2% target as an anchor for expectations. He acknowledged the current high short-term inflation expectations but cautioned against overreacting to these. Goolsbee highlighted that although inflation has not shown signs of settling at 3%, the real Fed funds rate is the highest it has been in decades, suggesting a restrictive monetary policy stance. He mentioned the complexity of interpreting recent data due to positive supply developments, including a significant boost from increased immigration which adds approximately 80,000 jobs monthly. Housing inflation remains a critical concern, with rates contributing to supply issues but not fully explaining the persistent high inflation in housing. Despite various economic indicators and the challenges of housing inflation, Goolsbee remains cautiously optimistic about reaching the 2% inflation target, provided housing inflation decreases. He also noted the ongoing recovery of supply chains and potential lasting benefits from labor supply increases into 2024, maintaining a stance that nothing is off the table in terms of policy adjustments to control inflation.Finally, Dallas Fed Pres. Lorie Logan was probably the most hawkish of the three. Logan highlighted that the Federal Reserve has made substantial progress on combating inflation, noting that the economy and labor market are currently strong. However, she expressed concerns, stating that the fight against inflation is not over as the first quarter inflation data was disappointing. Logan pointed out the presence of significant upside risks to inflation and uncertainties around whether the current policy is sufficiently restrictive. She emphasized that it is too early to consider lowering interest rates and stressed the importance of maintaining flexibility in monetary policy. Additionally, Logan suggested that the neutral interest rate level, which balances the[…]

Fed's Barkin: Inflation will hit 2% with appropriate time and policy

May 10, 2024 | 14:02 pm

Federal Reserve (Fed) Bank of Richmond President Thomas Barkin hit newswires late Friday reaffirming a "patient" approach from the Fed will eventually reduce inflation to the US central bank's desired target level.

GBP/JPY Price Analysis: Rallies for five-straight days climb above 195.00

May 10, 2024 | 13:52 pm

The Pound Sterling (GBP) will finish the week on a higher note against the Japanese Yen (JPY), posting gains of more than 0.26% on Friday and 1.74% weekly.

US major indices close mixed with Nasdaq modestly lower. Dow up for 8th day in a row

May 10, 2024 | 13:52 pm

The major stock indice are ending the day mixed with the Nasdaq down marginally. THe S&P and the Dow rose. The Dow closed higher for the 8th consecutive week. The S&P was up nearly 2% on the week and all the indices moved higher this week. The final numbers are showing:Dow industrial average rose 125.06 points or 0.32% at 39512.85S&P index rose 8.62 points or 0.17% at 5222.69Nasdaq index-5.40 points or -0.03% at16340.87The small-cap Russell 2000 fell -13.85 points or -0.67% at 2059.77For the trading week:Dow industrial average rose 2.16% (fourth week in a row higher)S&P index rose 1.85% (third week in a row higher)NASDAQ index rose 1.14% (third week in a row higher) This article was written by Greg Michalowski at www.forexlive.com.

Sweetgreen Earnings News: SG stock spikes 34% on 26% revenue gain

May 10, 2024 | 13:24 pm

Sweetgreen (SG) stock stole the show on Friday. In a week that saw poor earnings announcements from many other growth stocks, Sweetgreen’s success contrasted sharply coming off the past year’s downtrend.

Canadian Dollar gains ground after Canadian job additions thump forecasts

May 10, 2024 | 13:22 pm

The Canadian Dollar (CAD) surged on Friday after the Canadian economy added five times as many jobs as analysts expected.

Silver Price Analysis: XAG/USD retreats as shooting star looms, sellers eye $28.00

May 10, 2024 | 13:21 pm

Silver prices reversed on Friday amid high US Treasury yields and a stronger US Dollar.

Dow Jones Industrial Average shrugs off declining consumer sentiment, climbs 125 points on Friday

May 10, 2024 | 13:15 pm

The Dow Jones Industrial Average (DJIA) gained around a hundred points on Friday as equities try to shake off a decline in the University of Michigan’s Consumer Sentiment Index which showed US consumers are increasingly concerned about long-run inflation taking hold.

EUR/JPY Price Analysis: Bullish forces steering the market, minor pullbacks possible

May 10, 2024 | 13:11 pm

The EUR/JPY has been dominating with a steady bullish trend.

Mexican Peso stumbles as US yields lift US Dollar higher, despite Banxico’s stance

May 10, 2024 | 13:04 pm

The Mexican Peso extended its gains for the second straight day after the Bank of Mexico (Banxico) decided to keep rates at 11.00% due to a reacceleration of inflation.

What company earnings will be released in the week starting May 13

May 10, 2024 | 12:51 pm

There are a few major still releases but overall, the market is not going to be influenced much by the results. The one exception will occur until the following week when Nvidia reports earnings scheduled for May 22. Tuesday, May 14AlibabaHome DepotSonyWednesday, May 15Cisco *Thursday, May 16WalmartBaiduJohn DeereUnder ArmourApplied Material ** After the close This article was written by Greg Michalowski at www.forexlive.com.

United States CFTC S&P 500 NC Net Positions declined to $-9.7K from previous $43.1K

May 10, 2024 | 12:32 pm

United States CFTC S&P 500 NC Net Positions declined to $-9.7K from previous $43.1K

United States CFTC Gold NC Net Positions: $199.6K vs previous $204.2K

May 10, 2024 | 12:32 pm

United States CFTC Gold NC Net Positions: $199.6K vs previous $204.2K

United States CFTC Oil NC Net Positions: 215.4K vs previous 265.5K

May 10, 2024 | 12:32 pm

United States CFTC Oil NC Net Positions: 215.4K vs previous 265.5K

United Kingdom CFTC GBP NC Net Positions: £-21.8K vs £-29K

May 10, 2024 | 12:32 pm

United Kingdom CFTC GBP NC Net Positions: £-21.8K vs £-29K

Eurozone CFTC EUR NC Net Positions rose from previous €-6.8K to €4.6K

May 10, 2024 | 12:32 pm

Eurozone CFTC EUR NC Net Positions rose from previous €-6.8K to €4.6K

Australia CFTC AUD NC Net Positions increased to $-64.5K from previous $-83.2K

May 10, 2024 | 12:32 pm

Australia CFTC AUD NC Net Positions increased to $-64.5K from previous $-83.2K

Japan CFTC JPY NC Net Positions increased to ¥-134.9K from previous ¥-168.4K

May 10, 2024 | 12:32 pm

Japan CFTC JPY NC Net Positions increased to ¥-134.9K from previous ¥-168.4K

Crude oil futures settle at $78.26

May 10, 2024 | 12:16 pm

Crude oil futures are settling at $78.26. That is down -1.0% or -1.26%The price is settling near the lows for the day. The low for the day reached $78.23. We left for the day was at $79.93.For the trading week, the price was up $0.40 or 0.52%.Looking at the daily chart, the price action today traded closely between the 200-day moving average above at $80.03 (the high was $79.93) and the 100-day moving average below. $78.33 (the low for the day was just below that level at $78.23). This article was written by Greg Michalowski at www.forexlive.com.

USD/NOK trades mildly lower after Norwegian CPI data

May 10, 2024 | 11:49 am

The USD/NOK pair is trading with mild losses around 10.85. The Federal Reserve's (Fed) hawkish approach seems to be aiding the USD, while strong economic recovery signals in Norway aren't offsetting this impact on the NOK.

What key economic events the releases are on the schedule starting May 13?

May 10, 2024 | 11:47 am

Sunday, May 12NZD11 PM ET: Inflation Expectations q/q: Last Q 2.5%Monday, May 13CHF12:45 PM ET: SNB Jordan speakingTuesday, May 14GBP2:00 PM ET: Claimant Count Change: Expected: 13.9K, Last: 10.9KUSD8:30 AM ET: Core PPI m/m: Expected: 0.2%, Last: 0.2%8:30 AM ET: PPI m/m: Expected: 0.3%, Last: 0.2%10 AM ET: Fed Chair Powell Speaks in AmsterdamAUD9:30 PM ET: Wage Price Index q/q: Expected: 1.0% Last: 0.9%Wednesday, May 15USD8:30 AM ET: Core CPI m/m: Expected: 0.3%, Last: 0.4%8:30 AM ET: CPI m/m: Expected: 0.4%, Last: 0.4%8:30 AM ET: CPI y/y: Expected: 3.4%, Last: 3.5%8:30 AM ET Empire State Manufacturing Index: Expected: -10.8, Last: -14.38:30 AM ET Core Retail Sales m/m: Expected: 0.2%, Last: 1.1%8:30 AM ET Retail Sales m/m: Expected: 0.4%, Last: 0.7%JPY7:50 PM ET: Preliminary GDP QoQ -0.4% versus +0.1%AUD9:30 PM ET Employment Change: Expected: 25.3K, Last: -6.6K9:30 PM ET Unemployment Rate: Expected: 3.9%, Last: 3.8%Thursday, May 16USD8:30 AM ET: Unemployment Claims: Last: 231K, 8:30 AM ET: Philly Fed manufacturing index: expected 7.7. Last 15.59:15 AM ET:US industrial production. Expected 0.2%. Last 0.4%Friday, May 17USD10:15 AM ET: FOMC Waller speaks. This article was written by Greg Michalowski at www.forexlive.com.

Fed's Kashkari: I am cautious about monetary policy, can't rule out another hike

May 10, 2024 | 11:40 am

Minneapolis Federal Reserve (Fed) President Neel Kashkari added his voice to the procession of Fed officials giving their views on the US inflation outlook and the Fed's policy stance on Friday.

US federal budget for April surplus $210.00 billion versus $244 billion estimate

May 10, 2024 | 11:00 am

Prior month $-236 billionApril 2024 surplus $210 billions vs $244B estimateApril 2023 $176 billion.US fiscal 2024 year-to-date deficit $855 billion versus comparable fiscal 2023 deficit of $925 billionApril budget outlays $567 billion versus $462 billion in April 2023. Outlays are up 22.72% from 2023April receipts $776 billion versus $639 billion in April 2023. Receipts are up 21.4% from 2023.Social Security up 11%Disappointing numbers vs expectations. This article was written by Greg Michalowski at www.forexlive.com.

United States Monthly Budget Statement registered at $210B, below expectations ($244.5B) in April

May 10, 2024 | 11:00 am

United States Monthly Budget Statement registered at $210B, below expectations ($244.5B) in April

Fed's Goolsbee: Housing remains a significant inflation challenge

May 10, 2024 | 10:59 am

Further comments from Chicago Federal Reserve (Fed) President Austan Goolsbee highlighted the Fed's ongoing battle with stubborn inflation that refuses to cool off to the US central bank's 2% target.

Fed's Goolsbee: We hit an inflation bump this year, now we wait

May 10, 2024 | 10:19 am

Chicago Federal Reserve (Fed) President Austan D. Goolsbee added his voice to the procession of Fed officials commenting on interest rates and inflation on Friday.

United States Baker Hughes US Oil Rig Count fell from previous 499 to 496

May 10, 2024 | 10:14 am

United States Baker Hughes US Oil Rig Count fell from previous 499 to 496

Baker Hughes oil rig count -3 to 496.

May 10, 2024 | 10:07 am

The Baker Hughes rig count for the current week is showing:Oil rigs down -3 to 496Gas rigs up 1 to 103Total rigs down -2 to 603The reserve pool is trading at $78.35 down $0.92 or -1.16%. Prices are trading near lows for the day. The high of the day was at $79.93.For the trading week, the prices of $0.39 or 0.50%. The low for the week reached $76.92 (Wednesday). The high for the week was at $79.93 (today) This article was written by Greg Michalowski at www.forexlive.com.

Fed's Kashkari and Goolsbee are ahead

May 10, 2024 | 10:00 am

Minneapolis Fed Pres. Kashkari and Chicago Fed Pres. Goolsbee are expected to be jointly interviewed by CNBCs Steve Liesman ahead (at the top of the hour - well maybe it is a little later). Kashkari has been more hawkish of late. Goolsbee tends to be more dovish or less hawkish. This article was written by Greg Michalowski at www.forexlive.com.

The godfather of quants dies: Jim Simons dead at 86

May 10, 2024 | 09:52 am

One of the greatest investors in history died today at 86, according to his foundation.I was speaking about Simons earlier today in a webinar so it's a terrible coincidence that he died on the same day.Simons didn't start investing until the second half of his life, founding what would be Renaissance Technologies in 1978 after years as a math professor. But he used his skills to exploit patterns in markets and generated better returns than perhaps anyone in history. His main Medallion fund averaged returns of 66.1% since 1988 and has long been closed to anyone but employees.His net worth was recently estimated at $30 billion and the 52nd richest person in the world.Little was ever revealed about Simons methods but he has highlighted that they changed greatly over the years. The 2019 book on him titled 'The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution' is a good one. This article was written by Adam Button at www.forexlive.com.

MUFG trade of the week: Buy EUR/USD

May 10, 2024 | 09:10 am

MUFG Research exited its long AUD/NOK position, stayed long EUR/GBP, and added a new long EUR/USD position to its trade-of-the-week portfolio. MUFG maintained a long EUR/GBP position with a target at 0.8700, and a stop at 0.8450. MUFG also opened a long EUR/USD position (spot ref: 1.0770), with a target at 1.1050, and a stop at 1.0570. "We are recommending a long EUR/USD trade idea... The EUR has been supported by building evidence of strengthening cyclical momentum in the euro-zone economy which we expect to continue through this year as the negative energy price shock continues to fade.. At the same time, we are seeing more signs that the US economy could slow more going forward," MUFG notes.For bank trade ideas, check out eFX Plus. For a limited time, get a 7 day free trial, basic for $79 per month and premium at $109 per month. Get it here. This article was written by Adam Button at www.forexlive.com.

Pound Sterling struggles at 200-DMA, retreats toward 1.2500

May 10, 2024 | 09:09 am

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Fed's Bowman: I don't see rate cuts as warranted this year

May 10, 2024 | 09:08 am

Federal Reserve (Fed) Board of Governors member Michelle W.

Population growth drove the Canadian jobs surprise -- CIBC

May 10, 2024 | 09:07 am

Canada added 90.4K jobs in today's labour force survey, crushing expectations of an 18.0K gain. However CIBC says the gain is less-impressive than it seems because population growth added 107K people to the labour force in the month.With that, they continue to see the Bank of Canada cutting rates in June.While today's increase in employment was much better than expected, this strength appears to largely reflect a further surge in the base population as the labour force count catches up with the quarterly population tally. With the unemployment rate remaining higher than it was at the start of the year and wage pressures easing slightly, the data is still consistent with a gradual loosening of labour market conditions. We continue to forecast a first interest rate cut at the next meeting in June, although after today's data that call relies even more heavily on core measures of inflation remaining subdued within the next CPI print. This article was written by Adam Button at www.forexlive.com.

Why the bond market might be overreacting to rising UMich inflation expectations

May 10, 2024 | 08:48 am

There were two opposing signals in today's preliminary May consumer sentiment survey from the University of Michigan. The dovish indication came from the main sentiment reading, which plunged to 67.4 compared to 76.0 expected.However the bond market instead focused on rising inflation expectations.The measure of 1-year inflation rose to 3.5% from 3.1% and is now at the highest since November. The 5-10 year measure also rose to 3.1% from 3.0%.The numbers are particularly worrisome to the market given that next week's trade will be dominated by the CPI report. US 2-year yields are up 4.8 basis points to 4.85% with similar rises across the curve. The rise in yields started before the data but accelerated afterwards.Is the market missing something? Ian Shepherdson from Pantheon Macro thinks so. He said he's "amused by Treasuries selling off because the Michigan survey shows slightly higher inflation expectations. The survey is switching to web from phone, and the U Mich people have noted that web responders consistently have slightly higher inflation expectations. No big deal." This article was written by Adam Button at www.forexlive.com.

European indices close higher. German Dax, France CAC & UK FTSE 100 close at record levels

May 10, 2024 | 08:38 am

The major European indices are closing higher on the day, and higher for the week. Moreover, the German DAX, France CAC, and UK FTSE 100 are all closing and record high levels. Expectations for lower rates are nothing risk-on flows.A snapshot of the closing levels shows:German DAX, Rose 70.24 points or 0.38% at 18756.85France CAC rose 26.70 points or 0.33% at 8214.36UK FTSE 100 rose 56.85 points or 0.68% at 8438.21Spain's Ibex rose 55.40 points or 0.50% at 11105.49Italy's FTSE MIB rose 318.05 points or 0.93% at 34657.36For the trading week:German DAX rose 4.20% its largest gain since November 2023France CAC rose 3.29%, its largest gain since January 22, 2024UK FTSE 100 rose 2.68%Spain's Ibex rose 2.31%Italy's FTSE MIB rose 3.06% This article was written by Greg Michalowski at www.forexlive.com.

White House Brainard: Debt ceiling fights have been unproductive

May 10, 2024 | 08:31 am

White House's economic advisor Lael Brainard is speaking and said:debt ceiling fights have been unproductiveIt should not cost hundreds of dollars to prepare taxes, expect direct filing to become more widely availableEarlier today Brainard said:We should fully pay for any tax cuts extended in 2025Biden would not accept outcome that does not preserve current tax breaks for the middle classCorporate tax rates are too low for country's fiscal health. This article was written by Greg Michalowski at www.forexlive.com.

Pres. Biden is set to quadruple tariffs on Chinese EVs: WSJ

May 10, 2024 | 08:27 am

The Wall Street Journal is reporting that Pres. Biden is set to quadruple tariffs on Chinese EVs, keeping the low-cost EVs out of the US market and protecting US EV manufacturing. Meanwhile, there was report yesterday, that former Pres. Trump hosted oil executives last month looking for $1B of campaign funds in return for a pledge to unwind Pres. Biden's environmental regulationsTrump's promises included ending Biden's emissions rules that support electric vehicles and stopping the administration's suspension of permits for new liquefied natural gas exports.Politics at work... This article was written by Greg Michalowski at www.forexlive.com.

GBP/USD Price Analysis: Struggles at 200-DMA, retreats toward 1.2500

May 10, 2024 | 08:14 am

The Pound Sterling weakened against the US Dollar on Friday, even though economic data from the UK was better than expected.

Gold rallies on haven appeal and expectations of lower interest rates

May 10, 2024 | 08:08 am

Gold price (XAU/USD) trades almost a percentage point higher in the $2,360s on Friday.

USD/JPY gains following dismal US consumer report

May 10, 2024 | 07:56 am

The USD/JPY advanced steadily during the North American session, following a worse-than-expected University of Michigan (UoM) poll that showed that American consumers are becoming pessimistic about the economy.

Forecasting the Coming Week: US inflation in the spotlight… and more Fedspeak!

May 10, 2024 | 07:55 am

The Greenback saw a decent recovery during this week, against the backdrop of the generalized erratic performance in the FX space, the continuation of the monetary policy divergence, and a cautious Fedspeak.

University of Michigan consumer sentiment (preliminary) for May 67.4 versus 76.0 estimate

May 10, 2024 | 07:00 am

Prior month 77.2Consumer sentiment for May (preliminary) 67.4 versus 76.0 estimate. Prior month 77.2expectations 66.5 versus 75.0 expected. Prior month 76.0current conditions 68.8 versus 79.0 last month1-year inflation expectations 3.5% versus 3.2% last month. Highest since November 20235-year inflation expectations 3.1% versus 3.0% last monthA worrisome report in that inflation expectations rose while consumer sentiment moved lower. Gas prices and stock prices can be a major influence. The recent move lower in oil prices may not be accounted for in the report. Although looking at the average gas price in the US, they had remained steady over last month. Is there a decline to come?Having said that, crude oil prices had a most recent low at $67.74 in December. The high price for 2024 reached $87.60 on April 5. The current price is at $79.57Stocks have dipped a bit with the NASDAQ index now at up 57 points or 0.35%. The S&P index is up 17 points or zero point This article was written by Greg Michalowski at www.forexlive.com.

University of Michigan sentiment index for May to be released at the top of the hour

May 10, 2024 | 06:53 am

The University of Michigan consumer sentiment will be released at the top of the hour. The expectations are for:Consumer sentiment 76.0 versus 77.2 last monthForward-looking expectations expected at 75.0 versus 76.0 last month.Current conditions came in at 79 last month.One year inflation expectations last month came in at 3.2%five year inflation expectations came in at 3.0%The one year inflation expectations has been tilting board to the upside of late with the cycle low at 2.9%. This article was written by Greg Michalowski at www.forexlive.com.

US stocks higher and on pace for gains for the trading week

May 10, 2024 | 06:39 am

The major stock indices are opening mostly hired for the day and are on pace for gains for the week.A snapshot of the market currently shows:Dow industrial average is trading up 168 points or 0.42% at 39554. The index is on pasteboard eight consecutive up day. For the week the index is up 2.27%.S&P index is trading up 19.9 points or 0.39% at 5233.60. The index is up 2.08% on the week.NASDAQ index. Is trading up 64.98 points or 0.40% at 16411.86. The index is up 1.58% for the weekThe small-cap Russell 2000 is also higher by 4.69 points or 0.23% at 2078.32. For the week the index is up 2.08%Looking at the US that market, yields are trading higher:2-year yield 4.838%, +3.1 basis points5-year yield 4.496%, +3.7 basis points10 year yield 4.488%, +4.0 basis points30-year yield 4.633%, +3.3 basis pointsA snapshot of other markets as stock trading gets underway shows:crude oil is up $0.53 or 0.67% at $79.80.Gold is trading up $20.30 or 0.86% at $2365.75.Silver is trading down two cents or -0.09% at $28.29Bitcoin is trading at $63,008. This article was written by Greg Michalowski at www.forexlive.com.

Canadian jobs data beat expectations. Now what?

May 10, 2024 | 05:59 am

The Canadian labour market data beat expectations across the board with the market now seeing basically a 50/50 chance of a rate cut in June. Is this a major change though? Not at all. The gamechanger will likely be the CPI report due on May 21st when we will know if the BoC will indeed deliver the first cut in June or skip that month and wait for July. From a trading perspective, since this is not a gamechanger, the CAD gains should be limited as the market generally fades the first spike if it's not such a big deal. The CAD bulls might want to wait for a pullback into the 1.3690 region where they will have a better setup to structure a short trade as a break and extension to the upside should invalidate completely the bearish idea. On the downside, the maximum the pair might run today is into the 1.3620 region where we have the low of the ADR and the key support zone. That's where the buyers might want to structure their long positions. Right now, we are right in the middle, so from a risk management perspective there's no trade. This article was written by Giuseppe Dellamotta at www.forexlive.com.

Canada April employment change 90.4K vs 18.0K estimate

May 10, 2024 | 05:30 am

Prior month -2.2KEmployment change of 90.4K versus -2.2K last month. Highest since January 2023.Unemployment rate 6.1% versus 6.2% estimate. Prior month 6.1% The steady reading was the first after 6 consecutive monthly declinesOn a year-over-year basis, the employment rate was down 0.9 percentage pointsFull-time employment 40.1K versus -0.7K last monthPart-time employment 50.3K versus -1.6K last month.On a year-over-year basis, part-time employment was up by 2.9% (+104,000) in April, while full-time employment was up by 1.7% (+273,000).Participation rate 65.4% versus 65.3 last month.Total hours worked rose 0.8% in April and were up 1.2% compared with 12 months earlierAverage hourly wages among employees increased 4.7% (+$1.57 to $34.95) on a year-over-year basis in April, following growth of 5.1% in March (not seasonally adjusted).Further details:Employment increased in April in Professional, scientific and technical services (+26,000; +1.3%), Accommodation and food services (+24,000; +2.2%), Health care and social assistance (+17,000; +0.6%) and Natural resources (+7,700; +2.3%), While it fell in utilities (-5,000; -3.1%).Much stronger than expected with near equal gains in full and part time (relatively). The market is now pricing 57 basis points of easing versus 64 basis points before the data.The USDCAD has moved lower and is a back below its 200 bar moving average on the 4-hour chart. The low price reached the low prices from April 26 and April 29 at 1.36319 and has bounced off of that double bottom (at the time). Staying below the 200 bar moving average at 1.3664 keeps the sellers in control.For the full report CLICK HERE This article was written by Greg Michalowski at www.forexlive.com.

Locked and loaded for the April Canada employment data

May 10, 2024 | 05:27 am

On the calendar to be released at 8:30 AM ET, will be Canada's employment statistics. The expectations are for:Employment change of 18.0K versus -2.2K last month.Unemployment rate is expected to rise to 6.2% from 6.1%.Full-time employment last month came in at -0.7KPart-time employment fell by -1.6K.Participation rate came in at 65.3 last month.The USDCAD is trading marginally higher today, and remains above its 200 bar moving average on the four-hour chart at 1.36648. Recall that on Monday, the price bottomed for the week against that moving average level and bounced higher. The high price for the week came in at 1.37619 before starting its rotation back to the downside. Yesterday, the price fell below a cluster of moving averages including the 100 bar moving average on a four hour chart, and the 100 and 200 hour moving averages. Those moving averages come between 1.3700 and 1.3707 today. It would take a move above those levels to turn the bias back to the upside after the jobs report. This article was written by Greg Michalowski at www.forexlive.com.

ForexLive European FX news wrap: Currencies muted, equities look for perfect week

May 10, 2024 | 05:07 am

Headlines:Equities keep up the optimism towards the end of the weekJapan PM Kishida says closely monitoring recent yen weaknessNext rate hike could come as early as July, says former BOJ executiveFed is still on track to cut rates this year but timing is uncertain - BosticECB accounts: Plausible to be in a position to start easing policy at June meetingBOE's Pill: The persistent parts of inflation are fallingUK Q1 preliminary GDP +0.6% vs +0.4% q/q expectedUK March monthly GDP +0.4% vs +0.1% m/m expectedMarkets:GBP leads, NZD lags on the dayEuropean equities higher; S&P 500 futures up 0.3%US 10-year yields up 2.4 bps to 4.472%Gold up 1.1% to $2,373.20WTI crude up 0.6% to $79.76Bitcoin up 1.1% to $63,333It was a relatively quiet session with major currencies not really up to much in European morning trade.The dollar held steadier throughout, keeping with just a light advance against the aussie and kiwi. But besides that, other major currencies were more muted. That includes sterling, even after a modest beat on its Q1 GDP figures. GBP/USD held rangebound around 1.2520-30 levels throughout the session.Meanwhile, USD/JPY steadily nudged higher to 155.70 levels but is not really getting too carried away to run up to 156.00 just yet. The rest of the major currencies bloc lacked appetite for the most part.The action in other markets were more interesting as equities are keeping the optimism towards the end of the week. European indices are scaling to fresh record highs again in a hot start to May while US futures are also holding higher on the day. For stocks, another round of gains will make it a perfect week of trading.Elsewhere, gold is racing higher by over 1% as it looks to end the week with a flourish. Buyers are contesting a trendline resistance at around $2,372.50 but will look to the $2,400 mark in the bigger picture.Have a great weekend, everyone. This article was written by Justin Low at www.forexlive.com.

Japan PM Kishida says closely monitoring recent yen weakness

May 10, 2024 | 02:46 am

The verbal jawboning today from Japan has been nothing out of the ordinary. USD/JPY is still sticking near the highs this week at 155.70 currently, with eager eyes on key US data next week. This article was written by Justin Low at www.forexlive.com.

Equities keep up the optimism towards the end of the week

May 10, 2024 | 02:09 am

Equities are holding at the highs for the day now after the opening two hours in Europe, keeping up the positive momentum since the end of last week. Major indices in Europe are faring rather well with the DAX, CAC 40, FTSE 100, and Stoxx 600 all at fresh record highs. That comes after the brief stutter in April trading. Meanwhile, S&P 500 futures are also up another 0.4% on the day now.That will see the index move within touching distance of its own record high of 5,264.85. The same narrative will apply for the Nasdaq and Dow as well, with futures there up 0.5% and 0.3% respectively now. This article was written by Justin Low 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 ▲

Bank of England Holds Interest Rates at 5.25%

May 9, 2024 | 09:06 am

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

Forex Today: Markets Await Bank of England

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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