With the highest interest rate among developed market economies, the RBNZ is in no hurry to raise rates. A Bloomberg survey of eleven economists sees the RBNZ on hold until Q2 2018 as the median forecast. One economist sees the first rate hike coming at the November 9 meeting this year and three see a […]
Analyst on the Aussie CPI result: “lack of any broad inflationary pressures” Coming Up! Title text for next article This via Westpac on today’s inflation data from Australia In brief: With the headline measure printing below market expectations (0.2% compared to 0.4%) why did the core measure rise as expected (0.5%)? It is all due […]
AUD/JPY chart and commentary from a Société Générale weekly note AUD/JPY confirmed a bullish reversal after breaking above a multi-year down-sloping channel last year. After facing an interim hurdle near the January 2014 levels of 88.50/89.00, it has witnessed a pause. Last month, it formed a bullish engulfing encompassing the price action of the previous six […]
Upside move stalls What happened? The price moved modestly higher in the Asian session today. However, the price could not get above highs from yesterday. As a result, the price started to move back lower in the London session today. When the pair broke below the 128.957-129.08 level momentum took the pair to […]
Break to highest level since election to new month lows The EURGBP broke to new highs for the year. Highest level since the November US election day. Things were looking so bullish on Tuesday. By Wednesday, that spike higher was reversed and the price fell and fell more and fell even more. Today we have […]
Tests 61.8% retracement level The GBPUSD spiked higher in the early European session (EURGBPs fall helped). After the spike, the price consolidated with ups and downs. The trading range for the day is about 80 pips. Most of the London/NY trading has been in a 42 pip range. Looking at the hourly chart above, […]
Up 1.30% on the day The price of crude oil is ending the day up $0.59 or 1.30% to $46.08. The high today reached $46.38. The low extended down to $44.99. Yesterday, the price of crude spiked to $46.48 after a large draw down in inventories, but fell down in a “buy the news […]
We are at a level where there should be support I have been posting about the EURJPY over the last few days (you can find the posts by going here). As a summary, the EURJPY stalled at the 200 week moving average at the highs on Tuesday. That 200 week moving average comes in around […]
Move higher stalled at ceiling area after breaking triple top The NZDUSD got going higher earlier today and just kept marching higher. It was the biggest mover on the day. The strongest currency of the majors today. I don’t know the catalyst of the move, but the price marched higher and technical levels were […]
Modest correction. Stays below 38.2% retracement of move down. Yesterday, the USDCAD tumbled after the BOC hiked and were a bit more hawkish then the market was expecting. Although there is no path for future hikes, they were not ruled out. The fall yesterday took the price to swing low from June 23, 2016 at […]
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