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Weekly Crude oil inventory show a -1.362M drawdown vs -1.066 M estimate

May 8, 2024 | 07:31 am

Crude oil showed a large and expected drawdown of 1.362M vs expectations of -1.066MGasoline showed a unexpected build of 0.915M vs expected -1.255M drawdownDistilates showed a build up 0.560M vs an expected drawdown of -1.098MCushing showed a build of 1.880M vs last week's build of 1.089M This article was written by Greg Michalowski at www.forexlive.com.

EUR/USD remains subdued as US Dollar recovers Fed-induced losses

May 8, 2024 | 07:06 am

EUR/USD is slightly down to 1.0740 in Wednesday’s early American session.

US March wholesale inventories (revised) -0.4% versus -0.4% preliminary

May 8, 2024 | 07:00 am

Prior month +0.4%wholesale human toys for March comes in at -0.4%, unchanged from the preliminary release. Last month the inventories rose +0.4%.Wholesale sales -1.3% after a 2.0 percent gain last month (revised from 2.3%). Weakest since January when it was down -1.8%Sales came in at $662.8BWholesale sales were up 1.4% compared to March 2023The March inventories/sales ratio for merchant wholesalers, except manufacturers’ sales branches and offices, based on seasonally adjusted data, was 1.35. The March 2023 ratio was 1.40. This article was written by Greg Michalowski at www.forexlive.com.

Pound Sterling slumps amid uncertainty ahead of BoE’s policy decision

May 8, 2024 | 06:55 am

The Pound Sterling (GBP) slips below the psychological support of 1.2500 against the US Dollar (USD) in Wednesday’s early New York session.

US Dollar in the green with traders ready for Fedspeak

May 8, 2024 | 06:55 am

The US Dollar (USD) is able to snap the repetitive pattern for this week and looks to be keeping its gains on Wednesday, picking up momentum against most Asian peers. Leading the decline in Asian pairs is the Japanese Yen (USD/JPY) which is breaking

Oil steady ahead of this week's EIA release

May 8, 2024 | 06:51 am

Oil prices are in the red ahead of the weekly US Crude Stockpile numbers release, with West Texas Intermediate (WTI) US crude prices reaching their lowest levels in almost two months. Markets are not responding well to the headline that Iran plans to

Not a great start for US stocks. Uber and Tesla got the market off to a negative start.

May 8, 2024 | 06:50 am

The major US stock indices are off to a negative start. Shares of Uber and Tesla are weighing after Uber disappointed on earnings and Tesla is being investigated by the Justice department for wire fraud due (for self driving capabilities). The snapshot of the market currently shows:Dow Industrial Average 5-3.79 points or -0.01% at 38880.48S&P index minus 11.62 points or -0.22% at 5176.09.NASDAQ index is down -76.23 points or -0.47% at 16256.32.Looking at some stocks:Shares of Uber are currently trading down -5.05% at $66.82 after earnings disappointedTesla shares are down $-4.29 or -2.37% at $173.50Shopify is also lower trading sharply lower as company says sales pace is expected to slow in the current quarter. Shares are down $14.56 or -19.0% at $62.44. This article was written by Greg Michalowski at www.forexlive.com.

AUD/USD tumbles to 0.6560 on US Dollar’s recovery, RBA’s less-hawkish policy stance

May 8, 2024 | 06:48 am

The AUD/USD pair witnesses an intense sell-off and falls to 0.6560 in Wednesday’s early American session due to multiple headwinds.

Equities report: Equities move higher

May 8, 2024 | 06:33 am

US stock markets seem to have decided on a direction since last week and appear to be moving higher.

US Justice Dept is examining if Tesla permitted wire and securities fraud in self driving

May 8, 2024 | 05:50 am

The US Justice Department is examining if Tesla permitted wire and securities fraud in their self driving claims.The question is did they overstate their expectations for self driving? Was there an intent to defraud investor decisions from their overly optimistic claims?.Shares of Tesla currently trade down $6.67 or -3.76% at $171.12.Looking at the daily chart of Tesla, the high price that we saw last week start right at it 100 day moving average. Sellers leaned against that key technical target. The move lower in premarket trading has the price testing the gap from Friday, April 26 to Monday, April 29. The high praise on April 26 reached 172.12. The price is currently below that $171.12.US major indices are also under pressure with the NASDAQ futures now down -103 points. The S&P index is down -21.45 points, in the Dow Industrial Average average futures are in point at the point of -69.26 points This article was written by Greg Michalowski at www.forexlive.com.

US indices are heading towards highs

May 8, 2024 | 05:20 am

US indices have been gaining daily since the beginning of May.

Brazil Retail Sales (MoM) came in at 0%, above expectations (-0.1%) in March

May 8, 2024 | 05:00 am

Brazil Retail Sales (MoM) came in at 0%, above expectations (-0.1%) in March

ForexLive European FX news wrap: Dollar holds steadier as yields look to bounce

May 8, 2024 | 04:44 am

Headlines:Dollar starts to push back after last week's fallJapan finance minister reaffirms that rapid FX moves are undesirableBOJ governor Ueda says will not comment specifically on recent FX movesBOJ governor Ueda: Will guide policy appropriately to sustainably achieve price targetGermany March industrial production -0.4% vs -0.6% m/m expectedUS MBA mortgage applications w.e. 3 May +2.6% vs -2.3% priorUS reportedly looks to curb China's access to AI softwareMorgan Stanley pushes back Fed rate cut forecast to SeptemberMarkets:USD leads, AUD and JPY lag on the dayEuropean equities mixed; S&P 500 futures down 0.2%US 10-year yields up 3.1 bps to 4.491%Gold up 0.1% to $2,316.08WTI crude down 1.2% to $77.43Bitcoin down 1.1% to $62,275It was a relatively quiet session as there isn't much on the agenda in trading today.The dollar held steadier and is a touch higher on the day, helped out by a push above 155.00 in USD/JPY. The pair is slowly nudging higher as dip buyers keep up their conviction this week, with price up 0.5% to 155.45 currently. The 200-hour moving average at 155.50 is currently limiting gains ahead of US trading.Besides that, the dollar is keeping a little firmer against the likes of the euro and pound. Meanwhile, AUD/USD is down 0.5% as well to 0.6563 as sellers contest a break below the 100-day moving average of 0.6577. The 200-hour moving average is also coming into play now at around 0.6560 on the day. Fall below that and the near-term bias switches to being more bearish instead.In the equities space, US futures are taking a bit of a breather after the recent rebound. After the more tepid showing yesterday, S&P 500 futures are currently down 0.2%. In Europe though, stocks are still holding on to light gains with the UK FTSE keeping its push to fresh record highs today.The greenback's firmness today also owes to a slight bounce in bond yields as well on the session. 10-year Treasury yields are up roughly 3 bps as traders are still mulling over the recent economic developments since last week. This article was written by Justin Low at www.forexlive.com.

Is a reversal coming to S&P 500? [Video]

May 8, 2024 | 04:16 am

Watch the free-preview video below extracted from the WLGC session before the market open on 7 May 2024 to find out the following: How to identify potential market reversals and judge the “bearishness” The pivot level day trader could adopt to trigger an entry The short-term, medium-term and long-term direction for S&P 500 Analyze the market momentum using the previous analogue And a lot more… Market environment The bullish vs.

Gold Price Forecast: XAU/USD strives for direction as uncertainty over Fed rate cuts deepen

May 8, 2024 | 04:13 am

Gold price (XAU/USD) struggles for a direction in Wednesday’s London session.

US MBA mortgage applications w.e. 3 May +2.6% vs -2.3% prior

May 8, 2024 | 04:00 am

Prior -2.3%Market index 197.1 vs 192.1 priorPurchase index 144.2 vs 141.7 priorRefinance index 477.5 vs 456.9 prior30-year mortgage rate 7.18% vs 7.29% priorThat's a slight bounce back in US mortgage applications, with both purchases and refinancing activity picking up on the week. It comes as the average rate of the most popular US home loan eases off its highest levels since November in the week before. This article was written by Justin Low at www.forexlive.com.

United States MBA Mortgage Applications increased to 2.6% in May 3 from previous -2.3%

May 8, 2024 | 04:00 am

United States MBA Mortgage Applications increased to 2.6% in May 3 from previous -2.3%

USD/CAD Price Analysis: Extends upside to 1.3750 as US Dollar recovers

May 8, 2024 | 03:41 am

The USD/CAD pair advances to the crucial resistance of 1.3750 in Wednesday’s European session.

Pound Sterling turns fragile ahead of BoE policy announcements

May 8, 2024 | 03:16 am

GBP/USD came under heavy bearish pressure and lost nearly 0.5% on Tuesday.

US reportedly looks to curb China's access to AI software

May 8, 2024 | 03:12 am

The report says that the Biden administration is eyeing a move to safeguard US AI from China, with initial plans to protect the most advanced AI models first and foremost. That will include core software of AI systems such as ChatGPT, according to the sources.It is said that there will also be a regulatory push in order to restrict the export of proprietary or closed source AI models.This is largely believed to be an effort to try and slow down China's development of cutting edge technology for military purposes.Well, I reckon the advancements in the AI space will be much faster than what regulators can keep up with. And that's the real challenge. But we'll see. The idea here is from the Commerce Department, which wants to oversee control of the technology so to speak.If there are restrictions in place such as these, any developer will then have to report its AI model, plans, and test results to the Commerce Department. That's not going to fly with new age developers, who might prefer to develop their systems elsewhere. This article was written by Justin Low at www.forexlive.com.

BoJ's Ueda: Rapid, one-sided Yen falls are negative for economy

May 8, 2024 | 02:37 am

Bank of Japan (BoJ) Governor Kazuo Ueda said on Wednesday that rapid, one-sided falls in the Japanese Yen are undesirable and negative for the Japanese economy, per Reuters.

Silver price today: Silver falls, according to FXStreet data

May 8, 2024 | 02:31 am

Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data.

DAX remains in an impulsive bullish cycle as anticipated

May 8, 2024 | 02:27 am

We have been talking a lot about bullish DAX in the past year or so, where we are tracking a five-wave bullish cycle of different degrees.

The TJX Companies Inc.(TJX) Elliott Wave technical analysis [Video]

May 8, 2024 | 01:26 am

TJX Elliott Wave Analysis Trading Lounge Daily Chart, The TJX Companies Inc., (TJX) Daily Chart TJX Elliott Wave technical analysis Function: Trend.

Dollar starts to push back after last week's fall

May 8, 2024 | 01:18 am

The dollar was on edge as we started the new week here on Monday. But over the last few sessions, it has regained some composure and is now pushing back as we observe a couple of technical changes.As highlighted in the linked post, the dollar was pushed towards some key technical boundaries in a bend but don't break moment on Friday. And the fact it did not break down is what is helping to see a bounce so far on the week, amid a more push and pull mood.In the case of EUR/USD, the pair ran up to test 1.0800 and its 200-day moving average on Friday. However, those levels held and now the pair is eyeing back-to-back daily declines for the first time since mid-April.Meanwhile, AUD/USD tried to contest the key resistance region around 0.6634-50 going into the RBA this week. But amid a lack of impetus from the central bank, sellers held their ground and we're now seeing a change in the near-term fortunes as well.As for GBP/USD, the pair is down 0.3% to near 1.2470 currently:The jump higher on Friday and on Monday looks to be held back by the 50.0 Fib retracement level at 1.2596. And with price falling back below the 200-day moving average (blue line), sellers are back in control. Even more so now with a drop under 1.2500 and below both its 100 and 200-hour moving averages on the week.There is some minor support next around 1.2550-65 but failing to hold which, will invite a potential look at the 1.2300 mark again.That being said, we musn't get too carried away on the week just yet. Amid a lack of drivers for traders to work with, there might not be moves that stretch out too far. The big consideration for any trending moves now will be having to deal with more US data next week.We will have the PPI numbers on Tuesday, then the CPI and retail sales numbers on Wednesday. Those will be the big ones to watch and will serve to vindicate/invalidate any of the moves we're seeing this week. This article was written by Justin Low at www.forexlive.com.

India Gold price today: Gold falls, according to MCX data

May 8, 2024 | 01:10 am

Gold prices fell in India on Wednesday, according to data from India's Multi Commodity Exchange (MCX).

EUR/USD eyes second daily drop as dollar regains some composure

May 8, 2024 | 01:03 am

After a run up against the 1.0800 level on Friday, EUR/USD is not finding much follow through to take another run at the key level. The 200-day moving average (blue line) also saw sellers step in, with price now falling to 1.0730 levels. This sets up a potential back-to-back daily drop for the pair for the first time in three weeks:The nudge lower today also owes to the dollar regaining some composure after last week's fall. The greenback is sitting higher in trading today, starting to stretch its muscles a bit now. Looking to the near-term chart:The pair has also dropped below its 100-hour moving average (red line) in trading today. That sees the near-term bias now shift to being more neutral. It is a similar case for AUD/USD as outlined here. And that suggests that the dollar is finding some support this week from a broader perspective.The 200-hour moving average (blue line) at 1.0726 currently will be one to watch for EUR/USD as such. Hold that and buyers are still in with a shout towards the end of the week. Break below and sellers will regain near-term control. This article was written by Justin Low at www.forexlive.com.

Italy Retail Sales s.a. (MoM) below forecasts (0.2%) in March: Actual (0%)

May 8, 2024 | 01:01 am

Italy Retail Sales s.a. (MoM) below forecasts (0.2%) in March: Actual (0%)

Italy Retail Sales n.s.a (YoY) fell from previous 2.4% to 2% in March

May 8, 2024 | 01:01 am

Italy Retail Sales n.s.a (YoY) fell from previous 2.4% to 2% in March

AUD/JPY hovers around 102.00 amid less hawkish RBA

May 8, 2024 | 00:54 am

AUD/JPY hovers around 102.00 during the European session on Wednesday.

FX option expiries for May 8 NY cut

May 8, 2024 | 00:36 am

FX option expiries for May 8 NY cut at 10:00 Eastern Time, via DTCC, can be found below - EUR/USD: EUR amounts 1.0640 488m 1.0680 440m 1.0750 946m 1.0775 464m 1.0825 1.1b 1.0900 546m - GBP/USD: GBP amounts 1.2500 460m 1.2750 409m - EUR/GBP: EUR amounts 0.8400 450m 0.8580 449m - USD/JPY: USD amounts 153.75 835m 154.50 490m 155.60 583m - AUD/USD: AUD amounts 0.6500 643m 0.6600 980m - USD/CAD: USD amounts 1.3450 1b 1.3750 400m 1.3760 350m .

Sweden Riksbank Interest Rate Decision in line with forecasts (3.75%)

May 8, 2024 | 00:30 am

Sweden Riksbank Interest Rate Decision in line with forecasts (3.75%)

USD/JPY surges to near 155.50 as Fed expects to prolong policy rates

May 8, 2024 | 00:21 am

USD/JPY trades around 155.30 during the early European session on Wednesday, marking a third consecutive day of gains.

European equities lightly changed as the session gets underway

May 8, 2024 | 00:04 am

Eurostoxx +0.2%Germany DAX +0.2%France CAC 40 +0.2%UK FTSE +0.4%Spain IBEX +0.3%Italy FTSE MIB +0.1%The overall mood is more tepid after a sluggish session in US trading yesterday. That's not too surprising given the lack of key risk events this week. US futures are also not showing much signs of life, keeping flat for the time being. But in Europe, the UK FTSE continues to nudge higher as it climbs to a fresh record high after breaking 8,300 yesterday. This article was written by Justin Low at www.forexlive.com.

Austria Trade Balance climbed from previous €724.4M to €1181.7M in February

May 8, 2024 | 00:01 am

Austria Trade Balance climbed from previous €724.4M to €1181.7M in February

Spain Industrial Output Cal Adjusted (YoY) declined to -1.2% in March from previous 1.5%

May 8, 2024 | 00:00 am

Spain Industrial Output Cal Adjusted (YoY) declined to -1.2% in March from previous 1.5%

Gold price trades with mild positive bias, despite a firmer US Dollar

May 7, 2024 | 23:53 pm

Gold price (XAU/USD) attracts some sellers on the firmer US Dollar (USD) during the Asian trading hours on Wednesday.

USD/CHF posts modest gains above 0.9080 on the Fed's hawkish remarks, firmer US Dollar

May 7, 2024 | 23:50 pm

The USD/CHF pair posts modest gains near 0.9085 during the early European trading hours on Wednesday.

AUD/USD gets a check back after the RBA yesterday

May 7, 2024 | 23:49 pm

The bottom line yesterday was that the RBA did not offer up a hawkish tilt for those hoping for one. But the central bank did keep the door open for rate hikes, if the data warrants for that in the months ahead. The aussie fell but not too much with AUD/USD holding just under 0.6600 for now. But that is still inviting a test of the 100-day moving average (red line) today:The key technical level is seen at 0.6577 and will be one to watch as we look to the second half of the week. Keep above that and buyers will still hold some semblance of upside momentum. But break below and sellers will feel like they can try and search for a renewed downside leg.Looking at the near-term chart though:The price action is looking a bit more neutral currently. The pair broke below its 100-hour moving average (red line), so the near-term bias neither favours buyers or sellers now. There needs to be a break back above that or below the 200-hour moving average (blue line) to affirm a near-term bias next.So, these levels will also be a factor alongside the 100-day moving average highlighted above.As for the fundamental side of the equation, there won't be much to work with for the remainder of this week. If anything else, the risk mood might be the one dictating the state of play. Otherwise, with yields also chopping around, the dollar might be in for more of a push and pull in the sessions ahead. This article was written by Justin Low at www.forexlive.com.

Australian Dollar remains tepid amid less hawkish stance from the RBA

May 7, 2024 | 23:40 pm

The Australian Dollar (AUD) has plunged following the Reserve Bank of Australia (RBA)'s decision to maintain its interest rate at 4.35% on Tuesday.

Forex Today: Hawkish Kashkari Boosts Greenback - 08 May 2024

May 7, 2024 | 23:37 pm

US Dollar Rises on Kashkari Comments on Rates; Global Stocks Lower; BoJ’s Ueda More Aggressive in Rate Comment

Eurostoxx futures -0.1% in early European trading

May 7, 2024 | 23:04 pm

German DAX futures flatUK FTSE futures +0.1%This keeps with mood seen in US futures and from Wall Street overnight. S&P 500 futures are flat as we look towards the start of the session. That is not giving traders much to work with so far today. This article was written by Justin Low at www.forexlive.com.

Germany March industrial production -0.4% vs -0.6% m/m expected

May 7, 2024 | 23:00 pm

Prior +2.1%; revised to +1.7%Factory output in Germany slumped in March amid a fall in the production of consumer goods (-1.4%) and intermediate goods (-0.6%). That is offset slightly by the production of capital goods (+0.1%) while construction production increased by 1.0% compared to February. This article was written by Justin Low at www.forexlive.com.

Not much on the agenda in European trading today

May 7, 2024 | 22:05 pm

In lieu of that, there is some pushing and pulling in the dollar on the week. The greenback is steadier in the last few sessions, holding a minor advance now as we look towards European trading. USD/JPY has inched back up just above 155.00 while AUD/USD is starting to ease lower, down 0.3% to 0.6570 levels.From a technical perspective, AUD/USD is losing some of its recent upside momentum. Price is now contesting its 100-day moving average at 0.6577 with a drop below its 100-hour moving average of 0.6592 earlier in the day. The latter suggests that the near-term bias is now more neutral, with the 200-hour moving average seen at 0.6558.In other markets, equities are looking fairly muted on the day. US futures are little changed and that is seeing the overall mood keep more tepid for now.Looking to the session ahead, it will be a rather light one on the data docket. And that includes for US trading today as well. As such, traders will be left to their own devices once again. It's all about the big picture now, with markets eyeing the US CPI data next week as the next key risk event.0600 GMT - Germany March industrial production1100 GMT - US MBA mortgage applications w.e. 3 MayThat's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there. This article was written by Justin Low at www.forexlive.com.

Morgan Stanley pushes back Fed rate cut forecast to September

May 7, 2024 | 21:34 pm

On the change, Morgan Stanley notes hat "a reversal in key components points to disinflation ahead, but given the lack of progress in recent months it will take a bit longer for the FOMC to gain confidence to take the first step". This fits with what traders are looking at as well, with the odds of a September rate cut seen at ~82% currently. The total rate cuts priced in for the year is at ~44 bps, not much changed from after the US jobs report last week. This article was written by Justin Low at www.forexlive.com.

Japan finance minister reaffirms that rapid FX moves are undesirable

May 7, 2024 | 21:06 pm

Will not comment on FX levelsImportant for currencies to move in a stable manner, reflecting fundamentalsWeak yen has positive and negative aspectsThe comments come as USD/JPY tips just above the 155.00 mark again in trading today. The pair is seeing a modest recovery this week, rebounding off the low of 152.00 from Friday. But it is reasonable for one to expect Japanese officials to still draw the line on any outsized moves at this stage. The hard line though remains at 160.00, at least for now. This article was written by Justin Low at www.forexlive.com.

USD/JPY hurdles around 155 and mid-158 areas

May 7, 2024 | 20:25 pm

Snippet comments from Westpac on USD/JPY:USD/JPY looks to have found a floor in the 152/53 zone for the time being. Even with a cautious Powell and less evident US exceptionalism the dynamics of underlying US resiliency remain and so USD/JPY is still expected to regain an upwards trend, but it may face interim hurdles now in the 155.00 area and the mid 158’s.And on the AUD:With AUD stalling into 0.6650 range highs 3 days in a row and the RBA not quite living up to more hawkish expectations the immediate case for AUD upside right here is not compelling. AUD setbacks likely extend no further than 0.6550 for now. AUD/USD can still bank on a more supportive yield spread floor, with the RBA nevertheless adopting a more hawkish and determined posture, while Powell appears to have an asymmetric easing bias, declining to entertain rate hikes last week and repeatedly emphasising the need for more time, meaningfully narrowing the distribution of risks for US rates. This article was written by Eamonn Sheridan at www.forexlive.com.

ForexLive Asia-Pacific FX news wrap: USD/JPY back above 155.00

May 7, 2024 | 19:56 pm

Federal Reserve speakers on Wednesday include Collins, Cook, and JeffersonChinese state media is reporting the PBOC is likely to cut its RRR in Q2 2024Bank of Japan Governor Ueda will speak again later on Wednesday, during Europe timeMore from Ueda: Doesn't see yen moves as having a big impact on trend inflation so farPBOC sets USD/ CNY mid-point today at 7.1016 (vs. estimate at 7.2202)Yen falls deeper in the hole. FinMin Suzuki keeps on digging: "No comment on intervention"Goldman Sachs have downshifted their GBP forecastsPBOC is expected to set the USD/CNY reference rate at 7.2202 – Reuters estimateBank of Japan Governor Ueda says monetary policy does not seek to control forex ratesJapan finance minister Suzuki says he is watching FX movement with a sense of urgencyOil price dip & the US is back on the bid to buy oil for Strategic Petroleum Reserve (SPR)Former Dallas Fed President Kaplan is back! Gets the Goldman Sachs Vice Chairman gig.The RBA May meeting left the cash rate on hold: What'll make the bank raise rates furtherRBA response from Commonwealth Bank of Australia - Interest rate cut coming in NovemberRBA on hold in May - next move will be a rate cutAustralian Tax Office targeting unreported crypto profits: 1.2m accounts investigationICYMI - Druckenmiller cut his stake in Nvidia, says "AI might be a little overhyped now"Forexlive Americas FX news wrap 7 May: The USD is the strongest of the major currencies.Oil - private survey of inventory shows a headline crude oil build vs. draw expectedStandard Chartered US$200K BTC forecast - says Bitcoin will surge if Trump wins electionA mixed close for US stock indices todayICYMI - Morgan Stanley expect three Fed rate cuts this year! Starting in September.Trade ideas thread - Wednesday, 8 May, insightful charts, technical analysis, ideas We had plenty of comments crossing the news wires from both Japan’s finance minister Suzuki and Bank of Japan Governor Ueda during the Tokyo morning but neither of them managed to give much support to the yen. The counter factual is that JPY would have fallen faster without them, but here in the real world the currency slid again regardless. USD/JPY rose to highs above 155.20.Ueda did say the BOJ won't necessarily wait until inflation achieves their forecasts in 1.5 to 2 years to raise interest rates. This didn't (yet), but likely should, raise a few concerns amongst yen shorts. The yen wasn’t alone in dropping against the US dollar, though. EUR, GBP, AUD, NZD and the hapless CAD are all lower against the big dollar. There was no fresh news as a catalyst, nor data (the data agenda was blank today), so just a continuation of the strength the dollar showed on Tuesday. Bank of Japan Governor Ueda is scheduled to speak again today, at 0830 GMT. USD/JPY update: This article was written by Eamonn Sheridan at www.forexlive.com.

Yen is a big loser against the USD in Asian trade today, but its not the only one

May 7, 2024 | 19:14 pm

USD/JPY is tracking higher abiove 155.00 despite supportive comments from Suzuki and Ueda. More from Ueda: Doesn't see yen moves as having a big impact on trend inflation so farYen falls deeper in the hole. FinMin Suzuki keeps on digging: "No comment on intervention"Bank of Japan Governor Ueda says monetary policy does not seek to control forex ratesJapan finance minister Suzuki says he is watching FX movement with a sense of urgencyBut, the US dollar strength is spread more widely. CAD a notable loser again, while EUR, GBP, AUD, NZD and CHF are also offered lower. Gold is under 2310. Apart from what has already been posted there is no fresh news, there is little to point to here in Asia as a smoking gun supporting the dollar. Its contuiing on its overnight move. USD/JPY update, 'cause its everyone's favourite right now: This article was written by Eamonn Sheridan at www.forexlive.com.

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 ▼

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.

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.

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.

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.

Forex Today: RBA Holds Rates, Warns on Recession

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

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