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Singapore's Core CPI Shows Decrease in March 2024

Apr 23, 2024 | 03:00 am

Singapore's Core Consumer Price Index (CPI) for March 2024 has shown a decline compared to the previous month, according to recent data updated on April 23, 2024. The current indicator stands at 3.1%, down from 3.6% in February 2024. This decrease indicates a slowing in the rate of inflation for essential goods and services in Singapore.The Core CPI measures the change in the price of goods and services, excluding food and energy, to provide a more accurate reflection of underlying inflation trends. The Year-over-Year comparison reveals that despite the dip in March, the Core CPI remains higher than the same month a year ago. This data suggests that while inflation may have eased slightly in the short term, Singapore continues to experience price growth over the longer term.Economists will be closely monitoring future CPI data to assess the overall impact on the Singaporean economy and to determine if further policy adjustments are necessary to maintain stability and economic growth.The material has been provided by InstaForex Company - www.instaforex.com

Singapore's CPI Drops to 2.7% in March 2024

Apr 23, 2024 | 03:00 am

Singapore's Consumer Price Index (CPI) saw a decrease to 2.7% in March 2024, down from 3.4% in February 2024. The data, which was updated on April 23, 2024, shows a decline in the inflation rate. The comparison period for this indicator is Year-over-Year, indicating that the current 2.7% figure is a comparison of the change in March 2024 to the same month a year ago.This decrease in Singapore's CPI could have implications for the country's economy and consumers. A lower inflation rate may mean decreased pressure on household budgets and could influence the country's monetary policy. Analysts will be monitoring future CPI figures to assess the overall economic stability and performance of Singapore's economy.The material has been provided by InstaForex Company - www.instaforex.com

HSBC India Manufacturing PMI Holds Steady at 59.1 in April 2024

Apr 23, 2024 | 03:00 am

According to the latest data released by HSBC, the India Manufacturing Purchasing Managers' Index (PMI) maintained its strong position at 59.1 in April 2024, the same level as the previous month. This figure indicates a robust expansion in the manufacturing sector. The previous event in April also recorded a PMI of 59.1, showing consistent performance in the industry.The HSBC India Manufacturing PMI is closely watched as a key indicator of economic health, with a reading above 50 signaling growth in the sector. The stable PMI figure suggests that the manufacturing industry in India is continuing to grow at a healthy pace, despite global economic uncertainties. Experts are optimistic about the resilience of the Indian manufacturing sector and its potential to drive further economic growth in the coming months.The material has been provided by InstaForex Company - www.instaforex.com

HSBC India Services PMI Shows Incremental Growth Reaching 61.7

Apr 23, 2024 | 03:00 am

The most recent data for the HSBC India Services Purchasing Managers' Index (PMI) has been released, showing a positive trend in the country's services sector. The indicator has reached 61.7, which is a slight increase from the previous figure of 61.2 reported in April 2024. This data indicates continued growth in India's services industry.While the specific date of the event is not provided, the latest update on the indicator was made on 23 April 2024. The HSBC India Services PMI tracks changes in activity levels across the services sector, with a reading above 50 indicating expansion and below 50 indicating contraction. The rise in PMI numbers suggests that businesses in the services sector are experiencing growth and increased economic activity in India. Investors and economists will be closely watching future PMI data to assess the health of the country's services industry and its overall economic performance.The material has been provided by InstaForex Company - www.instaforex.com

Bank of Japan's Core CPI Slightly Slips to 2.2% in Latest Update

Apr 23, 2024 | 03:00 am

The Bank of Japan (BoJ) recently released data showing that the country's Core Consumer Price Index (CPI) has dipped slightly to 2.2%. This figure represents a decrease from the previous indicator of 2.3%. The update, reflecting a year-over-year comparison, was last recorded on April 23, 2024.The Core CPI is a key measure of inflation that excludes the impact of volatile food and energy prices, providing a clearer picture of underlying inflation trends in the economy. The slight decline in Japan's Core CPI suggests a mild moderation in price pressures compared to the previous period.As the BoJ continues to monitor inflation dynamics closely, the latest data may influence the central bank's monetary policy decisions in navigating the country's economic landscape moving forward.The material has been provided by InstaForex Company - www.instaforex.com

Asian Markets Track Global Markets Higher

Apr 23, 2024 | 02:17 am

Asian stock markets are generally seeing an upward trend on Tuesday, with investor fears of an escalating Middle East conflict being eased following 'measured' counterattacks by Iran and Israel that avoided any casualties. Traders also capitalized on bargains to prepare for the upcoming release of various key U.S. economic data, including reports on personal income and spending.In the Australian market, notable gains were seen driven by the positive global market cues. The S&P/ASX 200 index is approaching the 7,700 level, with surges in iron ore miners, financial, and technology stocks. For instance, Rio Tinto, Fortescue Metals, and BHP Group improved marginally, while Mineral Resources saw a near 1% increase.Oil stocks also yielded gains with Santos, Beach energy, and Woodside Energy almost increasing by 1%, while Origin Energy decreased slightly by 0.2%. In the technology sector, WiseTech Global and Xero each experienced a 0.5% uplift, Zip increased more than 2%, and Block, owner of Afterpay, progressed almost 1%.However, the gold miners experienced a downward trend. Evolution Mining and Northern Star Resources lost almost 3% each, Newmont fell by more than 4%, and Resolute Mining declined more than 3%. Among the big four banks, Commonwealth Bank, Westpac, ANZ Banking, and National Australia Bank gained more than 1% each.Additionally, the Australian dollar traded at $0.646 on Tuesday.Japanese stock market also experienced moderate upward shift with the Nikkei 225 index breaching 37,500 level. However, gains in financial shares were somewhat balanced by losses from heavyweight indices.The market performance of other countries in Asia varied. Hong Kong, Singapore, South Korea, Taiwan, Indonesia, and Malaysia experienced an increase of between 0.2 to 1.3% each, while New Zealand and China showed a decline of 0.4 and 0.6% respectively.Wall Street exhibited a robust performance on Monday, particularly from the technology sector, as traders took advantage of the recent dip to purchase bargains. Weakening concerns regarding the Middle East situation added a positive note to the market sentiment.Major averages, the Dow, the S&P 500, and the Nasdaq all closed on a strong note. Europe's major indices, the FTSE 100, the German DAX, and the French CAC 40 also reported positive results.However, crude oil prices experienced a drop amid concerns about the future of global oil demand and recent data indicating a significant rise in U.S. crude inventories. West Texas Intermediate Crude oil futures for May fell 0.34% to settle at $82.85 a barrel.The material has been provided by InstaForex Company - www.instaforex.com

TopBuild Terminates Agreement To Acquire Specialty Products And Insulation

Apr 23, 2024 | 02:15 am

TopBuild Corp. recently revealed that its previously agreed acquisition of Specialty Products and Insulation has been mutually terminated. The withdrawal was formalized on April 22, 2024, and in consequence, TopBuild had to pay a termination fee of $23 million.Robert Buck, the President and CEO of TopBuild, explained that they have been actively seeking alternatives in recent months that comply with the Department of Justice's specific interpretation of the metal building insulation (MBI) industry. However, after failing to find terms that were acceptable to both parties, they decided to terminate the transaction.It's worth noting that back in July 2023, TopBuild had agreed to buy Specialty Products & Insulation in a cash-only deal valued at $960 million.The material has been provided by InstaForex Company - www.instaforex.com

Japanese Market Modestly Higher

Apr 23, 2024 | 01:55 am

The Japanese stock market was notably higher on Tuesday, following the trend of global markets, with the Nikkei 225 surpassing the 37,500 mark. Gains in financial stocks managed to partially counterbalance the losses in Index heavyweights.The Nikkei 225 Index rose by 91.03 points or 0.24 percent to hit 37,529.64, showing an improvement from its previous high of 37,817.78. The Japanese stock market had already made substantial gains on Monday.In terms of market heavyweights, SoftBank Group remained steady, while Fast Retailing, the company behind Uniqlo, saw a rise of more than 1 percent. Honda and Toyota, on the other hand, suffered slight losses of almost 1 and 0.5 percent, respectively.There was a marginal decline in tech company Advantest, and Tokyo Electron dropped by almost 1 percent. Meanwhile, Screen Holdings saw a slight increase of 0.2 percent.The banking sector experienced a boost with Sumitomo Mitsui Financial gaining almost 1 percent, and modest gains in Mitsubishi UFJ Financial and Mizuho Financial of 0.1 to 0.4 percent.Most major exporters encountered weakness. Both Panasonic and Sony suffered nearly 1 percent losses, while Mitsubishi Electric fell by more than 1 percent. Conversely, Canon saw a small increase of 0.1 percent. Among the significant gainers, Osaka Gas rose by almost 4 percent.Socionext, Lasertec, and Denso were the biggest losers, with declines of more than 5 percent, more than 4 percent, and almost 3 percent, respectively.The U.S. dollar traded at a higher range against the yen on Tuesday. Wall Street stocks also continued to rise, notably the technology sector, offering some opportunity for bargain hunting following recent losses. This positive momentum was partly due to easing concerns about tensions in the Middle East.The Dow, the S&P 500, and the Nasdaq all closed with noticeable gains. Meanwhile, European market indexes, including the U.K.'s FTSE 100, the German DAX, and the French CAC 40, also moved higher.Crude oil prices saw a slight decline on Monday, with concerns about the future of global oil demand and a sharp increase in U.S. crude inventories contributing to this drop. As a result, West Texas Intermediate Crude oil futures for May went down by $0.29 or 0.34 percent to $82.85 a barrel.The material has been provided by InstaForex Company - www.instaforex.com

FTC Sues To Block Tapestry's $8.5 Bln Acquisition Of Capri

Apr 23, 2024 | 01:36 am

The U.S. Federal Trade Commission (FTC) has filed a lawsuit to halt Tapestry Inc.'s proposed $8.5 billion acquisition of Capri Holdings Limited. This merger would bring together three closely competing brands - Tapestry's Coach and Kate Spade and Capri's Michael Kors. The FTC asserts that if this deal were to proceed, the direct rivalry between Tapestry's brands and Capri's would be eliminated. Moreover, it would provide Tapestry with a commanding position within the affordable luxury handbag sector, as stated by the FTC on Monday.The FTC has raised concerns that the proposed deal could remove the incentive for both companies to compete in terms of recruitment, which may negatively impact employee salaries and workplace benefits. If this acquisition were to proceed, the merged entity of Tapestry and Capri would employ approximately 33,000 individuals globally.At present, Tapestry and Capri compete across various product lines from clothes to eyewear to footwear. Capri has expressed strong disagreement with the FTC's decision in a separate press statement. The company plans to fiercely defend its position in court along with Tapestry and complete the pending acquisition. All other jurisdictions have approved the transaction, with the U.S. FTC being the only regulatory body to withhold approval.Tapestry has expressed full faith in the advantages and competitive spirit of the deal. The company believes this transaction will yield substantial benefits for its customers, employees, partners, and shareholders in the U.S. and worldwide. Armed with compelling legal arguments in defense of the deal, Tapestry is eager to present its case in court and work rigorously to conclude the transaction within the 2024 calendar year.Tapestry had announced in August 2023 that it had agreed to acquire Capri Holdings at a total enterprise value of approximately $8.5 billion. The specifics of the deal would see each shareholder of Capri Holdings receiving $57 per share.The material has been provided by InstaForex Company - www.instaforex.com

Investors Flock to 2-Year JGB Auction as Yields Rise in Japan

Apr 23, 2024 | 01:35 am

In the latest economic update from Japan, the 2-Year JGB (Japanese Government Bond) Auction saw a significant increase in yields. The previous indicator stood at 0.187%, while the most recent auction recorded a rise to 0.303%. This surge in yields may indicate a growing interest among investors in Japanese government bonds, despite the current economic climate. With the data being updated on 23 April 2024, market analysts will be closely monitoring the impact of these changing yields on the broader financial landscape in Japan. As investors navigate through market uncertainties, the 2-Year JGB Auction continues to be a key event influencing financial decisions within the country.The material has been provided by InstaForex Company - www.instaforex.com

Sensex, Nifty Seen Higher At Open

Apr 23, 2024 | 01:27 am

Tuesday's Indian stock market is poised to open with optimistic momentum, bolstered by solid international leads and declining oil prices, consequent to the reduced risk of a severe escalation of conflict between Israel and Iran. However, the overall progress might be constrained due to upcoming major updates pertaining to U.S. inflation and corporate earnings this week.Reliance Industries, spearheaded by Mukesh Ambani, reported a quarterly profit drop of 2 percent, despite surpassing expectations.On Monday, benchmark indexes such as the Sensex and the Nifty saw a rise by 0.8 percent and 0.9 percent respectively, marking a second consecutive day of gains. The rupee also benefitted, ascending by 7 paise to settle at 83.37 against the dollar.In contrast, Asian markets exhibited a mixed performance Tuesday morning. Oil maintained its losses from the previous night, while government bonds remained unchanged ahead of several bond auctions. Gold regained some stability after suffering a 2.7 percent drop on Monday.U.S. stocks experienced a boost at the close of the recent session, following a sell-off in the previous one. The S&P 500 increased by 0.9 percent, breaking a six-day downward trend as concerns of a widespread Middle Eastern conflict subsided, and investors prepared for the announcement of quarterly results from large-scale companies.Both the Dow and the tech-focused Nasdaq Composite rose by 0.7 percent and 1.1 percent respectively.European stocks experienced growth on Monday following dovish commentary from the European Central Bank and relaxing of tensions in the Middle East. The Pan-European STOXX 600 moved up by 0.6 percent.Germany's DAX advanced by 0.7 percent, France's CAC 40 saw a slight increase of 0.2 percent, while optimism that the Bank of England will implement two interest rate cuts this year helped the U.K.'s FTSE 100 to gain 1.6 percent, achieving a record-breaking close.The material has been provided by InstaForex Company - www.instaforex.com

Higher Open Anticipated For Thai Stock Market

Apr 23, 2024 | 01:03 am

After suffering a four-day losing streak, during which it plunged nearly 80 points or 5.7 percent, the Thai stock market made a positive turn on Monday. The Stock Exchange of Thailand is now hovering just below the 1,350-point mark, and is predicted to gain further support on Tuesday. This forecast is attributed to an optimistic global outlook for Asian markets, particularly in the technology sector that saw substantial losses last week. Following the upward trend of European and U.S. markets, Asian stocks are expected to experience a resurgence.Monday saw the Stock Exchange of Thailand (SET) soar, with noticeable gains observed across all sectors, most notably food, finance, and service. The index leapt 17.44 points or 1.31 percent to conclude at 1,349.52 after trading between 1,339.92 and 1,350.94. Volume accounted for approximately 13.951 billion shares worth 43.139 billion baht. Out of all traded stocks, 413 saw gains and 104 reported losses, while 139 remained unchanged.Some noticeable movers include Advanced Info which increased by 1.02 percent, Thailand Airport which surged by 3.17 percent, and Asset World which spiked by 4.69 percent. Shareholders of Energy Absolute witnessed a leap of 4.96 percent, and Gulf advanced by 3.80 percent. Conversely, True Corporation slipped by 1.92 percent, TTB Bank declined by 0.56 percent, while shares of Kasikornbank, Krung Thai Card and Thai Oil remained static.On Wall Street, major averages trended positively, starting strong on Monday and maintaining this momentum throughout the trading day. The Dow Jones concluded its day with a rally of 253.58 points or 0.67 percent to finish at 38,239.98, while the NASDAQ surged by 169.30 points or 1.11 percent to close at 15,451.31. Additionally, the S&P 500 gained 43.37 points or 0.87 percent ending at 5,010.60.The surge in Wall Street appears to be driven by a deescalation of tension in the Middle East, following 'measured' retaliations between Iran and Israel, which were designed to avoid casualties. Investors capitalized on this positive momentum by acquiring undervalued stocks, in anticipation of the upcoming release of various U.S. economic reports, including data on new home sales, durable goods orders, and personal income and spending.Several high-profile companies are also set to release their quarterly results this week, including Tesla, Boeing, IBM, Caterpillar, Honeywell, Alphabet, Intel, Microsoft, Chevron, and Exxon Mobil.Meanwhile, oil prices showed a decline on Monday, owing to concerns surrounding the future of global oil demand— a sentiment compounded by recent data indicating a significant increase in U.S. crude inventories. West Texas Intermediate Crude oil futures for May dipped $0.29 or 0.34 percent, settling at $82.85 a barrel.The material has been provided by InstaForex Company - www.instaforex.com

Brambles 9-month Sales Revenue From Cont. Opns. Up 9%; Reconfirms FY Guidance

Apr 23, 2024 | 00:34 am

Brambles Ltd., a company specialized in pooling solutions, has revealed that their sales revenue taken from ongoing operations for the initial three quarters of the fiscal year ending on June 30, 2024, approximately reached US$4.87 billion. This represents an increase of 9% when compared to the previous year, using actual foreign exchange rates.When considering constant foreign exchange rates, the growth of sales revenue for this period was calculated to be about 7%. The volumes across their group, however, decreased by 1% because of a similar percentage fall in comparable volumes stemming from inventory optimization by retailers and manufacturers in Europe and North America. Meanwhile, all the new business they acquired across the group remained stable throughout the period. If the effect of inventory optimization is excluded from the calculation, comparable volumes would be consistent with the previous year.Moving forward, Brambles maintains its forecasts for the year ending on June 30, 2024. They predict a sales revenue growth between 6% and 8% at a constant currency, along with an underlying profit growth rate of around 13% to 15%, again at constant currency.The material has been provided by InstaForex Company - www.instaforex.com

Indonesia Stock Market May Find Traction On Tuesday

Apr 23, 2024 | 00:33 am

The Indonesian stock market has experienced a downturn in consecutive sessions, witnessing a drop of over 90 points or 1.2%. The Jakarta Composite Index is currently positioned just below the 7,075-point mark, however, it's predicted to increase when markets open on Tuesday. This optimistic global forecast for Asian markets is based on attempts at bargain hunting, particularly among technology stocks which faced significant losses the previous week. European and U.S. markets have shown growth, and Asian markets are expected to follow this trend.On Monday, the Jakarta Composite Index closed slightly lower due to a mix of performances from financial, cement, and resource stocks. The index dipped 13.50 points or 0.19% to finish at 7,073.82. Notable fluctuations among active stocks included a 0.14% rise in Bank CIMB Niaga, a 2.39% rally in Bank Negara Indonesia, a 0.47% increase in Bank Rakyat Indonesia, and a 2.83% fall in Indosat Ooredoo Hutchison. Other varying performances were seen in Indocement, Semen Indonesia, Indofood Sukses Makmur, United Tractors, Astra International, Energi Mega Persada, and Astra Agro Lestari.Wall Street revealed a positive lead as the major averages opened higher and remained so throughout the trading day. The Dow rallied 253.58 points or 0.67%, finishing at 38,239.98. NASDAQ jumped 169.30 points or 1.11%, closing at 15,451.31, and S&P 500 gained 43.37 points or 0.87%, ending at 5,010.60.Wall Street's strength emerged amidst decreasing fears of a broader Middle East conflict following calculated counterattacks by Iran and Israel, aimed to avoid any casualties. Investors sought bargains prior to the release of several U.S. economic data, including reports on new home sales, durable goods orders, and personal income and spending.The earnings season also ramps up this week, with reports expected from Tesla, Boeing, IBM, Caterpillar, Honeywell, Alphabet, Intel, Microsoft, Chevron, and Exxon Mobil.Oil prices declined on Monday owing to concerns about the global oil demand forecast. The recent report showing a substantial increase in U.S. crude inventories has further affected oil prices. West Texas Intermediate Crude oil futures for May dropped $0.29 or 0.34% at $82.85 a barrel.The material has been provided by InstaForex Company - www.instaforex.com

Australian Market Notably Higher

Apr 23, 2024 | 00:21 am

Continuing on the previous session's positive momentum, the Australian stock market notably surged on Tuesday, influenced by the generally upbeat cues from global markets overnight. The main S&P/ASX 200 edged closer to the 7,700-level, fuelled by gains in the iron ore miners, finance sector and technology stocks.The benchmark S&P/ASX 200 Index saw an increase of 35.60 points or 0.47 percent to 7,684.80, having reached a peak of 7,694.90 earlier. The more comprehensive All Ordinaries Index rose by 36.10 points or 0.46 percent, settling at 7,938.10. Australian stocks ended Monday's session significantly higher.Major miners - Rio Tinto, Fortescue Metals, and BHP Group - each inched up between 0.3 and 0.5 percent, while Mineral Resources saw a near 1 percent increase.In the oil sector, stocks mostly rose, with Santos, Beach Energy, and Woodside Energy enjoying gains of around 1 percent. However, Origin Energy marginally dipped by 0.2 percent.Within the tech sector, WiseTech Global and Xero rose by 0.5 percent, while Zip climbed by over 2 percent. Additionally, Afterpay’s parent company, Block, progressed by nearly 1 percent, and Appen soared by close to 5 percent.On the contrary, most gold mining companies saw a downturn. Evolution Mining and Northern Star Resources each fell by nearly 3 percent, Newmont dropped by more than 4 percent, and Resolute Mining declined over 3 percent. Nevertheless, Gold Road Resources witnessed an close to 1 percent increase.Among the big four financial institutions - Commonwealth Bank, Westpac, ANZ Banking, and National Australia Bank - each saw gains of over 1 percent.In the world of foreign exchange, the Australian dollar was trading at $0.646 on Tuesday.On Wall Street, stock values ascended on Monday, with the technology sector leading the rebound, as traders purchased undervalued equities following recent losses. The reduced concerns about Middle East tensions further supported the positive investor sentiment.The Dow finished 253.78 points or 0.67 percent higher at 38,239.98. The S&P 500 closed at 5,010.60, adding 43.37 points or 0.87 percent, while the Nasdaq surged by 169.30 points or 1.11 percent, settling at 15,451.31.In Europe, major markets also followed an upward trajectory. The UK's FTSE 100 Index skyrocketed by 1.62 percent, the German DAX Index rose 0.7 percent, and the French CAC 40 Index concluded with a 0.22 percent increase.Crude oil prices slightly fell on Monday due to concerns about global oil demand, alongside recent figures showing a significant surge in U.S. crude inventories, which added downward pressure on oil prices. West Texas Intermediate Crude oil futures for May decreased by $0.29 or 0.34 percent, finishing at $82.85 a barrel.The material has been provided by InstaForex Company - www.instaforex.com

Hong Kong Shares Expected To Open To The Upside On Tuesday

Apr 23, 2024 | 00:18 am

The stock market in Hong Kong bounced back on Monday after ending a two-day winning streak. The Hang Seng Index settled just above 16,510 points, with a positive outlook for further gains on Tuesday. This resurgence comes on the heels of global market optimism, as investors seek out bargain buys, particularly among tech stocks hit hardest last week. This trend was echoed in both European and U.S markets, suggesting Asian markets may also follow suit.The Hang Seng ended Monday with significant gains, led by advances from the technology and property sectors. Key players like Alibaba Group, ANTA Sports and China Life Insurance saw gains of 2.62%, 2.15% and 4.22%, respectively. Conversely, CNOOC saw a drop of 2.47%.Wall Street reflect similar positivity, with major averages opening higher on Monday and remaining bullish throughout the day. The Dow rallied 0.67% to close at 38,239.98 points, the NASDAQ jumped 1.11% to close at 15,451.31 and the S&P 500 gained 0.87% to finish at 5,010.60.Tensions in the Middle East have begun to ease, bringing assurance to investors worldwide. As a result, investors began to snap up undervalued stocks, anticipating the release of various U.S. economic data, including new home sales, orders for durable goods, and personal income and expenditure figures.Asymmetrically, oil prices dipped due to concerns about the future global oil demand, exacerbated by recent data showing a surge in U.S. crude inventories. West Texas Intermediate Crude futures for May fell by $0.29, or 0.34%, settling at $82.85 a barrel.Lastly, today, Hong Kong is set to release March figures for consumer prices; the figures for February showed inflation was up 0.4% on the month and 2.1% annually.The material has been provided by InstaForex Company - www.instaforex.com

Supreme Court Denies Vanda Pharma' Petition In HETLIOZ Litigation Against Teva, Apotex

Apr 23, 2024 | 00:06 am

The U.S. Supreme Court has decided not to entertain a petition for a writ of certiorari filed by Vanda Pharmaceuticals Inc. in relation to its HETLIOZ Abbreviated New Drug Application lawsuit against Teva Pharmaceuticals USA Inc., Apotex Inc., and Apotex Corp.Expressing disappointment over the Supreme Court's refusal to clarify the standard for obviousness in patent law, Mihael Polymeropoulos, President, CEO and Chairman of Vanda's Board, also mentioned that the case had successfully highlighted an area of law that significantly influences scientific innovations in the life sciences industry.Mr. Polymeropoulos affirmed Vanda Pharmaceuticals remain optimistic about future cases potentially addressing and resolving the issues in favor of innovation, public health, and patient benefit.The material has been provided by InstaForex Company - www.instaforex.com

China Stock Market May End Losing Streak

Apr 23, 2024 | 00:03 am

The Chinese stock market has undergone a decline in two consecutive sessions, losing almost 30 points or around 1 percent. Now, the Shanghai Composite Index is marginally above the 3,040-point zone, potentially receiving backing on Tuesday. The overall prediction for Asian markets is optimistic due to bargain hunting, particularly within the technology sector, which was recently hit hard. Following the rise in both European and U.S. markets, Asian markets are projected to follow a similar trend.Meanwhile, the Shanghai Composite Index (SCI) experienced a marginal decrease on Monday due to losses within the financial, property, and oil sectors. As per the day's data, the SCI dropped 20.67 points or 0.67 percent, ending the day at 3,044.60 after fluctuating between 3,042.54 and 3,078.42. The Shenzhen Composite Index decreased by 8.30 points or 0.49 percent, concluding the day at 1,678.26.In more detailed market activity, several major companies faced varying degrees of change. Industrial and Commercial Bank of China and Bank of China declined approximately 1.27 percent each. China Construction Bank saw a decrease of 0.68 percent, China Merchants Bank by 0.83 percent, and Bank of Communications by 0.87 percent. Jiangxi Copper plummeted 3.27 percent, Yankuang Energy by 4.71 percent, PetroChina by 2.66 percent, China Petroleum and Chemical (Sinopec) by 2.55 percent, and China Shenhua Energy plunged 3.80 percent.On the other side of the globe, Wall Street showed promising signs as the significant market averages opened higher on Monday, maintaining its optimistic demeanor throughout the business day. The Dow rose by 253.58 points or 0.67 percent, ending up at 38,239.98, while NASDAQ jumped up 169.30 points or 1.11 percent and brought its closing day number to 15,451.31. The primed S&P 500 gained by 0.43.37 points, marking a gain of 0.87 percent and finishing the day at 5,010.60.The emergence of Wall Street ahead came with the easing of fears of an expansive Middle Eastern conflict, with Iran and Israel conducting ‘measured’ counterattacks designed to avoid any casualties. In anticipation of several comprehensive U.S. economic reports, investors have been active in securing bargains.This week is of particular interest to keen investors as several large companies like Tesla, Boeing, IBM, Caterpillar, Honeywell, Alphabet, Intel, Microsoft, Chevron, and Exxon Mobil would unveil their quarterly results. Finally, owing to the apprehensions regarding global oil demand and recent data showing a significant leap in U.S. crude inventories, oil prices saw a slight fall on Monday with West Texas Intermediate Crude oil futures for May going down $0.29 or 0.34 percent at $82.85 a barrel.The material has been provided by InstaForex Company - www.instaforex.com

Win Streak May Continue For Malaysia Stock Market

Apr 22, 2024 | 22:33 pm

The Malaysian stock market has been on an uptrend for four consecutive sessions, accumulating over 25 points or 1.7%. The Kuala Lumpur Composite Index is situated just under the 1,560 point level and is predicted to make further gains. Global forecasts indicate a positive outlook for Asian markets, with investors potentially seeking bargains among technology stocks following last week's sell-off. European and American markets have seen an upturn, a trend Asian markets are likely to follow.The Kuala Lumpur Composite Index (KLCI) saw another moderate rise on Monday, led by financial shares, telecommunications, and plantations. The index ended the day with a 12.02 point or 0.78% increase, closing at 1,559.59 after trading between 1,548.38 and 1,559.94. Among the prominent players, Axiata saw a 2.75% surge, Celcomdigi jumped by 1.73%, and CIMB Group improved by 0.91%. Meanwhile, MRDIY accelerated by 2.05% while Petronas Chemicals decreased slightly, dropping 0.29%.The positive trend from Wall Street was apparent on Monday as well, with major indices opening higher and remaining consistent. The Dow Jones rallied 253.58 points or 0.67%, ending at 38,239.98, while NASDAQ increased by 1.11% and the S&P 500 gained 0.87%.This positive progression was sparked by alleviating concerns about escalating Middle East conflict following proportioned counterattacks between Iran and Israel. Consequently, investors began to purchase ahead of upcoming U.S. economic data releases on new home sales, durable goods orders, and personal income and expenses. Companies such as Tesla, Boeing, IBM, Caterpillar, Honeywell, Alphabet, Intel, Microsoft, Chevron, and Exxon Mobil will also be announcing their quarterly results in the current week.On the other hand, oil prices saw a slight downturn. Concerns about global oil demand projections, coupled with a significant increase in U.S. crude inventories, impacted prices negatively. West Texas Intermediate Crude oil futures for May dropped by 0.34%, finishing at $82.85 a barrel.The material has been provided by InstaForex Company - www.instaforex.com

au Jibun Bank Japan Manufacturing PMI Rises to 49.9 in April 2024

Apr 22, 2024 | 22:30 pm

In a positive turn of events for Japan's manufacturing sector, the au Jibun Bank Japan Manufacturing PMI rose to 49.9 in April 2024 from the previous reading of 48.2 in March 2024. This increase suggests a slight improvement in the manufacturing industry in Japan. The data was updated on 23 April 2024, indicating that the latest figures reflect the most recent developments in the sector. While the PMI is still below the 50 mark, which separates contraction from expansion, the rise is a promising sign for the country's economy as it navigates through various challenges and opportunities in the global market.The material has been provided by InstaForex Company - www.instaforex.com

au Jibun Bank Japan Services PMI Surges to 54.6, showing growth in Japanese services sector

Apr 22, 2024 | 22:30 pm

According to the most recent data released on 23 April 2024, the au Jibun Bank Japan Services Purchasing Managers' Index (PMI) has shown a positive trend, climbing to 54.6. This indicates a further expansion in the Japanese services sector, surpassing the previous indicator of 54.1 reported in March 2024.The uptick in the PMI suggests a continued growth trajectory for the Japanese services industry, reflecting improved business activity and demand for services. A PMI reading above 50 indicates expansion, and the latest figure of 54.6 points to a strengthening services sector in Japan.Investors and analysts will be monitoring these positive developments closely, looking for signs of sustainable growth in the broader Japanese economy. The rise in the au Jibun Bank Japan Services PMI highlights resilience in the services sector and may fuel optimism about Japan's economic recovery prospects.The material has been provided by InstaForex Company - www.instaforex.com

FX option expiries for Apr 23 NY cut

Apr 22, 2024 | 22:15 pm

FX option expiries for Apr 23 NY cut at 10:00 Eastern Time, via DTCC, can be found below - EUR/USD: EUR amounts 1.0600 979m 1.0650 1.2b - USD/JPY: USD amounts 150.00 935m 153.00 1.3b 155.00 770m - AUD/USD: AUD amounts 0.6420 1.6b 0.6630 1.4b - USD/CAD: USD amounts 1.3500 505m 1.3775 330m - NZD/USD: NZD amounts 0.5900 341m 0.6100 311m .

Japan underlying inflation measures slowed in March - BOJ

Apr 22, 2024 | 22:10 pm

According to the latest core inflation measures from the BOJ, price pressures have slowed further in March. The trimmed mean reading fell to 2.2% from 2.3% in February. Meanwhile, the weighted median reading fell to 1.3% from 1.4% in February. Here's the graph depicting the trend: This article was written by Justin Low at www.forexlive.com.

South Korea Shares Expected To Open In The Green

Apr 22, 2024 | 22:03 pm

The South Korean stock market has shown a positive uptick over the last three trading days, following a four-day downward streak that saw the market decline by nearly 125 points, or 4.6 percent. The KOSPI, South Korea's primary index, is currently hovering just below the 2,630-point mark, suggesting potential for further gains.This positive outlook is echoed by global forecasts, which suggest an optimistic trend in Asian markets, as investors show an interest in technology stocks, which recently suffered significant losses. Both European and U.S. markets are trending upwards, and it is predicted that Asian markets will follow the same pattern.Monday saw a significant upswing in the KOSPI, driven by substantial gains from the financial sector, chemical companies, and automobile manufacturers. However, oil and technology sectors remained weak. The end of the day saw the index rallying up by 37.58 points or 1.45 percent to settle at a daily high of 2,629.44.Leading performers include Shinhan Financial, which increased by 6.11 percent, KB Financial, which went up by a striking 9.11 percent, and Hana Financial, which boomed by 8.78 percent. Conversely, tech giant Samsung Electronics fell by 1.93 percent, while LG Electronics only showed a modest rise of 0.88 percent.In global news, Wall Street has embraced positivity as its major averages opened higher and stayed that way throughout the trading day. The Dow went up by 253.58 points or 0.67 percent, the NASDAQ jumped 169.30 points or 1.11 percent, and finally, the S&P 500 gained 43.37 points or 0.87 percent.This boost on Wall Street is attributed to diminished fears of an expanded Middle East conflict as both Iran and Israel conclude measured counterattacks to avoid casualties. Investors are eagerly seizing the chance to buy at low prices before the U.S. releases data on new home sales, durable goods orders, and personal income & spending.The corporate earnings season is also expected to ramp up this week with big names such as Tesla, Boeing, IBM, Caterpillar, Honeywell, Alphabet, Intel, Microsoft, Chevron, and Exxon Mobil, all due to report their quarterly results.However, oil prices have seen a downward trend due to concerns regarding the global demand for oil, as well as recent data revealing a sharp increase in U.S. crude inventories. For instance, the West Texas Intermediate Crude oil futures fell by $0.29 (or 0.34 percent) to $82.85 a barrel.The material has been provided by InstaForex Company - www.instaforex.com

India HSBC Manufacturing PMI unchanged at 59.1 in April

Apr 22, 2024 | 22:02 pm

India HSBC Manufacturing PMI unchanged at 59.1 in April

India HSBC Composite PMI up to 62.2 in April from previous 61.8

Apr 22, 2024 | 22:01 pm

India HSBC Composite PMI up to 62.2 in April from previous 61.8

India HSBC Services PMI climbed from previous 61.2 to 61.7 in April

Apr 22, 2024 | 22:01 pm

India HSBC Services PMI climbed from previous 61.2 to 61.7 in April

Singapore Consumer Price Index (YoY) came in at 2.7, below expectations (3.1) in March

Apr 22, 2024 | 22:00 pm

Singapore Consumer Price Index (YoY) came in at 2.7, below expectations (3.1) in March

Japanese Yen languishes near multi-decade low against USD, not out of the woods yet

Apr 22, 2024 | 21:57 pm

The Japanese Yen (JPY) ticks higher against its American counterpart during the Asian session on Tuesday and recovers a major part of the previous day's losses to a fresh 34-year low, though any meaningful recovery still seems elusive.

Australian Dollar remains calm after improved PMI data, awaits US PMI

Apr 22, 2024 | 21:44 pm

The Australian Dollar (AUD) continues its upward trajectory for the second consecutive session on Tuesday, buoyed by improved risk appetite.

Coles Group Limited Elliott Wave technical forecast [Video]

Apr 22, 2024 | 21:44 pm

ASX: Coles Group Limited – COL Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart) Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with COLES GROUP LIMITED.

Pound Sterling holds steady on Tuesday amid subdued USD demand

Apr 22, 2024 | 21:42 pm

The GBP/USD pair struggles to capitalize on the overnight bounce from the 1.2300 mark, or its lowest level since November 14 and oscillates in a narrow band during the Asian session on Tuesday.

PMI data comes into focus in trading today

Apr 22, 2024 | 21:41 pm

For a moment in US trading yesterday, there was a concern that risk trades would've faltered. But at the end of the day, the more optimistic mood was salvaged as stocks ended the day higher. In continuing with that, we're seeing gold slide back further today to hit $2,300. That comes amid a shift in the near-term sentiment in the day before as pointed out here.In FX, the dollar continues to keep in a rather comfortable position. The commodity currencies are off to a decent start this week but against the dollar, the gains are nothing to shout about. Meanwhile, USD/JPY continues to hover close to the 155.00 mark as we await the more important data releases on the week. Is Icarus flying too close to the sun?As for trading today, PMI data will be in the spotlight. The euro area and UK releases should not do much to impact the outlook for the ECB and BOE respectively. That is unless we get some major surprises in the readings. But all else being equal, the ECB is on track for a move in June and the BOE is still likely to keep the door open for a move in August.Looking at the market odds, traders are seeing a ~67% probability of a ECB rate cut in June. As for the BOE in August, traders have fully priced in that while seeing a ~62% probability of a move in June. I wouldn't expect these odds to shift dramatically today. But we'll see.If anything else, the US PMI data later today is likely to be the one with more potential impact.0715 GMT - France April flash manufacturing, services, composite PMI0730 GMT - Germany April flash manufacturing, services, composite PMI0800 GMT - Eurozone April flash manufacturing, services, composite PMI0830 GMT - UK April flash manufacturing, services, composite PMIThat's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there. This article was written by Justin Low at www.forexlive.com.

NZD/USD remains above 0.5900 amid hawkish Fed, US PMI, Kiwi Trade Balance eyed

Apr 22, 2024 | 21:34 pm

The NZD/USD pair moves slightly lower to near 0.5920 during the Asian session on Tuesday.

GBP/USD Price Analysis: Flat lines around mid-1.2300s, bearish potential seems intact

Apr 22, 2024 | 21:24 pm

GBP/USD holds steady on Tuesday amid subdued USD demand, albeit lacks bullish conviction.

Japan huffs and puffs but it isn't taking USD/JPY down

Apr 22, 2024 | 21:20 pm

In case you missed the tirade from Japanese officials earlier:Japan finance minister says groundwork laid to take appropriate FX actionJapan finance minister Suzuki says the weak yen has pros and cons for the economyBank of Japan Governor Ueda: Wage talks not the only determinant of monetary policyBank of Japan Governor Ueda on what inflation needs to do for a BOJ rate hikeIt has done little to really move the needle in USD/JPY, with the pair keeping around 154.70 levels at the moment.I would argue that buyers will still err on the side of caution for the time being. It would require a key trigger to muster up the courage to push price and test the figure level at this stage. In that regard, it could likely come down to what the economic calendar has to say this week.After the above comments, Japanese bond yields are on the up with 10-year yields at 0.892% - its highest since November last year. But that is still not fazing USD/JPY whatsoever.So, buckle up. It could shape up to be an action-packed and volatile week for USD/JPY, that is if we get the right triggers. This article was written by Justin Low at www.forexlive.com.

TSX Ends Modestly Higher

Apr 22, 2024 | 21:06 pm

After an initial slow period in the trading session, the Canadian market flourished this Monday. Key driving forces behind the market's positive turn were an influx of investments in various sectors such as consumer businesses, technology, and real estate. Consequently, the trading day ended on a high note.Significant gains were also recorded for stocks in the industrials, utilities, financial, and communications sector. In contrast, the performance of the materials and healthcare sectors was somewhat lackluster. Energy stocks demonstrated an uneven performance.Despite a lessening geopolitical tension, the sentiment remained cautious among investors. This was mainly due to the anticipation of numerous key U.S economic data releases.The principal market index, the S&P/TSX Composite Index, showed a healthy rise of 64.59 points or 0.3%, ending at 21,871.96. The index marked its lowest at 21,733.79 and peaked at 21,930.89 during the session.Celestica Inc., Restaurant Brands International, Colliers International, Canadian Pacific Kansas City, Loblaw Companies, and CGI Inc. each ended the day with gains between 1.5% to 2.3%. Stocks of George Weston, FirstService Corporation, Kinaxis Inc., Thomson Reuters, TFI International, and goEasy also concluded with notable advancements.However, not all shares enjoyed the day's growth. Seabridge Gold Inc. saw a significant drop of 6.5%, while Endeavour Mining Plc declined by 5.2%. Other corporations that recorded losses between 2 to 4.3% include Newmont Corporation, Teck Resources, Franco Nevada Corporation, Agnico Eagle Mines, Wheaton Precious Metals, Fairfax Financial Holdings, and Cameco Corporation.On the economic front, data from Statistics Canada highlighted a month-over-month increase of 0.8% in Canada's industrial product price index during March. Nonetheless, it took a slight dip of 0.5% in an annual comparison. The raw material price index rose by 4.7% in March from the previous month, and it grew by 0.8% on an annual basis.Additional data from Statistics Canada revealed no month-to-month changes in new home prices in March. Yet, when compared to the previous year's figures, new home prices in March saw a decrease of 0.4%, marking a year-long downward trend.The material has been provided by InstaForex Company - www.instaforex.com

Japan PMI Data Due On Tuesday

Apr 22, 2024 | 21:03 pm

Japan is set to disclose its preliminary manufacturing and service Purchasing Managers Index (PMI) data, courtesy of Jibun Bank, for April. This is among the notable economic activities in the Asia-Pacific region. In March, the manufacturing and service PMIs were 48.2 and 54.1, respectively.Furthermore, Singapore will unveil its consumer price index data for March. Following a general inflation increase of 1.1% per month and 3.4% per year in February, the core consumer price index annually increased by 3.6%.Taiwan, on the other hand, is prepared to reveal its industrial production statistics for March. A decline of 1.1% was observed in February's industrial production on a yearly basis.Hong Kong will also present March's consumer price data. In February, a monthly increase of 0.4% and a yearly increase of 2.1% were recorded in overall inflation.The material has been provided by InstaForex Company - www.instaforex.com

Judo Bank Australia Services PMI Shows Slight Dip to 54.2 in April 2024

Apr 22, 2024 | 21:00 pm

In April 2024, the Judo Bank Australia Services Purchasing Managers' Index (PMI) experienced a slight decrease to 54.2 compared to the previous indicator of 54.4. This dip, though marginal, reflects a slight slowdown in the country's service sector activity. The data was recently updated on 22 April 2024, indicating a current picture of the economic conditions in Australia.The Services PMI is a crucial economic indicator that measures the performance of the service sector, which encompasses areas such as banking, tourism, and retail. While the slight decrease may signal some challenges, a PMI above 50 still indicates expansion in the sector. Analysts will be monitoring future PMI releases to gauge the trajectory of Australia's service industry and its overall economic health in the coming months.The material has been provided by InstaForex Company - www.instaforex.com

AUD/JPY hovers around a psychological level after upbeat Aussie Composite PMI

Apr 22, 2024 | 20:57 pm

AUD/JPY maintains stability on Tuesday following gains in the previous session.

Gold price drops to over two-week low, flirts with $2,300 amid easing Middle East worries

Apr 22, 2024 | 20:55 pm

Gold price (XAU/USD) plunged over 2% on Monday and registered its biggest daily loss since June 13, 2022, amid receding fears about a wider Middle East conflict, which dented demand for traditional safe-haven assets.

China acquired recently banned Nvidia chips in Super Micro, Dell servers

Apr 22, 2024 | 20:43 pm

Reuters have the report on China acquiring banned chips:Chinese universities and research institutes recently obtained high-end Nvidia artificial intelligence chips through resellers, despite the U.S. widening a ban last year on the sale of such technology to China. A Reuters review of hundreds of tender documents shows 10 Chinese entities acquired advanced Nvidia chips embedded in server products made by Super Micro Computer, Dell Technologies and Taiwan's Gigabyte Technology Co.Link here for more. This article was written by Eamonn Sheridan at www.forexlive.com.

USD/INR loses traction ahead of Indian and US PMI data

Apr 22, 2024 | 20:41 pm

The Indian Rupee (INR) gains ground on Tuesday, backed by likely equity inflows and US Dollar (USD) sales from state-run banks.

ForexLive Asia-Pacific FX news wrap: Gold continues its slide

Apr 22, 2024 | 20:37 pm

US drafting sanctions threaten to cut some Chinese banks off from global financial systemGoldman Sachs revised forecasts for USD/JPYFX option expiries for 23 April 10am New York cutBank of Japan Governor Ueda: Wage talks not the only determinant of monetary policyBank of Japan Governor Ueda on what inflation needs to do for a BOJ rate hikeJapan finance minister says groundwork laid to take appropriate FX actionJapan finance minister Suzuki says the weak yen has pros and cons for the economyPBOC sets USD/ CNY central rate at 7. 1059 (vs. estimate at 7.2437)Japan finance minister Suzuki won't comment on current FX movesJapan April preliminary PMI Manufacturing 49.9 (prior 48.2) Services 54.6 (prior 54.1)China Securities Journal says there is still a chance the PBoC will cut the MLF rateUSD/JPY barely under 155, rate differential fundamental support - any MoF intervention?Australian Consumer Confidence weekly survey falls to its lowest this year (so far)The Swiss National Bank (SNB) is being urged to include cryptocurrency in their reservesAustralia April preliminary PMI Manufacturing 49.9 (prior 47.3) Services 54.2 (prior 54.4)JP Morgan's Kolanovic says the slide in US stocks is not overA high hurdle for the Fed to sound dovish (make a potential December rate cut great again)Goldman Sachs cut its EUR/USD forecasts (by not very much)Vanguard's base scenario is a "deferred landing" for US economy, less aggressive Fed cutsBlackRock’s Rieder sees Federal Reserve being able to lower interest rates twice this yearBlackrock forecasts European Central Bank rate cuts before the Federal ReserveICYMI: UBS downgraded Magnificent 6 tech stocks (6 = 7 minus Tesla) to NeutralOil snippets: 1 Barclays sees upside risk, 2 Venezuala to shift sales to digital currencyTrade ideas thread - Tuesday, 23 April, insightful charts, technical analysis, ideasForexlive Americas FX news wrap: US dollar gives back gains as risk mood improves After gold’s huge fall on Monday, the move carried on further during Asia time. Gold dropped under US$2,300 and is not a lot above there as I update. There was no fresh news to act as a catalyst. Data flow was light (preliminary PMIs from Australia and Japan), and news flow was also. We had comments from Japan’s finance minister Suzuki, most notably saying that last week's discussions in Washington laid the groundwork for Japan to take appropriate FX action. USD/JPY hasn’t shown much response, its barely off its highs of the session in a tight range.Bank of Japan Governor Ueda spoke also, he didn’t add to what we already know of the BOJ considerations for their next policy move (in a nutshell, Ueda reiterated the BOJ's intention to raise its benchmark interest rate if underlying inflation rises toward the 2% target).The USD lost a little ground. AUD, NZD, EUR, GBP are all slightly higher but there isn’t much in it. The Wall Street Journal reported that the US is drafting sanctions that threaten to cut some Chinese banks off from the global financial system due to bank’s aiding in Russia's war on Ukraine. Mainland Chinese stocks are lower on the session while Hong Kong is slightly higher. This article was written by Eamonn Sheridan at www.forexlive.com.

US drafting sanctions threaten to cut some Chinese banks off from global financial system

Apr 22, 2024 | 20:11 pm

Wall Street Journal with the report (gated):The U.S. is drafting sanctions that threaten to cut some Chinese banks off from the global financial system, arming Washington’s top envoy with diplomatic leverage that officials hope will stop Beijing’s commercial support of Russia’s military production, according to people familiar with the matter. China has heeded Western warnings not to send arms to Russia since the beginning of the war, but since Blinken’s trip to Beijing last year, China’s exports of commercial goods that also have military uses have surged. With China now the primary supplier of circuitry, aircraft parts, machines and machine tools, U.S. officials say Beijing’s aid has allowed Moscow to rebuild its military industrial capacity. Sanctions that impact Chinese banks will also threaten the 'China proxy' trade such as AUD. This article was written by Eamonn Sheridan at www.forexlive.com.

Tesla (TSLA): Is correction over? [Video]

Apr 22, 2024 | 19:53 pm

Short term Elliott Wave view on Tesla (TSLA) suggests decline from 2.27.2024 high is in progress as a 5 waves impulse lower.

Goldman Sachs revised forecasts for USD/JPY

Apr 22, 2024 | 19:52 pm

I posted earlier on Goldman Sachs revising their EUR forecasts, looking for a stronger USD:Goldman Sachs cut its EUR/USD forecasts (by not very much)GS are also looking for a higher USD against the yen:USD/JPY forecast to ¥155 in three months, ¥155 in six months and ¥150 in a yearfrom ¥155, ¥150 and ¥145 respectively This article was written by Eamonn Sheridan at www.forexlive.com.

Gold has another leg down, continuing its fall

Apr 22, 2024 | 19:41 pm

Gold had its biggest intraday drop in nearly two years on Monday, and its not looking much better during the Asian session:There is no fresh news apart from what has been posted (not that any of it has much relevance to gold).It bounced from trading just under 2300, but it doesn't look too convincing. This article was written by Eamonn Sheridan at www.forexlive.com.

BoJ’s Ueda: Would like to leave some scope for adjustment by not pre-committing to a certain policy too much

Apr 22, 2024 | 19:06 pm

Bank of Japan (BoJ) Governor Kazuo Ueda commented on the Japanese wage negotiations and their implication on the central bank’s policy this Tuesday.

BoJ’s Ueda: Future monetary policy guidance will depend on economy, price, and market development at the time

Apr 22, 2024 | 18:49 pm

Bank of Japan (BoJ) Governor Kazuo Ueda said on Tuesday that the Japanese central bank doesn’t have any preset idea on the timing, or pace of future rate hikes, adding that future monetary policy guidance will depend on economy, price, market development at the time, per Reuters.

USD/CAD trades on a softer note below 1.3700 ahead of US PMI data

Apr 22, 2024 | 18:25 pm

The USD/CAD pair extends its downside near 1.3695 despite lower crude oil prices.

Japan finance minister Suzuki says the weak yen has pros and cons for the economy

Apr 22, 2024 | 18:17 pm

Japan's finance minister Suzuki says he explained at last week's meeting in Washington Japan's strong concern over how the weak yen pushed up the cost of imports.Japan's concern was shared at meeting with South Korea the trilateral meeting included the USWon't deny that last week's discussions in Washington have laid groundwork for Japan to take appropriate FX actionOK, that last point, Suzuki finally making an impact! USD/JPY dip buyers will be toasting him. This article was written by Eamonn Sheridan at www.forexlive.com.

PBoC sets USD/CNY reference rate at 7.1059 vs 7.1043 previous

Apr 22, 2024 | 18:16 pm

The People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead on Tuesday at 7.1059 as compared to the previous day's fix of 7.1043 and 7.2437 Reuters estimates.

Japan’s Suzuki: Government ready to respond appropriately to excessive FX moves

Apr 22, 2024 | 17:55 pm

Japanese Finance Minister Shunichi Suzuki offered some verbal intervention on Tuesday.

Japan Jibun Bank Services PMI: 54.6 (April) vs 54.1

Apr 22, 2024 | 17:32 pm

Japan Jibun Bank Services PMI: 54.6 (April) vs 54.1

Japan April preliminary PMI Manufacturing 49.9 (prior 48.2) Services 54.6 (prior 54.1)

Apr 22, 2024 | 17:31 pm

Composite is 52.6, prior 51.7Japan's manufacturing PMI is on approach to expansion but not quite there.49.9 in April from 48.2 in Marchremaining in contraction for 11 straight monthsFlash services PMI at 54.6 in April is its highest since May 2023 This article was written by Eamonn Sheridan at www.forexlive.com.

Japan Jibun Bank Manufacturing PMI registered at 49.9 above expectations (48) in April

Apr 22, 2024 | 17:30 pm

Japan Jibun Bank Manufacturing PMI registered at 49.9 above expectations (48) in April

WTI holds below $82.00 on easing Middle East tensions, hawkish Fed

Apr 22, 2024 | 17:23 pm

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $82.00 on Tuesday.

Aussie dollar trades back above US$0.64

Apr 22, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar is stronger this morning when valued against the Greenback, currently trading at 0.6446 at time of writing. The Aussie dollar yesterday fared better than most of its rival counterparts against the Greenback partly because commodities, which Australia is a major exporter of, are holding their value better than expected. The supportive effect may not last, however, since Iron Ore, which is Australia’s largest export, could be peaking and about to roll over. The Australian dollar may encounter challenges ahead, particularly as domestic inflation continues to moderate, aligning with the Reserve Bank of Australia's (RBA) latest forecasts. Furthermore, the persistently tight labour market could lead to calls for an RBA rate reduction before the year's end. On the data front, today we will see the release of the Purchasing Managers' Index (PMI). On Wednesday, the Australian Bureau of Statistics will release the latest Consumer Price Index (CPI), which is expected to increase from 0.6% to 0.8% for the last quarter. Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate. Finally on Friday we will see the release of the Producer Price Index (PPI). Key Movers US equities on Monday opened higher in the early going, but there have been frequent bouts of strength in the latest six-day losing streak that have ultimately been overwhelmed by sellers. In early trading, the index is up 20 points, or 0.45%, which is a tad softer than futures indicated. 10-year US Treasury yields jump to 4.64% as Federal Reserve (Fed) policymakers argue that the current restrictive monetary policy framework is appropriate given strong labor demand and stubbornly higher price pressures. On the data front, the Chicago Fed National Activity Index (CFNAI) rose to +0.15 in March from +0.09 in February. Two of the four broad categories of indicators used to construct the index increased from February and two categories made positive contributions in March. The Chicago Fed's National Activity Index is a monthly indicator designed to gauge overall economic activity and related inflationary pressure. The personal consumption and housing category's contribution to CFNAI was -0.01 in March, down from +0.02 in February, the Chicago Fed said on Monday. Looking ahead for the rest of the week and Federal Reserve officials will begin its blackout period ahead of the May 1 meeting. However, April PMIs and housing data will be released by S&P Global. Expected RangesAUD/USD: 0.6350 - 0.6550 ▲AUD/EUR: 0.5950 - 0.6150 ▲GBP/AUD: 1.9050 - 1.9250 ▼AUD/NZD: 1.0800 - 1.1000 ▲AUD/CAD: 0.8750 - 0.8950 ▼

Australian Consumer Confidence weekly survey falls to its lowest this year (so far)

Apr 22, 2024 | 16:53 pm

ANZ-Roy Morgan Australian Consumer Confidence fell 3.2pts to its lowest this year.80.3 this weekprior 83.5Comment from ANZ:Economic and financial subindices all dropped. Confidence fell across housing cohorts, particularly so amongst renters. This article was written by Eamonn Sheridan at www.forexlive.com.

Gold dips amid reduced geopolitical tensions

Apr 22, 2024 | 16:31 pm

Gold prices plummet sharply and retrace last week's gains, down more than 2.50% as the Middle East's woes abate.

AUD/USD rises on risk-on mood, upbeat PMIs

Apr 22, 2024 | 16:28 pm

The Aussie Dollar began the week on the front foot and registered gains against the US Dollar on Monday, gaining more than 0.54% as risk appetite improved.

Tesla Stock Forecast: TSLA sinks to lowest level in 15 months with earnings on tap

Apr 22, 2024 | 16:28 pm

Tesla (TSLA) sank 3.4% to close at $142.05 per share on Monday, just one day before the electric vehicle (EV) automaker is scheduled to deliver quarterly results.

EUR/USD steady near 1.0650 as markets gear up for PMI-heavy Tuesday

Apr 22, 2024 | 16:22 pm

The EUR/USD is testing the waters near 1.0650 after a quiet Monday saw the major pair flatline ahead of a densely-packed economic data docket.

Judo Bank Australian Composite PMI accelerates to its highest rate in two years at 53.6

Apr 22, 2024 | 16:12 pm

Australia's Judo Bank Purchasing Managers Index (PMI) Composite rose to a 24-month high of 53.6 in April compared to the previous month's 53.3.

GBP/USD remains on the defensive near 1.2350, investors await UK, US PMI data

Apr 22, 2024 | 16:12 pm

The GBP/USD pair remains on the defensive near 1.2350, the lowest since mid-November on Tuesday during the early Asian session.

Australia Judo Bank Composite PMI: 53.6 (April) vs 53.3

Apr 22, 2024 | 16:01 pm

Australia Judo Bank Composite PMI: 53.6 (April) vs 53.3

Australia April preliminary PMI Manufacturing 49.9 (prior 47.3) Services 54.2 (prior 54.4)

Apr 22, 2024 | 16:00 pm

Judo Bank S&P Global PMI Flash / Preliminary for April 2024Manufacturing nearly jumped into expansion at a 3-month high, but not quite hitting the 50 line.Services a tickle lower.Composite moves to its highest since April 2022Some of the pertinent commentary from the report. On inflation pressure:The price indicators were up slightly in April, suggesting inflation within the Australian economy is above the RBA’s target and ‘sticky’. Cost pressures are rising, which survey respondents put down to a combination of higher raw materials prices and the effects of a weaker Australian dollar.While margin pressures are still evident in both the service sector and the manufacturing industry, businesses are still succeeding at passing on higher costs to final prices.On the RBA, bolding is mine:The Judo Bank PMI highlights the resilience of the business sector in Australia. The business sector continues hiring and investing even as consumers remain cautious. With employment levels continuing to expand and pressure on household finances easing in 2024, this ‘soft landing’ view is increasingly being threatened by the ‘cyclical recovery’ view.The RBA will likely be concerned that a pick-up in activity, before inflation returns to target, could threaten medium to long-term price stability. These results are inconsistent with interest rate reductions at any stage in the foreseeable future and raise the risk that the RBA may have to start hiking again at some stage over the back half of 2024. This article was written by Eamonn Sheridan at www.forexlive.com.

JP Morgan's Kolanovic says the slide in US stocks is not over

Apr 22, 2024 | 15:34 pm

Via a note from Kolanovic on Monday, saying the fall for US stocks is likely to extend lower, citing rising risks to the macroeconomy, including:rising Treasury yieldsstrong US dollarhigh oil pricesAnd: complacency around equity valuationsinflation staying hotdiminishing expectations for imminent Fed rate cutsoverly optimistic profit outlookSees some temporary stability this week due to earnings results. “The correction likely has further to go”“Market concentration has been very high, and positioning extended, which are typically red flags, at risk of a reversal” the current market narrative is very similar to last US summer, when upside inflation surprises and hawkish Fed revisions triggered a drop in risk assetsinvestor positioning appears more elevated now“The multiple expansion seen in past months, extremely low volatility metrics up to recently, tightest credit spreads since 2007, and the general inability by market participants earlier in the year to identify any potential negative catalysts for stocks are starting to shift”S&P 500 daily chart: This article was written by Eamonn Sheridan at www.forexlive.com.

ICYMI: UBS downgraded Magnificent 6 tech stocks (6 = 7 minus Tesla) to Neutral

Apr 22, 2024 | 13:43 pm

UBS downgraded the "Big Six" tech stocks from Overweight to Neutral: AmazonAppleAlphabetNvidiaMetaMicrosoftUBS cite:"difficult comps and cyclical forces weighing on these stocks"previously outsized earnings for these are "collapsing" ... earnings per share growth for this group is expected to slow to 15.5% from 42.2% by Q1 of 2025 This article was written by Eamonn Sheridan at www.forexlive.com.

Economic calendar in Asia Tuesday, 23 April 2024 - preliminary PMIs from Australia & Japan

Apr 22, 2024 | 13:16 pm

It's a lower-tier data day only in Asia.This snapshot is 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.

Trade ideas thread - Tuesday, 23 April, insightful charts, technical analysis, ideas

Apr 22, 2024 | 13:15 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.

Forexlive Americas FX news wrap: US dollar gives back gains as risk mood improves

Apr 22, 2024 | 13:01 pm

Eurozone April flash consumer confidence -14.7 vs -14.4 expectedCanada March PPI -0.5% y/y vs -1.7% priorCanada March new housing price index 0.0% vs +0.1% expectedBank of American now sees USD/JPY peaking this year in the 155-160 rangeAnother earthquake felt in TaiwanMarkets:Gold down $61 to $2329US 10-year yields flat at 4.61%WTI crude oil down 12-cents to $82.85AUD leads, GBP lagsS&P 500 up 0.8%The newsflow was light ahead of a big week of earnings along with some key economic data points. The Fed has entered the blackout so that also helped to keep a lid on the noise.That said, there was still plenty of volatility. The euro and pound were particularly soft as the US arrived, falling to 1.0625 and 1.2300 respectively. That was an ominous sign for equities, which initially opened solidly higher before giving back all the gains. However seven straight days of declines was too much of the stock market to contemplate and the bulls finally arrived with strong bids.That helped to turn the tide in FX, returning the euro to unchanged on the day at 1.0650. The pound couldn't complete the comeback but rose a half-cent from the lows.The commodity currencies outperformed despite strong declines in gold and silver. Oil was choppy as the geopolitical risk faded but it managed to rebound back to unchanged. USD/JPY is a spot to watch in the hours ahead and for the rest of the week with the BOJ on tap Wednesday. The pair stretched to a fresh 34-year high at 154.86 and eyes are on the big figure as a potential spot where intervention could take place. So far there are no signs of that but the market looks like it wants to tip-toe closer so attention is warranted. This article was written by Adam Button at www.forexlive.com.

S&P 500 climbs nearly 1% to end the six-day losing streak

Apr 22, 2024 | 12:59 pm

Closing changes on the day: S&P 500 up 0.8%DJIA +0.7%Russell 2000 +1.1%Nasdaq Comp +1.0%Toronto TSX Comp +0.3%The S&P 500 opened 25 points higher before giving it all back over the first two hours of trading and briefly trading lower. However it found some support there with dip buyers stepping in, leading to a rally of 70 points at the highs. Some selling crept in over the final 90 minutes but not enough to spoil the win. This article was written by Adam Button at www.forexlive.com.

Bank of American now sees USD/JPY peaking this year in the 155-160 range

Apr 22, 2024 | 11:54 am

Bank of America has revised its forecast for the USD/JPY exchange rate upwards, predicting that it will reach higher levels by the end of 2024 and 2025. The adjustment is based on several factors including sustained capital outflows from Japan, an accommodative monetary policy stance by the Bank of Japan (BoJ), and the dynamics of U.S. interest rates.Key Points:Revision of Rate Projections: BofA has increased its forecast for the USD/JPY from 142 to 155 by the end of 2024, with a peak expected in the 155-160 range during the year. For the end of 2025, the forecast has been adjusted from 136 to 147. These revised forecasts are notably higher than current Bloomberg consensus and forward rates.Capital Outflows from Japan: There is clear evidence of accelerated capital outflows from Japan, which is a significant driver of the yen's depreciation. These outflows are primarily directed towards the U.S., fueled by differences in return expectations and economic prospects between the two countries.BoJ’s Accommodative Policy: The BoJ is likely to maintain an accommodative monetary policy with the policy rate remaining in negative territory. This stance contrasts with the U.S. Federal Reserve's policy trajectory, further influencing the USD/JPY exchange rate.Impact of U.S. Rate Cuts on Repatriation Flows: BofA analysts argue that even if the Fed were to cut rates, which would generally support risk assets, it is unlikely to trigger significant repatriation flows back to Japan. This is due to the nature of equity investments driving the outflows, where Japanese investments in U.S. equities are likely to remain in place despite potential rate cuts.Conclusion: The upward revision in BofA’s USD/JPY forecasts reflects a combination of structural and policy-related factors that are expected to weaken the Japanese yen against the U.S. dollar over the next few years.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.

Oil bounces around before finishing lower by 29-cents

Apr 22, 2024 | 11:49 am

Iran-Israel geopolitical risk continued to come out of oil today but the decline wasn't as bad as feared. WTI finished the day down 29-cents to $82.82, well above the low of $81.85.It was no-doubt helped by the broader improvement in risk appetite and US dollar selling that emerged halfway through US trading. That comes after a six-day rout in stocks that looks like it will end today (SPX up 1.4% currently). This article was written by Adam Button at www.forexlive.com.

Another earthquake felt in Taiwan

Apr 22, 2024 | 11:40 am

The earthquake earlier this month led to some serious damage. It's not yet clear if this is an aftershock or something worse. It's currently very early in the morning in Taipei.Earlier today a 5.5 magnitude earthquake hit just off the coast while the quake at the start of the month was 7.4 and one of the strongest earthquakes there on record.Early reports peg the latest one at a magnitude of 6.1. With that, I wouldn't expect any damage but it will no doubt keep the people of Taiwan unnerved. This article was written by Adam Button at www.forexlive.com.

Canadian dollar rallies for fourth day. What's next

Apr 22, 2024 | 11:28 am

The Canadian dollar has climbed for four straight days, which sounds impressive at the outset but it masks that it fell even harder in the four days before that, touching the worst levels since November.In any case, it has climbed for four days in a tough tape for risk assets and oil. That's notable and it highlights a few things that have been driving it:1) The Federal BudgetThe government hiked capital gains taxes but there was fear about a corporate tax hike or windfall taxes. That might have weighed on the loonie previously and contributed to a stronger rebound.2) The housing market is picking upMy #1 fear for CAD coming into the year was a bad spring housing market and some kind of disorderly breakdown in housing. Instead, it's increasingly clear that housing is bottoming or turning up (at least temporarily). Home sales have picked up and some bidding wars have even returned in a reflection of a country with too many people and not enough houses. With that, the tail risk that the BOC would have to slash rates to counter a housing crunch has faded.Overall, I don't see the rebound as particularly meaningful. The BOC is still going to cut rates more than the Fed this year and terminal rates are also headed lower for a sustained period. The upshot might be an ongoing global soft landing and/or upside risks in China that could keep CAD in favor. I think it's too early for that trade though and buying USD/CAD close to 1.36 is a better trade from here. This article was written by Adam Button at www.forexlive.com.

S&P 500 rebounds, adds to gains

Apr 22, 2024 | 10:19 am

The S&P 500 has extended today's gain to 37 points, or 0.75% after briefly trading into negative territory.Stocks opened higher today but slid in the first two hours of trading before finding a bottom near unchanged on the day. There are still nearly 3 hours of trading left and the bulls won't be declaring victory yet.Today after the close, we get earnings from steel giants Nucor and Cleveland-Clffs, which could provide some feedback on the industrial economy and auto demand but the bigger numbers come tomorrow in the AM from UPS, GE, GM and Spotify, followed by Tesla and Visa after hours. This article was written by Adam Button at www.forexlive.com.

TD: The most-important data print for the year

Apr 22, 2024 | 10:02 am

TD Securities underscores the significance of Friday's core PCE data, considering it pivotal for shaping market expectations and movements in 2024. Amid fluctuating market sentiments and diverse economic indicators, this release is anticipated to be a crucial determinant of future monetary policy and currency valuations.Key Points:Significance of Core PCE Data: TD Securities posits that this week’s core PCE print could be one of the year's most crucial data releases, potentially setting the stage for monetary policy direction and market movements for the remainder of the year.Market Uncertainty and Sentiment: Recent discussions with clients across Europe reveal a general lack of conviction in current market directions, though there is a consensus that a significant pivot point may be near. This sentiment is mirrored by the market’s mixed reactions to various economic indicators such as growth divergence, risk correlations, and central bank policies.Influence on USD and Risk Assets: The core PCE data is particularly critical as it directly influences perceptions of inflation and, consequently, the Fed's rate decisions. A result that aligns with expectations of cooling inflation could support a moderate reversal in USD strength through the third quarter, benefiting risk assets and potentially realigning Fed rate expectations with those of other G10 central banks.Implications of an Unexpectedly High Inflation Print: Conversely, a higher-than-expected inflation figure could diminish prospects for Fed rate cuts this year, likely leading to further USD appreciation and adverse impacts on risk assets. This scenario would reinforce the dollar’s strength on the back of persistent inflation and diverging central bank policies.Conclusion:The upcoming core PCE print is pivotal in determining short- to medium-term market dynamics and central bank actions. Investors and traders should prepare for potential volatility following this release, as it could significantly influence market sentiment and strategic positioning. The outcome could either affirm a trajectory toward easing monetary conditions or herald continued restrictive policies driven by persistent inflationary pressures.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.

Have we hit the point of maximum pain on bonds?

Apr 22, 2024 | 09:48 am

The US is selling 2-year yields this week and there are fears the Treasury could be paying 5%.Right now, the on-the-run 2s are trading at 4.96% and sales haven't exactly gone swimmingly lately, especially with the massive auction sizes. Here is how the chart looks on 2s:I want to highlight a couple things:Two-year yields are the most-liquid expression of where investors think rates will be over that timeframe. There's a slight term premium but you're basically weighing rolling bills over against locking in rates. When we were down at 4.2% the market was pricing in substantial rate cuts, not anymore.What happened last time 2s rose above 2%? It didn't take long for the Fed ans Treasury to both start freaking out. The Treasury cut auction sizes and lowered duration while the Fed pivoted. I don't think that was a coincidence.Most people got inflation wrong this year in the US as it's been stubbornly high for three months and now commodities are pressing. That said, inflation is falling elsewhere which makes me think it's more US-specific than global. That's in part due to huge US fiscal deficits, 30-year fixed mortgages and US business excellence -- particularly multinational tech.However it's also due to some strange factors like high auto and health insurance rates that shouldn't be persistent. Most-notably it's because of rent inflation and how owners'-equivalent rent is calculated. Given that, consider this chart from Matthew Boesler:Rents have flattened out, it just hasn't appeared in the CPI yet. Perhaps this week we get some divergence with PCE, which is the Fed's preferred measure of inflation. If so, the market could quickly lean back towards rate cuts, weighing on the US dollar and boosting risk assets. This article was written by Adam Button at www.forexlive.com.

Aussie dollar trades below US$0.64

Apr 21, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar is weaker this morning when valued against the Greenback currently trading at 0.6411 at the time of writing. The Aussie dollar fell on Friday below 0.6400 as riskier assets faced pressure due to heightened geopolitical risk across financial markets. Last week on the local front Australia's unemployment rate rose slightly to 3.8 per cent after 6600 jobs were lost in March, a stronger-than-expected result that will likely end any chance of a mid-year interest rate cut. The jobless rate, revealed today by the Australian Bureau of Statistics, is only a marginal increase on last month's surprisingly low figure of 3.7 per cent and slightly better than market forecasts of a larger rise to 3.9 per cent. A tight labour market means the Reserve Bank is unlikely to pull the trigger on an interest rate cut until towards the end of the year. Looking ahead to this week and today we will see the release of the Flash Manufacturing PMI. A survey of about 400 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories. On Wednesday the Australian Bureau of Statistics will release the latest Consumer Price Index (CPI) which is expected to increase from 0.6% to 0.8% for the last quarter. Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate. Finally, on Friday we will see the release of the Producer Price Index (PPI). Key Movers The US dollar Index (DXY) is currently trading at 106.09, a mild loss from its recent peak of 106.35. Despite this, the index remains geared toward testing its November 1 high of 107.10. The number of Americans filing new claims for unemployment benefits was unchanged at a low level last week, pointing to continued labor market strength that is driving the economy. Initial claims for state unemployment benefits were unchanged at a seasonally adjusted 212,000 for the week ended April 13, the Labor Department said on Thursday. Labor market resilience, together with elevated inflation have led financial markets and some economists to expect that the Federal Reserve could delay cutting interest rates until September. A few economists doubt that the U.S. central bank will lower borrowing costs this year. The Pound Sterling tumbled against the US dollar during the mid-North American session on Friday after a volatile trading day due to geopolitical risks. The GBP/USD currently trades at 1.2367, down 0.49%. British Retail Sales showed signs of stagnation during the European session in March compared to February’s reading. Analysts were expecting sales to grow 0.3% MoM, which came at 0%, while core sales tumbled from 0.3% to -0.3%. On an annual basis, the Office for National Statistics (ONS) revealed that sales rose by 0.8%, which is up from a drop of -0.3% in February. Expected RangesAUD/USD: 0.6300 - 0.6500 ▼AUD/EUR: 0.5900 - 0.6100 ▼GBP/AUD: 1.9150 - 1.9350 ▲AUD/NZD: 1.0800 - 1.1000 ▲AUD/CAD: 0.8700 - 0.8900 ▼

Aussie slides on prospect of US rate hike

Apr 18, 2024 | 17:00 pm

AUD - Australian dollar The AUD is lower this morning having given up a quarter percent amid higher US treasury yields and a hawkish Federal Reserve. Domestic employment data did little to move the AUD with unemployment rate edging higher, up to 3.8%, yet holding onto most of the decline seen in February when the rate fell from 4.1% to 3.7%. If we exclude January as a seasonal outlier the unemployment rate has tracked below 4% through the last two years, suggesting there is resilience within the labour force despite signs employment growth is stalling. This latest print does little to alter market expectations for RBA monetary policy and we are still looking toward a possible cut in Q4. Having tracked between US$0.6440 and US$0.6450, the AUD then fell through overnight trade amid the prospect of a potential US rate hike. Fed policy makers made clear that if inflation remained sticky and the data indicated a rate hike was needed to bring inflation back to target then that is what they would do. Having slipped below US$0.6420 the AUD tracked sideways into this morning’s open and currently trades at US$0.6419. With no domestic data on hand to drive direction we look to Japan CPI and UK retails sales as the only items of note on the macroeconomic calendar. US yields will continue to determine direction and we anticipate the AUD will remain on the back foot next week. Key Movers The US dollar is stronger this morning having reversed losses suffered through trade on Wednesday amid hawkish Fed commentary and a general risk-off tone. Yields pushed higher after NY Fed President and FOMC member Williams suggested another rate hike was not out of the question, stating “monetary policy is in a good place, I am in no hurry to cut interest rates and if the data are telling us that we need higher interest rates to bring inflation back to target then we obviously want to do that”. With USD again on the front foot, the euro slid back below 1.0650, while sterling gave up 1.2450 and the yen again gave up 154.50 and appears poised to break through 155. US treasury Secretary Yellen and the Finance Ministers of Japan and Korea met to discuss the recent and sharp depreciation of the yen and the won, offering a joint statement acknowledging the US would not stand in the way of any official currency intervention. Upon release of the statement the yen tracked higher, but Treasury yields carried the day and the USD recovered losses and is back near 154.70 on open this morning. Our attentions turn now to Japanese CPI data and UK retail sales data as the only tier one data headlining an otherwise quiet macroeconomic calendar. Expected RangesAUD/USD: 0.6380 - 0.6500 ▼AUD/EUR: 0.6000 - 0.6100 ▼GBP/AUD: 1.9250 - 1.9500 ▲AUD/NZD: 1.0820 - 1.0920 ▼AUD/CAD: 0.8800 - 0.8900 ▼

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

AUD finds support as market ignores risk off tone

Apr 17, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar outperformed through trade on Wednesday, pushing back against recent losses to break above US$0.6450. Commodity currencies were well supported as currency markets ignored a broader risk-off mood and instead forced the USD lower amid a steady fall in treasury yields across the curve. With the USD on the back foot, the AUD found support in higher iron ore prices and stability across the Chinese yuan daily fixing. PBOC officials set a rate largely unchanged from the week's earlier downward revision helping stabilise the yuan and limiting the negative spillover into the AUD as a proxy. Reports of increased activity across China’s steel mills help drive a 5.5% increase in iron ore prices and a break back above $115, adding a floor under the AUD at US$0.64 for the day. Our attention now turns to domestic labour market data for March. Stability across the employment landscape will give the RBA confidence in maintaining the current policy setting and may lend support to the AUD ahead of US jobless claims and commentary from 3 key Fed officials. Key Movers The euro was the day's notable outperformer Wednesday up half a percent and back through 1.0650, marking session highs at 1.0670. European Central Bank President Christine Lagarde paved the way for the Euro advance, suggesting there were clear signs of a euro area recovery and that the Bank was closely monitoring the exchange rate and its potential impact on the euro and inflation. While euro bonds fell, US treasuries also retreated and markets appeared content in ignoring a broader risk-off tone, forcing the USD lower against most major counterparts. UK yields rallied after a stronger-than-expected UK CPI inflation print, driven by a surprise uptick in services inflation. While Governor Bailey suggested he expected a significant correction in next month’s numbers, market pricing for BoE policy change barely shifted with a first full cut not priced in until September, leaving August an outside chance should policymakers choose to move early. Sterling edged higher against the USD, pushing back above 1.2450, yet falling short of a break above 1.25. Our focus now turns to US jobless claims and commentary from key ECB and Fed officials. Expected RangesAUD/USD: 0.6380 - 0.6500 ▲AUD/EUR: 0.6000 - 0.6100 ▼GBP/AUD: 1.9200 - 1.9500 ▼AUD/NZD: 1.0800 - 1.0900 ▲AUD/CAD: 0.8800 - 0.8900 ▲

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

AUD slide continues on heels of softer yuan spills

Apr 16, 2024 | 17:00 pm

AUD - Australian dollar Another day and another move lower for the AUD as ongoing weakness across equity markets, a risk-off tone and a lower fixing by the People's Bank of China forced the AUD to mark fresh 2024 lows. The AUD slid through supports at US$0.6440/50 tumbling toward US$US0.64 after the People's Bank of China set a lower fix for the CNY, suggesting there is some flexibility for the yuan to depreciate against the USD in line with markets and yield performance. While state banks sold USD to limit CNY losses the move weighed on the AUD as a proxy among majors. The AUD was unable to recover the early losses and tracked sideways through the overnight session testing a break below US$0.64 before edging back above this critical handle leading into the morning open. We start the day on the back foot and with no headline data on the domestic docket look offshore to NZ, UK and Eurozone CPI data and commentary across several Central banks with members from the Fed, Bank of England and European Central Bank hitting the wires. With inflation pressures taking longer than expected to dissipate we are looking for any clues as to the timing and trajectory of monetary policy change. Key Movers The dollar traded within a narrow range through Tuesday as with much of the action across financial markets contained to equities, yields and rates. US Treasury yields marked fresh 2024 highs while US equities had a mixed session with both the Dow and S&P 500 closing lower. The DXY index traded up 0.16%, buoyed by softness across risk currencies and an extension against the yen. The risk of intervention continues to hang over the yen, yet the USD retained its upward trajectory as markets pushed back against comments from Japanese currency officials. The prohibited cost associated with intervention has allowed markets some scope to doubt calls by officials that intervention is imminent. With US yields driving gains markets remain on edge and we continue to monitor comments. The euro and GBP changed little with the euro trading near US$1.062 and GBP sliding below US$1.2450 and trading near US$1.2430. NZ, UK and Eurozone CPI data and commentary across several Central banks with members from the Fed, Bank of England and European Central Bank hitting the wires will drive direction through the day. Expected RangesAUD/USD: 0.6350 - 0.6500 ▼AUD/EUR: 0.6000 - 0.6100 ▼GBP/AUD: 1.9250 - 1.9550 ▲AUD/NZD: 1.0850 - 1.0950 ▲AUD/CAD: 0.8800 - 0.8900 ▲

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

Forex Today: Bank of Japan Ends Negative Interest Rates

Mar 19, 2024 | 00:26 am

BoJ Makes First Rate Hike Since 2007, Japanese Stocks Rally, Yen Weakens; RBA Leaves Rates at 4.35%; Cocoa Futures Slightly Lower After Record High Yesterday; Bitcoin Weaker; Markets Await Canadian Inflation Data

Forex Today: Markets Expecting First BoJ Rate Hike in 17 Years

Mar 18, 2024 | 00:19 am

90% Expect BoJ to Ditch Negative Rates Policy Tuesday, Japanese Stocks Rallying; Bitcoin Rising After Another Record High Thursday; Cocoa Futures Roar Ahead With Dramatic Gains

Forex Today: Markets Await US PPI

Mar 14, 2024 | 00:24 am

US PPI Expected at 0.2%; Bitcoin Makes Another Record High Above $73,000; Cocoa Futures Roar Ahead.

Forex Today: US Inflation Ticks Higher to 3.2%

Mar 12, 2024 | 23:29 pm

US CPI Rises Unexpectedly; S&P 500 Makes Record High Close; Bitcoin Makes All-Time High Above $73,000

US Inflation Rises Unexpectedly to 3.2%

Mar 12, 2024 | 07:02 am

The US consumer price index (CPI) climbed 3.2% year-on-year in February, up from 3.1% in January and above the market estimate of 3.1%.

Forex Today: Markets Expecting Unchanged US Inflation Data

Mar 12, 2024 | 01:03 am

US CPI Seen at 3.1%; Bitcoin Hits New Record Below $73,000; Gold’s Bullish Momentum Starts to Pause

Forex Today: Gold, Bitcoin Looking Bullish Near Friday’s Record Highs

Mar 11, 2024 | 00:17 am

Gold, Bitcoin Advancing Again; Yen Higher on Japanese Rate Hike Bets and GDP Growth

ECB Maintains Interest Rates, Revises Lower Inflation Forecast

Mar 7, 2024 | 14:06 pm

The European Central Bank (ECB) maintained its deposit rate at a record high of 4.00% at today’s policy meeting. This decision was widely expected, and the Euro’s response has been muted.

Forex Today: Gold Makes New Record High Above $2161

Mar 6, 2024 | 23:41 pm

Gold Powers to New All-Time High; Powell Says Inflation Progress Not Assured; Japanese Rate Hike Seen Likely as Wages Rise; Bank of Canada Holds Rates; Markets Await ECB Meeting

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