402993 July 25, 2024 13:14 Forexlive Latest News Market News
The trend is your friend in trading this week. In FX, the Japanese yen has been the outright leader with the antipodean currencies struggling. The former owes to exhaustion on the part of buyers but also arguably some anticipation flows ahead of the BOJ next week. USD/JPY has taken quite the tumble since Japan intervened on 11-12 July. The pair is down well over 900 pips since the highs earlier this month.
As for the aussie and kiwi, they had been weighed down by pressure on the Chinese yuan. But Beijing looks to be putting a lid on USD/CNY for now, just under the 7.28 mark. The pair has now dropped back to 7.25 but domestic equities are still not as confident despite the many easing measures announced this week. The latest one coming today here.
Besides that, a more dour risk mood overall is also weighing on commodity currencies in general. USD/CAD also benefited from the rate cut by the Bank of Canada overnight here. The pair is now eyeing its April highs of 1.3838-46 as it pushes above the 1.3800 mark since yesterday.
In the equities space, US futures are looking calmer for now but it is still early in the day. That said, the S&P 500 could yet lean on trendline support here for a bit of a reprieve after the heavy selling in the last two weeks.
Looking to European trading today, there won’t be much to really shake things up. The German Ifo business survey is the main highlight but it shouldn’t offer anything new to the outlook. The focus in Europe now is on inflation data, to confirm whether or not the ECB is on course for a rate cut in September.
0645 GMT – France July business confidence0800 GMT – Eurozone June M3 money supply0800 GMT – Germany July Ifo business climate index1000 GMT – UK July CBI trends total orders
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
This article was written by Justin Low at www.forexlive.com.
402992 July 25, 2024 13:14 Forexlive Latest News Market News
The economy is seen as “recovering moderately, although it recently appears to be pausing”. Besides that, the government downgraded their view on exports to say that the situation is moving sideways. In June, they noted that the recovery in exports was stalling instead. On consumption, the government held their view that the pickup in the sector is still stalling as well.
This article was written by Justin Low at www.forexlive.com.
402991 July 25, 2024 13:14 Forexlive Latest News Market News
The selloff in the last two weeks has outweighed the gains from the two weeks before. The S&P 500 is now down 0.6% on the month, following an over 2% drop yesterday. Tech shares are bearing the brunt of those declines, with the Nasdaq seeing its worst daily showing since November 2022. So, where does this leave us on the chart?
The drop yesterday came after underwhelming earnings from Tesla and Alphabet. The latter saw a beat on earnings but there are warning signs building towards the coming quarters. And that set off a sour mood as investors are worried about how the rest of the Magnificent Seven will be reporting.
Anyway, the daily chart above sees the S&P 500 now fall back to test key trendline support from its uptrend since November last year. That is a key level to watch for any potential bounce back in the near-term. Otherwise, a break below that could set off a push back towards the 100-day moving average (red line) at least. And that level is seen just under 5,300 for now.
It’s not just US stocks that are squaring off against a key technical situation. In Europe, the French CAC 40 index also dropped to test the lower bound of its recent range yesterday:
French stocks have been the laggard in Europe, following the results of the recent election. And we’re now seeing stocks pushed to the brink of key support from last month. A break below that will draw focus to the January low of 7,281 next potentially.
Looking at the overall picture, the losses this month haven’t been too deeply felt for US stocks in particular. But as noted above, a break in the momentum could be something to set off a further retracement before we get to the next leg higher again.
This article was written by Justin Low at www.forexlive.com.
402989 July 25, 2024 12:39 ICMarkets Market News
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish reaction off pivot and drop to 1st support.
Pivot: 104.47
Supporting reasons: Identified as a pullback resistance level, specifically at the 38.20% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.
1st support: 103.70
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.
1st resistance: 105.16
Supporting reasons: Identified as an overlap resistance level, indicating a potential area where sellers could enter the market after a retracement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Factors contributing to the momentum: Price is below the bearish Ichimoku cloud
Price could potentially make a bearish continuation towards 1st support.
Pivot: 1.0856
Supporting reasons: Identified as an overlap resistance level, indicating a potential area where sellers could enter the market after a retracement.
1st support: 1.0768
Supporting reasons: Identified as a pullback support level, specifically at the 61.80% Fibonacci Retracement, suggesting a significant area where previous declines have found support.
1st resistance: 1.0913
Supporting reasons: Identified as a pullback resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Factors contributing to the momentum: Price is below the bearish Ichimoku cloud
Price could potentially make a bearish continuation towards 1st support.
Pivot: 167.35
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.
1st support: 163.99
Supporting reasons: Identified as a swing low support level, suggesting a significant area where previous declines have found support.
1st resistance: 169.96
Supporting reasons: Identified as a pullback resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish reaction off pivot and drop to 1st support.
Pivot: 0.8435
Supporting reasons: Identified as an overlap resistance level, specifically at the 50% Fibonacci Retracement, indicating a potential area where sellers could enter the market after a retracement.
1st support: 0.8387
Supporting reasons: Identified as a multi-swing low support level, suggesting a significant area where previous declines have found support.
1st resistance: 0.8476
Supporting reasons: Identified as an overlap resistance level, specifically at the 78.60% Fibonacci Retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.
Potential Direction: Bullish
Overall momentum of the chart: Bearish
Price could potentially make a bullish bounce off pivot and head towards 1st resistance.
Pivot: 1.2854
Supporting reasons: Identified as a pullback support level, specifically at the 61.80% Fibonacci Projection, indicating a potential area where buyers could enter the market after a retracement.
1st support: 1.2778
Supporting reasons: Identified as an overlap support level, specifically at the 61.80% Fibonacci Retracement, suggesting a significant area where previous declines have found support.
1st resistance: 1.2934
Supporting reasons: Identified as an overlap resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.
Potential Direction: Bullish
Overall momentum of the chart: Bearish
Price could potentially make a bullish bounce off pivot and head towards 1st resistance.
Pivot: 197.16
Supporting reasons: Identified as an overlap support level, indicating a potential area where buyers could enter the market after a retracement.
1st support: 193.40
Supporting reasons: Identified as an overlap support level, suggesting a significant area where previous declines have found support.
1st resistance: 201.29
Supporting reasons: Identified as a pullback resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.
Potential Direction: Bullish
Overall momentum of the chart: Bearish
Price could potentially make a bullish bounce off pivot and head towards 1st resistance.
Pivot: 0.8837
Supporting reasons: Identified as a multi-swing high resistance level, indicating a potential area where buyers could enter the market after a retracement.
1st support: 0.8779
Supporting reasons: Identified as a pullback support level, suggesting a significant area where previous declines have found support.
1st resistance: 0.8899
Supporting reasons: Identified as a pullback resistance level, specifically at the 78.60% Fibonacci Retracement, indicating a historical point where previous rallies have faced selling pressure or reversed.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish reaction off pivot and drop to 1st support.
Pivot: 153.63
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.
1st support: 151.92
Supporting reasons: Identified as a swing low support level, suggesting a significant area where previous declines have found support.
1st resistance: 155.31
Supporting reasons: Identified as a pullback resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.
Potential Direction: Bearish
Overall momentum of the chart: Bullish
Price is rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.
Pivot: 1.3832
Supporting reasons: Identified as a multi-swing-high resistance, indicating a significant area where selling pressures could intensify.
1st support: 1.3779
Supporting reasons: Identified as an overlap support, indicating a potential area where price could find support.
1st resistance: 1.3888
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price has made a bearish break through the pivot and could potentially fall towards the 1st support.
Pivot: 0.6562
Supporting reasons: Previously identified as a swing-low support which now has been broken due to the strong bearish momentum. The presence of a bearish Ichimoku cloud adds further significance to the downside momentum.
1st support: 0.6529
Supporting reasons: Identified as a pullback support that aligns with a 161.8% Fibonacci extension level, suggesting a potential area where price could find strong support.
1st resistance: 0.6585
Supporting reasons: Identified as a pullback resistance, indicating a significant area that could halt further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bearish
Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.
Pivot: 0.5883
Supporting reasons: Identified as a swing-low support, indicating a potential zone where buying interests could pick up to stage a minor rebound.
1st support: 0.5779
Supporting reasons: Identified as a pullback support, suggesting a significant area that could halt further downward momentum.
1st resistance: 0.5948
Supporting reasons: Identified as a pullback resistance, indicating a significant area that could halt further upward movement. The presence of a bearish Ichimoku clouds adds further significance to the overhead pressures.
Potential Direction: Bullish
Overall Momentum of the Chart: Bearish
Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.
Pivot: 39,607.55
Supporting reasons: Identified as an overlap support that aligns with a 78.6% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a minor rebound.
1st Support: 38,980.78
Supporting Reasons: Identified as a pullback support, suggesting a significant area where price could find strong support.
1st Resistance: 40,4677.11
Supporting Reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement level, indicating a significant area that could halt further upward movement.
Potential Direction: Bearish
Overall Momentum of the Chart: Bearish
Price could fall towards the pivot and potentially make a bearish break below this level to fall towards the 1st support.
Pivot: 18,323.60
Supporting reasons: Identified as a potential breakout level, indicating an area where the strong bearish momentum could drive the price lower from here.
1st Support: 18,168.28
Supporting Reasons: Identified as a swing-low support, indicating a significant area where price could find strong support.
1st Resistance: 18,505.94
Supporting Reasons: Identified as an overlap resistance, indicating a significant area that could halt further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bearish
Price could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance.
Pivot: 5,408.81
Supporting reasons: Identified as a pullback support that aligns with a confluence of Fibonacci levels i.e. the 50% retracement and the 100% projection levels, indicating a potential area where buying interests could pick up to stage a minor rebound.
1st support: 5,339.76
Supporting reasons: Identified as an overlap support, indicating a potential area where price could find strong support.
1st resistance: 5,503.91
Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement level, suggesting a critical area that could halt further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Neutral
Price is falling towards the pivot and could potentially bounce off this level to rise towards the 1st resistance.
Pivot: 63,507.86
Supporting reasons: Identified as a pullback support that aligns close to a 38.2% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a rebound.
1st support: 59,546.99
Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement level, indicating a significant area that could halt further downward movement.
1st resistance: 66,374.96
Supporting reasons: Identified as a pullback resistance, indicating a potential barrier that could halt further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price has made a bearish break through the pivot and could potentially fall towards the 1st support.
Pivot: 3,276.36
Supporting reasons: Previously identified as a pullback support which now has been broken due to the strong bearish momentum.
1st Support: 3,052.53
Supporting Reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement level, indicating a significant area that could halt further downward movement.
1st Resistance: 3,377.15
Supporting Reasons: Identified as a pullback resistance, indicating a historical barrier where selling pressures could intensify.
Potential Direction: Bullish
Overall Momentum of the Chart: Bearish
Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.
Pivot: 77.53
Supporting Reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, indicating a potential area where buying interests could pick up to stage a minor rebound.
1st Support: 75.45
Supporting Reasons: Identified as a pullback support that aligns with a 78.6% Fibonacci retracement level, indicating a significant area where price could find strong support.
1st Resistance: 79.24
Supporting Reasons: Identified as an overlap resistance that aligns with a 23.6% Fibonacci retracement level, indicating a potential barrier that could halt further upward movement. The presence of a bearish Ichimoku cloud adds further significance to the bearish momentum.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish reaction off pivot and drop to 1st support.
Pivot: 2391.29
Supporting reasons: Identified as a pullback resistance level, indicating a potential area where sellers could enter the market after a retracement.
1st support: 2361.72
Supporting reasons: Identified as an overlap support level, specifically at the 161.80% Fibonacci Extension and 78.60% Fibonacci Retracement, indicating Fibonacci confluence and suggesting a significant area where previous declines have found support.
1st resistance: 2423.81
Supporting reasons: Identified as an overlap resistance level, indicating a historical point where previous rallies have faced selling pressure or reversed.
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The post Thursday 25th July 2024: Technical Outlook and Review first appeared on IC Markets | Official Blog.
402988 July 25, 2024 12:14 ICMarkets Market News
IC Markets Asia Fundamental Forecast | 25 July 2024
What happened in the U.S. session?
As widely expected, the Bank of Canada (BoC) cut its overnight rate for the second consecutive meeting by 25 basis points (bps) to bring it down to 4.50% while continuing to normalize its balance sheet. The Governing Council noted that excess supply in the Canadian economy has aided in cooling inflation in recent months, thus warranting looser monetary policy as the Canadian labour market has shown signs of moderation. In addition, the council also anticipates CPI inflation to decrease in the second half of the year due to base effects for gasoline prices, before steadying at the 2% level in 2025.
During the press conference, BoC Governor Tiff Macklem stated that policymakers are not on a predetermined rate path and will make decisions on a meeting-by-meeting basis based on incoming data. He also added that there was a clear consensus to cut by 25 bps at this recent meeting and that balance sheet normalization has still ways to go. The Loonie has lost nearly 1.4% over the last couple of weeks as USD/CAD gained almost 200 pips thus far.
What does it mean for the Asia Session?
As Asian traders digest the latest moves by the BoC, the Loonie remains under intense selling pressures causing USD/CAD to surge past the 1.3800-level – this currency pair was trading around 1.3820 this morning.
The Dollar Index (DXY)
Key news events today
GDP (12:30 pm GMT)
Employment Claims (12:30 pm GMT)
What can we expect from DXY today?
The advance estimate for second quarter GDP is now expected to show economic activity growing 2.0%, higher than the previous estimate of 1.4%. GDP estimates for the second quarter have been mixed thus far but as more data becomes available, growth appears to be converging around 2% for this period. Meanwhile, unemployment claims remain elevated with the 4-week average now standing at 234K. Last week’s reading came in at 243K while the latest estimate of 237K points to another elevated reading. Should claims come in higher than expected once more, it could cause the dollar to come under pressure as this labour metric shows some signs of softness in the U.S. labour market.
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
Gold (XAU)
Key news events today
GDP (12:30 pm GMT)
Employment Claims (12:30 pm GMT)
What can we expect from Gold today?
The advance estimate for second quarter GDP is now expected to show economic activity growing 2.0%, higher than the previous estimate of 1.4%. GDP estimates for the second quarter have been mixed thus far but as more data becomes available, growth appears to be converging around 2% for this period. Meanwhile, unemployment claims remain elevated with the 4-week average now standing at 234K. Last week’s reading came in at 243K while the latest estimate of 237K points to another elevated reading. Should claims come in higher than expected once more, it could cause the dollar to come under pressure as this labour metric shows some signs of softness in the U.S. labour market.
Next 24 Hours Bias
Medium Bearish
The Australian Dollar (AUD)
Key news events today
No major news events.
What can we expect from AUD today?
The Aussie remained in freefall as it tumbled under the threshold of 0.6600. This currency pair continued to slide lower towards 0.6550 as Asian markets came online – these are the support and resistance levels for today.
Support: 0.6530
Resistance: 0.6600
Central Bank Notes:
Next 24 Hours Bias
Strong Bearish
The Kiwi Dollar (NZD)
Key news events today
No major news events.
What can we expect from NZD today?
Stronger demand for the dollar drove the Kiwi under 0.5950 overnight. This currency pair continued to slide lower towards 0.5900 at the beginning of the Asia session – these are the support and resistance levels for today.
Support: 0.5880
Resistance: 0.5950
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
The Japanese Yen (JPY)
Key news events today
No major news events.
What can we expect from JPY today?
The yen continues to strengthen steadily with USD/JPY now falling under the 153-level. This currency pair continued to slide lower towards 152.50 as Asian markets came online – these are the support and resistance levels for today.
Support: 152.00
Resistance: 154.00
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
The Euro (EUR)
Key news events today
German ifo Business Climate (8:00 am GMT)
What can we expect from EUR today?
The German ifo Business Climate deteriorated in June, led by the manufacturing and trade sectors as pessimistic expectations increased. July’s estimate of 88.9 points to a relatively unchanged business sentiment which could add some downward pressure on the Euro before the start of the European trading hours.
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
The Swiss Franc (CHF)
Key news events today
No major news events.
What can we expect from CHF today?
Demand for the greenback waned overnight as USD/CHF fell under 0.8850. This currency pair was trading around 0.8830 at the beginning of the Asia session – these are the support and resistance levels for today.
Support: 0.8820
Resistance: 0.8880
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
The Pound (GBP)
Key news events today
No major news events.
What can we expect from GBP today?
Cable hit an overnight high of 1.2937 before retreating away from this level. This currency pair was trading around 1.2890 as Asian markets came online and is expected to edge lower as the day progresses – these are the support and resistance levels for today.
Support: 1.2855
Resistance: 1.2940
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
The Canadian Dollar (CAD)
Key news events today
No major news events.
What can we expect from CAD today?
As widely expected, the Bank of Canada (BoC) cut its overnight rate for the second consecutive meeting by 25 basis points (bps) to bring it down to 4.50% while continuing to normalize its balance sheet. The Governing Council noted that excess supply in the Canadian economy has aided in cooling inflation in recent months, thus warranting looser monetary policy as the Canadian labour market has shown signs of moderation. In addition, the council also anticipates CPI inflation to decrease in the second half of the year due to base effects for gasoline prices, before steadying at the 2% level in 2025.
During the press conference, BoC Governor Tiff Macklem stated that policymakers are not on a predetermined rate path and will make decisions on a meeting-by-meeting basis based on incoming data. He also added that there was a clear consensus to cut by 25 bps at this recent meeting and that balance sheet normalization has still ways to go. The Loonie has lost nearly 1.4% over the last couple of weeks as USD/CAD gained almost 200 pips thus far.
Central Bank Notes:
Next 24 Hours Bias
Strong Bullish
Oil
Key news events today
No major news events.
What can we expect from Oil today?
The EIA crude oil inventories experienced a much higher-than-anticipated drawdown for the fourth week in a row as 3.74M barrels of crude were removed from storage to highlight the improved U.S. demand for oil. However, prices remain under pressure due to concerns over weak demand from China and potential ceasefire talks in the Middle East. WTI oil tumbled under $78.50 per barrel overnight and looks set to drift lower as the day progresses.
Next 24 Hours Bias
Medium Bearish
The post IC Markets Asia Fundamental Forecast | 25 July 2024 first appeared on IC Markets | Official Blog.
402986 July 25, 2024 10:39 Forexlive Latest News Market News
Alberta is one of the thirteen provinces and territories of Canada. Authorities there are asking for help from the Canadian military as the province’s wildfire situation continues to worsen.
Alberta’s public safety minister Mike Ellis:
“I have requested assistance from the Canadian Armed Forces to ensure all resources are brought to bear on this situation”
I have seen estimates of 435 square kilometres burned.
Adam sent me this:
This article was written by Eamonn Sheridan at www.forexlive.com.
402985 July 25, 2024 10:39 ICMarkets Market News
Wall Street Smashed – Nasdaq Down Over 3.5%
US stock indices were smashed in trading yesterday as investors pulled out of the tech and AI stocks that have sustained them over the past year. Disappointing earnings numbers from Telsa and Alphabet started the rout yesterday but momentum took over and the Nasdaq lost over $1 trillion in market capitalization, closing down 3.64% on the day, followed by the S&P which lost 2.31% and the Dow which closed, off 1.24%. US treasuries had an interesting day as the 2-year/10-year gap came into levels not seen since October 2023, the 2-year dropping 3.5 basis points to 4.410% whilst the 10-year gained 3.9 basis points to trade up to 4.278%. Oil prices had a bit of a reprieve as US stocks again dipped, Brent up 0.9% to $81.71 and WTI up 0.8% to $77.59 a barrel and Gold ultimately closed close to flat at $2,411 after earlier rallying to as high as $2,431 an ounce.
Yen Flying Again – Targeting 150 against the Dollar
The Yen had another stellar day in trading yesterday as it pushed higher again across the board. Traders are abandoning carry trades at an alarming rate which could signify that there are some people in the market that have a deeper insight into next week’s Bank of Japan meeting. Risk sentiment has taken a significant dent overnight as well and this tends to favour Yen buying. There is no doubt that large stop loss orders are being triggered on the way down against the dollar and other currencies, UsdJpy is now trading just above 153 and has already broken through a number of significant support levels. The next key support if the 200 Day Moving Average on the Daily chart which comes in around 151.50 and a break there opens the way to the key psychological level at 150 which is also close to a long term trendline support. Once again traders will be looking to sell into any rallies in the next few sessions until we get a change in the underlying sentiment.
Volatility High for Traders Today
Traders are bracing for yet more volatility in the sessions ahead as risk sentiment continues to decline at an alarming rate after a very poor day on Wall Street. Asian markets have little on the economic event calendar to interrupt that momentum and the same can be said for the European session with just the German IFO Business Climate data due out once London opens. There is a raft of data due out in the US today, which should grab investors’ attention, at least over the releases, with the usual weekly unemployment claims data being released alongside the quarterly Advance GDP and Durable Goods numbers. We are also due to hear from ECB President Christine LaGarde later in the day.
The post General Market Analysis 25/07/2024 first appeared on IC Markets | Official Blog.
402984 July 25, 2024 10:14 Forexlive Latest News Market News
Implied volatility is a component of an option pricing model.
In a nutshell, an annualized expected move in an asset (USD/JPY in this case), adjusted for the expiration duration.
Higher IV means higher priced options (more expensive to lock in ‘protection’ via options).
Volatility is up because of the large yen seings we are seeing.
Back in the middle of May, the previous time we had a sharp USD/JPY sell-off I wrote:
Just don’t ask me to get bearish on it yet, thats a bridge too far 😉
That was pretty much the case, USD/JPY traded back up to above 161.50. How much further will this sell off go this time? Let me know in the comments!
This article was written by Eamonn Sheridan at www.forexlive.com.
402983 July 25, 2024 09:39 Forexlive Latest News Market News
Japan benchmark index lower again today, unsurprisingly of course after the falls on Wall Street:
This article was written by Eamonn Sheridan at www.forexlive.com.
402980 July 25, 2024 09:14 Forexlive Latest News Market News
A view on whats to come from Commodity Trading Advisers (CTAs) in the event of continued falling stocks:
Basically a ‘follow the momentum’ strategy.
–
Its already getting interesting:
This article was written by Eamonn Sheridan at www.forexlive.com.
402979 July 25, 2024 09:14 Forexlive Latest News Market News
Overnight, Fed’s Dudley to Bloomberg said that:
Job losses beget job losses. Dudley is fearful that the momentum has already started and that will continually weaken the economy.
US stocks are sharply lower with the NASDAQ now down -2.10%. The S&P is down -1.48%.
This article was written by Greg Michalowski at www.forexlive.com.
402972 July 25, 2024 08:39 Forexlive Latest News Market News
AUD and NZD aren;t the only FX falling against the dollar, but they are performing worse than EUR and GBP. CAD is losing ground also.
JPY is rising, USD/JPY is circa 153.11
This article was written by Eamonn Sheridan at www.forexlive.com.