Author: FX
Share: Bank of Japan (BoJ) Executive Director Tokiko Shimizu said on Thursday that inflation has so far been driven by cost-push factors. Shimizu further stated that even if negative rates were abandoned, accommodative conditions would remain. Market reaction At the time of writing, USD/JPY is trading 0.08% lower on the day at 148.04. Bank of Japan FAQs The Bank of Japan (BoJ) is the Japanese central bank, which sets monetary policy in the country. Its mandate is to issue banknotes and carry out currency and monetary control to ensure price stability, which means an inflation target of around 2%. The Bank…
SlavkoSereda/iStock via Getty Images Crude oil futures rose for a third straight day on Wednesday, helped by larger than expected declines in U.S. gasoline and distillate inventories, while natural gas prices settled at the lowest level in more than three years. The U.S. Energy Information Administration reported domestic gasoline stocks fell by 3.15M barrels last week and distillate stocks dropped by 3.2M barrels, compared with respective estimates for a 140K-barrel build and a 1M-barrel draw. The draws to product stocks are supporting crack spreads – the price difference between crude oil and petroleum products – which “indicate higher fuel prices…
GOLD PRICE OUTLOOK – XAU/USD TECHNICAL ANALYSISGold prices have lacked directional conviction this year, with bullion seemingly in a consolidation phase awaiting fresh catalystsNext week’s U.S. inflation data may be a source of market volatility and could help guide precious metals in the near termThis article examines XAU/USD’s technical outlook, analyzing key price thresholds to monitor over the coming trading sessionsMost Read: US Dollar Forecast – Seeking New Drivers; Setups on EUR/USD, USD/CAD, AUD/USDGold (XAU/USD) has lacked directional conviction since the beginning of 2024, with prices oscillating between technical resistance at ~$2,065 and horizontal support at ~$2,005. Although bullion’s prospects…
© Reuters. FILE PHOTO: Staff lower Chinese national flag in front of screens showing the index and stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets. The relief rally in Chinese stocks continues as the country prepares for the New Year holiday, but before markets shut down the latest inflation figures on Thursday will show whether the economy is any closer to escaping the clutches of deflation. Consensus forecasts point to mixed signals – year-on-year consumer price deflation is expected…
The USDJPY moved lower earlier in the day as yields dipped into negative territory. However, after falling below its 100-hour moving average, buyers did show up between the 100-day moving average at 147.597 and the 200-hour movie area at 147.675. The inability to move below those levels gave the buyers the go-ahead to move back to the upside, and the price has since moved back above its rising 100-hour moving average currently at 147.915.What next?In this video, I review the price action and outline the risks and targets ahead for this currency pair. What we know is that the sellers…
Share: The DXY stood around 104.15 on Wednesday. Fed’s Collins, Kashkari and Kugler were on the wires sounding somewhat hawkish. US Treasury yields are slightly up and limit the Greenback’s losses. The US Dollar Index (DXY) is trading neutrally at 104.15 on Wednesday, while markets assess several Federal Reserve (Fed) officials’ statements to continue placing their bets on activity at the next few Federal Open Market Committee (FOMC) meetings. The US Federal Reserve’s hawkish hold, justified by a robust jobs report and continuous strong growth in Q1, has made dovish bets on the Fed less attractive over the…
US DOLLAR OUTLOOK: TECHNICAL ANALYSIS – EUR/USD, USD/CAD & AUD/USDThe U.S. dollar (DXY index) lacks directional bias as traders await new catalystsThe U.S. inflation report will be the next important source of market volatilityThis article focuses on the technical outlook for EUR/USD, USD/CAD & AUD/USDMost Read: US Dollar Technical Forecast: Setups on EUR/USD, USD/JPY, GBP/USD, USD/CADThe U.S. dollar, as measured by the DXY index, was largely flat, trading around the 104.11 level on Wednesday. This lack of directional bias came against a backdrop of mixed U.S. Treasury yields as markets awaited new catalysts in the form of fresh data that…
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© Reuters On Wednesday, Goldman Sachs adjusted its stance on Sany Heavy Equipment, a company listed on both the Shanghai Stock Exchange (600031:CH) and over the counter (OTC: SNYYF). The firm downgraded the stock from Neutral to Sell and revised the price target to RMB11.10, down from RMB17.00. In their assessment, Goldman Sachs expressed concerns that the current market valuation of Sany Heavy does not fully reflect potential earnings risks. The firm anticipates a global synchronized downturn in 2024, which could negatively impact the company’s financial performance. Additionally, they foresee Sany Heavy facing challenges in achieving strong earnings even when…
Crude Oil Update:Energy markets have been worried about oversupplyThese worries have weakened somewhat, but haven’t disappearedTechnically US crude’s uptrend remains in place Recommended by David Cottle Get Your Free Oil Forecast Crude Oil Prices have been supported on Wednesday by news in the previous session of a smaller-than-expected rise in United States stockpiles, although a stronger Dollar still offers headwinds.Figures from the American Petroleum Institute showed a rise of 670,000 barrels in the week to February 2, much lower than the 1.9-million-barrel inventory build markets had been looking for before the figures. Moreover, the Energy Information Administration cut its outlook…