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 Pac trading witnessed the...
Europe’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 is...
The price of spot silver versus the US dollar (XAG/USD) remains entrenched within a moderate uptrend. This tends to attract trend-following systems that attempt to buy breakouts of key areas of resistance and buy into corrections.
As evident from the H4 chart, price action has rebounded from an equal AB=CD harmonic formation at $26.79. Traders commonly enter...
Spot 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 north after recently...
Amidst 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 -0.5% versus its US counterpart.
With key support on the verge of breaching, this could lead to further downside in the currency pair!
Ahead 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 standpoint, further outperformance is on the table.
