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USD continues to retrace some of its Tuesday (US time) losses

USD continues to retrace some of its Tuesday (US time) losses

Information is not investment advice

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Ichimoku Kinko Hyo

USD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.

USDJPYM30.png

 

Fibonacci Levels

 XAG/USD: Silver continuous to stand on 50% retracement area. Bulls losing control of the market.

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EU Market View

Stocks found a footing and swinging bond markets calmed down on Wednesday, with testimony from U.S. Federal Reserve chair Jerome Powell providing investors with reassurance that the central bank has an eye on inflation but is not rushing to hike rates. Several other Fed speakers are due to appear later on Wednesday and their comments may add to a growing sense among traders that September's Fed meeting may bring the announcement of the beginning of the end of stimulus later in the year.

The dollar edged higher in early European trade Wednesday, stabilizing after weakness overnight following commentary from Federal Reserve Chair Powe that again indicated the central bank will take time to tighten monetary policy. Powell stuck largely to his previous script when addressing lawmakers on Tuesday, acknowledging that the price increases seen in the economy recently had been bigger than expected but repeating that they will probably wane.

"We will not raise interest rates pre-emptively because we fear the possible onset of inflation. We will wait for evidence of actual inflation or other imbalances,” Powell said in a hearing before a U.S. House of Representatives panel. These comments didn’t really make the Fed’s timetable for tightening monetary policy any clearer and disappointed some dollar bulls would had been looking for a steer towards an early move given the hawkish tone at the last Fed meeting. The only comfort for dollar bulls came from San Francisco Fed President Mary Daly, who said that the "substantial further progress" in the recovery, which the Fed has made a precondition for starting to tighten policy, was within reach this year.

 

EU Key Point

  • VIX below 17.00 bodes well for stocks.
  • USD strong as European trading gets underwa
  • USD unlikely to fall too far this week due to PCE data on Frida
  • Bank of Japan Governor Kuroda and Japanese Prime Minister Suga meetin

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It’s Time to Look at New Zealand

Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.

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