Australia's monthly CPI data is due on Wednesday, 27 September 2023:Comments via Commonwealth Bank of Australia on what the Reserve Bank of Australia is watching:The August figure will provide updates on how market services inflation, with key categories like...
Goldman Sachs 4 reasons higher oil prices merely a “manageable headwind” for US economy
Goldman Sachs says that while a sustained climb in oil prices could slow consumption and economic growth it will be a "manageable headwind" for the U.S. economy."While we forecast consumption growth to slow during the fall and winter, we think higher oil prices are...
Bank of Japan intervention in USD/JPY usually results in an initial 500 point drop
TD on verbal intervention that we are currently seeing:Ministry of Finance (MOF) officials (e.g., Suzuki, Matsuno) repeated the JPY jawboning ... in a warning to speculators that imminent intervention is on the table, especially with USD/JPY on a path towards 150. And...
Nomura, JP Morgan both tip a higher USD/yuan (USD/CNH)
Nomura are tipping a still higher US dollar, citing the September "Higher for longer" rates viewpointof the Federal Open Market Committee (FOMC)and continued equity and bond outflows from China to persist in pressuring the yuanNomura see a higher USD/CNH, and this is...
Chevron chair/CEO says oil price going above $100 – “It’s fundamentally supply and demand”
Chevron chairman and CEO Mike Wirth spoke in a US TV interview, CNBC, on Monday. He pithily wrapped up what's driving the price higher:We’ve seen a global economy that is continuing to do pretty well. We’ve seen some production cutbacks in some of the OPEC countries...
Forexlive Americas FX news wrap: USD/JPY follows yields higher once again
Markets:Gold down $10 to $1915WTI crude oil down $0.10 to $89.94US 10-year yields up 10 bps to 4.54%S&P 500 up 0.45%CAD leads, EUR lagsThe bond market continues to wilt and that helped USD/JPY break last week's highs and continue up to 148.97. It's probably no...
US stocks close near highs for the session.
US major stock indices closed near highs for the session. The gains come despite higher yields in the US where the 10 year yield rose nearly 11 basis points and the thirty-year was of 14 basis points.Both the broader S&P and NASDAQ index have been down for 3...
Economic calendar in Asia Tuesday, 26 September 2023 – a light one
It's a light data agenda ahead, but there should be some interesting items from the Reserve Bank of Australia. The calendar:And from the Reserve Bank of Australia:I'm not sure what to expect from this! Should be something of interest though. There will be more on...
WTI crude oil settles at $89.68. What are the technicals saying?
Crude oil prices remained settled at $89.68 today. That was down $-0.35 or -0.39%. The high today reached $90.83. THe low was at $89.03. Russia lifted some export bans, but restrictions on gasoline and high-quality diesel persist. Chevron plans to increase its oil...
The best FX trade so far this year is a reminder of the power of fundamental simplicity
GBP/JPY this yearThe third quarter is winding down and that beckons a look at what has unfolded so far in the forex market in 2023. At the top of the FX-trading charts is long GBP/JPY. It's a classic carry trade and it worked as well as ever this year as a global...
US 10 year yield/30 year yields make new highs
Both the US 10 and 30-year yields are stretching to new highs.The 10-year yield has just reached 4.535%. The low for the day was 4.45%. The new high represents the highest level since October 2007.The 30 year yield just reached 4.653%, which is the highest level since...
Moody’s warns that US government shutdown would be ‘credit negative’
I don't get the sense that the public is in any mood for a US government shutdown, especially after the ridiculous debt ceiling theatrics in May but I will never underestimate the stupidity of politicians.Hundreds of thousands of US government workers will be...
Relative growth to be the main driver of FX into year end — 10 themes from Deutsche Bank
EURUSD dailyIn the view of Deutsche Bank, we're on the cusp of a turning point in the forex market as central banks shift to neutral from hiking."This big shift is seeding the ground for fresh trends," Deutsche Bank FX analysts write. "We think it will be relative...
TD Securities: Urgent caution advised for USD bulls amidst emerging vulnerabilities
Dollar Index dailyTD Securities sends a cautionary note to USD bulls this week, pinpointing the convergence of diverse and shifting market dynamics and emphasizing the possible sudden shifts in market sentiments.Key Points:Encounter at the Inflection Point:Diverging...
USDCAD is back down testing 100 hour moving average and 200 day moving average
The USDCAD has not followed the USD higher like the EURUSD, GBPUSD, and USDJPY pairs today. There are ups and downs, and most of the ups and downs have been between the 200-hour moving average above at 1.34878, and the 100-hour moving average and 200-day moving...
The USDJPY retraces into intraday support
USDJPY retraces into intraday supportThe USDJPY peaked short of the natural resistance at 149.00 and technical resistance at 149.10. The high price reached 149.957. The corrective move lower today, has seen the price move down toward 148.72. Looking at the 5-minute...
European equity close: Well off the lows but still a bruising start to the week
On the day:Stoxx 600 -0.7%German DAX -1.1%Francis CAC -0.9%UK's FTSE 100 -0.9%Spain's IBEX -1.3%Italy's FTSE MIB -0.8%Italy further watered down its bank windfall tax but that didn't offer much support today as rising yields dominated.Italy MIB dailyMoneyMaker FX EA...
S&P tests 38.2% retracement and bounces
S&P index tests its 38.2% retracementThe S&P moved to a low of 4302.70 today, and at the low the price of the broad stock index tested the 38.2% of the move up from the March 13 low. The retracement level comes in at 4302.15 – just below the low for the day....
AAAFx Wins ‘Broker of the Year’ at UF AWARDS Global 2023
Multi-asset brokerage AAAFx has won ‘Broker of the Year’ at the UF AWARDS Global 2023 ceremony. The prestigious award was the latest recognition for the brokerage in what has been a productive year in terms of both operations and industry honours.After being vetted...
The USDCHF moves toward the end of May swing high at 0.9165
The USDCHF is pushing higher as yields move higher in the US. Recall from last week as well, that the Swiss National Bank Rates are unchanged. The market was expecting a 25 basis point hike. Meanwhile, the US Rates were unchanged as well, but the Fed did keep one...