The DAX continues to push higher, trading above 26,500 as investors extend last week's recovery. Falling oil prices, improving sentiment toward technology stocks and stronger-than-expected German industrial production have helped support risk assets globally. Attention now turns to US inflation data and a busy earnings calendar, which will determine whether the rally can continue toward fresh record highs.
GBP/USD holds steady around 1.3440 ahead of US CPI data. Oil tumbles further on Iran de-escalation hopes.
Westpac consumer confidence hits a four-year low as NAB business sentiment weakens, strengthening the case for the RBA to pause until February.
The ASX 200 has rallied on 93% of occasions this year when Australian three-year bond yields have fallen at least five basis points. With crude prices also plunging, the latest breakout has history on its side.
Gold's ascending triangle is putting $4,140 firmly in focus ahead of US CPI. With traditional macro relationships offering few clues, the price action may prove more useful for traders.
USD/CAD's sharp rebound has coincided with widening US–Canada interest rate differentials. With US CPI approaching and bullish momentum building, another breakout may be on the cards.
The Japanese yen starts the week mixed, with EUR/JPY and GBP/JPY showing bullish potential while USD/JPY remains stuck in a rut.
Over recent trading sessions, stability has become an increasingly important characteristic of gold's price action. Since the beginning of last week, the metal has gained more than 5.0%, reflecting that buying pressure has remained relatively consistent in the short term.
It’s been a range-bound backdrop for USD/JPY after the excitement of the rally followed by the intervention-fueled reversal, and that can make it easy for traders to get lulled to sleep at a time when markets are prone to shots of volatility.
Sr. Technical Strategist Michael Boutros highlights the levels that matter on the USD Majors, commodities, and equity indices charts this week.
The week is just getting underway, and one of the most relevant themes driving market moves remains the growing weakness around the Canadian dollar. This can be clearly seen in recent USD/CAD price action, with the pair gaining more than 0.6% over the last two trading sessions, highlighting that the CAD has once again lost ground against the U.S. dollar.
It’s been a brutal backdrop in stocks and that started even before the election. And, notably, the day after last week’s election results saw a vigorous bounce, indicating that there’s something else behind the bearish push.
A CPI reading that comes in above, or even at, consensus expectations this month would keep the FOMC on track to hike, so only a notable downside surprise would be likely to drive significant market volatility - what does that mean for the US Dollar?
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