USD/JPY Closing in on 1990 Highs
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- April 27, 2024
BoJ More Dovish than Expected Friday witnessed a surge in dollar demand versus the beleaguered Japanese yen (JPY). The USD/JPY pairing not only recorded its largest one-day gain this year (+1.7%), but the exchange rate also refreshed multi-decade highs and is swiftly closing in on the ¥160 region, a 1990 peak. Earlier on Friday, Asia
READ MOREBulls in Control According to the US Dollar Index, year to date, the US dollar (USD) is nearly +5.0% higher against a basket of six major currencies. With the possibility of buyers strengthening their grip towards the 107.35 October 2023 peak on the monthly scale, things remain optimistic for the USD. This is reinforced by
READ MOREEurope’s shared currency wrapped up the week off best levels, eking out a marginal gain of +0.3% versus the US dollar. Higher Timeframes Suggest Further Underperformance Things are not looking too cheerful for the euro, both from a technical and fundamental perspective. Scope to continue pressing southbound on the monthly scale until support at $1.0516
READ MORESpot gold (XAU/USD) is +0.7% higher in US trading despite an earlier spike lower that was fuelled by the latest US GDP report (the first estimate). Trend + AB=CD Support Suggest a Buyers’ Market Technically, the price of gold could be poised to attack higher terrain. The trend, according to the higher timeframes, is unquestionably
READ MOREUS GDP, according to the first estimate (or ‘advance estimate’) for real GDP growth, revealed a HUGE miss and stresses a cooling economy. According to the Commerce Department, US economic activity slowed significantly in Q1 of 2024, increasing at an annualised rate of 1.6%. This fell considerably short of economists’ estimates of 2.5% (the estimate
READ MOREAmidst a dovish repricing, according to the OIS curve, sterling is on the back foot against the majority of its G10 peers ahead of the US cash open, currently down -0.4% versus its US counterpart. Technically, however, we are at an interesting juncture on the daily chart, with notable technical support aided by the Relative
READ MOREAmid tensions in the Middle East, potentially disrupting oil supplies, the oil complex is an interesting market to keep an eyeball on at the moment. As of writing, escalation between Iran and Israel has been limited following attacks from both sides earlier this month. What is reasonably clear is that both nations are trying to
READ MOREAhead of this week’s US GDP first estimate print and the PCE Price Index numbers, the US Dollar Index will likely be a watched market. Buyers remain firmly at the wheel. YTD, we are nearly +5.0%, with April on track to close higher for a fourth consecutive month, up +1.5% MTD. And from a technical
READ MOREChart Pattern Structure Indicates Additional Underperformance for the Stock Chart pattern enthusiasts will acknowledge two key patterns in play on Tesla’s daily chart at the moment. Longer-term, we have what is referred to as a falling wedge pattern unfolding, taken from $205.28 and $175.01; these are generally considered reversal structures that demonstrate slowing momentum to
READ MOREWe have an interesting technical picture unfolding on the NZD/USD at the moment. From the daily timeframe, it is evident that the currency pair has been underwater for the majority of this year. In fact, year to date, we are lower by -6.6%. Further Selling? Favouring bears at this point is the downtrend shaped by
READ MORETechnical Picture Favours Bears Week to date, against the US dollar (USD), the price of bitcoin (BTC) is down more than -7.0% and touching gloves with levels not seen since mid-March. Technically, the longer-term picture exhibits overbought/overvalued conditions. Following the all-time high clocked in early March at $73,845, commitment from buyers has been lacklustre and
READ MOREYY Headline: 3.2% (Est: 3.1%; Prev: 3.4%) MM Headline: 0.6% (Est: 0.4%; Prev: 0.6%) YY Core: 4.2% (Est: 4.1%; Prev: 4.5%) MM Core: 0.6% (Est: 0.5%; Prev: 0.6%) The March UK CPI numbers hit the wires earlier this morning, revealing a slower-than-expected pace of disinflation across all four key metrics. While all four reports
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