Investing.com– Most Asian currencies fell slightly on Wednesday as strong overnight data boosted the dollar, while the Australian dollar rose sharply as a strong inflation reading fueled expectations for an interest rate hike in November. The jumped 0.5% as data showed inflation grew slightly more than expected in the third quarter. The reading came just
MON: Bank of Israel Announcement, EZ Consumer Confidence (Oct), US National Activity Index (Oct) TUE: German GfK Consumer Confidence (Nov), EZ/UK/US Flash PMIs WED: BoC Announcement, NBH Announcement, Australian CPI (Q3/Sep), German Ifo Survey (Oct) THU: ECB Announcement, CBRT Announcement, South Korean GDP Advanced (Q3), US GDP Advanced (Q3) FRI: CBR Announcement, Japanese Tokyo CPI
AUD/USD ANALYSIS & TALKING POINTS Chinese and Australian PMI’s disappoint. US PMI data and Fed guidance to come later today. AUD long upper wick suggests the possibility for further downside. Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter AUSTRALIAN DOLLAR FUNDAMENTAL
China manufacturing PMI Manufacturing PMI 50.2 vs 50.0 (prior 49.7) Non-manufacturing PMI 51.7 vs 51.5 expected (prior 51.0) The official manufacturing PMI is the important one and it rose above 50 for the first time since March 2023. That line signals expansion/contraction, so while it’s a small beat on expectations, it’s an important one. Notably,
Share: The Pound Sterling (GBP) slumped late in the New York session versus the Greenback (USD) as US Treasury bond yields rose and bolstered the USD, which is set to print its seven consecutive week printing gains. The GBP/USD hit a daily high of 1.2712 before reversing its course and diving toward the current exchange
Share: After initially rising to 1.0880, the EUR/USD declines to 1.0785, below the 200-day SMA at 1.0815. Manufacturing PMIs from the US showed better-than-expected results. The US DXY index and Treasury yields significantly recovered following the release. Following the release of a mixed Nonfarm Payrolls report, which saw employment rising higher than expected, wages decelerating
Share: XAU/USD rose to a daily high of $1,952 and then got rejected by 100-day SMA, retreating to $1,940. US yields initially dropped after mixed US NPFs but recovered after strong US ISMs from August. At the end of the week, the Gold spot price XAU/USD erased daily gains, retreating towards the $1,940
© Reuters. Investing.com– Most Asian currencies moved little on Thursday as markets weighed weak economic data from China against growing bets that the Federal Reserve will pause its rate hike cycle. The dollar steadied in Asian trade after steep losses this week, as weaker-than-expected and data spurred bets that the Fed has limited headroom to
Mon: Australian Retail Sales (Jul) Tue: NBH Announcement, German GfK Consumer Sentiment (Sep), US CaseShiller (Jun) and JOLTS (Jul) Wed: Australian CPI (Jul), Spanish Flash CPI (Aug), EZ Sentiment Survey (Aug), US GDP 2nd Estimate (Q2), US ADP National Employment (Aug) Thu: ECB Minutes, Japanese Retail Sales (Jul), Chinese Official PMI (Aug), German Retail Sales
British Pound – GBP/USD and EUR/GBP Charts and Analysis BoE rate hikes are being pared back after the latest S&P PMIs Cable touches a fresh multi-month low Recommended by Nick Cawley Trading Forex News: The Strategy According to the latest S&P PMIs for August, the cost of fighting inflation is ‘carrying a heavy cost in
