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USD/CAD bounces back to 1.3700 after weak Canadian Retail Sales data

Apr 24, 2024 | 07:42 am

The USD/CAD pair witnesses strong buying interest and rises to 1.3700 as the Statistics Canada has posted weaker-than-expected Retail Sales data for March.

United States EIA Crude Oil Stocks Change came in at -6.368M below forecasts (1.6M) in April 19

Apr 24, 2024 | 07:31 am

United States EIA Crude Oil Stocks Change came in at -6.368M below forecasts (1.6M) in April 19

EIA weekly US oil inventories -6368K vs +825K expected

Apr 24, 2024 | 07:31 am

Prior was +2735KGasoline -634K vs -1775K expectedDistllates +1614K vs -1093K expectedRefinery utilization +0.4% vs +0.6% expectedPrivate inventories from late yesterday:Oil -3230KGasoline -595KDistillates +724KI tend to think this was frontrun yesterday. This article was written by Adam Button at www.forexlive.com.

Gold price weakens further amid caution ahead of key US macro data

Apr 24, 2024 | 07:29 am

Gold price (XAU/USD) faces pressure while attempting to extend recovery above $2,320 in Wednesday’s early New York session.

Pause in bounce

Apr 24, 2024 | 07:26 am

Let‘s jump right into the stock market commentary this European morning and 10 min after the opening bell, together with the reason for late and brief analysis today (everything fine and resolved, just two more visits ahead later this and then next month).

Natural Gas sees losses amount to nearly 5% under heavy profit taking

Apr 24, 2024 | 07:22 am

Natural Gas (XNG/USD) needs to let lose of its gains from Tuesday, snapping a six-day rally sparked by a possible escalation of tensions in the Middle East as the US is set to

AUD/USD to face resistance at 200-day SMA at 0.6529 – Rabobank

Apr 24, 2024 | 07:21 am

Analysts at Rabobank share their short-term outlook for AUD/USD.

European bonds are taking a beating

Apr 24, 2024 | 07:20 am

The picture is darkening in the fixed income world, led by a sharp rise in Italian and German sovereign debt.Italian 10-year BTPs are up 14.1 basis points today, breaking the April highs. They're now within striking distance of the 4% level that capped the February rise.Over in Germany, bund yields are up 8.7 bps as well and trading at the highs.The sentiment has bled into the US, where US 10s are up 6.4 bps. Eyes will be on the five-year tenor later with a $70 billion auction at 1 pm ET.It's not clear what the catalyst has been for this move. Commentary from Visa yesterday cited 'stable consumer spending' and today's economic data was benign. This article was written by Adam Button at www.forexlive.com.

Atlanta Fed Q1 GDPNow 2.7% vs 2.9% prior

Apr 24, 2024 | 07:11 am

The flash Q1 US GDP estimates is due on Thursday so we're down to the final readings from the Atlanta Fed, which has a good recent track record.Their latest estimate is 2.7% compared to 2.9% previously. After recent releases from the US Census Bureau and the National Association of Realtors, the nowcasts of first-quarter real personal consumption expenditures growth and first-quarter real gross private domestic investment growth decreased from 3.5 percent and 3.7 percent, respectively, to 3.3 percent and 3.5 percent.The consensus for Thursday's report is 2.5%, down from 3.4% in Q4. This article was written by Adam Button at www.forexlive.com.

Pound Sterling recovery stalls amid firm speculation for early BoE rate cuts

Apr 24, 2024 | 07:02 am

The Pound Sterling (GBP) turns sideways around 1.2450 against the US Dollar (USD) in Wednesday’s early American session after bouncing back strongly from a five-month low at around 1.2300.

USD/CHF Price Analysis: Trades close to six-month high around 0.9150

Apr 24, 2024 | 06:45 am

The USD/CHF pair hovers around the six-month high of 0.9150 in Wednesday’s early American session.

S&P and NASDAQ index up for the third day in a row

Apr 24, 2024 | 06:45 am

The S&P and NASDAQ and are working on their third day in around higher. The NASDAQ is leading the way with a gain close to 0.75% in early trading. The Dow Industrial Average is marginally lower. The small-cap Russell 2000 is trading near unchanged as rates rise.A snapshot of the market currently shows:Dow industrial average -28 points or -0.07% at 38471.S&P index +14.66 points or 0.28% at 5085.43NASDAQ and 118 points or 0.74% at 15813.46.The small-cap Russell 2000 is trading up 0.88 points or 0.05% at 2003.42.Tesla shares are trading at $16 or 10.98% at $160.56 after promising that new models would be coming before the expected 2H of 2025.Visa shares are up $6.04 or 2.21% at $280 after their earnings after the close yesterday.Texas Instruments are higher by $9.31 or 5.61% at $174.69 also after better-than-expected earnings after the close yesterdayBoeing shares are up $2.96 or 1.75% at $172.10 after announcing its earnings this morningGeneral Dynamics trading down $10.79 or -3.69% at $281.93 after EPS missed.AT&T is trading up 1.45% at $16.74. EPS beat but revenues missed.Other key earnings this week:Wedsnesday after the close: Meta Platforms, IBM, Ford, Chipotle, ServiceNow, Lamb ResearchThursday: American Airlines, Caterpillar, Southwest, Bristol-Myers Squibb. After close Microsoft, Alphabet, Intel, Western Digital, T-Mobile, Gilead.Friday: Exxon Mobil, Chevron, Colgate-Palmolive.US yields are higher. Durable goods orders was fairly solid at least the headline:2-year yield 4.933%, +2.8 basis points5-year yield 4.656%, +3.4 basis points10 year yield 4.635%, +3.7 basis points30-year yield 4.760%, +3.7 basis pointsin other markets,:Crude oil is trading down $0.50 or -0.59% at $82.87.Gold is trading up $1.27 or 0.06% at $2322.81.Bitcoin is trading at $66,186 little change from early US trading. The high price today reach $67,057. The low price was at $65,816 This article was written by Greg Michalowski at www.forexlive.com.

Mexican Peso weakens after Mexican inflation data

Apr 24, 2024 | 06:43 am

The Mexican Peso (MXN) trades higher in most pairs midweek following widespread weakness among the majors after the release of disappointing Manufacturing Purchasing Manager Index (PMI) data weighed, especially on the US Dollar (USD).

Goldman Sachs: Tough for GBP/USD to break 1.23 without corresponding EUR/USD move

Apr 24, 2024 | 06:41 am

Goldman Sachs analysts express skepticism about the GBP/USD's ability to break through the 1.23 level independently of significant movement in the EUR/USD. Recent positive economic data from Europe has added complexity to the currency dynamics, influencing trader expectations.Key Points:Interdependence of Currency Pairs: Goldman Sachs highlights the interconnectedness between GBP/USD and EUR/USD movements. Analysts at the firm indicate that a breach of the 1.2300 level by GBP/USD is unlikely without the EUR/USD first breaking below the 1.0600 mark, suggesting a strong correlation in the movements of these major currency pairs.Impact of European Economic Data: The recent positive surprises in French and German composite Purchasing Managers' Index (PMI) data have provided unexpected support for the EUR/USD, complicating the downward movement through the critical 1.0600 threshold. This resilience in the EUR/USD is seen as a key factor that could prevent GBP/USD from reaching lower levels independently.Market Dynamics: The dynamics in the FX market show that traders are closely monitoring both currency pairs, with the performance of the EUR/USD acting as a potential bellwether for movements in GBP/USD. This interplay emphasizes the importance of broader market trends and economic indicators in shaping currency valuations.Traders' Sentiment: Despite some bearish sentiment surrounding the GBP due to various economic pressures, the actual market behavior, influenced by positive economic indicators from Europe, may lead traders to adjust their positions and expectations regarding significant breakthroughs in price levels.Conclusion:Goldman Sachs advises caution in anticipating significant movements in the GBP/USD without corresponding shifts in the EUR/USD. The recent economic data from Europe, which has bolstered the EUR against expectations, serves as a critical factor in understanding potential future movements in these major currency pairs.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.

US Dollar sees intraday gain dampening after Durable Goods print

Apr 24, 2024 | 06:31 am

The US Dollar (USD) sees its recovery attempt being cut short after the US Durable Goods release. Although it was a quite good print with the actual numbers coming in above the survey numbers, the cut down revisions triggered some easing in the US Dollar

EUR/USD comes off its highs despite strong IFO data

Apr 24, 2024 | 06:28 am

EUR/USD trades just shy of 1.0700 on Wednesday after weaker-than-expected private sector growth and US business activity dent the myth of US economic exceptionalism, weighing on the US Dollar (USD).

Canadian dollar dips after weaker retail sales

Apr 24, 2024 | 05:50 am

Softer Canadian February and March retail sales numbers highlight the pain from higher interest rates that's slowly working its way through the economy. Statistics Canada reported sales down 0.1% in February and flat in March.The market implies roughly a 55% chance of a June 5 Bank of Canada rate cut, rising from just below 50% before the data. The BOC has plenty of time to digest more economic news ahead of that decision, including another retail sales report.At the moment, USD/CAD is fighting to get above yesterday's high of 1.3714. So far it has been matched but not broken. A run higher could target 1.3750 but it will depend on the broader risk mood. Currently, US equity futures are up fractionally while Treasury yields are up 4-5 bps across the curve. This article was written by Adam Button at www.forexlive.com.

EUR/GBP Price Analysis: Downmove reaches critical support level

Apr 24, 2024 | 05:42 am

EUR/GBP price has reversed and fallen to a key support level at around 0.8590, where it is currently consolidating.

US Durable Goods Orders rise 2.6% in March to $283.4 billion

Apr 24, 2024 | 05:35 am

Durable Goods Orders in the US rose 2.6%, or $7.3 billion, to $283.4 billion in March, the US Census Bureau reported on Wednesday.

United States Durable Goods Orders ex Transportation came in at 0.2%, below expectations (0.3%) in March

Apr 24, 2024 | 05:31 am

United States Durable Goods Orders ex Transportation came in at 0.2%, below expectations (0.3%) in March

US market advanced durable goods orders 2.6% versus 2.5% expected

Apr 24, 2024 | 05:30 am

Prior month 1.3% (revised). Revised even lower to 0.7%nondefense capital goods orders ex air 0.2% vs 0.2% expected. Prior nondefense capital goods orders ex-air 0.7% revised to 0.4%Ex transportation 0.2% versus 0.3% expected. Prior month revised to 0.1% from 0.3%Ex-Defense 2.3% versus 1.5% (revised from 2.1%)For the full report CLICK HERE.ShipmentsShipments of manufactured durable goods in March decreased slightly by -$0.1 billion, remaining virtually unchanged at $282.4 billion.This minor decrease follows a 1.2% increase in February.Transportation equipment shipments decreased by $0.4 billion or 0.5%, totaling $89.4 billion, contributing significantly to the overall decrease.This decline in transportation equipment shipments marks a downturn in three of the last four months.Transportation is very volatile with Boeing numbers fluctuating wildly. Capital Goods Orders details:Nondefense new orders for capital goods in March:Increased by $4.5 billion or 5.4% to $87.6 billion.Shipments decreased by $1.3 billion or 1.5% to $80.5 billion.Unfilled orders increased by $7.1 billion or 0.8% to $851.1 billion.Inventories increased by $0.7 billion or 0.3% to $230.7 billion.Defense new orders for capital goods in March:Increased by $1.2 billion or 10.6% to $12.9 billion.Shipments decreased by $0.1 billion or 0.4% to $14.1 billion.Unfilled orders decreased by $1.2 billion or 0.6% to $204.1 billion.Inventories increased by $0.1 billion or 0.3% to $25.2 billion.The Nondefense orders look solid.Overall, it is a decent/strong report but is subject to revisions (will see the next in the Factory orders in a little over a week). The US stocks maintain its gains:S&P index +12.7 pointsNASDAQ index +128.50 pointsUS yields remain higher:2-year yield 4.935%, +3.2 basis points10 year yield 4.633%, +3.6 basis points30-year yield 4.755%, +3.2 basis pointsThe USDJPY is trading at 154.93 after spiking to 155.164 prior to the report. After running higher, the price moved all way back down toward 154.77 before bouncing again. This article was written by Greg Michalowski at www.forexlive.com.

Canada February retail sales -0.1% vs +0.1% expected

Apr 24, 2024 | 05:30 am

Prior month -0.3%The February advance estimate was +0.1%Ex autos -0.3% vs 0.0% expectedPrior month ex auto +0.5% (revised to +0.4%)Ex auto and gas 0.0% vs +0.4% priorSales down in 5 of 9 subsectors led by fuel stationsAdvance March retail sales 0.0%The advance number is the important one here. It would market two months of weakness in a row and comes despite higher gasoline prices in March. This should further clear the way for a June Bank of Canada rate cut.For February, higher sales were reported at general merchandise retailers (+1.1%) and, to a lesser extent, health and personal care retailers (+0.4%). Offsetting these gains in February were lower sales at furniture, home furnishings, electronics and appliances retailers (-1.5%), clothing, clothing accessories, shoes, jewelry, luggage and leather goods retailers (-1.0%) and building material and garden equipment and supplies dealers (-0.4%). This article was written by Adam Button at www.forexlive.com.

United States Durable Goods Orders increased to 2.6% in March from previous 1.4%

Apr 24, 2024 | 05:30 am

United States Durable Goods Orders increased to 2.6% in March from previous 1.4%

United States Durable Goods Orders ex Defense below forecasts (2.5%) in March: Actual (2.3%)

Apr 24, 2024 | 05:30 am

United States Durable Goods Orders ex Defense below forecasts (2.5%) in March: Actual (2.3%)

Canada Retail Sales (MoM) came in at -0.1% below forecasts (0.1%) in February

Apr 24, 2024 | 05:30 am

Canada Retail Sales (MoM) came in at -0.1% below forecasts (0.1%) in February

Canada Retail Sales ex Autos (MoM) came in at -0.3%, below expectations (0%) in February

Apr 24, 2024 | 05:30 am

Canada Retail Sales ex Autos (MoM) came in at -0.3%, below expectations (0%) in February

USD/JPY breaks 155

Apr 24, 2024 | 05:14 am

Here we go: USD/JPY has broken 155.00.After the quick break, it's retreated down to 154.85. Expect a round of volatility and there's always the chance of intervention. However I think the MOF is ultimately fighting a losing battle due to broad USD strength that's fundamentally driven.If the 155 level isn't beaten back, look for the market to take aim at 160.00 and that's a level where Japan could take a tougher stand. Also remember that we're around 36 hours from the Bank of Japan decision and they may wish to lend a hawkish helping hand. This article was written by Adam Button at www.forexlive.com.

Mexico 1st half-month Core Inflation meets forecasts (0.16%) in April

Apr 24, 2024 | 05:01 am

Mexico 1st half-month Core Inflation meets forecasts (0.16%) in April

Mexico 1st half-month Inflation above expectations (-0.03%) in April: Actual (0.09%)

Apr 24, 2024 | 05:01 am

Mexico 1st half-month Inflation above expectations (-0.03%) in April: Actual (0.09%)

ForexLive European FX news wrap: Close but no cigar for USD/JPY

Apr 24, 2024 | 04:51 am

Headlines:FX traders have got their popcorn bags outUSD/JPY but a whisker away from the pivotal 155 markJapan senior lawmaker says yen slide towards 160 could prod actionAussie bounce runs into key level on the chart, what's next?ECB's Nagel: June rate cut not necessarily followed up by a series of rate cutsGermany April Ifo business climate index 89.4 vs 88.8 expectedSwitzerland April UBS investor sentiment 17.6 vs 11.5 priorUK April CBI trends total orders -23 vs -16 expectedUS MBA mortgage applications w.e. 19 April -2.7% vs +3.3% priorMarkets:AUD leads, CHF lags on the dayEuropean equities higher; S&P 500 futures up 0.2%US 10-year yields up 3.7 bps to 4.635%Gold down 0.2% to $2,316.38WTI crude down 0.6% to $82.87Bitcoin up 0.3% to $66,545The story of the session was pretty much having your eyes glued to the USD/JPY ticker to see if traders would take a run at the 155.00 mark. The high touched 154.96 but there was no further advance to really threaten the figure level as price hovered around 154.85-92 for the most part. Close but no cigar.The rest of the major currencies bloc didn't get up to much as traders got their popcorn bags out instead. EUR/USD and GBP/USD are down a touch but nothing too substantial. The former is down 0.15% to 1.0683 while the latter is down 0.14% to 1.2431 on the day.The aussie was a decent mover early on but ran into a test of its 200-day moving average against the dollar near 0.6530. AUD/USD then backed off but is still up around 0.25% at 0.6500 currently.In the equities space, US futures are slightly higher but there are some nerves showing as S&P 500 futures briefly pared gains during the session. European indices are keeping a slight advance, hoping to keep the win streak going this week.In the bond market, yields are higher again and that is also in part helping to underpin USD/JPY in general on the day. This article was written by Justin Low at www.forexlive.com.

Silver Price Analysis: Silver price finds floor but is still at risk of more weakness

Apr 24, 2024 | 04:38 am

Silver (XAG/USD) price has found a floor at $26.70 and is consolidating.

USD/JPY extends upside to 155.00 amid caution ahead of US data, BoJ policy

Apr 24, 2024 | 04:19 am

The USD/JPY pair advances to historic highs of 155.00 in Wednesday’s London session.

United States MBA Mortgage Applications down to -2.7% in April 19 from previous 3.3%

Apr 24, 2024 | 04:00 am

United States MBA Mortgage Applications down to -2.7% in April 19 from previous 3.3%

US MBA mortgage applications w.e. 19 April -2.7% vs +3.3% prior

Apr 24, 2024 | 04:00 am

Prior +3.3%Market index 196.7 vs 202.1 priorPurchase index 144.2 vs 145.6 priorRefinance index 472.7 vs 500.7 prior30-year mortgage rate 7.24% vs 7.13% priorMortgage applications fell back in the past week, with refinancing activity leading most of the drop. It comes as the average interest rate of the most popular US home loan climbs by 11 bps to 7.24% - its highest since November last year. This article was written by Justin Low at www.forexlive.com.

Pound Sterling loses recovery momentum ahead of US data

Apr 24, 2024 | 03:38 am

After moving sideways above 1.2450 in the Asian session on Wednesday, GBP/USD lost its traction and declined below this level.

UK April CBI trends total orders -23 vs -16 expected

Apr 24, 2024 | 03:00 am

Prior -18The UK manufacturing order book balance falls in April to its lowest since January. But at least the good news is that the output expectations balance increased to 11 on the month, its highest since October last year. Adding to that is an improvement in the quarterly business optimism reading to +9 (previously -3 in January). And that is the highest since July 2021. This article was written by Justin Low at www.forexlive.com.

Germany 10-y Bond Auction: 2.54% vs 2.38%

Apr 24, 2024 | 02:50 am

Germany 10-y Bond Auction: 2.54% vs 2.38%

US futures trim gains in European morning trade

Apr 24, 2024 | 02:49 am

It was up around 0.4% in early morning trade in Europe, before the gradual retreat in the last few hours. Tech shares are still the main anchor though, with Nasdaq futures up 0.4%. But Dow futures have even turned flat on the session now. European stocks are not too much affected, with major indices still holding slight gains. The DAX and CAC 40 are both up 0.3% while the UK FTSE is up 0.5%.After six days of losses, Wall Street followed that up with back-to-back gains this week. It's a modest bounce for the S&P 500, coming right before a test of its 100-day moving average (red line):The question now though, is the selling over already? Or is this just a mild bounce before sellers continue with the recent retracement?The latest bounce, while encouraging, still sees near-term price action keep below both its key hourly moving averages:And that means the near-term bias is still keeping more bearish. At least until buyers make a play to break above either the 100 (red line) or 200-hour (blue line) moving averages as seen above. This article was written by Justin Low at www.forexlive.com.

USD/CAD sticks to modest recovery gains, remains below 1.3700 ahead of US data

Apr 24, 2024 | 02:06 am

USD/CAD rebounds from a two-week low and draws support from a combination of factors.

Silver price today: Silver falls, according to FXStreet data

Apr 24, 2024 | 01:58 am

Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data.

For Japan, silence is golden - at least for now

Apr 24, 2024 | 01:53 am

We're approaching early evening in Tokyo and there hasn't been any meaningful verbal pushback by Japanese officials today. Typically, you'd see them come out in droves to try and pin USD/JPY back. But amid the silence today, perhaps they're hoping that the quietness is something traders will take caution upon. And at least for now, it is working.USD/JPY has been hovering around the 154.85-92 region for almost two hours now. There was a brief dip to 154.76 earlier but it was quickly bought up and we're back to this nervous range again. All eyes are whether or not Japan will step in if price crosses the key line in the sand above the 155.00 mark.And that is keeping broader markets relatively muted on the day. The dollar is steady, holding slight gains against the euro and pound. Meanwhile, European indices are just marginally higher with S&P 500 futures up just 0.2% currently. This article was written by Justin Low at www.forexlive.com.

EUR/JPY sets to capture 166.00 on Japanese Yen’s persistent underperformance

Apr 24, 2024 | 01:42 am

The EUR/JPY pair aims to extend its upside to 166.00 due to persistent weakness in the Japanese Yen.

Gold price trades with mild negative bias, manages to hold above $2,300 ahead of US data

Apr 24, 2024 | 01:40 am

Gold price (XAU/USD) struggles to capitalize on the previous day's bounce from over a two-week low – levels just below the $2,300 mark – and oscillates in a narrow range during the Asian session on Wednesday.

NZD/USD Price Analysis: Could break into the symmetrical triangle, rises to near 0.5950

Apr 24, 2024 | 01:20 am

NZD/USD advances for the third consecutive session on Wednesday, trading around 0.5940 during the European session.

Switzerland April UBS investor sentiment 17.6 vs 11.5 prior

Apr 24, 2024 | 01:00 am

Prior 11.5Swiss investor sentiment picks up further in April with analysts also anticipating more SNB rate cuts than they had in January. The current conditions index also improved from 11.1 in March to 17.7 this month. This article was written by Justin Low at www.forexlive.com.

Germany April Ifo business climate index 89.4 vs 88.8 expected

Apr 24, 2024 | 01:00 am

Prior 87.8; revised to 87.9Current conditions 88.9 vs 88.7 expectedPrior 88.1; revised to Expectations 89.9 vs 88.7 expectedPrior 87.5; revised to 87.7It is beats across the board, reaffirming some improvement in German business morale at least. Both current conditions and expectations also picked up, solidifying better sentiment in April. This doesn't do much to change the overall outlook for the German economy though, at least not yet. As for the ECB, a June rate cut is still more or less a given regardless. This article was written by Justin Low at www.forexlive.com.

Japan senior lawmaker says yen slide towards 160 could prod action

Apr 24, 2024 | 00:28 am

The comment is from Takao Ochi of the ruling Liberal Democratic Party, a senior member of the Lower House Financial Affairs Committee. Adding that the ruling party itself is not yet in active discussion on what yen levels would be deemed as worth intervening.However, Ochi says that a move in USD/JPY towards 160 (or 170) could prod action from policymakers as they would deem that as being "excessive". This article was written by Justin Low at www.forexlive.com.

European indices hold slightly higher to kick start the session

Apr 24, 2024 | 00:06 am

Eurostoxx +0.1%Germany DAX +0.2%France CAC 40 flatUK FTSE +0.4%Spain IBEX flatItaly FTSE MIB +0.5%US futures have also seen gains cool a little, with S&P 500 futures now up by 15 points or 0.3%. So far, risk trades are holding up for the most part but broader markets are keeping a close watch on USD/JPY instead at the moment. This article was written by Justin Low at www.forexlive.com.

FX traders have got their popcorn bags out

Apr 23, 2024 | 23:54 pm

Will Japan intervene or won't they? It's definitely not ideal as we look towards European trading, where liquidity conditions will start to pick up. And even more so when US traders come into the fray later. Officials might be thinking to wait for the BOJ to send a message on Friday but that is still at least two days away.For now, all other major currencies aren't doing much and traders are likely to sit on their hands in watching what happens next with USD/JPY before reacting to anything. The aussie is still up slightly from earlier, but AUD/USD remains capped for now as seen here.It definitely takes a lot of guts to be in any yen trade at the moment and I wish you the best of luck if you're taking that on. Personally, intervention risk is something a little too much for my liking so I'd stay sidelined. And I'm sure the majority will be watching as well to see what happens next.I reckon we might slowly see price creep a little higher until touching 155.00 in the hours ahead. There might be profit-taking as well when we get to the figure level but if there is any overshoot, that could be the event that invites Japan to step in. But we'll see. This article was written by Justin Low at www.forexlive.com.

USD/JPY but a whisker away from the pivotal 155 mark

Apr 23, 2024 | 23:26 pm

The pair is up to a high of 154.94 and is holding thereabouts ahead of European trading. Japanese officials are surely keeping a close watch on this and you should too. This might end up stealing the show today with Icarus flying too close to the sun being the main headline. This article was written by Justin Low at www.forexlive.com.

Eurostoxx futures +0.5% in early European trading

Apr 23, 2024 | 23:04 pm

German DAX futures +0.5%UK FTSE futures +0.6%This mirrors the mood in US futures as well, with S&P 500 futures now up 0.4%. It follows from the more solid gains in trading yesterday as risk trades light up after the softer US PMI data. This article was written by Justin Low at www.forexlive.com.

German Ifo business survey the highlight of the agenda in Europe today

Apr 23, 2024 | 22:09 pm

The softer US PMI data from yesterday is still reverberating but also a much improved risk mood. Geopolitical fears have subsided since the weekend and that is helping to see stocks bounce back quite nicely to start the week. In turn, risk currencies are picking up on that with the aussie also helped by hotter inflation numbers earlier.As seen here, AUD/USD has moved up to test a key technical level on the day. The pair is still up 0.5% to 0.6515 as it keeps near the highs.So, what's next for markets in general?As we look to put behind us the whole Israel-Iran episode, the focus shifts back to US data. Equities will look to that to keep the momentum from this week, with S&P 500 futures up another 0.35% currently. But we might have to wait until tomorrow at least, with the US advanced Q1 GDP figures on the cards. Then on Friday, there is the US PCE price index to get through. As a reminder, that is the Fed's preferred measure of inflation so it is one to watch.For today, it's all about digesting the PMI data from yesterday and sticking with the overall risk mood. The dollar is ceding some ground but we'll see if that turns into anything bigger after the gains earlier this month. If anything else, do keep an eye on USD/JPY as well as the pair remains very much underpinned at 154.85 currently.In terms of data releases in Europe, the German Ifo business survey for April is the main one to watch. But in all likelihood, the releases today won't do much to shake things up.0800 GMT - Germany April Ifo business climate index0800 GMT - Switzerland April UBS investor sentiment1000 GMT - UK April CBI trends total orders1100 GMT - US MBA mortgage applications w.e. 19 AprilThat'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.

Aussie bounce runs into key level on the chart, what's next?

Apr 23, 2024 | 21:33 pm

After the softer US PMI data yesterday, it is keeping the Fed outlook more interesting. The dollar fell as traders might have to consider at least one rate cut for the year. But in the case of the aussie, it doesn't seem like rate cuts might be on the table for this year. That especially as inflation data remains rather sticky as seen here.The trimmed mean reading is the most pivotal one and that is seen at 4.0%. Yes, it is down from 4.2% previously but still not enough to convince of a significant disinflation trend. At least not one that would compel the RBA to act any time soon.AUD/USD has seen a decent bounce today as such, with the pair touching a high of 0.6530 earlier. That sees it run into a test of its 200-day moving average (blue line):And that is holding back gains for now, alongside the 61.8 Fib retracement level (red) at around 0.6536. After which, there is the 100-day moving average (red line) offering the next key resistance level but that is only seen at 0.6585 currently.So, what's next for the pair?What was previously a divergence trade between the dollar and the rest of the major currencies bloc has now changed. That particular divergent factor has closed with the RBA also perhaps being one of the later - if not the latest - central banks to cut rates. And that's a boon for the aussie, especially now as it coincides with a pick up in risk.It will now come down to what the next set of US data has to offer, in particular the inflation numbers. And we won't have to wait too long as there is the PCE price index due on Friday this week.That might offer a key trigger point for traders to work with before the weekend comes along. This article was written by Justin Low at www.forexlive.com.

ForexLive Asia-Pacific FX news wrap: Higher than expected Australian CPI data, AUD up

Apr 23, 2024 | 20:47 pm

Why the stronger yuan might prompt a PBOC rate cutEuropean Central Bank speakers Wednesday include SchnabelAustralia- inflation a bit higher than expected, RBA on hold4 reasons why the RBA may be the last major central bank to cut ratesAUD/USD jumped above 0.6500 on higher than forecast inflation data for Q1 of 2024Australian Q1 CPI +1.0% q/q (expected 0.8%) 3.6% y/y (expected 3.4%)US Senate passes US$95bn aid bill for Ukraine, Israel, TaiwanPBOC sets USD/ CNY mid-point today at 7.1048 (vs. estimate at 7.2363)Under half of analysts expect a BoE rate cut in JuneAbout 70% of companies in Japan will implement pay-scale increases in fiscal 2024Bank of Japan meeting this week - previewTrump advisers are planning US dollar devaluation if he gets electedJapan data - March Services PPI 2.3% y/y (prior +2.1%)JP Morgan's Pinto doubts the Federal Reserve will be cutting rates this yearUS authorities express elevated fears about a terrorist attack like that seen in RussiaNew Zealand March trade balance +588mn (prior -218mn)HSBC bearish GBP/CHF, target is 1.1UBS is dialling back plans in China - high costs, poor profit outlookUS SEC is unlikely to approve spot ETH ETFs in May - price to rise regardlessGoldman Sachs on 2024: expects earnings, equities to rise, inflation & rates to fallOil - private survey of inventory shows a draw vs. the build that was expectedForexlive Americas FX news wrap: Softer PMI weighs on US dollarTrade ideas thread - Wednesday, 24 April, insightful charts, technical analysis, ideas There were items on the data calendar of interest for the session here. The private survey of oil inventory showed a draw compared with the build that was expected. Oil prices have remained fairly steady since, in a tight range. From New Zealand, we had a trade surplus recorded in March. Exports showed a welcome rise but imports fell to their lowest since the middle of 2021. NZD/USD has risen on the session slightly, helped along by a higher AUD (more on this below). Services PPI in Japan for March rose, for a second month in a row. The Bank of Japan holds the view that rising service prices will supplant cost-push inflation as a key driver of price inflation towards its 2% target. The data supported this view (to the extent that it gets passed along in consumer prices). The big data point, though, was the Q1 CPI from Australia. The headline rate, and the two core rates, all jumped more than expected. This has implications for the Reserve Bank of Australia, at the very least delaying potential rate cuts. Indeed, Westpac analysts pushed back their RBA rate cut forecast to November from September. AUD/USD jumped above 0.6500 on the inflation data release and has barely pulled back since. In geopolitically significant news the US Senate passed the bill to provide US$95bn in aid to Ukraine, Israel, and Taiwan: $60.8 billion for Ukraine $26.4 billion for Israel $8 billion for Taiwan The bill also included the potential to ban TikTok. US President Biden says he will sign the bill into law on Wednesday. Apart from the AUD move, FX was sedate. USD/JPY continues to wiggle along just under 155.00. AUD/USD update: This article was written by Eamonn Sheridan at www.forexlive.com.

Australian Q1 CPI +1.0% q/q (expected 0.8%) 3.6% y/y (expected 3.4%)

Apr 23, 2024 | 18:30 pm

AUD has jumped on the higher than expected inflation figures. The results are also just above RBA forecasts,This is a nail in the coffin of 2024 rate cuts from the Reserve Bank of Australia.Hiher than expected headline and core (trimmed mean) inflation data from Australia for the January - March quarter:You'll note the blank space for the monthly inflation result, it came in at 3.5%, also higher than expected.---Summarising the Q1 data:Headline CPI +1% q/qexpected +0.8%, prior: +0.6%Headline CPI 3.6% y/yexpected 3.5%, prior: 4.1%Trimmed mean (a core measure) CPI +1% q/qexpected +0.8%, prior: +0.8%Trimmed mean CPI 4% y/yexpected 3.8%, prior: 4.2%Weighted median 1.1% q/qexpected 0.9%, prior 0.9% Weighted median (another core measure) 4.4% y/yexpected 4.1%, prior 4.4%Services inflation 4.3% y/y is the lowest since June of 2022Goods inflation 3.1% y/y is the lowest since September 2022 This article was written by Eamonn Sheridan 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

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

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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