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Gold on the brink as dollar continues to run hot
The dollar continues to sit in a commanding position in trading this week and that is weighing further on gold today. The yellow metal is down 0.4% to $1,935 levels now as sellers are contesting key technical support at the moment:Gold (XAU/USD) daily chartThe 100-day...
Trade ideas thread – European session 30 May 2023
The dollar remains in a commanding spot and looks poised to stretch gains in the new week. USD/JPY continues to hold above 140.00 while EUR/USD is starting to contest levels below 1.0700 with room to roam towards 1.0500. Meanwhile, AUD/USD is threatening the 0.6500...
FX option expiries for 30 May 10am New York cut
There is just perhaps one to take note of for today, as highlighted in bold.That being for EUR/USD near the 1.0700 mark, so that could see price action be more sticky in the session ahead. That said, the expiries are not really at a significant level and the size is...
A couple of releases to move things along in European trading today
With the US debt ceiling deal being done, the focus in markets now turns back towards the balance between inflation, central banks and the economic outlook. The overall risk mood is keeping steadier with US futures a little higher while Treasury yields are keeping...
Dollar stays in control as the week finally gets underway
And so, the new week is pretty much only getting started today. The dollar continues to sit in a good spot as markets continue to weigh up higher odds of another rate hike by the Fed. Looking at Fed funds futures, there is now a roughly 61% probability of a 25 bps...
Federal Reserve’s Barkin speaking later on Tuesday, 30 May 2023
Pricing has swung back in favour of a June rate hike from the Federal Reserve. The meeting is on the 13th and 14th.1700 GMT/13:00 US Eastern time: Federal Reserve Bank of Richmond President Thomas Barkin participates in fireside chat before virtual NABE Monetary...
Turnaround time for the US dollar
AUD/USD had popped higher earlier in the session amongst more broadly based USD weakness: EUR, GBP both gained also.That's all in the past now as the USD has found legs. There is no fresh news nor data to account for the swing. Oil and gold have both joined in, lower...
European Central Bank speakers ahead today include Holzmann and Centeno
The ECB is set to raise rates again at its next meeting:Coming up today, Tuesday, 30 May 2023:1300 GMT/09:00 US Eastern time: European Central Bank (ECB) policymaker Robert Holzmann heads the Austrian National Bank. Holzmann gives opening remarks at a conference on...
ForexLive Asia-Pacific FX news wrap: USD slides a little lower
USD/JPY was a mover during Asia trade, falling from highs circa 140.50 early on to briefly under 140.00. News flow was limited but with remarks from Japan’s finance minister Suzuki and also from Bank of Japan Governor Ueda. Ueda said once again that he will be...
Reserve Bank of Australia Governor Lowe is speaking Wednesday morning Australia time
A heads up of relevance to AUD traders, Lowe to answer questions in parliament Wedneday local timeAppearance by Philip Lowe, Governor, and Brad Jones, Assistant Governor (Financial System), before the Senate Economics Legislation Committee (Budget Estimates),...
Quant-funds’ net exposure to U.S. stocks is at the highest level since December 2021
An interesting piece in the Wall Street Journal, which is gated but here is the link if you can access it. In summary:The market’s steady rise has puzzled analysts and portfolio managers as the S&P 500 has churned more than 9% higher this year (and the...
Bank of Japan Governor Ueda says we have not reached sustainable 2% inflation
Bank of Japan Governor Uedahave not reached sustainable 2% inflation inflation to slow a great deal around the middle of fiscal year 2023BOJ will patiently maintain easy monetary policy as there is still distance to go to stable 2% inflationBOJ will continue with bond...
Australia Building Permits (April) -8.1% m/m (expected +2.0%)
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
PBOC sets USD/ CNY central rate at 7.0818 (vs. estimate at 7.0821)
People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.CNH is the offshore yuan. USD /CNH has no restrictions on its trading...
JPY rising in Tokyo morning trade
Yen has caught a bid, with USD/JPY dropping from early highs circa 140.50 to just under 140.10 as I post. The only news of note from Japan today has been Suzuki:It seems difficult to pin the move on his remarks, he usually doesn't have much of an impact. But there...
OPEC secretary general says will welcome Iran back to the oil market when sanctions lifted
OPEC's Secretary General Haitham Al Ghais visited Iran and spoke with the Iranian oil ministry's website SHANA on Monday.He affirmed that OPEC will welcome Iran’s full return to the oil market when sanctions are lifted. While Iran is a current OPEC member its exports...
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Japanese Finance Minister Suzuki wants fiscal policy for yen credibility
Japanese Finance Minister Suzuki comments:says must guide fiscal policy in line with international normssays his Ministry of Finance's fiscal panel calls for maintaining yen credibility in guiding fiscal policy - said that economic fundamentals that have backed the...
The PBOC is expected to set the USD/CNY reference rate at 7.0821 – Reuters estimate
People's Bank of China USD/CNY reference rate is due around 0115 GMT.The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate...