USD/JPY analysis: NFP beats and dollar rebounds ahead of busy week – Forex Friday
Welcome to another edition of Forex Friday, a weekly report in which we highlight selected currency themes. In this week's edition, we will discuss the US dollar in light of the NFP beat, and ahead of next week's key macro events.
NFP Preview: EUR/USD Tests Support as Traders Price in Q1 Fed Cuts
Traders and economists expect the NFP report to show that the US created 185K net new jobs, with average hourly earnings rising 0.3% m/m (4.0% y/y) and the U3 unemployment rate remaining unchanged at 3.9%.
GBP/USD Analysis: NFP, CPI, FOMC, BoE on the Horizon
The GBP/USD is poised for a significant challenge in the upcoming days, spanning the end of this week and much of the next. Anticipation surrounds key data releases from both the UK and the US, with the US nonfarm payrolls report on Friday and CPI data on the horizon. Moreover, the Federal Reserve and the Bank of England are set to announce their respective interest rate decisions next week.
Why trade with FOREX.com?
Tight spreads on 80+ FX pairs
Nearly 2,500 markets including Stock CFDs, Indices & Commodities
Award-winning platforms with fast & reliable execution
Japanese yen analysis: USD/JPY plunges to test key support ahead of jobs data
This morning saw some big moves in USD/JPY and all other yen crosses. While these yen pairs all managed to bounce off their worst levels by mid-morning London session, they remained under intense pressure. The yen rally comes after BoJ Governor Ueda met Japanese Prime Minister Kishida earlier in the day, with investors anticipating a policy shift in Japan in the not-too-distant future.
Nasdaq 100 ready to retrace? AUD/NZD approaches a technical juncture
We noted the tendency for US indices to begin a retracement on December 7th according to its seasonality, so it is interesting to note the 2-day bearish reversal on the Nasdaq on Wednesday. AUD/NZD is also on the watchlist for a potential long as it approaches a key area of support.
EUR/USD analysis: Euro softens as dollar picks up momentum ahead of key macro events
The EUR/USD faces a key test in the next week and a half. We will have lots of key data and rate decisions from both the Federal Reserve and European Central Bank to come during this period. Ahead of these big events, the EUR/USD was down for the second consecutive week, eating into the impressive gains made last month. But will it bottom around the 1.0700-1.0750 key support area?
US dollar forecast: A closer look at the dollar’s performance in December
December tends to generate negative returns in December more than any other month, according to its seasonality. Today we take a closer look.
USD/JPY Analysis: Moment of Truth for the Yen’s 2023 Trend
USD/JPY bulls are defending support in the 147.00 area, but the pair is vulnerable to a big breakdown from here...
EUR/USD, GBP/USD, gold, crude oil analysis: COT report
The commitment of traders (COT) report shows how large speculators are positioned across futures markets on the CME exchange.
British Pound Analysis: Will GBP/USD’s Imminent Golden Cross Take it Above 1.2725?
GBP/USD is soaring on expectations of aggressive Fed rate cuts in 2024, despite Fed Chairman Powell’s protestations...
AUD monthly wrap: December 2023
AUD/USD was the strongest performer among the Aussie pairs we track in November. A combination of hawkish RBA alongside bets of Fed cuts in 2024 played nicely with our long bias. What will December bring?
AUD/USD, gold stall around key levels ahead of US inflation: Asian Open
The US PCE inflation report is arguably the event of the week, and with traders having vigorously sold the US dollar ahead of it I am left wondering if it is a case of ‘sell the rumour, buy the fact’ – especially if it comes on hot. And with AUD/USD and gold stalling around key levels on Wednesday, the potential for mean reversion seems apparent.
AUD/USD hits resistance pre-CPI as USD/JPY, USD/CNH probe support: Asian Open
With USD/CNH and USD/JPY probing key support levels, we may require a break of them for AUD/USD to stand a chance of continuing its strong rally (which met strong resistance on Tuesday). Unless of course Australia is treated to an uncomfortably hot inflation report today, which could fan fears of another RBA hike.
EUR/USD analysis: Technical Tuesday – Nov 28, 2023
Welcome to another edition of Technical Tuesday, a weekly report where we highlight some of the most interesting markets that will hopefully appease technical analysts and traders alike. In this week’s report, we will analyse the EUR/USD pair.
Yen bulls return, EUR/USD benefits from soft dollar bets: COT report
When yen bulls increase their long exposure by 40% in a week, it is probably worth noting. Especially when large speculators had pushed net-short exposure to a 6-year high the week prior. Every turning point must start somewhere, and I continue to suspect this turning point already has.
EUR/USD outlook: Currency Pair of the Week – Nov 27, 2023
EUR/USD outlook supported by weakening US dollar, which will be put under the spotlight by GDP and core PCE inflation data this week. Weaker Eurozone inflation data could paradoxically lift EUR/USD to 1.10 as technical analysis shows path of least resistance remains to the upside.
GBP/USD bulls eye move to 1.27: European open – Nov 27, 2023
GBP/USD has continued to take advantage of a weaker US dollar and rise to an 11-week high. And with a high level of volume activity overhead, we see the potential for a move to 1.27.
Open an account in minutes
USD/JPY bulls eye break of 150, Crude oil is flat for the year: Asian Open
A sharp reversal on USD/JPY last week brings a potential break above 150 in to focus, assuming the US dollar can find a bid and USD/CNH continues to hold above its 200-day MA. Meanwhile, crude oil has handed back all of its 2023 gains and it is a very fine line before the bias for a move to $80 becomes invalidated.
GBP/USD outlook: Cable climbs to 1.26 handle
GBP/USD outlook: Next week US data will include GDP and PCE inflation, as pound finds support with UK services returning to growth. GBP/USD technical analysis point higher.
US dollar analysis: EUR/USD, NZD/USD - Forex Friday
Welcome to another edition of Forex Friday, a weekly report in which we highlight selected currency themes. In this week's edition, we will discuss the US dollar, EUR/USD and NZD/USD ahead of next week's key macro events.
GBP/USD analysis: Cable rebounds on strong PMI data
The UK services was back in growth territory to appease the GBP traders and there was no Turkey for US dollar bulls, with the Greenback fading after Wednesday’s recovery. GBP/USD technical analysis suggests path of least resistance remains to the upside.
Crude oil, GBP/USD analysis: OPEC delays meeting as US data lifts dollar
What does the OPEC+ delaying meeting means for oil prices? And GBP/USD is in focus as pound drops after autumn statement. But was that because of the overall recovery in US dollar, following the release of mostly stronger data?