The UK economy has been struggling and Friday's GDP is expected to indicate negative growth, with a market consensus of -0.1% q/q for the third quarter. In Q2, GDP showed a small gain of 0.2%. August GDP is expected at 0.0% m/m, after a 0.2% gain in September. A soft GDP report will raise speculation about a recession and could weigh on the pound.
Bank of England...
The New Zealand dollar is in positive territory on Wednesday. In the European session, NZD/USD is trading at 0.5926, up 0.26%.
New Zealand's manufacturing sector has been in decline for seven consecutive months and little change is expected from the October PMI, which will be released on Friday. The market consensus stands at 45.0, compared to 45.3 in September,...
USD/JPY has posted small gains on Friday, enough to push above the symbolic 146 line. On the data calendar, Tokyo Core CPI dipped lower and Fed Chair Powell addresses the Jackson Hole Symposium later today.
Japan released the Tokyo Core CPI earlier today. This is the first inflation release of the month, making it a key event. In August, Tokyo Core CPI rose 2.8%...
The New Zealand dollar is showing limited movement on Wednesday, trading at 0.6060 in the European session.
Like most major central banks, the Reserve Bank of New Zealand has been waging a long and tough battle against inflation by raising interest rates. CPI fell to 6.0% in the second quarter, down from 6.7%. That's certainly good news, but let's remember that...
The tech sector is on a tear. NASDAQ:NVDA earnings set the tone last week and the AI craze is on. NASDAQ:QQQ had a bullish week, closing up +3.53%, bringing it up +8.76% on the month. Strong earnings, job cuts, and developments in AI technology has sent the sector higher.
Technical Analysis: The last two weeks saw NASDAQ:QQQ break out of the rising wedge we...
With a tentative agreement to raise the debt ceiling reached over the weekend, we now look to see how the markets react when it is voted on later this week.
Technical Analysis: The megaphone pattern we’ve been watching all month is still in play. We also have the macro uptrend line that we have not tested since March.
My general lean for this week is bullish....
The British pound is showing strong volatility in the wake of Prime Minister's Truss resignation. Truss resigned on Thursday after just 44 days in office, and the pound jumped as much as 1% before paring most of the gains. The reality of the political maelstrom engulfing the UK has set in and GBP/USD has plunged 1.1% today. The currency has touched a low of...
