Gonçalo Moreira, CMT
Independent Analyst
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Editors’ Picks
USD/JPY consolidates around 143.00 as traders keenly await BoJ policy decision
USD/JPY struggles to capitalize on its gains registered over the past two days as traders opt to wait on the sidelines ahead of the crucial BoJ policy decision later this Thursday. The BoJ is widely expected to keep rates steady and cut its growth forecasts, though it is likely to project inflation to stay on course to hit the 2% target and keep the door open for more rate hikes in 2025.
AUD/USD extends the range play despite a combination of supporting factors
AUD/USD attracts buyers for the second straight day as reduced bets for an oversized rate cut by the RBA and hopes for the de-escalation of the US-China trade war underpin the Aussie. Apart from this, a generally positive risk tone and a subdued USD price action act as a tailwind.
Gold reclaims the $3,300 mark and beyond
Gold remains under pressure on Wednesday, trading around $3,300 as receding US-China trade tensions continues to weigh on safe-haven demand. At the same time, the US Dollar keeps the bid bias intact following stronger-than-expected headline PCE inflation and despite a weaker first-quarter GDP growth print.
Bank of Japan expected to hold interest rate at 0.50% amid US trade war uncertainty
The Bank of Japan will announce its decision on monetary policy after a two-day meeting on Thursday, and market participants widely anticipate policymakers will keep the benchmark interest rate on hold at 0.50%.
May flashlight for the FOMC blackout period – Waiting for the fog to lift
We expect the FOMC will leave its target range for the federal funds rate unchanged at 4.25-4.50% at its upcoming meeting on May 6-7, a view widely shared by financial markets and economists. Market pricing currently implies only a 9% probability of the FOMC cutting the fed funds rate by 25 bps.
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