Crude Oil closed lower overnight at $67.38 (-6.17%), erasing all and more of the previous week's rally following Israel's restrained weekend response to Iran's October 1st attack.
With geopolitical concerns on the back burner for now, this week's data-rich US calendar will provide more insights into the demand outlook for crude oil ahead of next week's US...
USD/JPY closed higher at 153.29 (+0.65%), up 6.70% in October, putting the JPY on track for its worst monthly performance in 8 years (since November 2016).
The slide in the JPY accelerated yesterday after the LDP/ Komeito ruling coalition lost its lower house majority for the first time since 2009. There are signs that Ishiba will be able to cobble together an...
AUDUSD is trading this morning at .6658 (-0.72%), an almost six-week low, as its bounce to yesterdays .6723 proved short-lived, which coincidentally was the title of the Ozzie article ⬇️ yesterday.
The fall in the AUD/USD came as US yields and the USD extended their gains overnight, continuing to price in a higher chance of a Donald Trump election victory and...
The ASX200 this week has resumed its battle with multi-week trend channel resistance, which currently resides in the 8325/30 area.
A sustained break and close above here would set the ASX200 up for a run towards 8450 into year-end. Conversely, a failure to see a sustained close above 8320/25 combined with a fall through support at 8110/00 would warn that a...
US stocks mostly closed higher overnight, buoyed by a mix of economic data (retail sales and jobless claims) that would melt the heart of even the most hardened economic critique, sending the Dow Jones to a new record high.
Drilling down, the Nasdaq100 remains the laggard of the key three key indices. However, provided it remains above short-term support at...
USDJPY is trading higher at 150.21 (0.38%), extending its gain ahead of today's Japanese inflation data due in just under an hour.
Headline inflation in September is expected to rise by 2.6% YoY a step down from 3% prior, with core CPI expected to rise by 2.4% YoY falling from 2.8% prior.
We prefer fading rallies in USD/JPY towards the 151/152 resistance area.
Bitcoin trades at $66,192 (+5.32%), supported by reports of inflows into Bitcoin ETFs and the rising prospects of “pro-crypto” presidential candidate Donald Trump.
The overnight surge above the 200-day moving average, currently at $63,356, opens up a test of trend channel resistance at $67,800ish, coming from the March $73,794 high. This trend channel has proved...
The ASX200 finished +38 pts (0.47%) higher yesterday at 8252. The push above 8250 significantly reduced the chances of a potential head-and-shoulders topping pattern and following gains on Wall Street overnight, the ASX200 is set to resume its battle with multi-week trend channel resistance, which currently resides in the 8300/10 area.
A sustained break above...
ASX200 It's still early days, but worth flagging to keen followers of the Australian Stock Market.
This morning, the ASX200 surged to a high of 8238.2, falling just short of the September 20th high of 8246.2 and the September 30th record high of 8285.70.
If the ASX200 were to now fall away from the 8250 resistance area, it's possible that it is tracing out the...
Gold finished at $2607 (-0.54%), marking a sixth straight session of falls, as US yields and the US Dollar continued to reprice higher following the robust Non-Farm Payrolls report, which ruled out a 50bp rate cut from the #Fed in Nov.
The pullback from the $2685 high towards uptrend support at $2600 has been orderly thus far, and provided the $2600 support...
The IBEX 35 remains flat, with mixed performance among the selective stocks. The most bearish companies are those negatively affected by interest rate cuts, such as banks, while construction, real estate, and utilities, which benefit from lower rates, rose today after:
Several ECB members advocate for another interest rate cut next week after having reduced them...
Crude oil overnight shied away from our key resistance at $72.50 highlighted in this article here yesterday www.ig.com as the market pushed back expectations of an Israeli response to Iran's missile attack until the end of the Rosh Hashanah holiday tomorrow.
While its possible, we think its unlikely that Israeli will launch an attack on Iranian oil fields as...
USDJPY finished higher overnight at 146.47 (+0.99%), boosted by stronger-than-expected ADP employment data and comments from new Japanese Prime Minister Ishida, who met with #BoJ Governor Ueda yesterday.
Defying his reputation as a monetary policy hawk, Ishiba said the economy is not yet ready for further rate hikes. At the same time, Ueda reiterated his less...
Bitcoin is trimming its monthly gains into its month end, trading at $63,237 (-3.65%), hastened by the rise in US yields and the USD that followed Fed Chair Powell's less dovish commentary.
We would consider moving back to a bullish bias in #BTC on a dip back towards support at $52,000/$50,000. Conversely, if Bitcoin saw a sustained break above trend channel...
The ASX200 closed out September in style, with the index at record highs after a monthly gain of 2.20%. While the gains at the index level were more a steady march higher, there were fireworks at a sector level as easing measures announced in China last week sparked a tectonic shift from out of the banks and into the big miners.
Provided the ASX200 confirms...
USD - An end-of-month/QTR rebalancing bounce in the offering.
A rise in long-end US yields and the start of month-end rebalancing flows overnight helped the beaten-up USD index, the DXY, bounce from a fourteen-month low.
The rule of thumb for month-end/QTR-end rebalancing flows, whether it be in stock indices, bonds or FX, is to "buy the losers and sell the...
On Friday, the ASX200 ran head-on into our band of daily and weekly trend channel resistance at 8230/50ish, from which we saw initial rejection.
A loss of support at 8120/00ish is needed for Friday's rejection to become more significant, which would then warn that a deeper pullback towards 7900 is underway. Aware that should the ASX200 break above resistance at...
Bitcoin trades lower at $63,282 (-0.44%), displaying signs of initial rejection from the $64,000/$65,000 resistance area, which includes the 200-day moving average and the late August $65,103 high. We recently squared up our bullish BTC tactical bias initiated on the 9th of September in recognition of this resistance zone.
We will consider moving back to a...
