EUR/USD Resumes Uptrend on Hawkish ECB Comments

16 days ago Action Forex

Euro opens the week higher as support by hawkish comments from ECB officials over the weekend. Japan 10-year JGB yield is down -0.0196 at 0.385. BoJ Minutes: Meeting suspended at government’s requestpublished minutes of the December 19-20 meeting today, where the 10-year JGB yield cap was raised from 0.25% to 0.50%. In terms of central bank activities, BoJ will publish minutes of December meeting, when it doubled the 10-year JGB yield cap to 0.50%. CPI data from Australia and New Zealand will be featured, with US PCE inflation, and Japan Tokyo CPI.
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Liz Truss Resignation: What Happens Next?

Now that Liz Truss has resigned, the race for the next leader of the Conservative party starts. It’s expected that the leadership race will only be voted on by current MPs only, rather than Tory party members. The last time this happened was just three months ago, when Boris Johnson stepped down and was replaced as Tory leader by Liz Truss. Will there be a UK general election? Although Liz Truss has resigned, there will not be an automatic general election to replace her.

3 months ago Action Forex

Could the Data Releases Produce Hawkish Expectations for the Bank of Japan?

There are a plethora of data releases starting with Tokyo CPIs and ending with flow statistics on Friday. Could the BoJ get a lifeline from the data? It has actually been 16 years since the last BoJ rate hike. The post-announcement hawkish market reaction has increased expectations for the new BoJ Governor taking over on April 9. Amidst the volatile fourth quarter, the yen managed to benefit from the dollar underperformance and recovered part of its 2022 losses.

1 month ago Action Forex

EUR/USD Consolidates Ahead of GDP, ZEW and Inflation Data

It is the fourth month of negative over the past seven, with each quarter oscillating between mild expansion and contraction. EUR/USD 4-hour chart:Rising nearly 4% last week – it was the euro’s best week since the pandemic and second best since 2009. And at current levels, EUR/USD is on track for its best week since July 2020. Yet its rally has stalled Just below the August high, which brings the potential for a pullback before it resumes it trend. Yet we’re also equally open to a bullish breakout from a continuation pattern, should producer prices fall lower than expected.

2 months ago Action Forex

Week Ahead: Unrest in China, Inflation data, Powell, and NFP upcoming

RBNZThe RBNZ hiked the OCR rate by 75bps last week to bring the key rate to 4.25%, the highest since January 2009! Fed Chairman Powell to speak at BrookingsFed Chairman Jerome Powell will be speaking on the economy and labor markets at the Brookings Institute this week. A few of the more important names due out this week are as follows:HPE, FIVE, CRM, INTU, BIG, DG, KR, MVLEconomic DataEconomic data this week will matter! Also, on Wednesday, the EU will release its first look at November CPI data. However, the main focus of the week will be economic data, namely the European CPI, US Core PCE, and US Non-Farm Payrolls.

2 months ago Action Forex

Stocks Plunge after NFP Report Smashes Expectations

US futures are heading southwards as investors continue digesting disappointing big tech earnings from after yesterday’s close, in addition to a blowout jobs report. Meanwhile, revenue was $149.2 billion, up 8.5% from the same period last year and ahead of estimates of $145.64 billion. Revenue 5% to $117.2 billion, missing expectations of $121.88 billion and marking the biggest quarterly drop in revenue since 2016. Alphabet trades over 3.3% lower ahead of the open after EPS came in at $1.05, below estimates of $1.18. FX markets – USD rises, GBP fallsThe USD is rising firmly after the stronger-than-expected jobs report.

5 days ago Action Forex

Soft US Data Tempers Fed Hawks, But Big Tech Earnings Fall Short

The US dollar and the US yields fall on soft economic data – that tempered the hawkish Federal Reserve (Fed) expectations. The Bank of Canada (BoC) is about to deliver another jumbo rate hike, while Meta will be the next Big Tech to report earnings today. And the downside moves in dollar and the US yields depend on Fed expectations – whatever the other central banks do seem accessory to the main dollar story. Therefore, it’s worth noting that the Fed expectations have been shaped by softish data, and some softish comments from the Fed officials recently. Microsoft stock fell around 6.5% after bell, as well.

3 months ago Action Forex

The Odd One Out, BoJ Sticks to Super Easy Monetary Policy

MarketsThe ECB hiked its policy rates by another 75 bps yesterday, bringing the total effort to 200 bps since the inaugural rate hike in July. Both changes suggest no consensus on continuing the current 75 bps rate hike pace in December. EMU money markets discount a slowdown to 50 bps, bringing the policy rate at 2%. The Bank of Japan sticks to its super easy monetary policy by keeping the main rate at a negative -0.10% and targeting a 10-y yield of 0% (with +/-25 bps deviations allowed). Inflation in the two years thereafter is seen back below 2% though, at 1.6%, a sign the BoJ views the current inflation (3% headline in September) as not durable.

3 months ago Action Forex

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