Market Overview
Yen’s Selloff Persists in Sluggish Market, Dollar Mixed
Japanese Yen continues its decline in today's subdued trading environment. This selloff gained momentum following the release of disappointing wages growth data, which has tempered expectations for an imminent monetary policy adjustment by BoJ in January. Despite this, April is still considered a more probable time for interest rate...
Yen Weakens on Disappointing Wage Growth Data, Nikkei Soars to 33-Year High
Release of Japan's disappointing wage growth data led markets to scale back expectations of an imminent rate hike by BoJ. The continued lag in wages growth behind inflation undermines the prospects of establishing a virtuous cycle of wages and prices, which is a prerequisite to a BoJ policy shift....
Lackluster Trading in Forex as Economic Data Fails to Stir Major Movements
Currency trading today remained lackluster, characterized by limited movements across major pairs and crosses. Key economic data releases, ranging from Japan's Tokyo CPI, and retail sales figures from Australia and the Eurozone, to trade balance data from Canada and US, failed to significantly influence the markets.
Japanese Yen is currently...
Markets Unmoved by Japan and Australia Data, Bitcoin Surges
Today's Asian trading session has been relatively subdued. Japan reported deeper-than-expected contraction in household spending, while Tokyo CPI core showed slowdown in line with market expectations. However, Yen's near-term rebound seems to be losing steam as these data releases have not provided significant market impetus. Meanwhile, Nikkei index returned...
Commodity Currencies Weaken; Focus on AUD/JPY Ahead of Australia and Japan Data
In today's relatively subdued markets, the notable development is weakness in commodity currencies, led by Australian Dollar. This decline comes amid a drop in oil prices following Saudi Arabia's decision to cut official selling prices across all regions. Additionally, precious metals have softened in response to rebound in global...
Aussie Weakens, Gold’s Recovery, Global Inflation Data in Spotlights
Australian Dollar trades broadly lower in today's Asian session, influenced by notable decline in Hong Kong and Chinese stock markets as driven by selloff in technology stocks in these regions. Additionally, there is growing investor caution ahead of impending economic data from China, which is anticipated to highlight deepened...
Year’s Start Sees Shift in Risk Sentiment, Dollar Ended Higher Despite Jitters
The onset of 2024 marked a notable shift in global market sentiment. Major U.S. stock indexes ended their nine-week winning streak, closing lower, while major benchmark treasury yields experienced a notable recovery. Concurrently, this shift in market dynamics was accompanied by a scaling back of bets on an immediate...
Dollar Rises on Robust NFP, But Gains Tempered by Hesitation
Dollar rises broadly in early U.S. session, spurred by a robust set of job data that surpassed expectations in all key areas including headline employment growth, unemployment rate, and wage growth. This robust data also propelled 10-year treasury yield further above 4% mark, while concurrently driving stock futures lower....
Dollar Rallies Ahead of NFP, Eurozone CPI Looms
Dollar is having a broad upswing today as investors and traders brace for the latest US non-farm payroll data. With the recent pullback in stock markets and noticeable recovery in treasury yields, the prevailing sentiment indicates that traders are increasingly skeptical about the likelihood of an early Fed rate...
Yen Under Pressure Amid Global Yield Rebounds and BoJ Policy Uncertainty
Japanese Yen is facing increased selling pressure today, influenced by rebound in US and European benchmark treasury yields. Additionally, traders are scaling back their expectations of imminent monetary policy changes by BoJ, in the wake of the recent devastating earthquake in Japan. This context sets the stage for potential...
Investors Tread Carefully Following FOMC Minutes, Awaiting Key US Job Reports
Major US stock indexes closed lower overnight, after FOMC minutes revealed Fed might be hesitance to lower interest rates soon. Notably, the likelihood of a March interest rate cut, as inferred from Fed funds futures, dipped below the 70% market following the release of the minutes. Dollar, however, is...
Dollar Strengthens Amidst Global Tech Selloff and Treasury Yield Recovery
Dollar is having a renewed attempt to extend its near-term rebound, buoyed by mild risk-off sentiment prevalent in Europe and US premarkets. This resurgence in the greenback's strength coincides with ongoing selloff in technology stocks, which has now extended to major Asian markets, with key indexes in South Korea...
Dollar’s Rebound Pauses, Awaiting Direction from ISM Manufacturing and FOMC Minutes
Dollar softens mildly in quiet Asian session today. The greenback's rebound stalled ahead of near term resistance levels, as general market sentiment stabilized in US session overnight. Investors and analysts are now turning their attention ISM Manufacturing PMI and FOMC minutes, seeking guidance on the future on the next...
Dollar Gains Momentum as 2024 Begins with Global Equities Selloff
As US session commences, Dollar's rebound is gaining additional momentum. This upswing is occurring against a backdrop of intensifying selloff in the equities market, primarily influenced by Apple's downturn following downgrade by Barclays over concerns of weakening sales.
European majors are currently bearing the brunt of the market's shift. The...
Dollar Gains on Risk-Off Mood: Mixed China Data and Japan Earthquake Drive Cautious Trading
Dollar gains modest ground in Asian session today, driven by mild risk-off sentiment. Mixed data emerging from China's PMI manufacturing sector has cast a shadow over market sentiment, contributing to a tepid start in Hong Kong's stock market. The HSI index is grappling with the aftermath of its fourth...
End-of-Year Forex Market Lull; Bitcoin’s Prospects for Resurgence in 2024 Under Watch
Trading activity is rather subdued in the last Asian session of the year. With no major economic events on the calendar for the day, trading is expected to remain quiet. Dollar is making an attempt to recover but continues to be the weakest performer for the week. It is...
Yen and Swiss Franc Rally in Subdued Markets; Downside Acceleration in GBP/CHF
Japanese Yen and Swiss Franc are standing out with significant rallies in otherwise relatively subdued markets today. Yen resumed its near-term rise against the Dollar, reaching its highest level in five months. Simultaneously, Swiss Franc has achieved its highest level in over a decade, excluding the spike seen in...
Yen Strengthens on BoJ Ueda, Swiss Franc Hits Highs, Dollar Struggles
Japanese Yen soars broadly in Asian session today, likely in delayed reactions to comment made by BoJ Governor Kazuo Ueda. Speaking to NHK, Governor Ueda indicated that the chance of moving the short-term interest rate out of negative territory in 2024 was "not zero."
This remark marks a notable shift...
Euro and Sterling Take Back the Lead in Quiet Market
In today's subdued trading environment, Sterling Euro have emerged as the strongest currencies, outperforming Australian Dollar and New Zealand Dollar. The ascendancy of these European currencies does not appear to be driven by any specific fundamental factors. Instead, it seems to be part of a rotational trend where different...
Yen Dips on Dovish BoJ, Aussie Gains on China Optimism
Yen falls broadly in Asian session today, influenced by the dovish sentiments expressed BoJ's Summary of Opinions of December meeting. The document indicated a lack of urgency among board members to tighten monetary policy, with a particular emphasis on the minimal risk associated with delaying the exit from negative...