Author: FX
Canada is about to drop its September labor market update! Will we get another surprise positive read or will expectations be met with a signal of a slowing employment environment. If you haven’t done your homework yet on the Loonie, here are the deets you gotta be familiar with before working on your risk management plan. Event in Focus: Canada’s August Employment Data: Employment Change, Unemployment Rate When Will it Be Released: October 6, 2023 (Friday) 12:30 pm GMT Use our Forex Market Hours tool to convert GMT to your local time zone. Expectations: Full time employment change: -15K vs.…
The USDJPY spiked higher to 150.154 after the JOLTs job data, then tumbled nearly 285 pips in seconds, testing the swing low going back to September 21 in the process. Ghosts of a Bank of Japan intervention was the excuse.The snapback higher then took the price back up 190 pips.Looking at the 5-minute chart above, the price moved up to 149.232 in the process. Then back down to 148.511 twice, and ultimately back up to a swing high of 149.326. Since then, the price has been waffling up and down.Taking a broader look at the hourly chart below, the price…
Share: The Reserve Bank of New Zealand (RBNZ) will announce its Interest Rate Decision on Wednesday, October 4 at 01:00 GMT and as we get closer to the release time, here are the expectations as forecast by the economists and researchers of five major banks. The RBNZ is expected to hold the key Official Cash Rate (OCR) steady at 5.50%. At the last meeting, the bank kept the interest rate unchanged but it was a hawkish hold. Traders will keep an eye on the statement following the meeting. ANZ We expect the RBNZ to keep the OCR unchanged…
RAND TALKING POINTS & ANALYSISHawkish Fed & poor local data weighs negatively on rand.Fed’s Bostic in focus later today.Possible ascending triangle breakout on USD/ZAR daily chart. Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter USD/ZAR FUNDAMENTAL BACKDROPThe South African rand steadily weakens against the USD on the back of poor local economic data and higher US Treasury yields. Yesterday’s ABSA Manufacturing PMI slumped to its lowest levels since July 2021 while the US reports surprised to the upside, highlighting the divergence between the two economies. Some…
KathyDewar/iStock Unreleased via Getty Images HP (NYSE:HPQ) rose 2.3% in pre-market trading on Tuesday amid a double upgrade from Bank of America. The firm bumped its rating on the printer and PC maker to Buy from Underperform and its price target to $33 from $25. Palo Alto, California-based HP (HPQ) reached a bottom in free cash flow in 2023 and should see growth from a better PC outlook and lower restructuring costs, analysts led by Wamsi Mohan, wrote in a note. Growth in operating profit thanks to those pricey inks and tanks, as well as 3D printing, amid tight cost…
5/5 © Reuters. A man walks toward Sankore mosque, also known as the former University of Sankore, in Timbuktu, Mali September 25, 2023. REUTERS/Stringer 2/5 By Edward McAllister DAKAR (Reuters) – Islamist militants in Mali began a blockade of Timbuktu by cutting road access in August and then shut off river and air routes in an offensive that has put the city once again on the frontline of a jihadist insurgency. The bombing began soon after. On Sept. 21, witnesses said rockets hit a hospital, killing two children, and landed near a school where survivors of a passenger boat attack…
US:The Fed left interest rates unchanged as expected.The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike by the end of the year with less rate cuts in 2024.Fed Chair Powell reaffirmed their data dependency but added that they will proceed carefully as they are trying to find the optimal level of rates. Powell also added that the soft landing is not the base case at the moment, although they are aiming for it.The latest US Core PCE came in…
Share: Australian Dollar extends losses due to a stronger US Dollar. RBA maintains its current interest rate at 4.10% Australian Bureau of Statistics showed the number of permits for new construction projects improved in August. Higher US Treasury yields bolster the Greenback, coupled with mixed US data. The Australian Dollar (AUD) continues its losses on Tuesday due to another surge in US Dollar (USD) and US Treasury yields. Additionally, the AUD/USD pair is receiving downward pressure on soft policy decisions by the Reserve Bank of Australia (RBA). Australia’s central bank maintains the status quo and keeps the current interest rate…
If you’ve only started trading this month, you should know that the U.S. dollar has been dominating its major counterparts as the markets price in the Fed possibly raising its interest rates at least one more time before the year ends. That’s more hawkish than other major central banks who only keep the option on their tables! Meanwhile, okay(ish) U.S. economic data releases are all but giving the Fed members permission to maintain their hawkish biases. USD/CHF 1-Hour Forex Charts by TV The U.S. dollar has made ridiculous pips against its other major counterparts though it has struggled to replicate…
Starting with APAC, the RBA has just unsurprisingly kept rates steady in Governor Bullock’s inaugural meeting with the statement largely a carbon copy from the Lowe era (”inflation is coming down, the labour market remains strong and the economy is operating at a high level of capacity utilisation”): AUD continues to decline this month and is -0.76% against the USD right now, followed by the KIWI which marks -0.63%. The JPY, which is one step away from 150, is surprisingly strong this morning, flat against the USD, as the rhetoric about the possibility of intervention continues, this morning from Japan’s…