Markets covered in the Weekly Forex Forecast: DXY, EurUsd, NzdUsd, UsdChf, UsdCad, GbpUsd, AudUsd, WTI, CadJpy, NzdCad, NzdChf, EurChf, ChfJpy, SPX, RUT, NDX, Nifty, DJIA, XauUsd, XagUsd & BTCUSD / Bitcoin
Weekly notes
Markets have been quiet over the last three weeks as traders & investors anticipate the outcome of this evenings FOMC meeting.
There has been a prevailing view recently that FED Chair Powell will announce the start of tapering in November, however, this has been thrown into doubt due to recent events including the situation around Chinese property developer Evergrande (which is still a default risk) which spooked the markets this week over contagion fears. Evergrande has come to an agreement with onshore bondholders however has still yet to agree terms with offshore bondholders who are due to be paid tomorrow (23rd September).
In the weeks Weekly Forex Forecast we have outlined multiple potential plays for both hawkish and dovish outcomes. It seems likely that whichever way the cards fall in this evenings FOMC, it is likely to kick start the next directional move in the Dollar Index & kick start markets across the board in the process.
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Editors’ Picks
USD/JPY holds near 155.50 after Tokyo CPI inflation eases more than expected
USD/JPY is trading tightly just below the 156.00 handle, hugging multi-year highs as the Yen continues to deflate. The pair is trading into 30-plus year highs, and bullish momentum is targeting all-time record bids beyond 160.00, a price level the pair hasn’t reached since 1990.
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
Ethereum could remain inside key range as Consensys sues SEC over ETH security status
Ethereum appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the US SEC and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
Bank of Japan expected to keep interest rates on hold after landmark hike
The Bank of Japan is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April. The BoJ will announce its decision on Friday at around 3:00 GMT.