The advance reading was +0.5%Prior was +1.1% (revised to +1.0%)Ex autos 0.0% vs +0.3% expected (prior was +1.3%, revised to +1.2%)June advance reading 0.0%Year-over-year sales +0.5% vs +1.4% priorComing into this report, core sales had risen for five consecutive...
Canadian retail sales highlight the economic calendar
The US economic calendar is bare today but there are two notable releases from the Great White North at the bottom of the hour. The new housing price index is coupled with an important report on May retail sales and the advance June data.The May retail sales consensus...
The CHF is the strongest and the JPY is the weakest as the NA session begins
The strongest to weakest of the major currenciesThe CHF is the strongest and the JPY is the weakest as the NA session begins. The USD is mostly higher. Stocks in the US are mixed. Oil is higher. Yields are mixed.Justin posted today that the Bank of Japan (BOJ) is...
ForexLive European FX news wrap: Japanese yen bulls throw in the towel
Headlines:Markets:CHF leads, JPY lags on the dayEuropean equities mixed; S&P 500 futures up 0.2%US 10-year yields down 1.3 bps to 3.840%Gold down 0.2% to $1,966.17WTI crude up 1.1% to $76.52Bitcoin up 0.1% to $29,789What looked to be a quiet session didn't pan out...
NZDUSD Technical Analysis – Make it or Break it moment for the Buyers
The last week, the miss in the US CPI report has led to a big US Dollar selling across the board as the market expected the Fed to be finished with rate hikes after the July meeting. The USD started to come back to life though as strong economic data suggested that...
Major central bank decisions return to the spotlight next week
Taking that into consideration, it might explain the more cagey mood among major currencies at the moment - barring the Japanese yen of course. The dollar was beaten down heavily last week but is putting its foot down this week, aided by a strong recovery in USD/JPY...
Japan top currency diplomat Kanda says watching FX market with sense of urgency
Well, there were certainly no complaints when the yen was strengthening up until the end of last week. But now as yen bulls are throwing in the towel amid the latest round of disappointment from the BOJ, we are starting to see the verbal jawboning return.MoneyMaker FX...
USDCHF Technical Analysis – The USD comes back to life
USDCHF 4 hourThe miss in the US NFP and CPI reports triggered a selloff in the US Dollar across the board. The market got increasingly confident that the July hike will be the last one for this cycle and what will follow are rate cuts sometime in early 2024. The...
The aussie elation yesterday proves short-lived
The Australian dollar got a double boost in trading yesterday but that is ultimately proving to be short-lived as the currency declines further again today. Against the dollar, AUD/USD traded to a high of 0.6846 yesterday but is now down nearly 100 pips from there to...
Japan 10-year yields fall to two-week lows as BOJ hopes squandered once again
The report here is at least keeping things interesting on the session, with the Japanese yen falling sharply as a result. The currency drop is a function of JGB yields, where we're seeing a considerable drop today as well. 10-year JGB yields are now down to 0.42% as...
USDJPY Technical Analysis – BoJ kills again the JPY
The miss in the US NFP and CPI reports triggered a broad USD selloff as the market expected the Fed to be done with rate hikes after the July FOMC meeting. In fact, the market has even started to bring forward rate cuts, although it looks premature due to a strong...
Market Update – July 21 – US100 falls, US30 shines
It has been a mixed session on Wall Street where US500 and US100 lost 0.7% and 2.3% respectively but US30 wrapped up a ninth day of wins, its longest winning streak since 2017 and its highest intraday level since April 2022. This can feel like rotation -for now- after...
Japanese yen falls further on the week on word that BOJ is likely to keep policy unchanged
USD/JPY daily chartThis comes after the headlines here, which is disappointing yen bulls once again - whom have kept up hope for a potential policy tweak next week by the BOJ. 10-year JGB yields have also fallen down to 0.45% from around 0.48% at the start of the day....
BOJ reportedly erring towards leaving policy unchanged next week
The Japanese yen is falling further on the headline here, with the sources stating that the BOJ is not likely to introduce any changes to its yield curve control settings next week. Adding that many policymakers see no imminent need to take fresh steps on that matter,...
ECB to Hike Again
The ECB is expected to deliver another 25-basis point hike next week, while keeping all options open for September. This will mean the presser should be a tad more dovish than in June, when Lagarde signaled more tightening is underway. However, while a September hike...
European equities see mixed start to the session
Eurostoxx -0.3%Germany DAX -0.5%France CAC 40 +0.1%UK FTSE +0.1%Spain IBEX +0.1%It's a more mixed and tentative one as we get the session underway so we'll have to see how Wall Street takes to this later. For now, US futures are marginally higher by around 0.2% so...
AUDUSD Technical Analysis – Playing the Range ahead of the FOMC
The miss in the US CPI report triggered a heavy US Dollar selling across the board as the market started to see the end of the Fed tightening cycle. Moreover, the soft-landing narrative caused a strong positive risk sentiment in the markets as the labour market...
USDCAD Technical Analysis – Awaiting a big breakout
The miss in the US CPI report last week has led to a broad US Dollar weakness as the market anticipated one last hike at the July FOMC meeting. The falling inflation with a resilient labour market have also strengthened the soft-landing narrative and caused a positive...
UK June retail sales +0.7% vs +0.2% m/m expected
Prior +0.3%; revised to +0.1%Retail sales -1.0% vs -1.5% y/y expectedPrior -2.1%; revised to -2.3%Retail sales (ex autos, fuel) +0.8% vs +0.2% m/m expectedPrior +0.1%; revised to 0.0%Retail sales (ex autos, fuel) -0.9% vs -1.6% y/y expectedPrior -1.7%; revised to...
Japanese Yen Steady After CPI; USD/JPY, AUD/JPY, CAD/JPY, MXN/JPY Price Action
US Dollar, Australian Dollar, Canadian Dollar, Mexican Peso Vs Japanese Yen – Outlook:USD/JPY steady after Japan nationwide price pressures re-accelerated last month.Key focus is now on BOJ meeting next week.How do the key JPY crosses look going into next week?...