The strongest to the weakest of the major currenciesThe NZD is the strongest and the JPY is the weakest as the NA session begins. The USD is mixed with modest gains vs the EUR, GBP, JPY and CHF, and declines vs the AUD and NZD. The JPY is testing the 200 day MA again...
ForexLive European FX news wrap: Dollar keeps steady in mixed trading
Headlines:Markets:NZD leads, JPY lags on the dayEuropean equities mixed; S&P 500 futures up 0.3%US 10-yeaar yields down 3 bps to 3.518%Gold down 0.1% to $1,986.53WTI crude up 0.5% to $71.23Bitcoin down 1.1% to $26,675It was a quiet session in terms of headlines...
US MBA mortgage applications w.e. 12 May -5.7% vs +6.3% prior
Prior +6.3%Market index 214.9 vs 227.8 priorPurchase index 165.4 vs 173.7 priorRefinance index 468.2 vs 507.1 prior30-year mortgage rate 6.57% vs 6.48% priorA rise in rates in the past week led to a notable decline in mortgage activity with both purchases and...
XAUUSD Technical Analysis
On the daily chart below, we can see that after tapping into the record high at 2076, Gold started to fall as better than expected economic data lifted treasury yields and boosted the US Dollar. The price yesterday broke below a key trendline which is the base of an...
BOE’s Bailey: Things are looking a bit brighter than they did a couple of months ago
We expected a shallow, long recession back in NovemberNow we are forecasting modest, but positive growthThere has been greater resilience in the economy than expectedBut inflation has also come in higher than expectedHowever, we have good reasons to expect inflation...
USDJPY Technical Analysis
On the daily chart below for USDJPY, we can see that the price found support at the trendline and the 133.77 level. The moving averages remain crossed to the upside which keeps the uptrend intact. We can also notice that the market is forming an ascending triangle,...
USDCHF Technical Analysis
On the daily chart below for USDCHF, we can see that after the big selloff since the collapse of Silicon Valley Bank, the USD/CHF pair found a bottom at the 0.8858 level and started to range. The moving averages have been quite reliable in defining the trends and we...
Bitcoin set for a deeper correction
Market pictureThe cryptocurrency market capitalisation remained near $1.127 trillion as attempts to develop growth came up against selling pressure near $1.14 trillion. The top cryptocurrencies over the past 24 hours have ranged from a 0.7% decline (Solana) to a 5.6%...
NZDUSD Technical Analysis
On the daily chart below for NZDUSD, we can see that the price couldn’t break above the key 0.6389 resistance again and sold off soon after as the USD appreciated due to better than expected data that might force the Fed to hike again in June. In fact, all the recent...
Eurozone April final CPI +7.0% vs +7.0% y/y prelim
Prior +6.9%Core CPI +5.6% vs +5.6% y/y prelimPrior +5.7%No changes to the initial estimates as headline annual inflation did tick a little higher while core annual inflation was marginally lower in April compared to March. This still just helps to reaffirm the ongoing...
UK’s Hunt: The overwhelming priority has to be lowering inflation
Agrees with people who are worried about high taxBut priority has to be on the inflation frontThere is nothing automatic about bringing down inflationGovernment supports the BOE "150%"Hunt also adds that they are not in a position to know if there will be room to cut...
EUR/USD staggers towards key technical test as dollar holds firmer
EUR/USD daily chartWell, the previously highlighted triple top pattern above 1.1000 is truly playing its role as the ominous signal for EUR/USD price action at the moment. The pair is trading down 0.3% again today to 1.0830 as sellers are pushing the agenda, staying...
Dollar starting to benefit from that discarded tailwind?
And in turn, that is keeping the dollar underpinned as we also get into European trading today. USD/JPY is now up 0.4% to 136.90 while EUR/USD is down 0.2% to 1.0838 with GBP/USD down 0.4% to 1.2431 on the day. There's still plenty of pushing and pulling in broader...
European equities a little lower at the open today
Eurostoxx -0.1%Germany DAX flatFrance CAC 40 -0.2%UK FTSE -0.2%Spain IBEX -0.3%It's a tentative one with US futures marginally higher on the day. I know I sound like a broken record when I say that markets are still figuring things out since last week but it is what...
USD/JPY inches closer towards key resistance point
USD/JPY daily chartThere's not much in terms of headlines driving the move as we get into European trading, with the pair now nudging higher to 136.80 levels. It looks just like a further technical extension as buyers are moving towards testing the 200-day moving...
Eurostoxx futures -0.1% in early European trading
German DAX futures flatUK FTSE futures -0.1%After the slight drop yesterday, equities are holding little changed so far today. S&P 500 futures and Nasdaq futures are up 0.1% while Dow futures are flat. That's not leaving a lot for traders to work with as we look...
Trade ideas thread – European session 17 May 2023
The push and pull in markets continue with the dollar showing some added resilience yesterday, with USD/JPY now racing back towards its 200-day moving average near 137.00 while gold fell back below the $2,000 mark.Markets need some form of big push but they aren't...
FX option expiries for 17 May 10am New York cut
EUR/USD- 1.0795-10 (€751m)- 1.0825-35 (€556m)- 1.0915-20 (€619m)USD/JPY- 134.50 ($2.1bn)- 135.50 ($1.3bn)- 136.00-10 ($1.3bn)- 136.80 ($806m)- 137.00 ($503m)USD/CAD- 1.3400 ($1.2bn)- 1.3450 ($1.3bn)EUR/JPY- 141.00 (€1.0bn)There are a couple of big ones to take note...
A light one on the data docket in Europe today
Dollar bulls kept the faith in trading yesterday after a good set of US data releases, headlined by the retail sales report here. Odds of a 25 bps rate hike for next month moved up slightly but is now still just showing an 18% probability.Some Fedspeak also helped to...
Dollar holds steady ahead of European morning trade
The greenback held its ground in trading yesterday, helped out by a couple of US data points - most notably retail sales. USD/JPY in particular maintained a push above 136.00 and is now perhaps looking towards its 200-day moving average at 137.04 next.In broader...