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BoJ’s Ueda: Monetary policy does seek not to control forex rates

May 7, 2024 | 17:27 pm

Bank of Japan (BoJ) Governor Kazuo Ueda spoke in the Japanese parliament on Tuesday.

Japan’s Suzuki: Watching FX movement with a sense of urgency

May 7, 2024 | 17:14 pm

Japanese Finance Minister Shunichi Suzuki said on Wednesday that he will closely monitors currency fluctuations with a sense of urgency.

AUD slides following dovish RBA commentary

May 7, 2024 | 17:00 pm

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

USD/JPY extends recovery above 154.50 amid firmer US Dollar

May 7, 2024 | 16:52 pm

The USD/JPY pair trades in positive territory for the third consecutive day around 154.75 during the early Asian session on Wednesday.

Oil price dip & the US is back on the bid to buy oil for Strategic Petroleum Reserve (SPR)

May 7, 2024 | 16:43 pm

The U.S. Department of Energy’s (DOE) Office of Petroleum Reserves has announced:a solicitation for up to 3.3 million barrels of oil for delivery to the Strategic Petroleum Reserve (SPR) in OctoberYep, the US is back on the bid for oil to further replenish Reserve stocks. The DoE says:purchasing oil ... (at) a price around $79 dollars per barrel or below (is) far less than the average of about $95 per barrel DOE received for 2022 emergency SPR sales DOE has already purchased a total of 32.3 million barrels of oil for an average price of $76.98***SPR stockpiles have increased in each of the past six months. In April, though, the Department cancelled planned purchases of 1.5mn barrels each for August and September when prices jumped above the cap. This article was written by Eamonn Sheridan at www.forexlive.com.

Gold wanes as US Dollar soars, unfazed by lower US yields

May 7, 2024 | 16:19 pm

Gold price slipped during the North American session, dropping around 0.4% amid a strong US Dollar and falling US Treasury bond yields.

AUD/USD dips below 0.6600 following RBA’s decision

May 7, 2024 | 16:17 pm

The Australian Dollar registered losses of around 0.42% against the US Dollar on Tuesday, following the Reserve Bank of Australia’s (RBA) monetary policy decision to keep rates unchanged.

GBP/USD hovers around 1.2500 on the stronger US Dollar, focus on BoE rate decision

May 7, 2024 | 16:12 pm

The GBP/USD pair trades on a softer note around 1.2500 on Wednesday during the early Asian session.

Silver Price Analysis: XAG/USD retreats amid strong US Dollar

May 7, 2024 | 15:23 pm

Silver price slid late in the North American session due to overall US Dollar strength across the board amid falling US Treasury yields.

EUR/USD lacks momentum, churns near 1.0750

May 7, 2024 | 15:14 pm

EUR/USD cycled familiar levels again on Tuesday, testing the waters near 1.0750 as broader markets look for signals to push in either direction.

NZD/USD Price Analysis: Bearish momentum escalates, buyers struggle to hold ground

May 7, 2024 | 15:04 pm

The NZD/USD stands at 0.6005 seeing mild losses in Tuesday’s session.

US Dollar picks up gains at the start of the week on Fed speakers remarks

May 7, 2024 | 14:57 pm

The US Dollar Index (DXY) is trading at 105, registering mild gains.

Forexlive Americas FX news wrap 7 May: The USD is the strongest of the major currencies.

May 7, 2024 | 14:16 pm

A mixed close for US stock indices todayCrude oil futures settle at $78.38S&P index tops out at 5200 and reverses lowerFed's Kashkari: Too soon to declare we are stalled out on inflationRussia's Novak: There are no discussions about oil output increases at OPEC+US sells 3-year notes at 4.605% vs 4.608% WIEuropean indices close the day with solid gains. A snapshot of the markets as Europe exitsECBs Nagel: ECB cannot be lenient with structural inflationary forcesMinneapolis Fed Pres. Kashkari: The most likely outlook is the Fed stands put on ratesCanada Ivey PMI for April rises to 63.0 vs 57.5 last monthMinneapolis Fed Pres. Kashkari: housing market is proving more resilient to tighter policyKickstart your FX trading for May 7 w/ a technical look at the EURUSD, USDJPY and GBPUSDAs the North American session begins, the USD is the strongest and the JPY is the weakestLegendary Investor Stanley Druckenmiller cut his stake in NvidiaForexLive European FX news wrap: Aussie dips slightly as RBA keeps policy unchangedThe US session was void of any US data today. The only economic report was the Ivey PMI index out of Canada which came out stronger than expected. Despite the gains, the CAD weakened and was one of the weakest of the major currencies. The USD today, was the strongest of the major currencies, and that came despite rates moving lower on the day. Admittedly, the US rates did come off its low levels and the 2-year is near unchanged, but the benchmark 10 year yields are still down -3 basis points on the day. Today, the US treasury did auction $58 billion of three year notes with a negative tail of -0.3 basis points and a solid bid-to-cover at 2.63X (vs 6-month average of 2.57X). Those results compare favorably to last month when the issue sold with a +2.0 basis point tail with a much lower bid-to-cover of 2.50X. Tomorrow, the 2nd leg of the coupon auction this week will occur at 1 PM with the sale of 10-year notes. On Thursday, the treasry will complete the coupon auctions with the sale of 30-year bonds. The weakest currency for the day was the JPY for the 2nd consecutive day.Fed's Kashkari did release his monthly "essay" and also conducted a Q&A event. Below is a summary of his comments. Federal Reserve official Neel Kashkari commented on the resilience of the housing market to tight monetary policy, suggesting that this resilience might indicate a temporary increase in the neutral rate, which he has modestly adjusted to 2.5% from 2%. Despite progress on inflation in the latter half of 2023, this progress has since stalled, raising questions about the ongoing effectiveness and restrictiveness of current policy measures. The underlying economic demand remains robust, evidenced by recent GDP data affected primarily by changes in inventories and net exports, rather than a slowdown in consumer or business activities. Kashkari noted concerns with a recent soft jobs report and an uptick in new rent rates, which may signal underlying inflation pressures. Although not ruling out further rate hikes if necessary, Kashkari believes the most likely scenario is that the Fed will maintain current rates, with potential cuts contingent on sustained disinflation. He emphasized that the Federal Reserve's decisions will remain data-driven and not influenced by external factors such as elections, committing firmly to the 2% inflation target and expressing a need for patience in monetary policy, suggesting that rates may be held steady longer than the public anticipates.In the US stock market today, the major indices were mixed but little changed. Dow Industrial Average average rose 0.08%S&P index rose 0.13%NASDAQ index fell -0.10%The small-cap Russell 2000 rose by 0.19%.In the US debt market:two year yield 4.830%, +0.8 basis points5-year yield 4.472%, -1.0 basis points10 year yield 4.461%, -2.8 basis points30-year yield 4.602%, -4.0 basis pointsDespite increased geopolitical tensions out of Israel, crude oil is trading at $78.31, down -$0.17 on the day.The price of bitcoin traded within a fairly narrow range of $62,818 and $64,389.Gold fell -$11.87 or -0.51% at $2313.90. This article was written by Greg Michalowski at www.forexlive.com.

Oil - private survey of inventory shows a headline crude oil build vs. draw expected

May 7, 2024 | 14:09 pm

The numbers via oilprice.com on Twitter:--Expectations I had seen centred on:Headline crude -1.1 mn barrelsDistillates +1.7 mn bblsGasoline +1.5 mn---This data point is from a privately-conducted survey by the American Petroleum Institute (API).It's a survey of oil storage facilities and companiesThe official report is due Wednesday morning US time.The two reports are quite different.The official government data comes from the US Energy Information Administration (EIA)Its based on data from the Department of Energy and other government agenciesWhereas information on total crude oil storage levels and variations from the previous week's levels are both provided by the API report, the EIA report also provides statistics on inputs and outputs from refineries, as well as other significant indicators of the status of the oil market, and storage levels for various grades of crude oil, such as light, medium, and heavy.the EIA report is held to be more accurate and comprehensive than the survey from the API This article was written by Eamonn Sheridan at www.forexlive.com.

United States API Weekly Crude Oil Stock meets forecasts (-1.43M) in May 3

May 7, 2024 | 13:49 pm

United States API Weekly Crude Oil Stock meets forecasts (-1.43M) in May 3

A mixed close for US stock indices today

May 7, 2024 | 13:26 pm

The major US stock indices are closing with mixed results. The Nasdaq index close modestly lower, the Dow and the S&P closed with modest gains on the day. A summary of the closing levels shows:Dow Industrial Average average rose 31.99 points or 0.08% at 38884.27S&P index rose 6.8 points or 0.13% have 5187.71NASDAQ index fell -16.69 points or -0.10% at 16332.56The small-cap Russell 2000 gain 3.97 points for 0.19% at 2064.64.Nvidia shares fell -$15.86 or -1.72% to $905.54 as investors reacted to potential competition from Apple in chip-making. Apple shares edged higher by $0.69 or 0.38% at $182.40Meta Platforms shares rose $2.56 or 0.55% at 468.24Alphabet shares rose $3.15 or 1.87% at $171.25Tesla shares fell $-6.95 or -3.76% at $177.81.After the close:Lyft reported earnings of $0.15 better than the $0.03 estimate. Revenues also beat expectations at $1.28 billion versus expected $1.16 billion. Shares are currently up $0.46 or 2.77% at $17.10.Wynn resorts reported EPS of $1.59 versus $1.27 expected. Revenues also beat $1.86 billion versus $1.79 billion expected. Shares of Wynn are trading up $2.33 or 2.40%.Rivian reported earnings-per-share $-1.24 versus expected $-1.17. Revenues came in and $1.2 billion versus $1.18 billion. Shares are trading down $0.18 or -1.76% This article was written by Greg Michalowski at www.forexlive.com.

Canadian Dollar backslides on Tuesday despite upbeat Ivey PMI

May 7, 2024 | 13:18 pm

The Canadian Dollar (CAD) was broadly softer on Tuesday but stuck close to near-term technical levels as CAD markets shrugged off better-than-expected Ivey Purchasing Managers Index (PMI) figures from Canada.

Dow Jones Industrial Average struggles to find gains as Fedspeak trips up rate cut hopes

May 7, 2024 | 13:17 pm

The Dow Jones Industrial Average (DJIA) finds thin gains on Tuesday, climbing around a tenth of a percent halfway through the American market session.

Mexican Peso falters after rally spooked by Fed’s Kashkari comments

May 7, 2024 | 13:07 pm

The Mexican Peso erased some of its earlier gains against the US Dollar on Tuesday, snapping four days of consecutive gains.

EUR/JPY Price Analysis: Bears lose ground and bulls reclaim the 20-day SMA

May 7, 2024 | 13:06 pm

On Tuesday, the EURJPY rose by 0.36% to 166.35, and successfully secured a position above the key 20-day Simple Moving Average (SMA), alluding to the prevailing power of the bulls in the current market.

USD/JPY Price Analysis: Eyes 155.00 after brief dip below 152.00

May 7, 2024 | 13:05 pm

The USD/JPY climbs late in the North American session, up by more than 0.40%, exchanging hands at 154.66 after bouncing off daily lows of 153.86.

Trade ideas thread - Wednesday, 8 May, insightful charts, technical analysis, ideas

May 7, 2024 | 12:59 pm

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

Economic calendar in Asia for Wednesday 08 May 2024 is empty

May 7, 2024 | 12:59 pm

Perhaps we get some intervention, maybe just verbal, from Japan today given the continued ticking higher for USD/JPY. This article was written by Eamonn Sheridan at www.forexlive.com.

GBP/JPY stuck below 194.00 as markets look ahead to BoE

May 7, 2024 | 12:52 pm

GBP/JPY flubbed a bullish run at the 194.00 handle, floundering in recent technical congestion as the pair struggles to develop momentum.

Argentina Tax Revenue (MoM) down to 625.034B in April from previous 7726B

May 7, 2024 | 12:25 pm

Argentina Tax Revenue (MoM) down to 625.034B in April from previous 7726B

Argentina Tax Revenue (MoM) fell from previous 7726B to 625.03B in April

May 7, 2024 | 12:25 pm

Argentina Tax Revenue (MoM) fell from previous 7726B to 625.03B in April

Crude oil futures settle at $78.38

May 7, 2024 | 12:10 pm

Crude all futures are settling at $78.38. That is down $-0.10 or -0.13%.The high price today reached $79.13. The low price was at $78.58. At the session low,, the price briefly moved below the 50% midpoint of the move up from the December low to the April 2024 high at $77.67. The bounce back higher was able to get back above its 100-day moving average at $78.15. Staying above both the 50% midpoint in the 100 day moving average would give the buyers more of an advantage at least in the short term. On the top side, it would take a move back above its 200-day moving average at $80.07 (and staying above) to increase the bullish bias from a technical perspective. This article was written by Greg Michalowski at www.forexlive.com.

United States Consumer Credit Change came in at $6.27B below forecasts ($15B) in March

May 7, 2024 | 12:01 pm

United States Consumer Credit Change came in at $6.27B below forecasts ($15B) in March

Forex Today: Focus stays on Fedspeak amidst broad-based consolidation

May 7, 2024 | 11:37 am

The Greenback traded with decent gains against the backdrop of a generalized consolidative phase in the global markets, as the FX universe slowly shifted its attention to the release of US CPI next week.

USD/NOK gains ground as markets digest Fed official's words, Eurozone outlook

May 7, 2024 | 11:25 am

The USD/NOK pair is currently trading with 0.60% gains on Tuesday, despite broad market predictions of a softened US monetary policy.

Rivan Earnings Preview: RIVN stock caves after early Tuesday surge

May 7, 2024 | 10:53 am

Rivian (RIVN) stock couldn’t hold onto bulls’ initial buying spree on Tuesday ahead of its quarterly earnings call after the close.

Fed's Kashkari: Fed will hold rates where they are if we need to

May 7, 2024 | 10:31 am

Federal Reserve (Fed) of Minneapolis President Neel Kashkari hit newswires for the second time on Tuesday as the Fed official weighs in on the Fed's inflation and interest rate outlook for the rest of the year.

United States 3-Year Note Auction climbed from previous 4.548% to 4.605%

May 7, 2024 | 10:25 am

United States 3-Year Note Auction climbed from previous 4.548% to 4.605%

Russia's Novak: There are no discussions about oil output increases at OPEC+

May 7, 2024 | 10:07 am

I won't trust anything until the OPEC+ decision on June 1 but this is a decent sign.WTI crude is up 24-cents to $78.71 today after falling as low as $77.55. This article was written by Adam Button at www.forexlive.com.

US sells 3-year notes at 4.605% vs 4.608% WI

May 7, 2024 | 10:02 am

Prior was 4.548%Bid to cover 2.63 vs 2.50 priorThis is a good sign for the bond market, which has been doing better since the FOMC and non-farm payrolls. This article was written by Adam Button at www.forexlive.com.

US treasury to auction off $58 billion of 3-year notes at the top of the hour

May 7, 2024 | 09:53 am

The U.S. Treasury will auction off $58 billion of 3-notes at the top of the hour. The results will be compared to the six month averages of the major components to gauge overall demand. The major components and their six-month averages and shows:Tail: 6- month average 0.1 basis points. Previous auction 2.0 basis pointsBid to cover: 6-month average 2.57X. Previous auction 2.50XDirect (a measure of domestic demand): 6-month average 18.7%. Previous auction 20.4%Indirects (a measure of international demand): 6-month average 63.0%. Previous 60.3%.Dealers: 6-month average 18.3%. Previous auction 19.3%At the last auction, the high-yield came in at 4.548%. The current 3-year yield is at 4.616%. This article was written by Greg Michalowski at www.forexlive.com.

Altimeter's Brad Gerstner: Taking a little off with the risks makes sense

May 7, 2024 | 09:25 am

Altimeter's Brad Gerstner on CNBC:We have down exposure by adding shorts and reducing some positionsGone from 80% net long to 60% net longI think it makes sense to trim a little. I don't think it's a market that will treat all stocks equallyThe market is driven by technology with the reacceleration caused by AIIf you are not beating your numbers or elevated guidance you may sufferWe want to be in the names of companies that are accelerating like Nvidia, Amazon, Meta Platforms..The NASDAQ index is trading of 38.82 points or 0.24%. The S&P indexes string up 0.31%. This article was written by Greg Michalowski at www.forexlive.com.

European indices close the day with solid gains. A snapshot of the markets as Europe exits

May 7, 2024 | 09:10 am

Major European indices are closing with solid gains. Traders in the UK returned from the weekend holiday and push the UK FTSE 100 to new record levels. Spain's Ibex rises 1.5% followed closely by German DAX.The final numbers are showing:German DAX +1.40%France CAC, +0.99%UK FTSE 100, +1.22%Spain's Ibex, +1.50%Italy's FTSE MIB, +0.75%In the European debt market, benchmark 10 year yields moved lower:Germany 2.425%, -4.0 basis pointsFrance 2.97%, -4.9 basis pointsUK 4.132%, -8.9 basis pointsSpain 3.208%, -2.6 basis pointsItaly 3.767%, -2.1 basis pointsAs European/London traders put eggs, US stocks are marginally higher:Dow Industrial Average average up 60 points or 0.15% at 38912.20.S&P index up 16.00 points or 0.31% at 5196.69.NASDAQ index up 44.52 points or 0.27% at 16393.36.The small-cap Russell 2000 is also higher and leading the way with a gain of 16.97 points or 0.82% at 2077.66.In the US debt market, yields are lower ahead of the coupon auctions starting with the three year note auction at 1 PM ET. Tomorrow the U.S. Treasury will auction off 10-year notes and on Thursday, they will auction off 30 year bonds.2-year yield 4.805%, -1.7 basis points5-year yield 4.442%, -4.0 basis points10 year yield 4.432%, -5.6 basis points30-year yield 4.579%, -6.3 basis pointsIin other markets:Crude oil is trading up $0.30 at $78.78.Gold is trading down $12.50 or -0.54% at $2313.65.Bitcoin is trading fairly steady from early New York levels at $63,827A snapshot of the Forex market shows the NZD is the strongest and the JPY is the weakest. This article was written by Greg Michalowski at www.forexlive.com.

Rafah operation will continue until Hamas eliminated or 1st hostage returned

May 7, 2024 | 08:55 am

Israel defense minister Gallant speaking and says:Rafah operation will continue until Hamas is eliminated or the first hostage returns.Earlier Israel's Netanyahu said that:Hamas proposal falls far short of Israel's essential demandsUsing crossing in Rafah is a very significant step toward destruction of remaining military capabilities of HamasMilitary pressure on Hamas is a necessary condition for the return of our captives This article was written by Greg Michalowski at www.forexlive.com.

Pound Sterling range bound around 200-DMA, awaiting BoE’s decision

May 7, 2024 | 08:39 am

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New Zealand GDT Price Index rose from previous 0.1% to 1.8%

May 7, 2024 | 08:00 am

New Zealand GDT Price Index rose from previous 0.1% to 1.8%

GBP/USD Price Analysis: Range bound around 200-DMA, awaiting BoE’s decision

May 7, 2024 | 07:48 am

The Pound Sterling registers anemic losses against the US Dollar as traders brace for the Bank of England’s (BoE) monetary policy decision on Thursday.

Summary of press release from Apple on the new iPad launch.

May 7, 2024 | 07:43 am

The Apple press release is now out. Below are the highlights from that report:New iPad Air ModelsIntroduction of New Sizes: Apple introduces a redesigned 11-inch and a new 13-inch iPad Air, both powered by the M2 chip.Enhancements: Enhanced CPU, GPU, and Neural Engine for improved performance. Features like the landscape-oriented Ultra Wide 12MP front camera with Center Stage, faster Wi-Fi, 5G in cellular models, and all-day battery life.Display: Liquid Retina display supporting P3 wide color with anti-reflective coating and True Tone technology.Pricing and Availability: Starting at $599 for the 11-inch and $799 for the 13-inch model, available for order today with availability beginning May 15.Camera and AudioFront Camera: Landscape Ultra Wide 12MP front camera with Center Stage.Back Camera: 12MP Wide back camera supports high-resolution photos, detailed 4K video, and 240-fps slo-mo.Audio: Dual microphones and landscape stereo speakers with Spatial Audio, enhanced bass in the 13-inch model.Performance and AI CapabilitiesM2 Chip: Includes a faster 8-core CPU and 10-core GPU, providing significant performance enhancements over previous models.AI Performance: 16-core Neural Engine for advanced AI capabilities like Visual Look Up, Subject Lift, and Live Text.ConnectivityWi-Fi 6E and 5G: Improved connectivity speeds with support for Wi-Fi 6E and 5G. Cellular models include eSIM technology.AccessoriesApple Pencil Pro: New interactive features like squeeze, barrel roll, haptic feedback, and support for Find My.Magic Keyboard: Floating design with built-in trackpad and backlit keyboard. Compatible with both 11-inch and 13-inch models.Smart Folio: New adjustable angles, available in multiple colors.Software and EcosystemiPadOS 17: Offers new levels of personalization and versatility, with features like customizable Lock Screens, interactive widgets, and enhanced FaceTime and Messages.Built-in Apps: Includes Freeform, Notes, iMovie, GarageBand, Photos, Pages, Numbers, and Keynote.Logic Pro and Final Cut Pro: Available with new features, supporting professional audio and video editing.Environmental CommitmentSustainability: Features 100% recycled aluminum, rare earth elements, and gold plating. Packaging is 100% fiber-based, aiming for plastic-free packaging by 2025.Financial Options and PromotionsPricing for Education and General Market: Special pricing for educational purposes. Apple Card users can benefit from monthly installments at 0% APR and 3% Daily Cash back.Trade-in and Savings Programs: Options for trading in current iPads for credit towards new purchases.Shares of Apple are trading up $0.76 or 0.42% at $182.47.The major indices are mixed with the Dow Industrial Average average up 79 points or 0.20% at 38933. The S&P index is up 7.15 points or 0.14%. The NASDAQ index is down -6.5 points or -0.04%. This article was written by Greg Michalowski at www.forexlive.com.

Gold falls as USD finds a floor and recovers

May 7, 2024 | 07:37 am

The Gold price (XAU/USD) trades down by roughly a third of a percent, in the $2,310s on Tuesday, as the US Dollar (USD) recovers, reducing the cost of Gold which is priced in USD.

If there is no progress in Cairo talks, we will move to second phase of Rafah operation

May 7, 2024 | 07:35 am

Al Arabiay is reporting that:if there is no progress in Cairo talks, we will move to second phase of Rafah operation.It seems that Hama and Palestinians cannot reach requirements of an agreement with Isreal. Isreal wants Hamas eliminated. I may be misguided but hopes for peace seems elusive. This article was written by Greg Michalowski at www.forexlive.com.

Mexican Peso edges higher in run up to Banxico meeting

May 7, 2024 | 07:34 am

The Mexican Peso (MXN) fluctuates between tepid gains and losses on Tuesday as many traders wait on the sidelines for key inflation data and the Bank of Mexico (Banxico) policy meeting decision on “super” Thursday.

Apple iPad event in process. What about the technicals for Apple

May 7, 2024 | 07:29 am

The Apple iPad event is ongoing with the company announcing a new iPad air, including first larger version. The new iPad air is 50% faster and has an M2 chip. The price starts at $799.Other products will also be announced.What about the price action and the technicals?Looking at the daily chart above, the price of stock in December reached just short of $200 level and started to rotate to the downside. The low price was then reached on April 19 at $164.08 after taking out the October 26 low at $165.67. Bearish. However, momentum failed and that failure gave the buyers something to lean against. The price started to rotate to the upside.The earnings from last week (and massive/record $110 buyback announcement) helped to propel the stock sharply to the upside (gapped above those MAs). In the move, the price extended back above its falling 100 and 200 day moving averages (blue and green lines on the chart above). Those levels, in at $180.56 and $181.09 currently Those two moving averages are now key barometers for both buyers and sellers technically. Staying above those moving averages keeps the buyers more in control from a technical perspective. The low price yesterday dipped at $180.42 (just below the moving averages) before bouncing and closing at $181.71. Moving below (and closing below) would tilt the bias back to the downside and likely disappoint the buyers. Conversely, staying above, opens the door for continued upside momentum. Traders cannot ignore that possibility over time. The good news is that the support is clear from a technical perspective. Traders can lean against those MA levels. That limits the risk.for traders from a technical perspective. This article was written by Greg Michalowski at www.forexlive.com.

Canada Ivey PMI for April rises to 63.0 vs 57.5 last month

May 7, 2024 | 07:01 am

Prior 57.5Ivey PMI rises to 63.0 seasonally adjustedIvey PMI index Not seasonally adjusted 65.7 versus 63.0 last month.Looking at the USDCAD, the price is testing the 100 and 200-hour moving averages which are both converged at 1.36896. Key barometer for both buyers and sellers. Yesterday, the low price stall against its rising 200 bar moving average, igniting the upside momentum. This article was written by Greg Michalowski at www.forexlive.com.

Major US stock indices open higher

May 7, 2024 | 06:34 am

The major US indices are opening modestly higher:Dow Industrial Average average is trading up 50 points or +0.13% at 38902.25. S&P index up 11.16 points or 0.22% at 5191.89.NASDAQ index up 25.71 points or 0.16% at 16374.96.The small-cap Russell 2000 index is trading up 4.50 points or 0.22% at 2065.17.Looking at some of the favorite stocks:Palantir is trading down -10.47% after for guidance disappointed.Disney shares are trading down -8.21% at $106.88 after disappointing revenuesTesla shares are down -2.61%. China EV sales were disappointing overnight.Nvidia shares are trading down $-11 or -1.21% at $910.75Apple shares are trading up 1.06%Celcius shares are trading down -6.67% after disappointing revenues due to inventory issues.Looking at the US yield curve, yields are lower especially out the curve ahead of the coupon auctions over the next three trading days. Today the U.S. Treasury will auction off three-year notes, tomorrow 10 year note, and on Thursday 30 year bonds:2-year yield 4.815%, -0.6 basis points5-year yield 4.555%, -2.8 basis points10 year yield 4.446%, -4.2 basis points30-year yield 4.594%, -4.8 basis points This article was written by Greg Michalowski at www.forexlive.com.

US stocks set to open mixed

May 7, 2024 | 06:22 am

As US stock trading moves toward the opening at the bottom of the hour, the major indices are trading mostly higher:Dow Industrial Average average are trading up 72 pointsS&P index are trading up eight pointsNASDAQ index are trading down -3.25 points.US yields are trading lower with buyers in the 10 year sector being touted. The 10 year yield is currently down 4.4 basis points at 4.44% (that's a lot of 4s).Disney reported disappointing earnings and its shares are down -7.28% in premarket trading.Nvidia shares are also lower in premarket trading despite Goldman Sachs upping its projection for the stock to $1100 from $1000. Shares are trading down -0.94% at $912.75.. There was a report that Apple was developing its own chips run artificial intelligence software in data centers. Apple shares are up 1%. Apple will have an iPad event starting at 10 AM ETPalantir shares are down -12.34% after eating EPS and revenues but disappointed on annual revenue forecasts. This article was written by Greg Michalowski at www.forexlive.com.

Israeli government spokesman: Objective is still to destroy Hamas

May 7, 2024 | 05:51 am

An Israeli spokesman is saying:calls on international organizations to a evacuate Rafah regions where military is operatingNegotiators will leave for Cairo shortlyIsrael's objective is still to destroy HamasAid continues to flow into Gaza, says where there is hunger in Gaza it is orchestrated by Hamasmeanwhile in the US:US has made its use clear to Israel on a major ground invasion of Rafah stateUS continues to believe hostage deal is in best interest of Israel, PalestiniansUS remains engaged with partners to work out agreement for enduring peace. This article was written by Greg Michalowski at www.forexlive.com.

Legendary Investor Stanley Druckenmiller cut his stake in Nvidia

May 7, 2024 | 05:04 am

Speaking to CNBC's "Squawk Box", Stanley Druckenmiller revealed that he cut his stake in Nvidia and a lot of other positions in March after riding the stock from $150 to $900. The reason is mostly due to some profit-taking as he admitted that "AI might be a little overhyped now" and a lot of what he recognized has become recognized by the marketplace. Nevertheless, he remains bullish on AI in the long term.Here's the link for the article. This article was written by Giuseppe Dellamotta at www.forexlive.com.

ForexLive European FX news wrap: Aussie dips slightly as RBA keeps policy unchanged

May 7, 2024 | 04:45 am

Headlines:A slight setback for the aussie on the RBA decisionRBA leaves cash rate unchanged at 4.35%, as expectedRBA's Bullock: Rates are at the right level to get inflation back to targetRBA's Bullock: We might have to hike rates if inflation takes markedly longer to fallBOJ governor Ueda says had regular exchange of views with Japan PM KishidaJapan business federation chairman says USD/JPY above 150 is too muchEurozone March retail sales +0.8% vs +0.7% m/m expectedGermany March industrial orders -0.4% vs +0.4% m/m expectedGermany March trade balance €22.3 billion vs €22.2 billion expectedGermany April construction PMI 37.5 vs 38.3 priorFrance March trade balance -€5.5 billion vs -€5.2 billion priorUK April construction PMI 53.0 vs 50.2 expectedUK April Halifax house prices +0.1% vs -1.0% m/m priorMarkets:NZD and USD lead, JPY lags on the dayEuropean equities higher; S&P 500 futures flatUS 10-ear yields down 2.6 bps to 4.463%Gold down 0.3% to $2,315.42WTI crude down 0.3% to $78.24Bitcoin up 0.9% to $63,848The RBA policy decision was the main highlight in the handover from Asia to Europe today. The central bank did not produce a hawkish tilt, keeping a more or less similar stance to March. They did continue to leave the door open for rate hikes though, so that is limiting any major fallout in the aussie.AUD/USD fell from 0.6625 to 0.6600 on the decision before easing slightly more to 0.6590 amid a steadier dollar. But the pair is now trading back to 0.6605, down 0.3% on the day.Meanwhile, USD/JPY was hovering around 154.60 after rising in Asia trading before slipping to 154.00 during the session. The pair did bounce back though, now seen around 154.40-50 levels - up 0.4% on the day.Besides that, the dollar held steadier in general throughout with little else to work with. EUR/USD is stuck within a 20 pips range, keeping little changed at 1.0760 levels mostly. Then, GBP/USD is down 0.2% to 1.2540 and USD/CAD up 0.1% to 1.3680 on the day.In the equities space, European stocks are benefiting further from the Wall Street rally yesterday. But US futures are more muted, keeping flattish as we look towards US trading later.In other markets, bond yields are staying in retreat while gold is also marked down slightly amid more of a push and pull this week for the precious metal. This article was written by Justin Low at www.forexlive.com.

Bond yields stay in retreat mode to start the month

May 7, 2024 | 03:42 am

The turnaround came as traders are starting to digest a more dovish Fed outlook since last week. We've gone from seven rate cuts priced in to start the year down to one rate cut, before moving towards two rate cuts now. To be more exact, Fed funds futures are reflecting ~45 bps worth of rate cuts currently for 2024. It was roughly 31 bps just at the start of last week.And that has helped to keep a modest bid in bonds, with Treasury yields now down to its lowest in a month. So, have we reached the peak in yields for this year?Well, higher yields wasn't supposed to be part of the script to begin with. So, to see 10-year yields hit 4.70% at the end of last month was already a big win for bond sellers. But not everyone is abandoning that view as of yet, even with the recent poor US data. The bond king himself is arguing for yields to move to 5% next, rather than 4%.That being said, there's a good argument as well that we could see yields cool in the months ahead.As things stand, economic data is paramount and is a key driver of market sentiment. We've already got a taste of how quickly things can change from the softer US data last week. And if that keeps up, especially with softer labour market conditions, it could compel traders to consider more rate cuts so long as inflation doesn't run much hotter from here.That said, the oversupply in Treasuries was already a key factor driving yields higher last year. And that might come into play again, should we see economic data take more of a backseat that is. This article was written by Justin Low at www.forexlive.com.

There's not much to work on this week

May 7, 2024 | 02:26 am

This is clearly one of the most boring weeks so far as the lack of key economic data is keeping the FX markets in tight ranges. The only notable releases will be the US jobless claims on Thursday and the University of Michigan consumer sentiment survey on Friday, but they are unlikely to change anything for the market unless we see big surprises. We have also many Fed speakers throughout the week but again they are unlikely to change the market's pricing, on the contrary, they might tone down their language after the recent US NFP report. This leaves us waiting for the US CPI report next week which is going to be a big market-mover. There is no consensus at the moment but a miss will likely trigger a bigger reaction than a beat in light of the recent softening in the labour market data. In fact, now that is pretty clear that the bar for a rate hike is VERY high, the market will probably need something more than just a high CPI print. Falling wage growth and softening labour market shouldn't lead to a sustained re-acceleration in inflation, although it might remain higher for longer, in which case the Fed looks to be comfortable to just hold rates steady. Moreover, higher input price inflation as seen in the ISM PMIs could have the reverse effect this time and instead of being passed on to consumers, businesses might find other ways to decrease costs, which could translate in more layoffs. Some leading labour market indicators like the Conference Board Employment Trends Index (ETI) have been signalling softening in the labour market for quite some time. We had some fun trading the repricing in interest rates expectations in Q1 2024 as the market went too far with the seven rate cuts expected for 2024 at the beginning of the year. Now that we reached kind of a balance between two and one rate cut, we will need something more to trigger another sustained trend. This article was written by Giuseppe Dellamotta at www.forexlive.com.

Eurozone March retail sales +0.8% vs +0.7% m/m expected

May 7, 2024 | 02:00 am

Prior -0.5%; revised to -0.3%Euro area retail sales edged higher in March, following a better revision in February as well. Looking at the details, here is the breakdown for the month:Food, drinks, tobacco +1.2%Non-food products 0.0%Automotive fuel +2.0%The year-on-year reading also moves back up to positive territory, seen at +0.7%. But this is very much a lagging data point after we already got the Q1 GDP numbers last week. This article was written by Justin Low at www.forexlive.com.

Forex Today: RBA Holds Rates, Warns on Recession - 07 May 2024

May 6, 2024 | 22:44 pm

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

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

May 6, 2024 | 17:00 pm

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

Forex Today: Japanese Yen Sells Off Again

May 5, 2024 | 23:15 pm

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

Aussie dollar trades above US$0.66

May 5, 2024 | 17:00 pm

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

AUD buoyed by Bank of Japan intervention

May 2, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar is stronger this morning having edged back above US$0.6550 amid a weaker USD and stronger Japanese yen. Markets extended the post FOMC trend. With US treasury yields moving down and risk assets edging higher the USD fell, allowing the AUD to consolidate a break above US$0.65. The AUD extended gains toward US$0.6570 following more official intervention in Japan. The Ministry of Finance directed the Bank of Japan to defend the beleaguered yen, pushing the USD lower and spilling over to drive gains across other Asian currencies. With speculators forced to the sidelines, support for the yen has driven support for the Chinese yuan and run into support for the AUD. If the signals sent this week by the Bank of Japan and MoF suggest we have seen a low for the yen, we have removed a headwind for the AUD moving forward and could see an extended break higher if resistance at 0.6580/0.6620 is breached. Having edged above 104 against the yen, the AUD is now trading back below 101. While we continue to monitor JPY performance and interventionist moves, our attentions today turn to US non-farm payrolls data for direction into the weekly close. Key Movers After the flurry of activity that followed the Fed policy meeting on Wednesday, price action through trade on Thursday settled into a more measured pattern, though continued to trend in the same direction. The USD is weaker, while the euro and GBP were flat overnight. The big mover again was the Japanese yen. With US treasury yields trending lower, the yen found support, while another round of intervention forced the USD toward 153. Japan’s Ministry of Finance directed the Bank of Japan to intervene and support the beleaguered yen, extending yesterday’s move and the correction off 160. Increased volatility in yen will make it more and more difficult for speculators to hold positions, forcing analysts to sideline major bets and driving more near-term volatility as existing positions are unwound. With treasury yields lower, equities and risk assets edged higher on the day and our attentions turn now to US employment data. We expect non-farm payroll to show a moderate increase in April, ensuring the unemployment rate remains steady at 3.8%, while wage inflation will be keenly monitored as a critical marker for future inflation trends. Expected RangesAUD/USD: 0.6480 - 0.6620 ▲AUD/EUR: 0.6050 - 0.6150 ▲GBP/AUD: 1.9000 - 1.9300 ▼AUD/NZD: 1.0950 - 1.1050 ▲AUD/CAD: 0.8930 - 0.9030 ▲

United States Federal Reserve Leaves Rates Unchanged

May 2, 2024 | 03:30 am

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

Forex Today: Powell Downplays Rate Hike Chances

May 1, 2024 | 23:25 pm

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

Aussie dollars rebounds back above US$0.65 after Fed chair issues dovish statement

May 1, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar traded back above US$0.65 on Wednesday following the Federal Open Market Committee (FOMC) policy meeting and accompanying policy statement. With little of note on the domestic ticket, the AUD tracked sideways through the local session before pitching back above US$0.65 and toward intraday highs at US$0.6540 after Federal Reserve Chair, Jerome Powell failed to match markets' Hawkish expectations, all but quashing calls for one final rate hike. With US rates and treasuries on the back foot, the AUD benefited, consolidating and settling near US$0.6520 leading into this morning’s opening. Our attentions now turn to Australian trade data and March building approvals for direction through the local session while Bank of Japan minutes and Eurozone PMIs dominate the offshore docket ahead of tomorrow’s all-important US non-farm payroll print. Key Movers The US dollar opened lower this morning as markets reacted to the FOMC policy meeting and comments from Fed Chair Jerome Powell. As anticipated, committee members opted to leave rates on hold and proffered few changes in the official statement to that issued last month. While policymakers acknowledged the lack of progress toward the 2% target, the introduction of new language was largely in line with recent Fed commentary and had little market impact. Cue, Fed Chair Jerome Powell’s press conference. Markets were expecting a hawkish bias given the persistence of price pressures and wage inflation yet Fed Chair, Powell offered a dovish statement suggesting the Fed was looking for reasons to cut rates and it was “unlikely the next policy move will be a hike”. US treasury yields and rates fell, dragging the USD lower. The Euro has punched back above 1.07, while sterling trades above 1.25 and the Yen is markedly stronger following further suspected intervention from the Ministry of Finance and Bank of Japan. Following Powell’s press conference, the USD fell from 157.60 to 153 before settling around 155. Interestingly and unlike Monday’s suspected intervention following the move to 160 this recent adjustment came during a period of relative stability suggesting “excessive market movements” may not be the sole catalyst for intervention. Instead, it looks like currency officials may adopt a more opportunistic approach to intervention, keeping markets on edge. Our attentions now turn to the Bank of Japan's March meeting minutes and Eurozone PMIs for April as the headline items on the docket through Thursday. Expected RangesAUD/USD: 0.6450 - 0.6580 ▲AUD/EUR: 0.6020 - 0.6120 ▲GBP/AUD: 1.9100 - 1.9400 ▼AUD/NZD: 1.0950 - 1.1050 ▲AUD/CAD: 0.8900 - 0.9000 ▲

Forex Today: Stocks Bearish as Markets Await Fed Meeting

Apr 30, 2024 | 23:22 pm

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

Forex Today: Markets Weigh Suspected BoJ Yen Intervention

Apr 29, 2024 | 23:45 pm

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

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

Apr 18, 2024 | 00:27 am

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

Bitcoin Halving: Will it Trigger a Market Frenzy?

Apr 17, 2024 | 04:41 am

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

Forex Today: US Yields Rise on Powell Cut Delay Signal

Apr 17, 2024 | 02:00 am

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

Forex Today: Stock Markets See Strong Selling

Apr 15, 2024 | 23:10 pm

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

Forex Today: Risk Sentiment Improves as Mideast Tension Lowers

Apr 15, 2024 | 00:51 am

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

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

Apr 10, 2024 | 23:28 pm

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

US Inflation Higher Than Expected, Accelerates to 3.5%

Apr 10, 2024 | 09:37 am

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

Forex Today: US CPI Expected to Show Slower Monthly Increase

Apr 9, 2024 | 23:43 pm

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

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

Apr 7, 2024 | 23:24 pm

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

Forex Today: Gold Beats $2,300

Apr 4, 2024 | 00:08 am

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

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

Apr 2, 2024 | 22:27 pm

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

German Inflation Eases to 3-Year Low

Apr 2, 2024 | 07:54 am

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

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

Apr 1, 2024 | 23:20 pm

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

Forex Today: Gold Hits $2265 Per Ounce

Mar 31, 2024 | 23:13 pm

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

United States GDP Expanded in Fourth Quarter by 3.4%

Mar 28, 2024 | 07:44 am

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

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

Mar 28, 2024 | 01:25 am

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

Forex Today: Japanese Yen Hits 34-Year Low

Mar 27, 2024 | 00:13 am

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

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

Mar 26, 2024 | 00:38 am

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

United States Federal Reserve Holds Interest Rates, Remains Cautious

Mar 21, 2024 | 04:26 am

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

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

Mar 21, 2024 | 00:07 am

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

Forex Today: Markets Await FOMC Meeting

Mar 20, 2024 | 00:06 am

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

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.

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