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Daily digest market movers: Upbeat Canadian PMIs fail to spark bullish interest
Canada’s seasonally-adjusted Ivey PMI for April improved to 63.0 from 57.5, beating the forecast of 58.1.April’s Ivey PMI hit a two-year high, printing its highest activity survey result since May of 2022.Broader markets continue to focus on Fedspeak as investors hope for signs of rate cuts from the
CANADIAN DOLLAR SKITTISH ON TUESDAY DESPITE IMPROVING IVEY PMI
Canadian Dollar easing but sticking to midrange.Canada Ivey PMI beat expectations in April.CAD markets wait for Friday’s Canadian labor data. The Canadian Dollar (CAD) was broadly softer on Tuesday but stuck close to near-term technical levels as CAD markets shrugged off better-than-expected Ivey Pu
GBP/USD PRICE ANALYSIS: RANGE BOUND AROUND 200-DMA, AWAITING BOE’S DECISION
GBP/USD trades with minor losses, movements bounded by key levels before BoE decision.Technical outlook neutral to slightly bullish; resistance at recent high of 1.2594 and 50-DMA at 1.2607.Break below 200-DMA at 1.2545 could trigger further declines, with supports at 1.2500 and May 1 low of 1.2466.
Ueda changes his mind about impact of weak Yen
Given the continued verbal warnings from Japan’s various “Princes of the Yen” however, USD/JPY bulls will still need to be mindful of possible “snakes” of intervention bringing prices sliding back down. On Tuesday, Bank of Japan (BoJ) Governor Katzuo Ueda once again repeated that excessive Yen
Yellen cautions Japanese authorities
USD/JPY has benefited from another backdraught of late after it was revealed that Janet Yellen was not as supportive of Japan and Korea using intervention to prop up their currencies as had been thought – especially after their recent currency summit. In words over the weekend, Yellen was
Barkin Rules out rate cut – BBH
The Federal Reserve bank of Richmond Chair Thomas Barkin said on Monday that he thought rates were high enough to bring inflation back to our target, but that “The full impact of higher rates is yet to come.” “This is basically ruling out a rate cut,” concluded analysts at Brow
USD/JPY TRADES HIGHER AS USD FINDS ITS FEET.
INTERVENTION STILL A THREATUSD/JPY TRADES HIGHER AS USD FINDS ITS FEET. INTERVENTION STILL A THREAT USD/JPY recovers after last week’s losses on possible intervention and weak US jobs data. Janet Yellen’s mild criticism of intervention may have helped the pair higher. Japanese currency off
USD/CAD FACES PRESSURE NEAR 1.3700 AS US DOLLAR STRUGGLES FOR FIRM FOOTING
USD/CAD remains offered near 1.3700 as the US Dollar struggles to hold an auction above 105.00.Weak US data and less hawkish commentary from Fed Williams have weighed on the US Dollar.Canadian employers are anticipated to have hired 20K job-seekers in April. The USD/CAD pair consistently faces press
FED'S KASHKARI: INFLATION MOVING SIDEWAYS RAISES QUESTIONS ABOUT HOW RESTRICTIVE POLICY IS
Minneapolis Federal Reserve President Neel Kashkari said on Tuesday that inflation moving sideways raises questions about how restrictive policy is, per Reuters. Key takeaways "Housing market is proving more resilient to tight monetary policy than it has been in the past." "Possible that h
SILVER PRICE FORECAST: XAG/USD HOLDS GAINS ABOVE $27 ON FED RATE-CUT OPTIMISM
Silver price exhibits gains above $27.00 due to deepening optimism over Fed reducing rates in September.Weak US labor market boosts expectations of Fed rate cuts.Lower bond yields improve demand for Silver. Silver price (XAG/USD) falls slightly from weekly high of $27.50 but manages a firm-footing a
HIGH BAR FOR RBA TO HIKE IN AUGUST – TD SECURITIES
Analysts at TD Securities assess the Reserve Bank of Australia's (RBA) policy decisions. AUD/USD to be pinned back below 0.6600 "The RBA left the target cash rate on hold at 4.35% as was widely expected, but the Statement and Press Conference fell short of the hawkish tilt anticipated by u
USD/CHF HOLDS A POSITION ABOVE 0.9050 AMID FIRMER US DOLLAR
USD/CHF maintains its position amid an upward correction in the US Dollar.The recent lower US labor data has revived hopes for rate cuts by the Fed in 2024.The Swiss Unemployment Rate (MoM) was recorded at a non-seasonally adjusted 2.3% in April, from 2.4% prior. USD/CHF treads water to hold positio
Technical Analysis: Pound Sterling faces selling pressure near 1.2600
The Pound Sterling falls from 1.2600 but consolidates in a tight range around 1.2550. The near-term outlook of the Cable appears to be uncertain as it has not stabilized above the 20-day Exponential Moving Average (EMA), which trades around 1.2520. The GBP/USD pair faces selling pressure n
Daily digest market movers: Pound Sterling comes under pressure ahead of BoE policy meeting
The Pound Sterling falls sharply after facing significant selling pressure near the round-level resistance of 1.2600. The GBP/USD pair weakens as investors remain convinced about the chances that the Bank of England will reduce interest rates earlier than the Fed. Financial markets anticipate t
USD/CAD REBOUNDS ABOVE 1.3650 AMID FIRMER US DOLLAR, LOWER CRUDE OIL PRICES
USD/CAD holds positive ground near 1.3685 on the rebound of USD on Tuesday. Fed’s Barkin noted the current rate level should cool the economy enough to bring down inflation to the 2% goal.The BoC potentially getting closer to rate cuts relative to the Fed, which might drag the CA
Pull-up Update