Chart The British Pound defended the confluence support at 1.2084/89 throughout the month. This range is defined by the targeted year-to-date open and 78.6% year-to-date retracement. range. Price has fallen just above this threshold and monthly opening resistance is currently at 1.2199. The focus will be on a breakout of this short-term range by the end of the...
The Bank of England predicted this week that the UK economy is likely to weaken in the months leading up to the next general election, raising concerns about Chancellor Rishi Sunak's government. The central bank's Monetary Policy Committee will cut its gross domestic product estimates for the second half of this year and early 2024 after surveys and official...
Mr. Kazuo Ueda of the Bank of Japan is in a predicament. If he sticks to policy this week, there is a risk that the yen will fall to a 10-year low and the yield control program will come under attack from speculative markets. If the Governor simultaneously raises the upper limit of 10-year yield curve control, either explicitly or implicitly, the Governor could...
The British pound initially attempted to recover during the week, but gave up gains near the crucial 1.2350 level. At this point, GBP is likely to remain under downward pressure and could fall to the 1.1850 level. Looking ahead, we believe the 1.2350 level will be an important resistance barrier, and if we manage to break below the 1.20 level, it will actually...
Finance Minister Shunichi Suzuki said Thursday that authorities were closely monitoring current developments and warned investors not to sell the yen. The Bank of Japan's ultra-easy monetary policy is putting pressure on the Japanese yen as other central banks tighten policy at an unprecedented pace to curb inflation. Rising government bond yields and global...
The dollar index and dollar index futures edged lower in Asian trading but remained firm overnight after data showed U.S. business activity unexpectedly increased in November. Ten. The statistics suggest continued resilience in the U.S. economy and give the Federal Reserve room to raise rates further. Federal Reserve Chairman Jerome Powell is expected to...
EUR/USD was little changed as traders awaited further stimulus following the release of disappointing Eurozone PMI data. Germany's Ifo business report showed business confidence improved from 85.8 in September to 86.9 in October, but this did not provide additional support for European currencies. From a technical perspective, EUR/USD is unable to settle above...
Many indicators suggest that supply and demand in the economy are now nearing equilibrium. ” Inflation is expected to return to the 2% target by the end of 2025, slightly behind July's mid-2025 forecast, "but energy prices and ongoing core inflation will The trajectory will rise even higher,” the central bank said. Inflation is expected to fall to around...
Bitcoin broke through an important resistance zone at the July peak at 31800, thereby creating a Double Bottom pattern (bottoms in June and September 2023), opening up the potential for a price increase to 39000. Bullish Momentum The strength helped BTC surpass the 200-day MA, coinciding with the August peak (28150). Additionally, on the weekly chart BTC broke...
After failing to overcome resistance and touching below the psychological level of 0.6400, AUD/USD fell rapidly to the 2023 bottom around 0.6300. While it is possible that prices could stall in this zone, it could open the door to a drop to last year's low of 0.6170. On the other hand, if the buyers return then the first level of resistance will appear at 0.6350,...
TOKYO: Japanese Finance Minister Shunichi Suzuki said on Thursday that authorities would closely monitor the yen's movements after it fell by more than 150 points against the dollar, and continued to warn investors on Thursday against selling the currency. Pressure is mounting on the Bank of Japan to change its management of bond yields as interest rates rise...
GBP/USD is losing some ground as traders focus on rising US Treasury yields. The 10-year Treasury yield rose again above 4.90%, while the 30-year Treasury yield rose above 5.05%. The RSI remains in the moderate region, giving GBP/USD a good chance to gain further bearish momentum and head towards the next support between 1.2000 and 1.2030.
The European Central Bank is increasingly having to reconsider when to start winding down the 1.7 trillion euro ($1.8 trillion) bond portfolio it bought during the pandemic. The ECB will begin discussions on ending the PEPP rollover before cuts end in 2024 at a meeting in Athens this week. This is fully consistent with the rate tightening efforts of 10...
On October 24, the Bank of Japan announced its fifth extraordinary purchase of government bonds since adjusting its yield curve control program at the end of July. Despite these efforts, Japan`s 10-year bond yield continued to hit new highs this month, adding to the global stock market decline. "However, there is still speculation about the Bank of Japan's policy...
Earlier, survey data showed that business activity in the euro zone unexpectedly worsened this month as the recession spread across the region. A survey on October 24 showed British businesses reported further contraction this month, with cost pressures continuing to ease and risks of recession pointed to.
The Australian dollar is currently down to 0.6310, with the next key supports at 0.6300 and then 0.6285. For buyers, the key immediate resistance is the 14-day EMA at 0.6347, with resistance at 0.6400 and 0.6429, the 23.6% Fibo level of the decline from July peak to September low. This week, markets will continue to wait for a series of PMI reports from...
UK employment figures recover slightly The UK unemployment rate continues to fall, with new jobless claims at 24,000, compared to the expected 230,000. The unemployment rate in August was 4.2%, slightly lower than the previous month's forecast of 4.3%. Britain's labor market is easing, another sign that monetary tightening is starting to have an impact on the...
EUR/USD was pressured in the European session by the conflict in the Middle East and the broad recovery of the USD and US government bond yields. The next key event is the EU Consumer Sentiment Report. EUR/USD is currently rising for the 3rd day in the past 4 days and is above the 20-day MA. Technical indicators on the daily chart show bullish signals, with RSI...