DXY daily Synopsis: Despite its historical strength and the ‘USD smile’ framework, the USD’s recent subdued performance has left market observers questioning the continued applicability of this model. Credit Agricole delves into the factors affecting the USD’s momentum and highlights the potential paths for the currency moving forward. Key Takeaways: Synchronized G10 Rates and Yields:
© Reuters Credit Agricole (OTC:) highlighted an unusual divergence in the financial markets on Wednesday. Despite US 2-year rates and 10-year yields hitting their highest levels since 2006/2007, the US dollar (USD) remains sluggish. This discrepancy is driven by rising global rates, particularly in Australia, and a strategic pullback from overextended USD long positions in
Share: Economists at Crédit Agricole highlight uncertainties surrounding a potential US government shutdown and its implications for the USD. Some relief and support to the USD if a resolution to prevent the shutdown is reached before the deadline The expectation is that a resolution will be reached before the 1 October deadline, possibly
> US July consumer credit outstanding +10.4B vs +16.0B expected US consumer credit data for July Adam Button Friday, 08/09/2023 | 19:02 GMT-0 08/09/2023 | 19:02 GMT-0 Prior was +17.85B (revised to +14.02B) ADVERTISEMENT – CONTINUE READING BELOW Tags ADVERTISEMENT – CONTINUE READING BELOW Most Popular ADVERTISEMENT – CONTINUE READING BELOW ADVERTISEMENT – CONTINUE READING
Share: Gold weakness has extended back to key support at $1,898/1,893 but strategists at Credit Suisse continue to look for a floor here. Weekly close below $1,893 would reinforce the longer-term sideways range We look for key support and the 38.2% retracement of the 2022/2023 uptrend, 200-DMA and June low at $1,900/$1,891 to
Share: Australian Dollar weakens on fears of a credit crunch in the Chinese property sector. Hawkish commentary from the Governor of the RBA, Philip Lowe, temporarily staunches the bleeding. US factory gate inflation comes out higher than expected, however, supporting the US Dollar. The Australian Dollar (AUD) trades lower against the US Dollar
Share: Economists at Credit Suisse expect S&P 500 to correct lower with daily and weekly momentum divergences now in place. Break above the 4,637 high needed to alleviate thoughts of a correction With daily and weekly RSI momentum now negative and with a bearish ‘key-day reversal’ in place, we maintain our call to
Japanese Yen (USD/JPY, EUR/JPY) Analysis The yen claws back some losses after BoJ minutes and clarity from Deputy Governor Uchida on the intention of recent yield curve adjustment USD/JPY heads lower after BoJ meeting and US credit downgrade EUR/JPY advance stalls ahead of potential triple top The analysis in this article makes use of chart
Share: Dow Jones futures fall 0.3% after Fitch downgrades US credit rating to AA+. DJIA is overbought on daily RSI as it trends higher near 35,750 resistance level. US July ADP Employment Change arrives at 324K, way above 189K expectation. Analysts expect Friday’s July Nonfarm Payrolls data to decline to 200K. The Dow
© Reuters. FILE PHOTO: U.S. Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration By Rae Wee and Harry Robertson LONDON/SINGAPORE (Reuters) – The dollar barely budged on Wednesday as investors shrugged off Fitch’s downgrade of the U.S. credit rating, although the yen made up ground against the U.S. currency as
