Sterling and Euro in Focus: Markets Await UK Employment and Germany ZEW
In Asian trading session today, the forex markets remained steady with no significant movements outside of yesterday's range among major pairs and crosses. Sterling stood slightly firmer, holding much anticipation for the forthcoming UK employment data, notably the insights on wage growth which can potentially delineate its next significant...
Euro Softens Slightly on Growth Downgrade, Yen Rally Short-Lived
Trading in the European session has been relatively muted, with the primary contributor to the quietness being a notably thin economic calendar. Euro experienced a mild dip following European Commission's downgrade of growth projections for Eurozone for the current year and next. While Euro displayed pronounced weakness against commodity-linked...
Yen Rebounds on BoJ Ueda’s Hawkish Remarks; US CPI and ECB to Highlight the Week
Yen displayed impressive strength in Asian session, following hawkish remarks from BoJ Governor Kazuo Ueda over the weekend. Speculation is rife that the central bank is laying down preparations to exit negative rates early next year, with sustained wage growth being a key prerequisite, as echoed by various BoJ...
Dollar Index Nearing Key Resistance Zone ahead of an Important Fortnight
In a week characterized by significant currency movements, Dollar asserted its dominance, closing as the top performer and pushing the Dollar Index tantalizingly close to a pivotal medium-term resistance zone. The upcoming fortnight will be instrumental in assessing Dollar's upside momentum, which, in turn, will shed light on whether...
Canadian Dollar Rises on Robust Job Data; Dollar and Yen Lose Ground
Canadian Dollar is having a notable uplift in early US session, propelled by stronger than expected employment data that underscores a persistently robust and tight labor market scenario in the country. The revelations from the data could potentially pose hurdles in the path of Canada's disinflation journey, a process...
Dollar Rally Pauses, Yuan Slides to Year’s Low in Subdued Markets
Asian market trading is subdued today, with Dollar retreating as its recent rally began to lose steam. Notably, overnight remarks from Fed officials didn't provide any fresh cues, reinforcing expectations of a pause in rate hike this month. However, the door remains open for a subsequent rate hike, contingent...
Sterling in Distress Following BoE Survey, Euro and Franc also Soften
Sterling is under pronounced pressure in forex markets, trailing as the day's worst performer. This wave of selloff initiated yesterday following BoE Governor Andrew Bailey's articulation to the parliament, hinting that UK is "much nearer" to hitting the terminal interest rates. Further aggravating the downfall, a BoE survey rolled...
Mild Risk-Off Sentiment, Dollar Dominates With Some Hesitation
Asian markets showcased a mild risk-off tone today, in the wake of lower closes in US markets overnight. However, the forex arena remains comparatively tranquil with major currency pairs and crosses largely confined within the previous day's trading range. Lingering apprehensions regarding a potential rate hike by the Fed...
Dollar Strengthens on Strong ISM Services; Canadian Dollar Steady After BoC Hold
Dollar is enjoying another rally, further solidifying its position as the strongest currency for the week so far, following an upbeat ISM Services report that well exceeded market expectations. The data affirms services sector's dominant role in driving US economy. Additionally, it highlighted a robust uptick in both employment...
Dollar Rally Looks at ISM Services for Fresh Catalyst, Canadian Awaits BoC Hold
Forex markets have found a moment of stability in today's Asian trading session, with Dollar taking a breather as it looks for fresh catalysts to continue this week's rally. All eyes are now on the upcoming ISM Services data, which could prove pivotal for Dollar's trajectory.
Services sector has emerged...
Dollar’s Dominant Rally Highlights Resilient US Economy as Global Growth Wanes
Dollar is making a powerful rally today, breaking through near-term resistance levels against all its major counterparts. This surge is anchored by recent economic data, which paints a picture of a US economy that is cooling but not cracking. This robustness stands in stark contrast to the weakening growth...
RBA Rate Hold and Subpar China PMI Services Weigh Down Aussie Dollar
Australian Dollar finds itself on shaky ground today, trading lower due to lackluster investor sentiment, and stays soft after RBA's decision to keep interest rates unchanged, a move that was widely anticipated. New Zealand Dollar is tracking its Australian counterpart, emerging as the day's second-worst performer. Canadian Dollar is...
Yen and Dollar Weaken as China’s Property Sector News Lifts Sentiment
Japanese Yen and Dollar are experiencing broad declines today, as rebound in Chinese and Hong Kong stocks that buoyed overall market sentiment. The mood lifted on news that Country Garden, a troubled Chinese property giant, has secured an extension for a critical debt payment deadline, effectively avoiding default. Reports...
Dollar Stays Resilient after Volatile Week, Euro Falters as Worst Performer
In a week marked by high volatility, Dollar proved resilient, closing within its established range against other major currencies after intra-week selloff. This performance quells, at least for now, fears of bearish reversal for the greenback. Indeed, sentiment has shifted to favor near-term upside for Dollar, which is likely...
NFP Boosts Investor Sentiment, Pressures Dollar and Yields
Investors react favorably to the much-anticipated US Non-Farm Payroll data, sending stock futures soaring while Treasury yields and Dollar weaken. The latest numbers point to a more relaxed labor market, yet with decent job growth, which is what Fed would love to see. Additionally, the slowdown in wage growth...
Forex Markets Awaiting US NFP Data, Bitcoin Reverses Gains
Forex markets are showing unremarkable activity in today's Asian session, with major currency pairs and crosses largely contained within yesterday's trading range. The mood this week has been one of indecision, with sporadic movements failing to evolve into sustained trends. Despite China's intervention to bolster Yuan, the impact was...
Euro Slips after CPI and ECB Minutes, Dollar Shrugs PCE
Euro falls broadly today together with other European majors. Some might point to the expected slowdown in Eurozone core inflation in August as a factor. But indeed headline inflation was steady from the prior month, above expectations. Comments from ECB officials were also hawkish. Traders are probably just squaring...
Dollar Stabilizes Amid Lull in Asia; Eurozone CPI and US PCE in Focus
Markets took a breather in today's Asian trading session after Dollar experienced a significant selloff overnight. For now, the greenback seems to have found some footing, as market participants shift their focus to the release of high-impact data—Eurozone's CPI flash and US PCE inflation—slated for later today. Eurozone inflation...
Dollar Slumps on ADP Miss, Gold Extending Rally
Dollar is facing accelerated selloff following the release of disappointing ADP private employment data, which showed deceleration in both job and pay growth. Although the employment numbers were by no means dismal, the cooling job market is being perceived as a positive development by Fed and market participants. This...
Dollar Rally Faltered, With Focus Turning to ADP Jobs
Dollar's attempted rally quickly reversed overnight, following disappointing consumer confidence data. Interestingly, equities gained on what some market participants are calling a "bad news is good news" factor. The logic here is that Fed is now less likely to raise interest rates again this year, thereby giving stocks a...