Daily Pivots: (S1) 138.45; (P) 138.83; (R1) 139.41; More…. EUR//JPY’s rally from 133.38 is still in progress. Intraday bias stays on the upside for 100% projection of 133.38 to 138.38 from 135.50 at 140.50. Decisive Read more…
Euro is staying as the strongest one for the week, as supported by a chorus of ECB hawks. Markets are starting to price in a 75bps rate hike by ECB next week. For now, the Read more…
China’s official PMI Manufacturing rose slightly from 49.0 to 49.4 in August, above expectation of 49.2. New orders ticked up from 48.5 to 49.2. Production was flat at 49.8. PMI Non-Manufacturing dropped from 53.8 to Read more…
New Zealand ANZ Business Confidence rose from -56.7 to -47.8 in August. Own Activity Outlook rose from -8.7 to -4.0. Export intentions rose from -2.7 to 3.9. Investment intentions rose from -2.6 to -2.0. Employment Read more…
Japan industrial production grew 1.0% mom in July, way better than expectation of -0.5% mom decline. The Ministry of Economy, Trade and Industry maintained its output assessment, “fluctuates indecisively” reflecting the ups and downs in Read more…
BoJ board member Junko Nakagawa said in a speech that it’s “necessary for the Bank of Japan to persistently continue with the current powerful monetary easing,” and she laid out three reasons for that. Firstly, Read more…
Bundesbank chief Joachim Nagel said yesterday that, “monetary policy must react decisively in order to preserve the credibility of the inflation target. Data from a number of countries shows that frontloading or bringing interest rate increases Read more…
Key Highlights Crude oil price started a steady increase above the $90 resistance. It broke a key bearish trend line with resistance at $90.70 on the 4-hours chart. GBP/USD failed to recover and started a Read more…
The National Bureau of Statistics of China (NBS) released PMI data for China and is another data set which underperforms relative to expectations. The manufacturing sector contracted for a second month of 49.4, although at Read more…
If the Fed does hike rates and is hawkish at its next meeting, will Gold finally break through 1670, which it has tested numerous times? Fed Chairman Powell’s speech at the Jackson Hole Symposium last Read more…