Elliott Wave International Analysts Team
Elliott Wave International
When most investors shun a particular asset class, that's usually the time to look upon it favorably. This particular financial asset had been kicked to the curb by big Wall Street players and Main Street investors alike.
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Editors’ Picks
EUR/USD flat lines below 1.1900; divergent Fed-ECB expectations offer support
The EUR/USD pair struggles to capitalize on the overnight bounce from the 1.1835-1.1830 region and oscillates in a narrow band during the Asian session on Thursday. Spot prices currently trade around the 1.1875 area, remaining nearly unchanged for the day and staying within striking distance of an over one-week high, reached on Tuesday, amid mixed cues.
GBP/USD slips heading into the Thursday trading window
The Pound Sterling pulled back from four-year highs on Wednesday, weighed down by a combination of Bank of England dovishness and UK political uncertainty, even as the US Dollar weakened on soft labor market revisions.
USD/JPY strengthens above 153.00 despite stronger US jobs data
The USD/JPY pair attracts some sellers to around 153.20 during the early Asian session on Thursday. The Japanese Yen strengthens against the US Dollar in the aftermath of Prime Minister Sanae Takaichi's landslide election victory. The attention will shift to the US Consumer Price Index inflation report, which is due later on Friday.
Editors’ Picks
AUD/USD bulls pause amid post-NFP USD rebound
AUD/USD is trading with a mild negative bias during the Asian session on Thursday, below a three-year high set the previous day. The US Dollar looks to build on Wednesday's upbeat US NFP-inspired bounce from an over one-week low, acting as a headwind for spot prices. However, the divergent Fed-RBA expectations, along with the underlying bullish sentiment, should help limit any meaningful corrective fall for the risk-sensitive Aussie.
USD/JPY strengthens above 153.00 despite stronger US jobs data
The USD/JPY pair attracts some sellers to around 153.20 during the early Asian session on Thursday. The Japanese Yen strengthens against the US Dollar in the aftermath of Prime Minister Sanae Takaichi's landslide election victory. The attention will shift to the US Consumer Price Index inflation report, which is due later on Friday.
Gold posts modest gains above $5,050 as US-Iran tensions persist despite strong labor data
Gold price trades in positive territory near $5,060 during the early Asian session on Thursday. The precious metal edges higher despite stronger-than-expected US employment data. The release of the US Consumer Price Index inflation report will take center stage later on Friday.
Bitcoin holds steady despite strong US labour market
Bitcoin briefly bounced from $66,000 to above $68,000 but slightly reversed those gains following Wednesday's US January jobs report. The top crypto is hovering around $67,000, down 2% over the past 24 hours as of writing on Wednesday.
The market trades the path not the past
The payroll number did not just beat. It reset the tone. 130,000 vs. 65,000 expected, with a 35,000 whisper. 79 of 80 economists leaning the wrong way. Unemployment and underemployment are edging lower. For all the statistical fog around birth-death adjustments and seasonal quirks, the core message was unmistakable. The labour market is not cracking.
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