405668 September 13, 2024 15:30 Forexlive Latest News Market News
10-year yields in the US are now down by 5.5 bps to 3.625% and that is weighing further on USD/JPY today. The pair is now down 1% to fresh lows at 140.43 and that is bringing closer the December 2023 low at 140.24 as well as the 140.00 mark. The bounce early yesterday was certainly short-lived, that especially as traders continue to price in stronger odds of a 50 bps rate cut by the Fed next week.
As things stand, Fed funds futures are showing ~116 bps of rate cuts by year-end. Personally, I still think that’s a step too far but traders aren’t backing down from their conviction this week. The odds of a 50 bps rate cut next week are now at ~41%.
Anyway, a key chart to watch for the dollar and USD/JPY as we look to close out the week will be 2-year yields.
It is staying close to the 2023 low near 3.55% currently. A break lower there might be overstepping in terms of Fed pricing but one can’t really rule that out at this point.
This market has a tendency to overreact before running back that pricing if they can’t bully the Fed to get their way. That’s what we saw before with the supposed six rate cuts priced in for 2024 at the end of last year.
This article was written by Justin Low at www.forexlive.com.
405667 September 13, 2024 14:45 Forexlive Latest News Market News
This article was written by Giuseppe Dellamotta at www.forexlive.com.
405666 September 13, 2024 14:39 ICMarkets Market News
IC Markets Europe Fundamental Forecast | 13 September 2024
What happened in the Asia session?
The dollar index (DXY) found a floor at the 101-level to stabilize before edging higher to rise towards 101.20. This index could continue to retrace higher but overhead pressures remain and it could resume the downtrend in the latter half of the day. Crude prices remain elevated but WTI oil was capped under the $70-mark – this benchmark was trading around $69.50 per barrel at Asia midday.
What does it mean for the Europe & US sessions?
The University of Michigan (UoM) will release its preliminary findings on consumer sentiment which is expected to edge higher from 67.9 in the previous month to 68.3 in September. Consumers’ short- and long-run economic outlook improved in August and looks set to step up further, albeit at a slower pace. The dollar has seen strong bids since the beginning of this trading week and the DXY is all but certain to notch its largest weekly gain since the third week of August.
The Dollar Index (DXY)
Key news events today
UoM Consumer Sentiment (2:00 pm GMT)
What can we expect from DXY today?
The University of Michigan (UoM) will release its preliminary findings on consumer sentiment which is expected to edge higher from 67.9 in the previous month to 68.3 in September. Consumers’ short- and long-run economic outlook improved in August and looks set to step up further, albeit at a slower pace. The dollar has seen strong bids since the beginning of this trading week and the DXY is all but certain to notch its largest weekly gain since the third week of August.
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
Gold (XAU)
Key news events today
UoM Consumer Sentiment (2:00 pm GMT)
What can we expect from Gold today?
The University of Michigan (UoM) will release its preliminary findings on consumer sentiment which is expected to edge higher from 67.9 in the previous month to 68.3 in September. Consumers’ short- and long-run economic outlook improved in August and looks set to step up further, albeit at a slower pace. The dollar has seen strong bids since the beginning of this trading week which has restricted gold under $2,530/oz.
Next 24 Hours Bias
Medium Bullish
The Australian Dollar (AUD)
Key news events today
No major news events.
What can we expect from AUD today?
As demand for the dollar waned overnight, the Aussie surged past 0.6700. This currency pair hit 0.6732 as Asian markets came online before pulling back – these are the support and resistance levels for today.
Support: 0.6640
Resistance: 0.6750
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Kiwi Dollar (NZD)
Key news events today
No major news events.
What can we expect from NZD today?
The Kiwi surged past 0.6150 overnight on the back of higher claims in the U.S. which triggered a sharp sell-off in the greenback. This currency pair hit 0.6193 at the beginning of the Asia session before retreating slightly – these are the support and resistance levels for today.
Support: 0.6125
Resistance: 0.6235
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Japanese Yen (JPY)
Key news events today
No major news events.
What can we expect from JPY today?
After hawkish comments by Bank of Japan (BoJ) board member Junko Nakagawa on Wednesday, demand for the yen waned yesterday as higher claims triggered a sharp sell-off in the greenback causing USD/JPY to fall under 142 once more this week. This currency pair was trading around 141.20 as Asian markets came online – these are the support and resistance levels for today.
Support: 140.65
Resistance: 143.70
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
The Euro (EUR)
Key news events today
No major news events.
What can we expect from EUR today?
As widely expected, the ECB cut its main refinancing rate by 60 basis points to bring it down from 4.25% to 3.65%. Based on the Governing Council’s updated assessment on the outlook and dynamics of underlying inflation, the council agreed that it was appropriate to take another step in moderating the degree of monetary policy restriction as recent inflation data have broadly matched expectations. The latest ECB staff projections see headline inflation averaging 2.5% in 2024, 2.2% in 2025 and 1.9% in 2026, as in the June projections while the economy will grow by 0.8% in 2024, rising to 1.3% in 2025 and 1.5% in 2026, a slight downward revision compared with the June projections. ECB President Christine Lagarde’s press conference did not shed any further insight and was pretty much inline with the statement that was released earlier. Despite the rate cut, the Euro gained overnight due to an uptick in U.S. unemployment claims which triggered a sharp sell-off in the greenback. This currency pair was trading around 1.1085 at the beginning of the Asia session – these are the support and resistance levels for today.
Support: 1.1000
Resistance: 1.1150
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Swiss Franc (CHF)
Key news events today
No major news events.
What can we expect from CHF today?
As demand for the dollar waned overnight, USD/CHF fell towards 0.8500. This currency pair broke under this level as Asian markets came online – these are the support and resistance levels for today.
Support: 0.8430
Resistance: 0.8560
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
The Pound (GBP)
Key news events today
No major news events.
What can we expect from GBP today?
Cable jumped above the threshold of 1.3100 overnight as higher claims triggered a sharp sell-off in the greenback. This currency pair came within a whisker of 1.3150 at the beginning of the Asia session and should remain elevated today – these are the support and resistance levels for today.
Support: 1.3035
Resistance: 1.3210
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Canadian Dollar (CAD)
Key news events today
No major news events.
What can we expect from CAD today?
The dollar sell-off pushed USD/CAD lower overnight before stabilizing around 1.3565 as Asian markets came online. This currency pair could resume the downtrend in the latter half of the day, especially if crude oil continues to see strong bids – these are the support and resistance levels for today.
Support: 1.3490
Resistance: 1.3650
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
Oil
Key news events today
No major news events.
What can we expect from Oil today?
Crude oil prices rose overnight due to output disruptions in the U.S. Gulf of Mexico caused by Hurricane Francine as producers were forced to evacuate oil platforms before this hurricane hit the coast of Louisiana. WTI oil hit a high of $69.81 per barrel, coming close to breaking above the $70-mark. Tailwinds remain in place and this benchmark could eventually rise above this level to notch its first close in the green in five weeks.
Next 24 Hours Bias
Medium Bullish
The post IC Markets Europe Fundamental Forecast | 13 September 2024 first appeared on IC Markets | Official Blog.
405665 September 13, 2024 14:30 Forexlive Latest News Market News
The mood in the market remains broadly positive. ICYMI yesterday around 18:53 Central European Time, WSJ’s Timiraos came out with a piece which seemed like suggesting that a 50 bps cut is still being discussed. The market responded raising 50 bps cut probabilities to around 40% from 13% before the news.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
405664 September 13, 2024 14:30 Forexlive Latest News Market News
This article was written by Giuseppe Dellamotta at www.forexlive.com.
405663 September 13, 2024 14:00 Forexlive Latest News Market News
This article was written by Giuseppe Dellamotta at www.forexlive.com.
405662 September 13, 2024 14:00 Forexlive Latest News Market News
Headline prices are showing a slowdown compared to July. However, core annual inflation did tick up a little from 1.5% in the previous month to 1.7% in August. But at these levels, the ECB can feel comfortable about it as compared to Germany for example.
This article was written by Justin Low at www.forexlive.com.
405661 September 13, 2024 13:45 Forexlive Latest News Market News
This article was written by Giuseppe Dellamotta at www.forexlive.com.
405660 September 13, 2024 11:45 Forexlive Latest News Market News
The strike will begin at midnight Pacific Time or in just under two-and-a-half hours from now. Boeing’s US factory workers have rejected the company’s plea deal from earlier this week, which includes a 25% pay rise over four years. The union had previously targeted a 40% pay rise, so there is quite a discrepancy there. For some context, the current arrangement between Boeing and the unions was agreed back in 2008. And that came after an eight-week strike.
This article was written by Justin Low at www.forexlive.com.
405659 September 13, 2024 11:39 Forexlive Latest News Market News
If the Fed wants to organise things in an orderly manner, the market sure isn’t letting them do so. The odds of a 50 bps rate cut dwindled after the US CPI report earlier this week but were reignited again in trading yesterday. The odds of that have moved back up to ~45% now.
There wasn’t much of a key trigger with the weekly jobless claims coming in steady while producer prices were more mixed at the balance when accounting for the revisions. Still, the dollar tracked lower and is keeping that way alongside Treasury yields.
It is now reaffirming a break lower in USD/JPY again, with eyes turning towards the December 2023 low at 140.24 and the 140.00 mark in general.
Besides that, EUR/USD also caught a bid after the ECB and after large option expiries from yesterday lapsed. The pair has erased losses for the week and is holding marginally higher as buyers keep a bounce off 1.1000.
Elsewhere, GBP/USD is also keeping its own bounce off 1.3000 to 1.3145 currently. And AUD/USD is holding a bounce off its 100-day moving average to sneak a push back to 0.6725 now.
Then, there’s also gold which has broken out to fresh record highs again. The precious metal is trading up another 0.4% to $2,569 currently.
The pressure is certainly on for the dollar now with the moves being rather broad-based. And this is with 2-year yields still on the verge of plunging further, now seen at 3.58%. The key line in the sand there is the 2023 low of 3.55%.
This article was written by Justin Low at www.forexlive.com.
405658 September 13, 2024 11:39 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: 101.26
Supporting reasons: Pullback resistance, indicating a level where price may encounter selling pressure after a recent rally.
1st support: 100.90
Supporting reasons: An overlap support level, aligned with the 161.80% Fibonacci Extension, suggesting a key area where price might find support.
1st resistance: 101.83
Supporting reasons: Multi-swing high resistance, showing a level where price might face resistance if it moves higher.
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could potentially make a bullish continuation towards 1st resistance.
Pivot: 1.1006
Supporting reasons: An overlap support, suggesting a key level where price might find support and bounce back.
1st support: 1.0943
Supporting reasons: An overlap support, aligned with the 61.80% Fibonacci Retracement and 161.80% Fibonacci Extension, indicating Fibonacci confluence where price might find strong support.
1st resistance: 1.1111
Supporting reasons: Pullback resistance aligned with the 61.80% Fibonacci Retracement, indicating a potential level where price may face selling pressure during an upward move.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish continuation towards 1st support.
Pivot: 157.55
Supporting reasons: Pullback resistance, indicating a key level where price might face selling pressure.
1st support: 155.24
Supporting reasons: Swing low support, aligned with the 61.80% Fibonacci Projection, suggesting a potential level where price may find support and prevent further declines.
1st resistance: 160.26
Supporting reasons: Pullback resistance, indicating a level where price might encounter resistance during an upward move.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish continuation towards 1st support.
Pivot: 0.8453
Supporting reasons: Identified as pullback support, reinforced by the 23.6% Fibonacci Retracement, indicating a potential area where the price might stall before continuing downward.
1st support: 0.8409
Supporting reasons: Marked as a multi swing low support, suggesting a significant area where previous declines have found a buying interest.
1st resistance: 0.8485
Supporting reasons: Recognized as pullback resistance, supported by the 38.2% Fibonacci Retracement, indicating a potential level where the price may face selling pressure if it retraces upward.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish reaction off pivot and drop to 1st support.
Pivot: 1.3159
Supporting reasons: Pullback resistance, aligned with the 61.80% Fibonacci Retracement, indicating a level where price may face selling pressure.
1st support: 1.3034
Supporting reasons: An overlap support level, suggesting a key area where price might find support.
1st resistance: 1.3228
Supporting reasons: An overlap resistance, showing a level where price might encounter resistance if it moves higher.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish reaction off pivot and drop to 1st support.
Pivot: 187.95
Supporting reasons: an overlap resistance, aligned with the 23.60% Fibonacci Retracement, indicating a key level where price might face selling pressure.
1st support: 183.11
Supporting reasons: swing low support, indicating a potential level where price might find buying interest to prevent further declines.
1st resistance: 189.77
Supporting reasons: An overlap resistance, aligned with the 50% Fibonacci Retracement, suggesting a potential area where price may face resistance during an upward move.
Instrument: USD/CHF
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could potentially make a bullish bounce off pivot and head towards 1st resistance.
Pivot: 0.8477
Supporting reasons: a pullback support, suggesting a key level where price has previously found buying interest and may offer support again.
1st support: 0.8403
Supporting reasons: Swing low support, indicating a level where price could find buying interest to prevent further declines.
1st resistance: 0.8663
Supporting reasons: Pullback resistance, aligned with the 50% Fibonacci Retracement, suggesting a potential area where price might face selling pressure during an upward move.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish continuation towards 1st support.
Pivot: 143.66
Supporting reasons: An overlap resistance, aligned with the 50% Fibonacci Retracement, indicating a level where price might face resistance and potentially reverse.
1st support: 140.65
Supporting reasons: Aligned with the 161.80% Fibonacci Extension, suggesting a potential level where price might find strong support.
1st resistance: 145.46
Supporting reasons: An overlap resistance, aligned with the50% Fibonacci Retracement, indicating a potential level where price may encounter resistance during an upward move.
Potential Direction: Bullish
Overall momentum of the chart: Neutral
Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.
Pivot: 1.3493
Supporting reasons: Identified as a swing-low support that aligns close to a 61.8% Fibonacci retracement, suggesting a potential area where buying interests could pick up to stage a minor rebound.
1st support: 1.3439
Supporting reasons: Identified as a swing-low support, indicating a key level where price has found strong support in the past.
1st resistance: 1.3616
Supporting reasons: Identified as an overlap resistance that aligns close to a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Neutral
Price could rise towards the pivot and potentially reverse off this level to drop towards the 1st support.
Pivot: 0.6752
Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement, suggesting a potential level where selling interests could intensify.
1st support: 0.6640
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, indicating a key level where price has recently found support.
1st resistance: 0.6813
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: Neutral
Price could rise towards the pivot and potentially reverse off this level to drop towards the 1st support.
Pivot: 0.6234
Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement, suggesting a potential level where selling interests could intensify.
1st support: 0.6124
Supporting reasons: Identified as an overlap support that aligns with a 38.2% Fibonacci retracement, indicating a potential level where price has found strong support recently.
1st resistance: 0.6292
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Neutral
Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.
Pivot: 41,709.87
Supporting reasons: Identified as a pullback support, suggesting a potential area where buying interests could pick up to resume the rebound.
1st support: 40,202.56
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where price has found support recently.
1st resistance: 41,604.84
Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Neutral
Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.
Pivot: 18,425.10
Supporting reasons: Identified as a pullback support, suggesting a potential area where buying interests could pick up to resume the rebound.
1st support: 18,247.90
Supporting reasons: Identified as a multi-swing-low support that aligns with a 38.2% Fibonacci retracement, indicating a key level where price has found support recently.
1st resistance: 18,652.70
Supporting reasons: Identified as an overlap resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Neutral
Price is falling towards the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.
Pivot: 5,534.10
Supporting reasons: Identified as an overlap support, suggesting a potential area where buying interests could pick up to resume the rebound.
1st support: 5,385.30
Supporting reasons: Identified as a swing-low support that aligns close to a 50% Fibonacci retracement, indicating a key level where price has found support recently.
1st resistance: 5,669.89
Supporting reasons: Identified as a multi-swing-high resistance that aligns close to the all-time high, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Neutral
Price is rising towards the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.
Pivot: 60,783.25
Supporting reasons: Identified as a swing-high resistance that aligns close to a 61.8% Fibonacci retracement, suggesting a potential level where selling pressures could intensify.
1st support: 55,534.89
Supporting reasons: Identified as a pullback support, indicating a key level where price has found strong support recently.
1st resistance: 64,376.72
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: Neutral
Price is rising towards the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.
Pivot: 2,454.11
Supporting reasons: Identified as a swing-high resistance that aligns close to a 50% Fibonacci retracement, suggesting a potential level where selling pressures could intensify.
1st support: 2,290.88
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where price has found strong support recently.
1st resistance: 2,575.58
Supporting reasons: Identified as a swing-high resistance that aligns with a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could rise towards the pivot and potentially make a bearish reversal off this level to drop towards the 1st support.
Pivot: 70.62
Supporting reasons: Identified as a pullback resistance that aligns with a 38.2% Fibonacci retracement, suggesting a potential level where selling pressures could intensify. The presence of the bearish Ichimoku Cloud adds further significance to the strength of this downtrend.
1st support: 68.13
Supporting reasons: Identified as an overlap support, indicating a key level where price has found strong support recently.
1st resistance: 72.61
Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
Instrument: XAU/USD
Potential Direction: Bearish
Overall momentum of the chart: Bullish
Price could potentially make a bearish reaction off pivot and drop to 1st support.
Pivot: 2566.49
Supporting reasons: Confluence of 161.80% Fibonacci Extension and 61.80% Fibonacci Projection, indicating a strong resistance level.
1st support: 2531.35
Supporting reasons: Pullback support level where price may find buying interest.
1st resistance: 2651.70
Supporting reasons: 78.60% Fibonacci Projection, indicating a level where price may face resistance if it moves higher.
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The post Friday 13th September 2024: Technical Outlook and Review first appeared on IC Markets | Official Blog.
405657 September 13, 2024 11:14 ICMarkets Market News
IC Markets Asia Fundamental Forecast | 13 September 2024
What happened in the U.S. session?
As widely expected, the ECB cut its main refinancing rate by 60 basis points to bring it down from 4.25% to 3.65%. Based on the Governing Council’s updated assessment on the outlook and dynamics of underlying inflation, the council agreed that it was appropriate to take another step in moderating the degree of monetary policy restriction as recent inflation data have broadly matched expectations. The latest ECB staff projections see headline inflation averaging 2.5% in 2024, 2.2% in 2025 and 1.9% in 2026, as in the June projections while the economy will grow by 0.8% in 2024, rising to 1.3% in 2025 and 1.5% in 2026, a slight downward revision compared with the June projections. ECB President Christine Lagarde’s press conference did not shed any further insight and was pretty much inline with the statement that was released earlier. Despite the rate cut, the Euro gained overnight due to an uptick in U.S. unemployment claims which triggered a sharp sell-off in the greenback.
The Producer Price Index (PPI) – which measures wholesale inflation – was somewhat mixed as the headline reading rose more than market estimates on a monthly basis while the annualised figure eased from 2.1% to 1.7% YoY. The core readings also increased higher than market forecasts on a monthly and annualised basis. Meanwhile, unemployment claims – released at the same time as PPI – showed an uptick in claims from 228K to 230K, coming in higher than the forecast of 227K. The 4-week average trended higher as well, suggesting labour market weakness is creeping back in. The dollar index (DXY) plunged in the immediate aftermath of this news release, dropping as low as 101.22 overnight losing 0.42% – its largest daily decline since 4th September.
What does it mean for the Asia Session?
As Asian markets digest the latest monetary policy action by the ECB and U.S. unemployment claims, the Euro hit 1.1089 this morning and is likely to remain elevated while the DXY stabilized around the 101-level. However, overhead pressures for the dollar remain and this index could break under 101 by the end of Friday.
The Dollar Index (DXY)
Key news events today
UoM Consumer Sentiment (2:00 pm GMT)
What can we expect from DXY today?
The University of Michigan (UoM) will release its preliminary findings on consumer sentiment which is expected to edge higher from 67.9 in the previous month to 68.3 in September. Consumers’ short- and long-run economic outlook improved in August and looks set to step up further, albeit at a slower pace. The dollar has seen strong bids since the beginning of this trading week and the DXY is all but certain to notch its largest weekly gain since the third week of August.
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
Gold (XAU)
Key news events today
UoM Consumer Sentiment (2:00 pm GMT)
What can we expect from Gold today?
The University of Michigan (UoM) will release its preliminary findings on consumer sentiment which is expected to edge higher from 67.9 in the previous month to 68.3 in September. Consumers’ short- and long-run economic outlook improved in August and looks set to step up further, albeit at a slower pace. The dollar has seen strong bids since the beginning of this trading week which has restricted gold under $2,530/oz.
Next 24 Hours Bias
Medium Bullish
The Australian Dollar (AUD)
Key news events today
No major news events.
What can we expect from AUD today?
As demand for the dollar waned overnight, the Aussie surged past 0.6700. This currency pair hit 0.6732 as Asian markets came online before pulling back – these are the support and resistance levels for today.
Support: 0.6640
Resistance: 0.6750
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Kiwi Dollar (NZD)
Key news events today
No major news events.
What can we expect from NZD today?
The Kiwi surged past 0.6150 overnight on the back of higher claims in the U.S. which triggered a sharp sell-off in the greenback. This currency pair hit 0.6193 at the beginning of the Asia session before retreating slightly – these are the support and resistance levels for today.
Support: 0.6125
Resistance: 0.6235
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Japanese Yen (JPY)
Key news events today
No major news events.
What can we expect from JPY today?
After hawkish comments by Bank of Japan (BoJ) board member Junko Nakagawa on Wednesday, demand for the yen waned yesterday as higher claims triggered a sharp sell-off in the greenback causing USD/JPY to fall under 142 once more this week. This currency pair was trading around 141.20 as Asian markets came online – these are the support and resistance levels for today.
Support: 140.65
Resistance: 143.70
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
The Euro (EUR)
Key news events today
No major news events.
What can we expect from EUR today?
As widely expected, the ECB cut its main refinancing rate by 60 basis points to bring it down from 4.25% to 3.65%. Based on the Governing Council’s updated assessment on the outlook and dynamics of underlying inflation, the council agreed that it was appropriate to take another step in moderating the degree of monetary policy restriction as recent inflation data have broadly matched expectations. The latest ECB staff projections see headline inflation averaging 2.5% in 2024, 2.2% in 2025 and 1.9% in 2026, as in the June projections while the economy will grow by 0.8% in 2024, rising to 1.3% in 2025 and 1.5% in 2026, a slight downward revision compared with the June projections. ECB President Christine Lagarde’s press conference did not shed any further insight and was pretty much inline with the statement that was released earlier. Despite the rate cut, the Euro gained overnight due to an uptick in U.S. unemployment claims which triggered a sharp sell-off in the greenback. This currency pair was trading around 1.1085 at the beginning of the Asia session – these are the support and resistance levels for today.
Support: 1.1000
Resistance: 1.1150
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Swiss Franc (CHF)
Key news events today
No major news events.
What can we expect from CHF today?
As demand for the dollar waned overnight, USD/CHF fell towards 0.8500. This currency pair broke under this level as Asian markets came online – these are the support and resistance levels for today.
Support: 0.8430
Resistance: 0.8560
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
The Pound (GBP)
Key news events today
No major news events.
What can we expect from GBP today?
Cable jumped above the threshold of 1.3100 overnight as higher claims triggered a sharp sell-off in the greenback. This currency pair came within a whisker of 1.3150 at the beginning of the Asia session and should remain elevated today – these are the support and resistance levels for today.
Support: 1.3035
Resistance: 1.3210
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Canadian Dollar (CAD)
Key news events today
No major news events.
What can we expect from CAD today?
The dollar sell-off pushed USD/CAD lower overnight before stabilizing around 1.3565 as Asian markets came online. This currency pair could resume the downtrend in the latter half of the day, especially if crude oil continues to see strong bids – these are the support and resistance levels for today.
Support: 1.3490
Resistance: 1.3650
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
Oil
Key news events today
No major news events.
What can we expect from Oil today?
Crude oil prices rose overnight due to output disruptions in the U.S. Gulf of Mexico caused by Hurricane Francine as producers were forced to evacuate oil platforms before this hurricane hit the coast of Louisiana. WTI oil hit a high of $69.81 per barrel, coming close to breaking above the $70-mark. Tailwinds remain in place and this benchmark could eventually rise above this level to notch its first close in the green in five weeks.
Next 24 Hours Bias
Medium Bullish
The post IC Markets Asia Fundamental Forecast | 13 September 2024 first appeared on IC Markets | Official Blog.