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USD/JPY cautiously higher after BOJ policy decision, traders await Ueda presser next

Apr 25, 2024 | 21:16 pm

It's a tough spot for Japan as the yen continues to slip in trading this week. The BOJ didn't offer much help as USD/JPY now runs up to the 156.00 level, its highest in over three decades. So, what's next for the pair?For now, buyers are cautiously taking price higher. And as long as that is not a move that is going too far, too fast, it might not trigger any intervention plays from Tokyo yet.The line in the sand is definitely shifting and that is something we'll have to acknowledge. The question now is, will 160 be that new threshold? Or is it going be any earlier?For today at least, I would argue that there are only two things left to watch.The first will be BOJ governor Ueda's press conference. Traders will be looking to that for clues on whether to keep pressing the agenda here in pushing the boundary in USD/JPY.I can't imagine Ueda giving a clear green light to traders to rocket USD/JPY higher. But he has a tough balancing act to do, especially since recent inflation data hasn't been too encouraging to support a much hawkish stance.Considering the circumstances, even a tentative yellow light would be enough for traders to keep bidding USD/JPY higher. And so, the challenge is for Ueda to manage that and not let price action get out of control.The other thing to watch out for today will be in the later hours of US trading. Typically when central banks intervene, they tend to do so at the most efficient and cost-effective time. And that usually means during periods of reduced liquidity. Given where we are at now, there might only be one window left for them to do so and that is right before the market closes for the weekend.As such, that could also invite some profit-taking later in the day. So, just be wary about that. This article was written by Justin Low at www.forexlive.com.

EUR/JPY extends rally above 167.50 following BoJ rate decision

Apr 25, 2024 | 21:12 pm

The EUR/JPY cross drifts higher to 167.20, its highest level since 2008, during the Asian trading hours on Friday.

Gold price flatlines as traders look to US PCE Price Index for some meaningful impetus

Apr 25, 2024 | 21:08 pm

Gold price (XAU/USD) struggles to capitalize on the previous day's modest gains and oscillates in a narrow range during the Asian session on Friday amid mixed fundamental cues.

Bank of Japan keeps interest rate unchanged, as expected

Apr 25, 2024 | 21:08 pm

The Bank of Japan (BoJ) is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April.

Forexlive Asia-pacific FX news wrap: Bank of Japan leaves rates unchanged

Apr 25, 2024 | 20:59 pm

Bank of Japan interest rate decision: Unchanged at 0%-0.10%. Removes key line on bond buysTokyo April CPI ex fresh food +1.6% y/y vs +2.2% expectedA one-off factor liked dropped Tokyo CPIAustralia Q1 PPI +4.3% y/y vs +4.1% priorTrump wants to put someone at the Fed who will work for him - reportJapanese fin min says he won't comment on forex and details of policy. Watching closelySuzuki: Forex levels reflecting US and Japan interest rate differentialUK GfK April consumer confidence -19 vs -20 expectedA Tesla senior VPs that quit last week files to sell all $181 million of his TSLA stockMarkets:USD/JPY rises 36 pips to fresh 34-year high at 156.00Gold up $2 to $2334WTI crude oil up 23-cents to $83.8010-year JGB yields up 2 bps to 0.917%NZD leads, JPY lagsS&P 500 futures up 0.8%The Bank of Japan kept us in suspense longer than usual but ultimately delivered a decision that was largely in-line with expectations. The market reacted by selling the yen because there was no hint at an upcoming hike, only vague talk of hiking rates at an unspecified time if the economy develops in line with forecasts. One notable emission from the statement was comments on keeping bond buys unchnaged. That comes after an earlier report saying the BOJ might shift on that front. We will look for more clarity from Ueda.Aside from yen trading, the dollar was slightly softer in keeping with the trend after the post-GDP jump earlier. That move has faded on every front.Equities are also in focus after a big after-hours jump in Alphabet shares and a decent one in MSFT as well. That boosted risk appetite and could weigh on the US dollar on a few fronts later, though PCE data will certainly play a part. This article was written by Adam Button at www.forexlive.com.

Australian Dollar pares gains amid improved US Dollar, awaits US PCE

Apr 25, 2024 | 20:53 pm

The Australian Dollar (AUD) continues its upward trend for the fifth consecutive session on Friday.

Japanese Yen dives to fresh multi-decade low, around 156.00 against USD post-BoJ

Apr 25, 2024 | 20:38 pm

The Japanese Yen (JPY) languishes near a multi-decade low against its American counterpart during the Asian session on Friday as traders keenly await the outcome of the highly-anticipated Bank of Japan (BoJ) policy meeting.

Japan BoJ Interest Rate Decision came in at 0%, below expectations (0.1%)

Apr 25, 2024 | 20:23 pm

Japan BoJ Interest Rate Decision came in at 0%, below expectations (0.1%)

USD/INR halts its rally ahead of US PCE data

Apr 25, 2024 | 20:22 pm

Indian Rupee (INR) extends the rally on Friday, bolstered by interbank US Dollar (USD) sales.

AUD/JPY hovers around five-month highs ahead of BoJ's policy decision

Apr 25, 2024 | 19:11 pm

AUD/JPY extends its winning streak for the fifth consecutive session on Friday.

Elliott Wave analysis favors DAX to extend higher [Video]

Apr 25, 2024 | 19:08 pm

Short term Elliott Wave view on DAX suggests rally from 10.23.2023 low is unfolding as a 5 waves impulse.

China’s Foreign Minister Wang: Relationship has stabilized with US but negative factors are building

Apr 25, 2024 | 18:55 pm

Following his meeting with US Secretary of State Antony Blinken early Friday, China’s Foreign Minister Wang Yi said that the Sino-US “relationship has stabilized but negative factors are building.” Additional comments Sliding into conflict with the US would be a lose-lose situation.

WTI rebounds above $83.50 as market weighs disappointing US GDP data against geopolitical fears

Apr 25, 2024 | 18:48 pm

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $83.60 on Friday.

Australia Export Price Index (QoQ) dipped from previous 5.6% to -2.1% in 1Q

Apr 25, 2024 | 18:31 pm

Australia Export Price Index (QoQ) dipped from previous 5.6% to -2.1% in 1Q

Australia Import Price Index (QoQ) below forecasts (0.1%) in 1Q: Actual (-1.8%)

Apr 25, 2024 | 18:31 pm

Australia Import Price Index (QoQ) below forecasts (0.1%) in 1Q: Actual (-1.8%)

Australia Q1 PPI +4.3% y/y vs +4.1% prior

Apr 25, 2024 | 18:30 pm

Prior was 4.1%PPI q/q +0.9% vs +0.9% priorExport prices -2.1% vs 5.6% priorImport prices -1.8% vs 1.1% prior This article was written by Adam Button at www.forexlive.com.

Australia Producer Price Index (YoY) increased to 4.3% in 1Q from previous 4.1%

Apr 25, 2024 | 18:30 pm

Australia Producer Price Index (YoY) increased to 4.3% in 1Q from previous 4.1%

Australia Producer Price Index (QoQ) remains unchanged at 0.9% in 1Q

Apr 25, 2024 | 18:30 pm

Australia Producer Price Index (QoQ) remains unchanged at 0.9% in 1Q

China foreign minister Wang Yi: China-US relationship has stabilize

Apr 25, 2024 | 18:20 pm

Relationship has stabilized but negative factors are buildingSliding into conflict with the US would be a lose-lose situationWe as the US not to interfere with China's internal affairsBlinken:There is not substitute for face to face diplomacyWe need to avoid miscalculationsHopes US and China can make progress on agreements, citing fentanyl, military-to-military ties and AI risksThis mostly sounds positive but they're hardly breaking out the champagne. This article was written by Adam Button at www.forexlive.com.

PBoC sets USD/CNY reference rate at 7.1056 vs 7.1058 previous

Apr 25, 2024 | 18:19 pm

On Friday, the People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead at 7.1056 as compared to the previous day's fix of 7.1058 and 7.2396 Reuters estimates.

A Tesla senior VPs that quit last week files to sell all $181 million of his TSLA stock

Apr 25, 2024 | 18:11 pm

Last week, Drew Baglino abruptly quit Tesla after 18 years at the electric car company, departing from his role as Senior Vice President of Powertrain and Energy Engineering.It hasn't taken the 43-year-old long to sever all ties with Elon Musk's company.Today he filed to sell 1,141,362 shares of the company valued at $181 million.Here is what he wrote when he departed in tandem with a round of layoffs that included 10% of all staff:I made the difficult decision to move on from Tesla after 18 years yesterday. I am so thankful to have worked with and learned from the countless incredibly talented people at Tesla over the years. I loved tackling nearly every problem we solved as a team and feel gratified to have contributed to the mission of accelerating the transition to sustainable energy, a mission that I am quite passionate about. I will always have a warm spot for the people of Tesla and Tesla products in my heart and wish the team and company the best in the future. When I joined as a junior firmware / electrical engineer back in 2006, a future Tesla that produced the world’s top selling vehicle was well beyond my expected set of outcomes. A reminder to all of us to set higher expectations, I guess :)The shares he sold appear to be the final round of stock options he was entitled to receive. He had previously only held around $5m worth of shares.The filing gives him 90 days to sell the stock but in a company as large and liquid as Tesla, the shares are typically sold immediately. For instance, his 1.1 million shares would have easily been absorbed by the 126 million in volume today.He had previously sold 10,500 shares worth $1.85m on April 1 immediately after receiving stock options priced at $17.22 and has made consistent monthly sales of shares for years after receiving them, so perhaps it's not a reflection of anything going on at the company and just a personal preference. Still, this dwarfs all his previous sales.Or he could be following the lead of Musk, who has made nearly 400 separate sales of TSLA shares in the past two years ranging from $4 million and ranging up to $595 million.What's also notable about TSLA stock is that there has been virtually zero insider buying of shares despite a more than 50% drop in the stock over the past two years. This article was written by Adam Button at www.forexlive.com.

Japan 5-year yields climb to the highest since April 2011 ahead of BoJ rate decision

Apr 25, 2024 | 17:47 pm

Japan’s five-year bond yield rose to the highest level since April 2011 ahead of the Bank of Japan (BoJ) interest rate decision on Friday, per A Jiji.

A one-off factor liked dropped Tokyo CPI

Apr 25, 2024 | 17:39 pm

Today's surprise drop in Japanese CPI sparked some major worries about the ability of the Bank of Japan to remain hawkish and support the currency.However yesterday Morgan Stanley MUFG Securities economists warned there could be quirks in the data. High school tuition in Tokyo was effectively eliminated in Tokyo and took effect in April.It wasn't clear how the statistics agency would deal with that factor but it appears that it led to a large one-off drop in prices. Morgan Stanley MUFG Securities estimated it could cut 0.7 percentage points from core inflation and the reading missed by 0.5 pp.The special factor helps to explain why the yen largely ignored the release. This article was written by Adam Button at www.forexlive.com.

Japan 5-year yields rise to the highest since April 2011 ahead of the BOJ decision

Apr 25, 2024 | 17:33 pm

A Jiji report today said the Bank of Japan might buy fewer bonds and that seems to be overshadowing low Tokyo CPI today. Five-year JGBs are up 2.5 bps today and trading at the highest since 2011. Here is the long-term chart:It's probably not just domestic factors weighing as global bonds have been selling off all week. Still, it's looking like the worst of all worlds for Japan right now with falling inflation, a weakening currency and higher borrowing rates. This article was written by Adam Button at www.forexlive.com.

GBP/USD trades on a softer note below 1.2530 ahead of US PCE data

Apr 25, 2024 | 17:31 pm

The GBP/USD pair trades on a weaker note around 1.2502 during the early Asian trading hours on Friday.

Suzuki: Forex levels reflecting US and Japan interest rate differential

Apr 25, 2024 | 17:09 pm

Forex market is reflecting various complex factorsThis sounds more and more like a department that doesn't want to intervene. This article was written by Adam Button at www.forexlive.com.

Japan’s Suzuki prepares to take full steps on FX

Apr 25, 2024 | 17:07 pm

Japanese Finance Minister Shunichi Suzuki said on Friday that he is closely monitoring foreign exchange (FX) fluctuations.

Aussie dollar continues to trade above US$0.65

Apr 25, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar is stronger this morning when valued against the Greenback, currently trading at 0.6518 at time of writing. AUD/USD rallied strongly on Wednesday following the release of stickier-than-expected Australian Consumer Price Index (CPI) data for Q1. Australia’s inflation rate slowed less than expected in the March quarter as rents and education costs increased, dimming hopes the cost-of-living crunch was easing and lessening chances of a 2024 cut in official interest rates. The consumer price index for the first three months of 2024 was 3.6% higher than a year earlier, slowing from the 4.1% annual pace in the December quarter, the Australian Bureau of Statistics said on Wednesday. Economists had tipped CPI growth would drop to 3.5%. The March quarterly inflation rate was 1%, compared with the 0.6% pace in the December quarter. Economists had tipped it would rise to 0.8%. Looking ahead today and the Australian Bureau of Statistics will release the latest quarterly Import Price Index. We will also see the release of the quarterly Producer Price Index (PPI). Key Movers On the data front, in the United States overnight real gross domestic product (GDP) increased at an annual rate of 1.6 percent in the first quarter of 2024, according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2023, real GDP increased 3.4 percent. The GDP estimate released today is based on source data that is incomplete or subject to further revision by the source agency. The “second” estimate for the first quarter, based on more complete source data, will be released on May 30, 2024. Compared to the fourth quarter, the deceleration in real GDP in the first quarter primarily reflected decelerations in consumer spending, exports, state and local government spending, and a downturn in federal government spending. These movements were partly offset by an acceleration in residential fixed investment. Imports accelerated. Other relevant data for the US dollar showed Initial Jobless Claims falling slightly to 207K from 212K, despite an expected rise to 214K, and Pending Home Sales coming in at 3.4% in March, easily beating estimates of 0.3% and February’s 1.6%. The Dow Jones declined 1.82% top-to-bottom on Thursday, hitting a seven-day low of 37,745.54 and turning negative for the week. Despite the major equity index reclaiming nearly half of the day’s declines, the DJIA remains well back from the day’s peaks at 38,446.43. Looking ahead and today we will see the latest Personal Consumption Expenditures (PCE). The Federal Reserve (Fed) remains firm on its stance and doesn't seem in a rush to start easing and market hawkish adjustments provide a cushion to the USD. Personal Consumption Expenditures (PCE) data from March will likely affect those investors’ expectations. Expected RangesAUD/USD: 0.6400 - 0.6600 ▲AUD/EUR: 0.6000 - 0.6200 ▲GBP/AUD: 1.9050 - 1.9250 ▼AUD/NZD: 1.0800 - 1.1000 ▲AUD/CAD: 0.8800 - 0.9000 ▼

Japanese fin min says he won't comment on forex and details of policy. Watching closely

Apr 25, 2024 | 16:51 pm

Earlier this week, an LDP official said they "weren't currently contemplating intervention". That was the green light for yen sellers to push USD/JPY through 155 and -- sure enough -- there hasn't been much push back.Officials have made some moves to walk that back as commenting was an obvious mistake.Fin min Suzuki now says the weak yen has positive and negative elements but that they're watching closely. This article was written by Adam Button at www.forexlive.com.

USD/JPY holds near 155.50 after Tokyo CPI inflation eases more than expected

Apr 25, 2024 | 16:44 pm

Japan’s Tokyo Consumer Price Inflation (CPI) inflation printed well below expectations early Friday, which will complicate the Bank of Japan’s (BoJ) upcoming rate call and Monetary Policy Report, due during the Pacific market session.

Japan Inflation: Tokyo Consumer Price Index rises 1.8% YoY in April vs. 2.6% expected

Apr 25, 2024 | 16:36 pm

The headline Tokyo Consumer Price Index (CPI) for April rose 1.8% YoY, compared to a 2.6% rise in the previous reading, the Statistics Bureau of Japan showed on Friday.

Japan Tokyo CPI ex Fresh Food (YoY) came in at 1.6%, below expectations (2.2%) in April

Apr 25, 2024 | 16:32 pm

Japan Tokyo CPI ex Fresh Food (YoY) came in at 1.6%, below expectations (2.2%) in April

Japan Tokyo CPI ex Food, Energy (YoY) below expectations (2.7%) in April: Actual (1.8%)

Apr 25, 2024 | 16:31 pm

Japan Tokyo CPI ex Food, Energy (YoY) below expectations (2.7%) in April: Actual (1.8%)

Tokyo April CPI ex fresh food +1.6% y/y vs +2.2% expected

Apr 25, 2024 | 16:30 pm

Prior was +2.4% y/yOverall Tokyo CPI 1.8% vs 2.6% priorExcluding food and energy 1.8% vs 2.3% priorExcluding food and energy % m/m vs +0.2% priorThis isn't what the Bank of Japan wanted to hear today. Inflation has come down rapidly and there isn't much justification for the Bank of Japan to take a hawkish stance. This is the first reading below target since Sept 2022. This article was written by Adam Button at www.forexlive.com.

Japan Tokyo Consumer Price Index (YoY) registered at 1.8%, below expectations (2.6%) in April

Apr 25, 2024 | 16:30 pm

Japan Tokyo Consumer Price Index (YoY) registered at 1.8%, below expectations (2.6%) in April

USD/CAD extends its downside below 1.3670, investors await US PCE data

Apr 25, 2024 | 16:10 pm

The USD/CAD pair extends its downside near 1.3655 on Friday during the early Asian session.

UK GfK April consumer confidence -19 vs -20 expected

Apr 25, 2024 | 16:06 pm

Prior was -21This survey is slowly tracking towards pre-pandemic levels. This article was written by Adam Button at www.forexlive.com.

Ireland Consumer Confidence down to 67.8 in April from previous 69.5

Apr 25, 2024 | 16:01 pm

Ireland Consumer Confidence down to 67.8 in April from previous 69.5

United Kingdom GfK Consumer Confidence above expectations (-20) in April: Actual (-19)

Apr 25, 2024 | 16:01 pm

United Kingdom GfK Consumer Confidence above expectations (-20) in April: Actual (-19)

EUR/USD mired near 1.0730 after choppy Thursday market session

Apr 25, 2024 | 15:46 pm

EUR/USD whipsawed somewhat on Thursday, and the pair is heading into Friday's early session near 1.0730 after a back-and-forth session and complicated US data that vexed rate cut hopes.

Gold soars as US economic woes and inflation fears grip investors

Apr 25, 2024 | 15:13 pm

Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States (US).

AUD/USD stand firm above 0.6500 with markets bracing for Aussie PPI, US inflation

Apr 25, 2024 | 15:12 pm

The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday.

US equity futures jump after earnings from Alphabet and Microsoft

Apr 25, 2024 | 15:07 pm

The earnings-gods are toying with US equity markets. Yesterday was a rout after Meta's guidance was slightly soft and capex was slightly high. Today it's the reverse after Google and Microsoft beat estimates. Shares of Alphabet are up 9.7% in the premarket while Microsoft is up 2.4%. The biggest riser is SNAP, which is up more than 30% and is a habitual huge mover on earnings. On the downside, shares of Intel are down 6%.However the megacap names are the ones driving futures and S&P 500 futures reopened up 42 points, or 0.8%. This article was written by Adam Button at www.forexlive.com.

It's time to shift the focus back to growth

Apr 25, 2024 | 14:50 pm

The market reaction to today's US GDP report was instructive.At first, the market freaked out because the high inflation numbers in the report imply an upside surprise in Friday's US PCE data. However as the day wore on, that faded and equities recouped a large portion of the gains, excluding some of the tech-inspired META selling.With Fed cuts priced out until at least July 31, I don't think the March or April inflation matters much. What will start to matter more and more is what happens with pricing later in the year and that's where growth comes in. Today's Q1 GDP data was soft at 1.6% versus 2.4% expected. Some of that is one-off quirks like inventories but the path towards lower growth is increasingly clear.It's also clear to me that inflation will follow it, though the timing is tough to pin down. Employment isn't a leading indicator but Ian Shepherdson at Pantheon makes a compelling argument that it's softer under the surface than it looks."I've been worried for a while that the weakening NFIB small business survey points to much slower job gains from Q2 onwards," he writes. "Now, the S&P PMI employment index tells the same story; it's more of a coincident indicator, while the NFIB leads by about 4 months. Look out below."Tomorrow the focus will undoubtedly remain on inflation with the PCE data but don't forget that we saw an outsized move earlier this week on a soft US services PMI from S&P Global. This article was written by Adam Button at www.forexlive.com.

SocGen: USD/JPY will likely test the willingness of the MoF to intervene on a large scale

Apr 25, 2024 | 14:23 pm

Société Générale assesses the potential for USD/JPY to test the Japanese Ministry of Finance's intervention limits due to persistent US rate expectations and recent market dynamics. The bank highlights upcoming US economic data as critical to future currency movements.Key Points:US Yield Curve Dynamics: The correlation between Fed funds futures and 10-year yields is notably high, reflecting a flat yield curve. This correlation significantly influences the USD/JPY exchange rate, with current US rate expectations supporting continued yen weakening.Potential for Yen Intervention: Given the strong correlation and current trends in US rate expectations, SocGen suggests that USD/JPY may soon test the MoF's willingness to intervene significantly in the currency market to support the yen.Impact of US Economic Data: The recent market response to US PMI data indicates that positions in long dollar and short Treasury trades might be becoming overstretched. This situation sets the stage for next week’s US ISM and payroll data, which are expected to be crucial in determining short-term directions for USD/JPY.BoJ Meeting Expectations: While the upcoming Bank of Japan (BoJ) meeting is not anticipated to bring significant surprises, it remains a variable that could influence yen dynamics. Any unexpected shifts or statements from the BoJ could impact market expectations and potentially affect USD/JPY trends.Conclusion:SocGen emphasizes the importance of upcoming US economic indicators in shaping market expectations and influencing USD/JPY movements...Additionally, the potential for large-scale intervention by Japan's MoF adds a layer of uncertainty and importance to the monitoring of these developments. 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.

Forexlive Americas FX news wrap 25 Apr: GDP growth/inflation scare markets

Apr 25, 2024 | 14:05 pm

It's the perfect day, and it's also Bank of Japan decision dayBroader US indices close lower for the first time after three days of gainsAlphabet EPS $1.89 versus $1.51 estimate. Revenues $80.54B versus $78.59B estimateMicrosoft EPS $2.94 vs $2.82 estimate Revenues: $61.86 vs $60.82 estimateWSJ Timiraos: "The Dream of a Fed rate cuts is slipping away"Crude oil settles at $83.57ECBs Panetta: We must weigh risk of monetary policy becoming too tightU.S. Treasury auctions off $44 billion of the seven year notes at a high yield of 4.716%Major European indices close lower. US stocks lower. Yields are higher.Goldman Sachs: The composition of the GDP report was not as soft as it lookedUS pending home sales for March 3.4% versus 0.8% estimateUS Treas Secretary Yellen: GDP data shows straight a consumer investment spendingUS yields move to new session highs. The 2 &10 year yields at highest level since NovemberKickstart the FX day for April 25 with a technical look at EURUSD, USDJPY and GBPUSDREPORT:BOJ to reportedly consider measures to reduce its government bond purchasesFed rate hike pricing plunges after GDP dataCanada Feb average weekly earnings 4.53% vs 3.88% priorUS March wholesale inventory advanced -0.4% versus 0.4% (revised from 0.5%) last monthUS March advanced goods trade balance $-91.83 billion versus $-91.1 billion estimateUS Q1 advance GDP +1.6% vs +2.4% expectedUS initial jobless claims 207K versus 215K estimateThe AUD is the strongest and the JPY is the weakest as the North American session beginsForexLive European FX news wrap: Dollar, stocks down awaiting US GDP dataThe market got a scare after Q1 advance GDP growth came in lower than expected at 1.6% versus 2.4% expected. Meanwhile core PCE data for the quarter was higher-than-expected and 3.7% versus 3.4% expected. That scared traders further ahead of the monthly core PCE data scheduled for release tomorrow at 8:30 AM ET. There were whispers that the core PCE month-to-month could rise by closer to 0.5% versus the 0.3% expected when announced tomorrow. The YoY is expected at 2.7% and would be higher given numbers higher than 0.3%. Lower growth and higher inflation is not the recipe for markets. As a result, stocks fell, bond prices fell (yields rose), and the US dollar moved higher. Yields across the curve moved to their highest level in 2024 with the 2-year yield moving above 5% (in his trading at 4.999% currently). In the US equity market, the Dow Industrial Average average was down over -700 points at session lows. The S&P index fell as much as 81.04 points (-1.6%), and the NASDAQ fell as much as -368.83 points (-2.31%).However, markets steadied. US stocks started to move higher. At the end of the day:Dow Industrial Average average closed down -378.12 points or -0.98% at 38085.81S&P index fell -23.21 points or -0.46% at 5048.41NASDAQ index fell -100.99 points or -0.64% at 15611.76.The small-cap Russell 2000 fell -14.308 points or -0.72% at 1981.11. At session lows, the index was down as much as -37.6 points or -1.8%.In the Forex, the US dollar moved higher but retraced most of the declines versus the the EUR, GBP, CHF, CAD. Although the AUDUSD and the NZDUSD recovered off of session lows, they could not move up to pre-GDP release levels. The GBP is ending the session as the strongest of the major currencies followed by the AUD. The JPY was the weakest followed by the USD.The USDJPY moved to yet another high for the year and highest level since 1990. Tha BOJ will announce their latest rate decision in the new trading day. Technically,, it would take a break of its 100-hour moving average at 154.977 followed by a break of the 200 hour moving average at 154.717 to give the sellers some hope that a temporary high might be in place. The current price is trading at 155.64.For the EURUSD its fall and low for the day stalled right at its 100-hour moving average before bouncing back up toward its 50% midpoint of the April trading range. That level comes in at 1.07425. A move above that level in the new trading day would be more bullish.The GBPUSD's move lower stalled against its broken 38.2% retracement of the April trading range at 1.2455, and then snapped back higher toward its 100 bar moving average on the 4-hour chart at 1.2512. That level will be the barometer for trading in the new trading day.Bank of Japan tonight. Core PCE data tomorrow. This article was written by Greg Michalowski at www.forexlive.com.

It's the perfect day, and it's also Bank of Japan decision day

Apr 25, 2024 | 13:22 pm

Eamonn is off today so I'll be filling in.First of all, it's still April 25 in much of the world, so I'm going to enjoy this meme.For those of you in Asia, it's now April 26, which is too bad. But it's also Bank of Japan decision day and we get Tokyo CPI and Australian PPI. So that's some consolation.As for the Bank of Japan, the big news in US trade was a report from Jiji that said the BOJ will consider measures to reduce its government bond purchases. However the report didn't specify exactly when they would consider that, though maybe it's today.There was some modest USD/JPY selling on the report but it did help to cap the pair at 155.74.For the US dollar more broadly, it was a tumultuous one as it rose initially on the hot inflation indications in the GDP report, then slowly reversed completely, in part because of slowing growth. This article was written by Adam Button at www.forexlive.com.

Broader US indices close lower for the first time after three days of gains

Apr 25, 2024 | 13:21 pm

The major US stock indices closed lower across the board today. The day got off to a negative start after Meta Platforms reported higher expenses and slightly lower revenues going forward after the close yesterday. Declines were accelerated after stronger-than-expected inflation in the US GDP report. Although prices closed lower, the major indices did pare their losses into the close. Nevertheless the three-day win streak in the broader indices was snapped today:A snapshot of the closing levels shows:Dow industrial average fell -375.14 points or -0.98% at 38085.79. At session low's, the index was down -706.55 points.S&P index fell -23.21 points or -0.46% at 5048.41NASDAQ index fell -100.99 points or -0.64% at 15611.76The small-cap Russell 2000 fell -14.30 points or 0.72% at 1981.11Shares of Meta Platforms still lost -$52.12 or -10.56% to $441.38. Caterpillar was also a big decline or with a fall of $-25.52 or -7.02% after their disappointing earnings yesterday.Southwest Airlines reported disappointing earnings this morning fell -6.96%, as did Bristol-Myers Squibb whose price fell -8.51%.Some winners today included:Chipotle, +6.47%. Their earnings expectations.Tesla, +4.97%Super MIcro Computers rebounded with a gain of 4.33%Delta Airlines, +4.09%Nvidia, +3.71%Broadcom, was 2.99%Merck, +2.92%In after-hours trading, large-cap tech are getting a boost from Alphabet and Microsoft earnings beat expectations. Alphabet shares are up 12.44%, and Microsoft shares are up 4.88%. Nvidia and Super Micro Computers are riding the coattails, and are trading higher with Nvidia shares up 2.13% and SMCI trading up 2.24%. Amazon whose shares lost -1.65% in trading today has risen 3.49% in after-hours trading. This article was written by Greg Michalowski at www.forexlive.com.

Alphabet EPS $1.89 versus $1.51 estimate. Revenues $80.54B versus $78.59B estimate

Apr 25, 2024 | 13:06 pm

EPS $1.89 versus $1.51 expectedRevenues $8.54 billion versus $78.59 billion estimateCloud revenue comes at $9.6 billionAlphabet issues a $0.20 per share dividend (its first ever dividend)Shares of Alphabet are up $19 or 12.18%.Meanwhile Intel did not have such a great quarter with:Ddjusted earnings-per-share of $0.18 versus $0.14 expected. Revenues messed at $12.7 billion versus $12.78 billion estimate. The not so great news is that they forecast EPS of $0.10 in the Q2 versus $0.24 expected. They also see Q2 revenues of $12.5 billion to $13.5 billion versus $13.63 billion expected.Shares of Intel are trading down 7.04% at $32.64 This article was written by Greg Michalowski at www.forexlive.com.

Microsoft EPS $2.94 vs $2.82 estimate Revenues: $61.86 vs $60.82 estimate

Apr 25, 2024 | 13:04 pm

Microsoft is out with its earnings and beat on the top and bottom lines:EPS$2.94 versus $2.82 estimateRevenues of $61.869 versus $60.82 billion estimateother details:productivity and business processes $19.57 billion versus $19.54 billion estimateintelligent cloud $26.7 billion versus expected $26.25 billionmore personal computing $15.58 billion was expected $15.07 billion expectedMicrosoft shares are trading higher by $21 or 5.5% in after-hours trading This article was written by Greg Michalowski at www.forexlive.com.

Earnings after the close include Microsoft, Alphabet, and Intel.

Apr 25, 2024 | 12:33 pm

Microsoft: Shares of Microsoft are trading down $-9.96 or -2.43% at $398.96Earnings per Share: Analysts expect $2.82 per share.Revenue: Expected to be $60.80 billion, which would represent a 15.0% year-over-year growth. This is slightly above the 14.5% growth forecast provided by management in January.Other key insights include:PC Shipments: A 0.9% increase in PC shipments this quarter, influencing the sales of Windows licenses to PC makers.Azure Cloud Services: Growth is expected to slow down to 28.8% from 30% in the previous quarter, with a consensus around 28.6%.New Developments: Microsoft introduced Surface PCs with a special key for accessing the Copilot chatbot and started selling access to Copilot for small businesses through Microsoft 365 subscriptions. Both the shares of Microsoft and the S&P index are up about 6% on the year. Alphabet: Shares of Alphabet are currently trading down $3.04 -1.90% at $156.11Revenue (excluding traffic acquisition costs): Expected to be $66.07 billion, up from $58.07 billion in Q1 2023.Adjusted EPS: Expected to be $1.51, up from $1.17 in Q1 2023.Cloud Revenue: Expected to be $9.37 billion, up from $7.45 billion in Q1 2023.Ad Revenue: Expected to be $60.18 billion, up from $54.55 billion in Q1 2023.Intel: Shares of Intel I trading up $0.73 or 2.13% at $35.23Earnings per Share (EPS): Expected to be $0.13, up from a loss of $0.04 per share in the same quarter last year. The earnings last quarter were at $0.62 Revenue: Expected to be $12.7 billion, an increase from $11.7 billion in the same quarter last year. Last quarter, revenues were at $15.406B This article was written by Greg Michalowski at www.forexlive.com.

Crude oil settles at $83.57

Apr 25, 2024 | 11:47 am

Crude oil is settling at $83.57. That's up $0.76 or 0.92%.Technically, looking at the price action on the hourly price below, like the USD, it too has been quite up and down volatile. Yesterday, the price found support against its 100-hour moving average (blue line). Today, the moving average was broken on its way to a low near $82 (low was at $81.99). The subsequent bounce, now has the price breaking above its 200-hour moving average. That moving average stalled the rise both yesterday (on two separate occasions) and also earlier today. The 200-hour moving average comes in at $83.25.Going forward if the 200-hour moving average can hold support the buyers can push higher with the 50% of the move down from the high currently at $84.19. This article was written by Greg Michalowski at www.forexlive.com.

US encourage Europe & Asia allies to tighten restrictions on chip related technology China

Apr 25, 2024 | 10:29 am

The US is encouraging Europe and Asia allies to tighten restrictions on chip related technology and tools to China. Report says US is concerned about rising concerns about hallways development of advanced semi conductors.What other countries to make it harder for China to circumvent US restrictions specifically making it more difficult for companies from third countries to supply China with items that include technology produced in Japan and South Korea or the Netherlands This article was written by Greg Michalowski at www.forexlive.com.

U.S. Treasury auctions off $44 billion of the seven year notes at a high yield of 4.716%

Apr 25, 2024 | 10:02 am

High Yield: 4.716WI level at the time of the auction: Actual: 4.716%Tail (the Tail is the difference between the WI level trading just prior to the auction and the auction high yield. A negative tail is indicative of a strong auction):Actual: 0.0 basis pointsSix-auction average: +0.65 basis pointsBid-to-Cover (the Bid to Cover is the number of bids from investors versus the supply of notes on sale. A higher number is indicative of stronger demand):Actual: 2.48XSix-auction average: 2.57XDealers (the Dealers provide Liquidity and are a backstop in the event of lower than anticipated domestic and international demand. A high % is indicative of low demand from the normal investors. :Actual: 13.9% %Six-auction average: 15.1%Directs (the Directs are a measure of domestic US demand. A higher number than the six month average is indicative of strong domestic demand):Actual: 21.0%Six-auction average: 17.1%Indirects (the Indirects are a measure of international demand. In higher number than the six month average is indicative of strong foreign demand for the issue. The vast majority of US debt is sold to foreign investors):Actual: 65.1%Six-auction average: 67.8%AUCTION GRADE: CNo tail. The WI level and the high yield was right on the screws. The Bid to cover was a bit low. The domestic demand was stronger, but the international demand was a bit weak vs historical average. This article was written by Greg Michalowski at www.forexlive.com.

U.S. Treasury to auction off $44 billion of 7- year notes at the top of the hour

Apr 25, 2024 | 09:55 am

The U.S. Treasury will auction off $44 billion of seven-year notes at the top of the hour. The auction will conclude the coupon issuance for the week. The two and five year note options were middle-of-the-road. Yields are higher today after the higher inflation data in the US GDP, but off the highs for the day. Nevertheless, yields are at their highest levels for the year across the curve.Below is a review of the major components from the last 7-year auction along with the six month averages of those components. The auction results will be compared to those components. High Yield:Previous: 4.185%Six-auction average: 4.298%Tail (the Tail is the difference between the WI level trading just prior to the auction and the auction high yield. A negative tail is indicative of a strong auction):Previous: -0.8 basis pointsSix-auction average: +0.65 basis pointsBid-to-Cover (the Bid to Cover is the number of bids from investors versus the supply of notes on sale. A higher number is indicative of stronger demand):Previous: 2.61XSix-auction average: 2.57XDealers (the Dealers provide Liquidity and are a backstop in the event of lower than anticipated domestic and international demand. A high % is indicative of low demand from the normal investors. :Previous: 12.9%Six-auction average: 15.1%Directs (the Directs are a measure of domestic US demand. A higher number than the six month average is indicative of strong domestic demand):Previous: 17.4%Six-auction average: 17.1%Indirects (the Indirects are a measure of international demand. In higher number than the six month average is indicative of strong foreign demand for the issue. The vast majority of US debt is sold to foreign investors):Previous: 69.7%Six-auction average: 67.8% This article was written by Greg Michalowski at www.forexlive.com.

Major European indices close lower. US stocks lower. Yields are higher.

Apr 25, 2024 | 08:46 am

European indices are closing lower on the day:German DAX, -0.91%France CAC, -0.93%UK FTSE 100, +0.48%Spain's Ibex, -0.40%Italy's FTSE MIB, -0.97%European yields are also higher:German 10 year yield reached a high of 2.647%. That was the highest level going back to November 27. Current yield 2.67%France's 10-year yield also moved to its highest level since the end of November. It currently yields 3.127% after reaching a high of 3.149%.UK 10-year yields reach its highest level since November 3. It's high-yield today reached 4.396% (currently at 4.37%).Italy 10-year reaches its highest level since December 12, 2023. The high-yield Ridge 4.035%. It is currently trading just below 4% at 3.998%.As London/European traders look to exit for the day, US stocks remain under pressure:Dow Industrial Average down -588.0 points or -1.53% at 37872S&P index -60.18 points or -1.19% at 5011NASDAQ and that -256.24 points or -1.63% at 15456.34.The small-cap Russell 2000 index is down -28.54 points or -1.43% at 1966.85.US yields are moving higher. The 2-year yield extended back about the 5% level but is just below that level at 4.991% currently. The U.S. Treasury will auction 7-year notes at 1 PM ET2-year yield 4.991%, +5.4 basis points5-year yield 4.715%, +5.6 basis points10 year yield 4.701%, +4.8 basis points30-year yield 4.816%, +3.3 basis points. This article was written by Greg Michalowski at www.forexlive.com.

Aussie dollar trades below US$0.65

Apr 23, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar is stronger this morning when valued against the Greenback currently trading at US$0.6480 at the time of writing. The Aussie dollar continues its upward trajectory for the second consecutive session on Tuesday, buoyed by improved risk appetite. On the data front yesterday 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. The Australian private sector ticked up into an accelerated pace of growth in the second quarter bolstered primarily by Services sector growth. Australia's Manufacturing PMI Output rose to an eight-month high of 49.1 compared to March's 45.7, brushing off a 2-month low of 54.2 in the Services Business Activity compared to March's 54.4. Looking ahead today 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). There will be no commentary tomorrow due to the Anzac Day public holiday. Key Movers The pound bounced back from US$1.2300 in Tuesday’s early session as the S&P Global/CIPS posted stronger-than-expected United Kingdom preliminary Services PMI data for April. Surprisingly, the Services PMI jumped to 54.9 from the prior reading of 53.1. Investors forecasted the Services PMI to drop slightly to 53.0. The preliminary Manufacturing PMI, surprisingly contracted, remains below the 50.0 threshold that separates expansion from contraction after expanding in March. The factory PMI falls sharply to 48.3 from expectations and the prior reading of 50.3. Looking ahead to the rest of this week investors will shift focus to the core Personal Consumption Expenditure Price Index (PCE) data for March, which will be published on Friday. The monthly core PCE Price Index is estimated to grow steadily by 0.3%. Annually, the underlying inflation data is expected to soften to 2.6% from 2.8% in February. The US Dollar Index (DXY) is trading softly at 105.70 tallying daily losses on Tuesday's session. Investors will be keeping an eye on vital economic reports due this week, including the preliminary figures of Q1’s Gross Domestic Product (GDP) Growth Rate and the Personal Consumption Expenditures (PCE) Price Index from March to gain further insight into the economy's health. During Tuesday’s session, S&P PMIs came in lower than expected and made the USD face selling pressure. US Treasury bond yields are dwindling with the 2-year yield at 4.93%, the 5-year yield at 4.61%, and the 10-year yield at 4.58%. Expected RangesAUD/USD: 0.6400 - 0.6600 ▲AUD/EUR: 0.5950 - 0.6150 ▲GBP/AUD: 1.9050 - 1.9250 ▼AUD/NZD: 1.0800 - 1.1000 ▲AUD/CAD: 0.8750 - 0.8950 ▼

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 ▼

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

Bitcoin Halving: Will it Trigger a Market Frenzy?

Apr 17, 2024 | 04:41 am

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

Forex Today: US Yields Rise on Powell Cut Delay Signal

Apr 17, 2024 | 02:00 am

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

Forex Today: Stock Markets See Strong Selling

Apr 15, 2024 | 23:10 pm

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

Forex Today: Risk Sentiment Improves as Mideast Tension Lowers

Apr 15, 2024 | 00:51 am

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

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

Apr 10, 2024 | 23:28 pm

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

US Inflation Higher Than Expected, Accelerates to 3.5%

Apr 10, 2024 | 09:37 am

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

Forex Today: US CPI Expected to Show Slower Monthly Increase

Apr 9, 2024 | 23:43 pm

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

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

Apr 7, 2024 | 23:24 pm

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

Forex Today: Gold Beats $2,300

Apr 4, 2024 | 00:08 am

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

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

Apr 2, 2024 | 22:27 pm

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

German Inflation Eases to 3-Year Low

Apr 2, 2024 | 07:54 am

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

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

Apr 1, 2024 | 23:20 pm

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

Forex Today: Gold Hits $2265 Per Ounce

Mar 31, 2024 | 23:13 pm

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

United States GDP Expanded in Fourth Quarter by 3.4%

Mar 28, 2024 | 07:44 am

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

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

Mar 28, 2024 | 01:25 am

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

Forex Today: Japanese Yen Hits 34-Year Low

Mar 27, 2024 | 00:13 am

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

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

Mar 26, 2024 | 00:38 am

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

United States Federal Reserve Holds Interest Rates, Remains Cautious

Mar 21, 2024 | 04:26 am

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

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

Mar 21, 2024 | 00:07 am

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

Forex Today: Markets Await FOMC Meeting

Mar 20, 2024 | 00:06 am

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

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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