Author: FX
Li Auto announces new record with 32,575 deliveries on higher operating capabilities Source link
Financial authorities in Japan, specifically the Ministry of Finance and the Bank of Japan have been making ‘verbal intervention’ statements in recent months as the yen has depreciated. Authorities do not want the currency to decline rapidly and use the comments to slow its drop. However, at some stage, if the yen falls too far for comfort, there will be actual intervention, in the form of selling USD/JPY. There may be some cross-selling but the bulk of intervention will be in USD/JPY. In October 2022 the Ministry of Finance instructed the Bank of Japan to sell USD/JPY, actual intervention. In…
The S&P 500 (SP500) on Friday posted a 15.90% gain for the first six months of 2023, while its accompanying SPDR S&P 500 Trust ETF (NYSEARCA:SPY) added 15.91% for the same period. The benchmark index’s H1 rally has been driven by a combination of factors, chief among them being a blistering advance in growth stocks led by technology. Positive sentiment was also buoyed by signs that the Federal Reserve’s aggressive rate-hiking campaign was having its intended slowdown effect on the economy, with market participants ratcheting up their bets that the central bank would have to end its monetary policy tightening…
© Reuters. (BTC) fell below $30,000 after the June 30 Wall Street open as markets panicked over the fate of its first spot exchange-traded funds (ETFs). 1-hour chart. Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC price action hurtling downward, briefly reaching $29,500. Fed target rate probabilities chart. Source: CME Group (NASDAQ:)Continue Reading on Coin Telegraph Source link
Traders balanced a really heavy economic calendar, with global inflation figures and central bank rhetoric taking focus in the front half of the week, while U.S. updates sparked quick bouts of heavy volatility throughout. Central bank rhetoric was arguably at the top of topics of focus, including talk of FX intervention, as the People’s Bank of China made surprise announcements while jawboning kept yen declines in check. Later on, hawkish remarks from a handful of central bank leaders highlighted divergences between policy plans while also bringing some risk-off flows in the mix. USD Pairs Overlay of USD vs. Major Currencies Chart…
The spotlight turned to China and the U.S. for the most part of the week, as updated Chinese GDP forecasts and net better-than-expected U.S. economic updates stole the show. Hawkish central bank rhetoric during the ECB Forum on Central Banking also affected overall market sentiment, especially since the arguably upbeat outlook was underscored by mostly strong data. Missed all the market movers this week? Lemme show you the biggest headlines first: Notable News & Economic Updates: ? Broad Market Risk-on Arguments Crude oil opened slightly higher after a failed coup attempt in Moscow, as Wagner mutiny convoys returned to bases and…
Share: EUR/GBP slides as UK bond yields surpass German bond yields, strengthening the Pound. From a technical perspective, the pair exhibits a neutral to downward bias, with long-term daily EMAs standing above exchange rates. The EUR/GBP must regain the 0.8600 level and surpass the May 24 daily low resistance of 0.8648 to shift its bias. The pair’s immediate support is at 0.8500, a breach below, which could lead to a decline toward 0.8535. EUR/GBP slid during the Friday session as UK bond yields surpassed German bond yields, the strongest of the Eurozone (EU), bolstering the appetite for the…
Share: Despite daily gains, the XAU/USD is set to close a third consecutive week of losses, near the $1,920 area. Declining yields amid soft PCE figures weakened the USD favouring Gold prices. On Friday, the gold spot XAU/USD traded with nearly 0.50% gains, jumping near the $1,920 area. Soft Personal Consumer Expenditures from the US fueled a decline in US yields and, thereby, a weaker US Dollar, which boosted the yellow metal. Moreover, the Gold’s short-term trajectory will be determined by bets on the next Federal Reserve (Fed) decision, which will have an impact with crucial labour market…
US core PCE prices (excluding food and fuel costs) for the month of May rose 0.3% as expected but the YoY level was mostly lower at 4.6% versus 4.7% last month and expected. The PCE price index fell from 4.3% to 3.8%. That was the 1st decline below 4% since early 2021. Personal consumption (adjusted for inflation) was flat after 0.2% last month. Personal income increased 0.4% versus 0.3% last month. Adjusted for inflation, May’s spending was flat.Later the University of Michigan consumer sentiment exceeded the preliminary index of 63.9 with a rise 64.4. The gain was much higher than…
Share: The USD/JPY pulls back from YTD high as Japan’s Finance Minister Suzuky warns against excessive yen depreciation. The slowdown in the US Core PCE, the Fed’s preferred inflation indicator, reduces investor expectations for a double Fed rate hike. Despite Tokyo Core CPI exceeding the BoJ’s 2% target for thirteen months, the BoJ reaffirms its commitment to ultra-loose monetary policy. USD/JPY retreats from a year-to-date (YTD) high at 145.07 as Japanese authorities warned that “excessive yen weakening” could trigger action by Japanese authorities. That spooked USD/JPY buyers, which have been riding a rally that witnessed a 13% depreciation…