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FX Analysis – Rising US yields set FX tone as USD continues to grind higher
The ongoing sell-off in the US bond market has set the tone in FX and wider risk markets on Tuesday in an otherwise very slow news day. The USD has continued to grind higher against the higher yield backdrop with the US Dollar Index (DXY) adding to Mondays gains pushing above the 106 level, tracking yields higher. The Fed’s recent “highe...
September 26, 2023
Read More > S&P 500 attempts to hold onto a key support level.
The S&P 500 index is currently teetering on the edge, desperately holding onto a crucial support level. This level has proven its resilience with two prior bounces, so traders are keeping a close eye on whether it can endure the pressure once more. After enduring four consecutive red days, there was a sigh of relief overnight as the market mana...
September 26, 2023
Read More > USDJPY Analysis – Yen under pressure as the BOJ keeps rates and policy unchanged
In a bit of an anti-climax in an exciting week in Central Bank action for FX traders today saw the BoJ keep the status quo of an ultra-accommodative monetary policy as expected. But disappointing the Yen bulls was the BoJ offering no clear sign of a shift in its policy stance in the near term after some speculation a clearer hint to normalization o...
September 22, 2023
Read More > EURUSD at key level going into US interest rate decision.
EURUSD is once again at an interesting technical level coming into key US data this week. After holding firm in a rising channel for most of 2023, price fell away in early September. This coincided with the price also falling below the 200 SMA which also acted as support multiple times in 2023 so far. After bouncing nicely on the first horiz...
September 19, 2023
Read More > ECB Preview – Euro steady ahead of rate decision – EURUSD analysis
EURUSD is heading into today’s knife-edge ECB rate decision lacking any real direction after Wednesdays CPI inspired choppy performance. Markets are split on today’s ECB rate decision with money markets pricing around a 65% chance of a 25bps rate hike, but a slight majority of economists polled by Bloomberg expecting a hold. Against this backdr...
September 14, 2023
Read More > WTI Crude Oil hits 10-month high, but there are some technical challenges ahead.
The WTI Crude Oil market is in an interesting spot on the charts, hitting a 10-month high in Wednesday's session. This strong performance comes after repeatedly testing and holding the $66-67 support level, resulting in an impressive climb of over 30% since the beginning of July. Having broken through a significant resistance level around $8...
September 14, 2023
Read More > USD and yields firmer ahead of US CPI
The USD has remained bid today heading into today’s pivotal US CPI where both the headline M/M and Y/Y figures are expected to show an increase over Julys readings. This is the last major inflation figure before next weeks FOMC meeting where the Fed is widely expected to hold rates (Fed Funds futures pricing in only a 7% chance of a 25bp hike). ...
September 13, 2023
Read More > FX analysis – USD bounces back, JPY, GBP and AUD all under pressure as risk sentiment sours.
Tuesdays FX session is turning out to be a mirror image on Monday’s session Where the USD was battered against its major peers. Today, seeing almost a full retrace of those moves as USD is once again king. The Dollar Index (DXY) respected the upward trendline support that has led DXY higher since July (with the exception of a brief break in ea...
September 12, 2023
Read More > FX Analysis – JPY Bid on Ueda Comments, GBP Reclaims Key Level Ahead of Jobs Figures, AUD breaks range.
Comments from Bank of Japan governor Ueda over the week saw USDJPY gap significantly lower at the Asian session open. The pair now trading well under 147 from eight-month highs at Fridays close. Ueda commented that the BoJ cannot rule out that they might have sufficient data by year-end to determine whether they can end negative rates, this brin...
September 11, 2023
Read More > EURUSD Faces Key Support Ahead of US CPI Data Release
The EURUSD pair has been navigating challenging waters in recent weeks, experiencing a decline of more than 5% since mid-July. This decline has primarily been due to the USD's strength, as the Federal Reserve remains firm in its commitment to maintaining higher interest rates for longer to bring down inflation. Last week marked a critical tu...
September 11, 2023
Read More > EU / UK open FX analysis – AUD, JPY, USD, EUR
EU and UK indices are looking to open slightly stronger despite a weak lead from the Asian session. Aussie and Asian indices finish in the red after US-China tech-related frictions and disappointing Japanese GDP revisions weighed on risk sentiment. Asian session wrap - FX Markets The USD was softer with DXY retreating from extreme RSI overbou...
September 8, 2023
Read More > Apple breaks down below key level in pre-market on China iPhone ban woes
A -3.5% slide in AAPL stock price pre-market is seeing the tech giant looking to continue this weeks sell-off after a Bloomberg report that Chinese authorities plan to broaden iPhone restrictions to a number of state-owned companies and other government-affiliated entities. This comes after Wednesday saw the largest one day drop in AAPL stock in ov...
September 7, 2023
Read More > USD/CAD failed to break resistance as BoC keeps rates on hold
The USD/CAD pair experienced a relatively uneventful session after Bank of Canada (BoC) decided to keep interest rates on hold. However, what caught the attention of traders was the hawkish tone in the central bank's language. Similar to many central banks globally, the BoC is cautious about raising rates further until they thoroughly assess the...
September 7, 2023
Read More > AUDUSD breaks key support, sets a new low for 2023 after RBA holds rates
The recent resilience in AUDUSD, which has seen the pair bounce off and hold stubbornly above the 0.6400 major support level came to a dramatic end in today’s session. Risk aversion, disappointing PMI figures out of China and a hold in rates from the RBA all contributing to a break down in the exchange rate seeing AUDUSD break the recent support ...
September 5, 2023
Read More > DAX cools after higher-than-expected inflation, but technically it still looks bullish.
The DAX cooled off in yesterday’s session off the back of higher-than-expected German inflation data. With analysis expecting the Year-on-Year rate to fall to 6%, the actual number was higher at 6.2%. This has raised some concerns over the fight against inflation in Germany, putting an end to the three-day green streak for the DAX. Techni...
August 31, 2023
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