Higher equity prices and US yields weigh on the Japanese yen. US economic data released on Tuesday surpass expectations. USD/JPY breaks key resistance and strengthens positive outlook. The USD/JPY broke above 114.30 and jumped to test the multi-year high below 114.70. It peaked at 114.63, the strongest in four weeks and then pulled back modestly.
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NYSE: NIO trims parts of its Friday’s gains at the beginning of the week. XPeng releases details on a new SUV model to take on GM. Volkswagen reports its EV sales in China have already surpassed its domestic rivals. Update, November 16: NYSE: NIO lost almost 5% of its value on Monday, extending the previous
In a reiteration of the ECB’s now well-known stance/inflation view, ECB’s de Guindos said that the current phase of higher inflation, which in part reflects an increase in energy prices and supply constraints, could last longer than expected only some months ago. Supply-side shortages may dampen activity while pushing up prices, adding to the uncertainty in
Editor-in-Chief Hu Xijin of Chinese highly influential media outlet, Global Times, said on Saturday, via Twitter, ‘if Australian troops come to fight in the Taiwan Straits, it is unimaginable that China won’t carry out a heavy attack on them and the Australian military facilities that support them.” “So Australia (had) better be prepared to sacrifice
GBP/USD Weekly Forecast: Recovery time? UK inflation and jobs data could counter dollar surge GBP/USD has been extending its decline in response to high US inflation data. Highest since 1990 – US inflation has hit 6.2%, reaching not only a historic peak but also sending the dollar substantially higher. The mix of Brexit acrimony and
Spot silver has failed to push above its 200DMA at $25.40 despite weak US consumer data. The precious metal remains on course to post healthy weekly gains of about 4.5%, however, its best performance since May. Spot silver (XAG/USD) prices have been trying to move above its 200-day moving average at $25.40 on Friday, but
USD/CAD slump for the first time in three days after posting losses of almost 1.70%. USD/CAD fell amid US dollar weakness across the board. USD/CAD: The 1-hour chart depicts a triple top chart pattern, with a target of 1.2530. USD/CAD struggles to gain traction above 1.2600, is falling 0.31%, trading at 1.2549 during the New
USD/JPY reached two-week tops around 114.00 retreating the upward move as the New York session began. The USD/JPY pair fell amid US dollar weakness across the board. Flat US bond yields undermined the US dollar prospects against the Japanese yen. The USD/JPY retreated from weekly tops around 114.00, fell 0.17%, trading at 113.88 as the
US bond yields saw some downside in wake of weak US consumer sentiment numbers. But Friday’s US data supported the narrative that inflation won’t be transitory. Traders will look for any hawkish hints when Fed’s Williams speaks later. US bond yields saw a modest drop in wake of the latest batch of US data, which
Moody’s Investors Service is out with its latest assessment of the Asia-Pacific economies, offering a stable outlook on the region. “Most will rebound, helping to support debt stabilisation at higher levels than pre-pandemic,” Moody’s said in its report. Market reaction The Asian stocks are a big bag in the final trading day of the week,
On Thrusday, the Bank of Mexico (Banxico) will announce its decision on monetary policy. Market consensus points to a 25bp rate hike while some analysts see a 50bp hike. Analysts at Wells Fargo side with financial markets and expect a 50 bps rate hike; however, should consensus be proved accurate, the Mexican peso could come
AUD/USD bears stay in control with eyes on 0.73 the figure. A break of 0.7300 opens risk to the 0.7280s for the sessions ahead. AUD/USD fell on Wednesday and extended losses in Thursday’s Asian session following a surprisingly strong US Consumer Price Index report and a shockingly poor Aussie jobs event. AUD/USD has fallen from 0.7393
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US 10-year Treasury yields consolidate weekly losses around lowest levels since late September. S&P 500 Futures remain pressured for the second consecutive day. China, inflation and US stimulus headlines weigh on sentiment ahead of US inflation. Market’s mood remains downbeat during early Wednesday, even as the US Treasuries step back amid stimulus hopes. The reason
Rivian will trade under the ticker symbol RIVN. Rivian is set to IPO tomorrow, Wednesday, November 10. RIVN is sure to see strong interest from retail and institutional traders. Update: The price of the Rivian IPO issue is to be announced today but no timeline as of yet. Trading will begin tomorrow on the Nasdaq exchange
Update: Gold price is consolidating near two-month highs of $1827, finding demand from broad-based US dollar weakness and renewed downside in the Treasury yields across the curve. The market mood remains cautious amid Chinese property sector concerns and growing inflation risks, boding well for the traditional safe-haven gold. Markets now await the US Producer Price
Gold has capitalized on falling US T-bond yields and looks to extend its rally north of the multi-month downtrend, strategists at TD Securities report. Gold is itching for a breakout “Gold prices are set to challenge the multi-month downtrend from all-time highs. Counter-intuitively, this comes after a strong Nonfarm Payrolls report.” “The central bank has
GBP/USD testing offers near 1.3500 as Brexit concerns intensify GBP/USD appears to pause its recovery from two-month lows of 1.3424 in early Asian dealings on Monday, as Brexit concerns are seen returning, spoiling the party for the GBP trading. The 1.3500 remains a tough nut to crack for the GBP bulls, as the Irish Foreign