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Overview
Monday’s session hinted at some near term relief in risk markets, but Tuesday proved more successful in this respect. Gains in global stocks seen as tentative at best, and looking at levels attained in the respective risk currencies, the FX market is not convinced. USD/JPY was pulled in both directions in Asia, as Nikkei losses (anticipated) were tempered by China actions to halt short positioning in the CNH. Tightening the spread against the CNY, we saw the onshore rate briefly in favour both overnight and in London. The JPY spot rate however, was well offered ahead of 118.00 despite near term stock market stability, holding comfortably below here through to the London close. GBP was again a big loser on the day. Although EUR/GBP struggled to match the Monday highs at .7554, Cable took out1.4400 with UK manufacturing/industrial stats showing contraction in Nov. Oil managed to hold off $30.0, but ongoing weakness pushed USD/CAD up to new multi-year highs a tick short of 1.4270 and EUR/NOK getting a little closer to 9.7500 (latter retrace dipped back under 9.6000). A brief hit on TRY on news of the Istanbul bombing.
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GBP/USD bulls retain control near 1.3300 mark, highest since March 2022
The GBP/USD pair trades with a positive bias for the third straight day on Friday and hovers around the 1.3300 mark during the Asian session, just below its highest level since March 2022 touched the previous day.
USD/JPY pops and drops on BoJ's expected hold
USD/JPY reverses a knee-jerk spike to 142.80 and returns to the red below 142.50 after the Bank of Japan announced on Friday that it maintained the short-term rate target in the range of 0.15%-0.25%, as widely expected. Governor Ueda's press conference is next in focus.
Gold consolidates weekly gains, with sight on $2,600 and beyond
Gold price is looking to build on the previous day’s rebound early Friday, consolidating weekly gains amid the overnight weakness in the US Dollar alongside the US Treasury bond yields. Traders now await the speeches from US Federal Reserve monetary policymakers for fresh hints on the central bank’s path forward on interest rates.
Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum
Shiba Inu remains strong on Friday after breaking above a symmetrical triangle pattern on Thursday. This breakout signals bullish momentum, further bolstered by a rise in daily new transactions that suggests a potential rally in the coming days.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
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