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USD shows remarkable strength before NFP
Information is not investment advice
Ichimoku Kinko Hyo
CHF/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.
XAG/USD: Silver continuous to stand below 23.6% retracement area. Bearish pressure is growing as US yields skyrocket.
EU Market View
A late rally in Chinese shares on Friday helped pull Asian stocks off one-month lows as investors picked bargains while attention shifted to U.S. non-farm payrolls due later in the day. On Thursday, U.S. stocks slumped after Federal Reserve Chair Jerome Powell disappointed some investors by not indicating that the Fed might step up purchases of long-term bonds to hold down longer-term interest rates.
Even though Powell made it clear that the Fed was not close to changing its ultra-loose monetary policy stance anytime soon, some analysts still worried rising Treasury yields could herald higher borrowing costs, thereby limiting the fragile U.S. economic recovery.
Climbing yields and dollar strength pummeled gold prices, which sank to a nine-month low as investors sold the precious metal to reduce the opportunity cost of holding the non-yielding asset. Looking ahead, highlights from macroeconomic calendar include US NFP, Canadian trade balance, BoE's Haskel, Fed's Bostic speeches.
EU Key Point
- Germany January factory orders comes at +1.4% vs +0.5% m/m than expected.
- Japan 10-year government bond yields extend fall after Kuroda comments.
- Germany reports 10,580 new coronavirus cases, 264 deaths in latest update today.
- BOJ Gov Kuroda says does not think it’s necessary to widen the band around long-term yield.
- BOJ Governor Kuroda says that higher yields would reduce the impact of monetary easing.
- BOJ Kuroda says Japan's economy is picking up, as a trend.
- Japan finance minister Aso says he has no comment when asked about the yen's fall.
- Major indices tumble with the NASDAQ/Russell index lead the declines.
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...
Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus