Yen’s selloff resumes in Asian session with USD/JPY making new recent high. The ruling coalition of Liberal Democratic Party and its junior partner Komeito scored a strong victory in Japan’s upper house elections. There might be sympathetic votes for the tragic death of former Prime Minister Shinzo Abe. But it’s also seen as a nod
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A combination of factors assisted USD/CAD to regain positive traction on Monday. Sliding oil prices undermined the loonie and extended support amid a stronger USD. Aggressive Fed rate hike bets, softer risk tone lifted the USD closer to a 20-year high. The USD/CAD pair attracted fresh buying near the 1.2940 region on Monday and for
The Ethereum (ETH) network moved one step closer to completing its transition to proof-of-stake (PoS) this week after the successful completion of its second-to-last major Merge trial on the Sepolia public test network. Data from Cointelegraph Markets Pro and TradingView shows that following the Sepolia Merge on July 6, the price of Ether rallied to a
The GBPUSD has had a volatile up and down and back up and back down session. The price is still lower on the day and really trades below its 100 hour moving average at 1.19965. Looking at the hourly chart recall from yesterday near the end of day, the price move back above its 100
The Federal Reserve surely hasn’t finished hiking rates and there’s no sign of a pivot towards anything more-dovish but there’s a chance we’ve already seen the bottom for risk assets. It all hinges on bond yields.The market is forward-looking and there’s no market more in tune with the Fed and inflation outlook than bonds. Lately,
Central banks around the world are raising interest rates to tame inflation, spurring fears that rising borrowing costs could stifle growth, while mass Covid-19 testing in Shanghai this week caused worries about potential lockdowns that could also hit oil demand. Brent posted a weekly decline of about 4.1 per cent and WTI a loss of
EUR/USD bulls could be about to make their move. Traders are watching the US dollar for the start of the week and opening sessions. The euro could benefit at the start of the week so long as the greenback continues to correct to the downside. In the charts below, it is illustrated that the DXY
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The USDCAD moved higher after the US jobs report came in better than expected while the Canada jobs report was weaker than expected. The price of the pair extended to 1.3034 on the spike higher but has since rotated back lower and is trading to a new session low as the London fix approached. The
MUFG Research is holding two trades in its portfolio this week, adding EUR/USD shorts and maintaining a long position in USD/CAD as it tests the highs of the year. The new EUR/USD trade is from spot with a target of 0.97 and a stop at 1.04. That would be a quick move through parity, perhaps
It was a dismal week for commodities as most of them recorded multi-month lows amid growth worries and firmness in the US dollar. Gold was not left out as it fell 3.8 per cent marking its fourth weekly decline and tested the lowest level since September 2021. Gold, a safe haven, an inflation hedge, and
June’s US Nonfarm Payrolls report exceeded expectations, further cementing the case for a Fed’s 75 bps rate hike. The consensus amongst ECB policymakers is for a 25 bps rate hike in July; September is still open. EUR/USD Price Analysis: Sellers in control might take a breather before launching an assault towards parity. EUR/USD remains subdued
Stablecoins were supposed to be the boring uncle of the crypto world — safe, sensible and dull. They’re probably not what Satoshi Nakamoto had in mind, but they’re supposed to be a reassuring haven of calm and utility away from the turbulence of pure-play cryptocurrencies. With values pegged to fiat currencies, stablecoins were intended to
The USD is trading lower as London traders look to exit for the day. The greenback is making new lows vs the: EUR CAD AUD, and NZD The GBPUSD is moving toward the Asian session high and the USDJPY is moving back toward closing levels from yesterday after trading to the highest level since June
Sri Lankan President Rajapakse and Prime Minister Wickremesinghe were forced to flee today after enormous anti-government protests. Huge crowds stormed official government buildings and took over the President’s home. Videos showed protestors swimming in his pool. The Prime Minister’s home was set on fire. The speaker of the legislature is trying to pull together an
Oil prices slipped in early Asian trade on Friday, following a rebound in the previous session, as investors remained torn between worries over tight global supplies and fears a recession could dampen oil demand. Brent crude futures fell 39 cents, or 0.4%, to $104.26 a barrel by 0013 GMT, dropping away from a near 4%