Dollar Consolidates Gain after Strong PCE Inflation Data
Lots of important economic data are released today but they’re largely ignored. Inflation data from the US and Eurozone are strong. Canada’s monthly GDP growth was well above expectation while Eurozone GDP growth turned weaker in Q1. But reactions to...
Dollar Paring Gains, Canadian Turning Stronger ahead of GDP
Dollar is paring some gains today but remains the strongest one for the week. Canadian Dollar is currently the second best. Euro is trying to recover but remains the second worst, just next to Sterling. Yen is trying to recover...
Cliff Notes: A Singular Focus
Key insights from the week that was. In Australia this week, the market had a singular focus – inflation. The Q1 CPI report did not disappoint, with both headline and trimmed mean core inflation coming in ahead of our top-of-the-market...
Dollar Staying Firm Despite Unexpected US GDP Contraction
Dollar’s broad based rally continues into US session. The unexpected contraction of Q1 US GDP might give the greenback a little jitter. But it’s unlikely to alter the up trend for now. As for today, Canadian Dollar is the second...
US Oil Bounces Off Support
WTI crude found support from a lower-than-expected increase in stockpiles. The price has held well around 94.00 at the base of the flag consolidation from the daily chart. The uptrend is still intact and the bulls may see the pattern...
Yen Selloff Resumes as BoJ Maintains Dovish Bias, Gold Extending Decline
Yen falls broadly in Asian session today after BoJ stands pat and even maintains a dovish bias. 10-year JGB yield also tumbles after BoJ reiterates the pledged to defend the cap. Dollar, on the other hand, rises broadly, and it’s...
Nasdaq futures rise as market attempts comeback from April sell-off, Meta shares soar
Stock futures rose in overnight trading as the market shook off the April sell-off and investors reacted positively to earnings from Meta Platforms. Futures on the Dow Jones Industrial Average added 70 points or 0.2%. S&P 500 futures gained 0.7%...
EUR/JPY Faces Key Test ahead of BoJ and EZ CPI
This popular currency pair could be in for a sell-off amid ongoing risk-off trade and given the prospect for intervention from BoJ to deal with the rapidly weakening yen When you are left with the bad and the worse, you...
Euro Falls to the Lowest in Five Years Following Break of 2020 Low
The Euro surged through key support at 1.0635 (2020 low) on Wednesday, extending steep fall into fifth straight day and hitting levels last traded in March 2017, after triggering stops parked below. The single currency is pressured by risk aversion...
Why Current Level is the Most Important for EURUSD
The single currency has fallen under 1.0590, below pandemic lows and at its lowest level since April 2017. The 1.0600 area for EURUSD has repeatedly worked as a turning point since 2015. In 1997 and 1998 the selloffs also stopped...