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WTI hovers around $79.50 amid concerns of supply disruptions following Canada’s wildfires
WTI Oil price remains firmer due to uncertainties surrounding Oil supply amid wildfires in Canada. The WTI price may face challenges as Fed officials have suggested that interest rates may stay higher for longer. The Oil supply could be affected as Iraq has committed to the voluntary production cuts
Asia wrap: Entering a crucial run of data for financial markets
We are entering a crucial period for financial markets and forecasters as Americans' near-term inflation expectations rise again. Upcoming reports on the Consumer Price Index (CPI) and Producer Price Index (PPI) for April, along with new data on retail sales and industrial production, will provide v
Morning briefing: Euro can fall to 1.0700 while below resistance at 1.0800
Good Morning! The Dollar Index is holding well above 105 and can rise to 106 and Euro can fall to 1.07 while below resistance at 1.08. USDJPY and EURJPY have risen past 156 and 168 respectively and now if sustained, can extend towards 157/158 and 169/170 respectively in the coming sessions. USDCNY i
EUR/USD Price Analysis: Tests the upper boundary around the level of 1.0800
EUR/USD could test the upper boundary of the symmetrical triangle. Breaking above the upper boundary could potentially shift momentum toward a bullish trend. A breach below the 14-day EMA at 1.0752 could prompt the pair to test the psychological threshold of 1.0700. EUR/USD has recovered its recent
Gold price gains ground ahead of US PPI data, Fed’s Powell speech
Gold price trades on a stronger note on Tuesday. Any signs of sticky inflation might further diminish expectations of US interest rate cuts this year, pressuring yellow metal. The US PPI report for April and Fed Chair Jerome Powell's speech will be in the spotlight on Tuesday. The gold price (XAU/US
USD/CAD holds above 1.3650 ahead of US PPI data
USD/CAD holds positive ground near 1.3675 on Tuesday. Fed officials said in recent comments that the high-for-longer interest rate narrative is needed to bring down inflation. The lower crude oil price weighs on the commodity-linked Canadian Dollar (CAD). The USD/CAD pair trades on a stronger note a
Asia open: PPI to test the soft landing narrative
Markets Asian stocks are poised for a cautious opening, mirroring the wary sentiment observed on Wall Street as investors brace for key U.S. inflation data. These forthcoming reports are anticipated to play a crucial role in shaping the outlook for Federal Reserve policy, contributing to the market'
IMF: Further hikes in BoJ short-term rates hikes should continue and data-dependent
The International Monetary Fund (IMF) said on Tuesday that Japan's commitment to allowing the Japanese Yen (JPY) to move flexibly would let the Bank of Japan (BoJ) focus on achieving price stability while warning against the call by certain experts to use monetary policy to limit the currency's depr
USD/JPY extends the rally above 156.00, eyes on US PPI data
USD/JPY extends its upside near 156.20 in Tuesday’s early Asian session. Investors will monitor the US PPI figure on Tuesday, which is estimated to rise 2.2% YoY in April. The BoJ cut the amount of Japanese government bonds it offered to buy in a regular purchase operation. The USD/JPY pair extends
EUR/USD finds thin gains on Monday, but technicals weigh heavy ahead of US inflation updates
Final Euro inflation figures to be overshadowed by US CPI inflation print. Fed Chair Jerome Powell due to speak on Tuesday. US consumer inflation expectations rose again, complicating the path to rate cuts. EUR/USD found slim upside on Monday, climbing from early bids near 1.0770 but bullish momentu
GBP/USD consolidates its gains above 1.2550 ahead of UK employment data
GBP/USD trades sideways around 1.2560 in Tuesday’s early Asian session. Many Fed officials emphasized the need to hold interest rates at current levels until inflation returns to the target. Markets have priced in a 25 bps reduction in August and 50 bps in cuts overall in 2024. The GBP/USD pair cons
New Zealand hits record net migration loss, loses 52,500 citizens for the year ended in March
New Zealand saw it's single-worst YoY net migration loss for the year ended in March, with New Zealand population outflows of 52,500 YoY. New Zealand migrant departures outnumbered arrivals nearly three to one in the MArch 2024 year, with total population inflows of 25,800 compared to 78,200 outflow
New Zealand Electronic Card Retail Sales decline -0.4% in April
New Zealand's Electronic Retail Sales contracted in April, falling -0.4%. The decline slowed the pace of contraction from the previous month's -0.7%, but the annualized figure decelerated further, falling -3.8% compared to the previous period's -2.3% (revised from -3.0%). Seasonally-adjusted retail
GBP/JPY Price Analysis: Rallied for six straight days, bulls target 197.00
GBP/JPY rose more than 0.50% on Monday amid safe-haven peers’ depreciation. The uptrend is set to continue above 196.00, with key resistance at 197.92 and above 200.00. The Pound Sterling climbed for the sixth consecutive day versus the Japanese Yen amid a risk-on impulse. Safe-haven currencies rema
NZD/USD Price Analysis: Bears tighten their grip and present battle at around 0.6000
The daily RSI and MACD indicate diminishing buying momentum as bulls struggle to gain further ground. The hourly indicators reveal that sellers have a slight upper hand ahead of the Asian session. In Monday's session, the NZD/USD pair traded with mild losses, and sellers gained ground. As the pair i
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