Recent sessions have been particularly challenging for silver prices in the short term. Selling pressure has intensified considerably, resulting in three consecutive losing sessions and pushing the metal to a decline of nearly 8.5% over this period.
Gold prices came into the day with a bullish backdrop but that has dimmed after the CPI release earlier on the day.
USD/CAD is holding near fresh yearly highs, but bearish divergence and a well-defined October range raise the stakes at major resistance.
The trading week continues to unfold and weakness around the euro has once again become increasingly evident in the short term. This can be seen in the recent performance of EUR/USD, which has declined roughly 0.3% over the last three trading sessions, highlighting renewed strength in the U.S. dollar.
Coming into the week there was an early case of divergence as AI and tech had started to show lag behind the S&P. That shift is growing more noticeable following a higher-than-expected CPI print.
Hotter-than-expected US inflation has pushed USD/JPY above its 200-day moving average, putting 160 and the risk of Bank of Japan intervention back in focus. The breakout still needs to hold, and a failure could send the pair sharply lower.
U.S. stocks are falling after hotter-than-expected U.S. inflation data, which has lifted Fed rate hike expectations.
AUD/USD is trying to hold a fresh trend break as renewed selling pressure tests whether the recovery can extend beyond the recent rebound.
US index futures rebounded in the first half of Wednesday’s session, along with European indices ahead of the release of US CPI. Some slightly dovish remarks from the Fed’s Williams seem to have helped sentiment a little, but whether those comments will be backed by data remains to be seen. While slightly hotter than expected inflation data shouldn’t be enough for markets to price in an October Fed hike with more than a coin flip probability, it can nonetheless reinforce expectations of further tightening later in the year.
The EUR/USD forecast hinges on U.S. CPI after five straight weekly losses, with hawkish Fed bets and a fully priced ECB rate hike weighing on the euro.
EUR/USD rises from 17-month low but French fiscal and political concerns linger. USD/JPY looks to US CPI data.
US small caps have lost nearly 9% since August, with surging Treasury yields overwhelming a historically favourable midterm trading period. Now the Russell 2000 is threatening to break a major support zone ahead of US CPI.
The Aussie is coiling beneath 0.7000 ahead of US CPI, with its relationship with US front-end yields strengthening sharply just as markets question whether the Fed will need to hike again this month.
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