USDJPY gets hammered after monthly US data miss forecasts; support could develop near 153.35 Gold strengthens short-term upleg; eyes turn to the 2,400 area as bias remains positive US 500 stock index hits all-time high; looks bullish, but room for improvement could be limited [..]
US inflation resumes downtrend, retail sales stagnate Dollar falls as investors add to Fed rate cut bets Yen gains even as Japanese economy contracts Wall Street at fresh records, gold rallies on US data Cool inflation, flat retail sales hurt the dollar The dollar tumbled against all its major peers yesterday after the US CPI data revealed that inflation in the world’s largest economy resumed its downtrend in April, allowing investors to ramp up their Fed rate cut bets. [..]
USDJPY bulls face limitations ahead of the US CPI inflation figures Short-term risk tilted to the upside, but confirmation required above 156.60 USDJPY recouped more than half of its sharp losses that occurred at the start of the month thanks to the bounce off the 50-day simple moving average (SMA) near 151.84. But the bulls seem to be struggling to jump back into the broken bullish channel, which is currently capping upside movements near 156.60. Given the pair’s rise [..]
Euro/dollar enjoys strong volatility ahead of key data releases Gold and silver see higher volatility amidst muted price rally Volatility drops in US equities as risk appetite returns Euro/dollar volatility has jumped higher as the market is preparing for some key US data prints. On the flip side, volatility in yen crosses remains moderate after the recent Japanese interventions, with market participants trying to avoid further provoking the BoJ at this stage. Volatility in the commodities space remains mixed. Oil price [..]
Dollar recovers somewhat while US stocks’ rally stalls PPI and Fed Chairman Powell could wake up the market later today Mixed UK labour data complicate the BoE’s outlook Dollar recovers but still in the red during May Range trading continues in most currency pairs as the market is in waiting mode for tomorrow’s crucial US inflation report. The US dollar managed to reverse yesterday’s initial underperformance against the euro with the pair now hovering below the 1.08 level and facing some key [..]
USDJPY rebounds off 151.95 Ascending trend line still holds Stochastics stand in overbought region USDJPY is recouping some of the losses that were posted after the climb to the 34-year high of 160.20, rising above the 23.6% Fibonacci retracement level of the up leg from 140.20 to 160.20 at 155.50. Technically, the RSI indicator is moving horizontally above the neutral threshold of 50, while the stochastic is advancing into the overbought region. As the market is standing above the 23.6% Fibo, it [..]
US CPI inflation forecast to have eased a bit in April Retail sales to reveal the domestic demand’s strength Dollar might benefit from a strong inflation print but stocks could suffer The April CPI report will be released on Wednesday 12:30 GMT The aggressive deceleration in US inflation seen during 2022 has paused over the past few months with CPI proving stickier than widely expected. As a result, the market is now expecting just 42bps of monetary policy easing by [..]
Fed rate-cut speculators rest hopes on US inflation data After dovish BoE, pound traders turn to UK job numbers Will a strong labor market convince the RBA to hike? More Chinese data on tap amid signs of slow Q2 start Spotlight turns to US CPI numbers At last week’s meeting, the Fed appeared less hawkish than expected, with Chair Powell ruling out rate hikes and hinting that they are still leaning towards cuts. The softer-than-expected jobs report for April corroborated [..]
USDJPY in a recovery mode after pull back comes to a halt Momentum indicators suggest intensifying positive momentum USDJPY experienced a strong pullback from its 34-year high of 160.20 following the intervention by Japanese authorities a week ago. However, the pair managed to find its feet at the 50-day simple moving average (SMA) and recoup a significant part of its recent losses. Should bullish pressures persist, the price could challenge 156.35, which is the 138.2% Fibonacci extension of the 151.90-140.24 downleg. [..]
BoE meeting in the spotlight today – likely to downplay June rate cut Yen languishes, trapped between FX intervention and low interest rates Dollar recovers, stocks and gold steady, waiting for US inflation update BoE – No rate cuts yet In a relatively quiet week, the spotlight today will fall on the Bank of England’s interest rate decision. Markets are pricing an almost 50-50 chance for a rate cut in June, so the question for traders is whether the Bank [..]
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