Asian markets highlights sharp divergence in trends today. Nikkei surged to new 34-year high, buoyed by last week’s record closes in US and bolstered by expectations that BoJ will maintain its negative interest rate policy in the this week’s meeting. Japanese stock market is also riding on the optimism that BoJ is not in a
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Jim Dyson | Getty Images News | Getty Images The global economy does not need a “collapse” in order to bring inflation back to target and return to sustainable growth, according to Steven Wieting, chief investment strategist and chief economist at Citi Global Wealth. Major economies have proven surprisingly resilient to sharp interest rate increases
Share: GBP/USD is holding a neutral point within the recent 1.2600/1.2800 trading range. Economists at Scotiabank analyze the pair’s outlook. Short-term technicals lean bearish Traders have little to go on and Cable is likely to hold within the recent 1.2600/1.2800 range for a little longer. Trend signals are flat to slightly negative on the shorter-term
The USDCAD this week moved higher and in the process extended above its 38.2% retracement of the move down from the October high. It also moved above the 200-day MA currently at 1.34809 but stalled the rally at the 50% midpoint of the same move down from the October high. Traders will often lean (at
Shipping data analyst firm Sea-Intelligence says that disruptions to shipping from the Houthi attacks in the Red Sea are already more damaging to the supply chain than the early COVID-19 pandemic. The firm cite their analysis of vessel delays supply chain data known in the industry as “vessel capacity” shows the second largest drop in
Supported by geopolitical concerns, spot gold closed with a gain of 0.36% at $2029.64 on Friday. The US data released on Friday were mixed for the metal as Michigan consumer sentiment topped the forecast on falling inflation and a strong job market, while inflation expectations fell. As the US carried out its fifth airstrike against
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2024. Brendan Mcdermid | Reuters Markets have become less convinced that the Federal Reserve is ready to press the button on interest rate cuts, an issue that cuts at the heart of where the economy and
Share: EUR/USD kicks off the new week on a positive note on the weaker USD. The chance for a Fed rate cut at the March meeting fell to 49.3%, a slide from 81% just a week ago. The European Central Bank (ECB) is expected to maintain the interest rate unchanged at its January meeting. The
The major US stock indices are opening higher, but often the highs from the premarket trading. Of note today is the S&P index is once again looking to test its high closing level. That level comes in a 4796.57. The high price today has reached 4799.33, but has backed off. Last week the price moved
UPCOMING EVENTS: Monday: PBoC LPR, New Zealand Services PMI. Tuesday: BoJ Policy Decision, New Zealand CPI. Wednesday: Australia/Japan/Eurozone/UK/US Flash PMIs, BoC Policy Decision. Thursday: ECB Policy Decision, US Durable Goods Orders, US Jobless Claims, US Q4 Advance GDP. Friday: Tokyo CPI, US PCE. Monday The PBoC is expected to keep the LPR rates unchanged at
Ahead of the Union Budget 2024, which is now less than a fortnight away, the domestic commodity industry has urged the government to allow the resumption of trade in banned agricultural commodities including wheat, paddy (non-basmati), chana, and others. The sentiments were echoed by the industry representatives on January 22 on the occasion of 20
Share: US indexes climbed on Friday, led by chip makers. Investors have pivoted to tech shares to shake off Fed rate tantrum. Markets go haywire as the US Dollar, US equities, and Treasury yields all rise. The Standard & Poor’s drove to a new all-time high of $4,839.58 on Friday as equities broadly rallied as
The USDCHF has moved higher this week. The low for the week was on Monday. In the current 4-hour bar, the price is making new highs. So buyers have been in control. On the way to the upside, the price moved above the 200 bar moving average on the 4-hour chart. That level comes in
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Gold prices rose on Thursday, helped by a softer U.S. dollar and the Middle East conflict lifting safe-haven appeal, while investors await further comments from a Federal Reserve official to gauge the central bank‘s interest rate trajectory. Spot gold rose 0.5% to $2,015.79 per ounce by 1255 GMT, but was lingering near its five-week low
Last week’s market development suggest growing skepticism among traders on their own aggressive bets on early rate cut by major central banks. After a batch of economic data from US and UK, as well as the chorus of central banker comments, Q2 is starting to look much less likely for the start of a global
Share: AUD/USD gains 0.34% on positive sentiment, defying a negative housing market report impact. Neutral bias with an upside tilt; breach of 200-DMA at 0.6579 may target 0.6600 and 0.6639. Downside risks include 200-DMA at 0.6579 and the January 17 low of 0.6523 before testing 0.6500. The Australian Dollar (AUD) registers solid gains from the
The NZDUSD moved lower in the early part of the week, helped by technicall breaks and slower growth in China. The move to the downside continued until the price moved into a key cluster of support defined by the 200 day moving average at 0.60897, a swing area going back to mid-November at 0.6078 –