Gold Holds Steady Below 50-Day SMA, Awaits Fed Chair Powell’s Speech
Gold Holds Steady Below 50-Day SMA, Awaits Fed Chair Powell’s Speech Gold prices (XAU/USD) faced fresh selling pressure during the Asian session on Tuesday, reversing the previous day’s gains and approaching the 50-day Simple Moving Average (SMA), a significant resistance level. The US Dollar (USD) gained traction as investors awaited more clarity on the Federal […]
US Yields Boost Dollar, Weaken Yen
US Yields Boost Dollar, Weaken Yen The dollar strengthened on Tuesday, driven by rising U.S. yields, putting pressure on low-yielding currencies like China’s yuan and Japan’s yen, which fell to its lowest level since 1986. Benchmark 10-year Treasury yields increased nearly 14 basis points to 4.479% overnight. Analysts attributed this rise to expectations of Donald […]
Japan’s Land Prices Rise at Fastest Pace Since 2010, Tax Agency Reports
Japan’s Land Prices Rise at Fastest Pace Since 2010, Tax Agency Reports In 2023, Japan’s land prices experienced their fastest rise since comparable data became available in 2010, as reported by the National Tax Agency on Monday. This increase highlights a robust recovery, driven in part by a resurgence in tourism following the coronavirus pandemic. […]
Yen Set for Major Swings Amid Intervention Threat, Charts Indicate
Yen Set for Major Swings Amid Intervention Threat, Charts Indicate The market is bracing for a significant increase in yen volatility as the currency slumps to its lowest level since 1986, raising concerns about potential Japanese intervention. Volatility spreads reveal that investors are demanding a premium to guard against sudden moves, bearish yen bets are […]
Economists Boost China Growth Forecasts Amid Improved Exports
Economists Boost China Growth Forecasts Amid Improved Exports The outlook for China’s exports is expected to improve, supporting growth in the world’s second-largest economy even as consumer spending slows, according to a Bloomberg survey of economists. Exports are forecasted to rise by 4.3% this year, up from a 2.8% gain predicted in May, based on […]
Australian Dollar Falls Despite RBA’s Hawkish Outlook
Australian Dollar Falls Despite RBA’s Hawkish Outlook The Australian Dollar (AUD) continued its downward trend for the third consecutive session on Monday, yet there are indications that the decline in the AUD/USD exchange rate might be moderated by the monetary policy outlook from the Reserve Bank of Australia (RBA). During a recent press conference, as […]
Chinese Economy Poised for Growth Despite Challenges
Chinese Economy Poised for Growth Despite Challenges China’s economy is set to continue its growth trajectory this year, bolstered by significant untapped potential in rural consumption, manufacturing, and further economic liberalization, as reported by the World Economic Forum. Chen Liming, chair of Greater China at the WEF, highlighted China’s enduring strengths such as its vast […]
USD/CAD Nears 1.3700 as Fed Postpones Rate Cut
USD/CAD Nears 1.3700 as Fed Postpones Rate Cut The USD/CAD pair arrested a six-day downtrend, trading near the 1.3700 mark in Monday’s Asian trading session, buoyed by robust U.S. economic data from the previous Friday. The uplift in the U.S. Dollar (USD) was primarily due to an unexpectedly strong U.S. Purchasing Managers Index (PMI) report. […]
Australian Dollar Rises on Strong PMI Data and Softer US Dollar
Australian Dollar Rises on Strong PMI Data and Softer US Dollar The Australian Dollar (AUD) saw mild gains during Thursday’s Asian session, edging higher following the release of the Australian Judo Bank PMI report. The report indicated that business activity in Australia continues to grow, albeit at a slower pace than in March and April. […]
Japan’s Demand-Driven Inflation Slows, Obscuring BOJ Rate Hike Outlook
Japan’s Demand-Driven Inflation Slows, Obscuring BOJ Rate Hike Outlook Japan’s core inflation saw an uptick in May due to increased energy levies, but an index that removes the impact of fuel continued to decline for the ninth consecutive month, as shown in data released on Friday. This trend complicates the central bank’s decision on the […]
Australian Dollar Dips Amid Renewed US Dollar Demand
Australian Dollar Dips Amid Renewed US Dollar Demand On Thursday, the Australian Dollar (AUD) experienced losses, trading in negative territory. Despite this, the currency’s downside may be limited due to the hawkish stance taken by the Reserve Bank of Australia (RBA) during its June meeting earlier this week. The RBA’s firm approach suggests that they […]
Japan’s Insurers’ Yen Hedge Falls to Decade Low
Japan’s Insurers’ Yen Hedge Falls to Decade Low Japanese life insurers have significantly reduced their protection against a strengthening yen to the lowest level in a decade, and they may continue to cut these positions in the coming months. As of March 31, nine of Japan’s largest life insurers had only 47% of their foreign […]
Chinese Bond Market Heats Up: Firm Considers 50-Year Sale
Amid an unprecedented boom in bond issuance as borrowing costs plummet to record lows, a state-owned Chinese firm is contemplating an unprecedented offering of a 50-year note. This potential issuance would mark the nation’s longest corporate debt tenor if it comes to fruition. Wuxi Industry Development Group Co., which is owned by the Wuxi city […]
Australian Dollar Rises on RBA’s Hawkish Stance
Australian Dollar Rises on RBA’s Hawkish Stance The Australian Dollar (AUD) surged on Wednesday, driven by the Reserve Bank of Australia’s (RBA) hawkish stance during its June meeting. The RBA’s decision to maintain current interest rates while signaling a prolonged period before any rate cuts has pushed market expectations for the start of the easing […]
GBP/USD Holds Steady at 1.2700, Awaits UK CPI Data
GBP/USD Holds Steady at 1.2700, Awaits UK CPI Data The GBP/USD pair is struggling to gain any significant traction on Wednesday, trading within a narrow range around the 1.2700 mark during the Asian session. Despite this, spot prices are holding above the one-month low reached last Friday, as traders eagerly anticipate the release of the […]
Nvidia Overtakes Apple in $71 Billion ETF Reshuffle
Nvidia Overtakes Apple in $71 Billion ETF Reshuffle One of the most significant technology ETFs, the $71 billion Technology Select Sector SPDR Fund (XLK), managed by State Street Global Advisors, is expected to undergo a major rebalancing that will significantly increase its exposure to Nvidia Corp. (NVDA) at the expense of Apple Inc. (AAPL). This […]
China’s May Retail Sales Exceed Expectations; Industrial Output and Investment Lag
China’s May Retail Sales Exceed Expectations; Industrial Output and Investment Lag In May, China’s retail sales outperformed expectations, increasing by 3.7% year-on-year, surpassing the anticipated 3% rise forecasted by a Reuters poll of economists. This robust retail performance indicates resilient consumer spending despite broader economic challenges. However, other key economic indicators did not fare as […]
EUR/USD Consolidates Near 1.0700 After Recent Low
EUR/USD Consolidates Near 1.0700 After Recent Low The EUR/USD pair starts the week on a subdued note, consolidating its recent losses to the lowest level since early May, around the 1.0670-1.0665 region touched on Friday. Currently trading around the 1.0700 mark, the pair appears vulnerable to further declines. Concerns over a potential snap election in […]