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Summary
The NZD/USD pair started the new month right below the important support level of 0.6875 in what appears to be a confirmation of a break below a Double Top chart pattern. The next medium term support is set at 0.67. We had the Dairy Auction data out of New Zealand during the Asian session, and moving on to the London session, Swiss Retail Sales (Real) (YoY) (MAR) will be out at 7:15 AM GMT to kick off the economic events. Later during the New York session Personal Consumption Expenditure Core (YoY) (MAR) will be out of the US at 12:30 PM GMT followed by the US ISM Manufacturing (APR) at 2 PM. During the next day’s Asian session, BOJ Minutes of March 15-16 Meeting will be out at 11:50 PM GMT which could create volatility in the JPY crosses. Thanks for watching, invest responsibly and I wish you the best of luck making pips by trading forex.
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EUR/USD holds firm near 1.1850 amid USD weakness
EUR/USD remains strongly bid around 1.1850 in European trading on Monday. The USD/JPY slide-led broad US Dollar weakness helps the pair build on Friday's recovery ahead of the Eurozone Sentix Investor Confidence data for February.
USD/JPY keeps the red below 157.00 on intervention risks
The Japanese Yen sticks to its modest intraday recovery gains against a broadly weaker US Dollar on the back of speculations that authorities will step in to stem weakness in the domestic currency. In fact, Japanese officials stepped up intervention warnings and confirmed close coordination with the US against disorderly FX moves. This, in turn, triggered an intraday USD/JPY turnaround from the 157.65 region, or a two-week top, touched in reaction to Prime Minister Sanae Takaichi's landslide win in Sunday's election.
Gold remains supported by China's buying and USD weakness as traders eye US data
Gold struggles to capitalize on its intraday move up and remains below the $5,100 mark heading into the European session amid mixed cues. Data released over the weekend showed that the People's Bank of China extended its buying spree for a 15th month in January. Moreover, dovish US Fed expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal.
Cardano steadies as whale selling caps recovery
Cardano (ADA) steadies at $0.27 at the time of writing on Monday after slipping more than 5% in the previous week. On-chain data indicate a bearish trend, with certain whales offloading ADA. However, the technical outlook suggests bearish momentum is weakening, raising the possibility of a short-term relief rebound if buying interest picks up.
Japanese PM Takaichi nabs unprecedented victory – US data eyed this week
I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.
Here is what you need to know on Monday, February 9:
The JPY gathers strength against its major rivals to start the week as markets react to Sanae Takaichi's historic election victory. In the second half of the day, policymakers from the ECB, the Fed and the BoE will be delivering speeches.