Author: FX
5/5 © Reuters. FILE PHOTO: The shells of burned houses and buildings are left after wildfires driven by high winds burned across most of the town in Lahaina, Maui, Hawaii, U.S. August 11, 2023. Hawai’i Department of Land and Natural Resources/Handout via REUTERS 2/5 By Steve Holland SOUTH LAKE TAHOE, California (Reuters) – President Joe Biden’s duty as consoler-in-chief will be put to the test on Monday when he visits Maui, nearly two weeks after wildfires swept through the Hawaiian island and killed more than 100 people. Biden will pause his vacation in Lake Tahoe to fly from Reno, Nevada,…
AUD/USD is still stuck in consolidation! If you’re hoping to catch a big move from this pair, you might wanna check out this symmetrical triangle on its hourly time frame. Don’t forget that this week is filled with top-tier catalysts, including global PMIs and the Jackson Hole Symposium, that might spur a breakout. AUD/USD 1-hour Forex Chart by TV Fundamental factors seem to be lining up in favor of more downside for this forex pair, as the combination of hawkish Fed expectations and risk-off flows might keep the U.S. dollar supported. In contrast, wage growth data from Australia and the…
The assumed long-term interest rate for the fiscal year 2024/25 was previously at a record low of 1.1% but that has now been tweaked to 1.5%. The report says that the revision higher is due to rising yields after the BOJ’s latest policy tweak last month. This does suggest that policymakers are willing to embrace a different outlook to Japan’s policy path but for now at least, they are keeping a bit of a lid in 10-year JGB yields near 0.65%. So, let’s not get too carried away just yet. Source link
Share: In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, losses in AUD/USD could accelerate once 0.6365 is breached. Key Quotes 24-hour view: Last Friday, AUD traded in a range of 0.6380/0.6428 before ending the day little changed at 0.6405 (+0.05%). We view the price actions as part of a consolidation phase. Today, AUD is likely to trade sideways in a range of 0.6390/0.6450. Next 1-3 weeks: The AUD weakness that started late last month is still intact. However, short-term conditions are severely oversold, and the pace of any further weakness is likely…
A new trading week means we get another chance to price in new economic data! This week, PMI reports will give us sneak peeks of manufacturing and services trends in the major economies. Before all that, ICYMI, I’ve written a quick recap of the market themes that pushed currency pairs around last week. Check it! And now for the closely-watched economic indicators on the calendar this week: Global PMIs Will August’s manufacturing and services PMI reports support a higher-for-longer monetary policy environment for the major economies? Australia’s (Aug 22, 11:00 pm GMT) manufacturing PMI is expected to return to expansion…
Since the Bank of Japan changed its position on its yield curve management policy at its last meeting at the end of July, the yen has been gradually losing value. This latest adjustment has caused the value of 10-year Japanese government bonds to rise to its highest level in the last nine years. As yield differentials have expanded, the Japanese yen has fallen close to the point that prompted the first yen-buying intervention from the BoJ since the late 1990s. Last year, the Japanese government eventually stepped in and acquired ¥$2.84 trillion on September 22nd, when the exchange rate was…
NZD/USD, AUD/NZD, GBP/NZD – Outlook:China cut its 1-year benchmark lending rate but left is 5-year rate unchanged.NZD gave up early gains, with NZD/USD testing key support.What is the outlook for NZD/USD, GBP/NZD, and AUD/NZD? Recommended by Manish Jaradi The Fundamentals of Trend Trading The New Zealand dollar gave up early gains against its peers after China cut its one-year benchmark lending rate but left its five-year rate unchanged.The one-year benchmark lending rate was cut by 10 basis points, while the five-year rate was left unchanged, contrary to expectations for 15 basis-point cuts to both. Over the weekend, China pledged to…
© Reuters. U.S. President Joe Biden holds a joint press conference with Japanese Prime Minister Fumio Kishida and South Korean President Yoon Suk Yeol during the trilateral summit at Camp David near Thurmont, Maryland, U.S., August 18, 2023. REUTERS/Jim Bourg/File P SEOUL (Reuters) – South Korean President Yoon Suk Yeol said on Monday trilateral cooperation with the United States and Japan will grow stronger if North Korea’s threats increase. He made the remark at a Cabinet meeting days after he took part in talks with the leaders of the Untied States and Japan where they agreed to deepen military and…
ladi59/iStock Editorial via Getty Images Shipbuilder Bath Iron Works and its largest union approved a new three-year labor contract Sunday, avoiding a repeat of a strike in 2020 that caused delays in delivering ships. Machinists Union Local S6, which represents ~4,200 production workers, said the new contract includes the biggest pay raises in the union’s history, as much as 9.6% in the first year, 5% in the second year and 4% in the third year; the previous contract included annual 3% pay raises. Workers also will receive an increase in contributions to their national pension plan as well as higher…
People’s Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.CNH is the offshore yuan. USD /CNH has no restrictions on its trading range.A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.The previous close was 7.2855more to come Source link