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...
USD/JPY Hits Year-High in Subdued Markets
In a relatively uneventful trading day, the notable standout is the rally in the USD/JPY currency pair, which has now reached its highest level this year. The bullish momentum for Dollar against Yen raises questions about whether traders are positioning themselves ahead of crucial employment and inflation data set...
Euro Underperforms Amid Weak German Consumer Sentiment; Gold Gains Momentum
Euro is trading lower across the board today, additionally dragged down by weaker-than-expected consumer sentiment data out of Germany. This latest indicator has added fuel to concerns that Eurozone's largest economy may become a drag on the broader region, heightening risk of a looming recession. Meanwhile, Dollar and Swiss...
Yen Staying Weak in Muted Trading, Chinese Yuan Softens
Trading in the forex market today saw a tempered tone, with most major currencies trading in a tight range due to a sparse economic calendar. An early uplift in market sentiment was observed, largely attributed to China's strategic moves aimed at boosting investor confidence. This positive wave continued into...
Stocks Surge on China’s Investor “Friendly” Measures; Markets Brace for Important Data This Week
Asian equities witnessed an upswing today, buoyed by China's announcement of several initiatives aimed at enticing investors back into the market. Among these measures, the decision to trim the stamp duty on stock transactions and a more gradual roll-out of initial public offerings captured investors' attention. Adding to the...
Dollar Stands Tall, Euro and Sterling Down on Recession Worries
Dollar clinched the title of the week's best performing currency, even though there was just muted impact from Fed Chair Jerome Powell's remarks at Jackson Hole. While Powell's renewed commitment to combating inflation prompted traders to elevate their expectations for another rate hike within the year, broader market reactions,...
Market Treads Cautiously Ahead of Powell and Lagarde’s Speeches
As the financial world gears up for the much-anticipated remarks from Fed Chair Jerome Powell and ECB President Christine Lagarde, market participants are treading with caution. Dollar has started to retreat, shedding some of its recent impressive gains. Simultaneously, Euro grapples to find solid ground elsewhere amidst a mixed...
Dollar Soars Amidst Market Jitters; Fed Powell and ECB Lagarde Remarks to Shape Market Outlook
A shift in market sentiment rattled investors as the optimism spurred by Nvidia was short-lived. DOW experienced its most severe daily slump since March overnight, while S&P 500 and NASDAQ posted their largest one-day drops since early August. This change in market dynamics played into the hands of Dollar,...
Dollar Resurgence Amid Rising Treasury Yields
Dollar exhibits renewed vigor in the early US trading hours, marking broad-based gains. While today's data showcased robust initial jobless claims and a mixed bag for durable goods orders, these don't seem to be the primary catalysts fueling the Dollar's ascent. A more plausible driver is the resurgence of...
Forex Markets Await Jackson Hole Cues; Dollar’s Position Remains Uncertain
The foreign exchange are mostly stable today, with major currency pairs and crosses staying confined within the boundaries set yesterday. Both Sterling and Euro have had a lackluster week, emerging as the weakest performers. US Dollar, while subdued, still fares better, positioned ahead of Canadian Dollar as the third...