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Market Comment

XM Research - 2 days ago

Market Comment – Yen springs higher, nonfarm payrolls coming up

Japanese yen charges higher on rate hike speculation Dollar turns to US employment report - downside risks?  Stock markets climb as Google rekindles AI euphoria Yen takes the elevator up  The Japanese yen blasted higher on Thursday, gaining 2% against the US dollar after the Governor of the Bank of Japan provided the clearest indications yet that the era of negative interest rates is about to end.   Speaking before parliament, Governor Ueda said that calibrating monetary p
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XM Research - 3 days ago

Market Comment – Yen flies as BoJ’s Ueda talks ultra-loose policy exit

BoJ Governor Ueda discusses options after ending negative rates Yen rallies as speculation for BoJ pivot intensifies Dollar defies weak labor market data again Wall Street slips, oil falls 4% on gasoline stock build BoJ’s Ueda adds fuel to yen’s tanks The US dollar continued gaining ground against most of its major peers yesterday, but today the protagonist was the yen, which rallied following remarks by BoJ Governor Ueda on exiting negative interest rates.
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XM Research - 4 days ago

Market Comment – Dollar extends recovery despite US job openings drop

US job openings fall to lowest in more than 2-1/2 years Treasury yields slide, but dollar extends recovery Schnabel points to end of ECB’s tightening crusade Gold becomes attractive again after hitting $2,010 Dollar defies weak labor data The dollar traded higher against all but one of the other major currencies on Tuesday, with the only currency holding its ground being the Japanese yen.
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XM Research - 5 days ago

Market Comment – Gold and equities retreat from recent peaks

Gold reverses lower after leaping to record highs Dollar recovers, turns to ISM survey for direction Stock markets pull back, led by big tech shares Gold loses altitude  The world’s oldest safe-haven asset started the week in an explosive manner, shooting up to new record highs only to get rejected and close the session sharply lower.
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XM Research - 6 days ago

Market Comment – Gold hits new records, but runs out of fuel

Gold cruises to new record highs, then gets rejected Oil keeps sinking despite missile attacks in the Red Sea Dollar chops around, RBA rate decision coming up next Gold shines bright The meteoric rally in gold prices came to a crescendo early on Monday, with the precious metal hitting a new record high above $2,100 per ounce, before running into a wave of profit-taking and subsequently retreating.
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XM Research - 1 week ago

Market Comment – Dollar stumbles again after soft US data, eyes Powell

US dollar softer ahead of Powell as US inflation and consumption cool Euro regains some posture, stocks look to stretch November gains Oil unimpressed by OPEC+ decision for deeper cuts, futures dip Markets cheer receding inflation Rate cut speculation went into overdrive on Thursday after inflation in both the United States and the Eurozone fell to levels last seen in 2021, pushing forward the expected timing of when the Fed and ECB will start to ease policy.
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XM Research - 1 week ago

Market Comment – Euro slips as Eurozone inflation tumbles, aids dollar’s rebound  

Tumbling inflation erodes euro’s gains as dollar perks up despite rate cut bets Wall Street loses some steam but stocks still set for best month of the year Oil prices climb cautiously as OPEC+ output decision awaited Euro falls victim to rate cut frenzy The euro took a dive on Thursday, retreating from three-and-a-half month highs against the US dollar, as weaker-than-expected CPI numbers out of the Eurozone pressured the single currency.
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XM Research - 2 weeks ago

Market Comment – Fed’s Waller talks rate cuts and hurts the dollar

Dollar extends tumble as Waller raises prospect of lower rates Yen, kiwi, and aussie the main winners once again RBNZ holds rates steady, but lifts OCR projections Gold stretches rally, oil rebounds ahead of OPEC+ decision The hawk who turned into a dove The US dollar accelerated its tumble yesterday, dropping against every other major currency, with the yen, the kiwi and the aussie, securing the most gains once again.
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XM Research - 2 weeks ago

Market Comment – Fed cut bets continue to weigh on dollar

Dollar extends slide as first 25bps Fed cut seen by June Fed officials speak ahead of PCE inflation data later this week Yen gains on reports the BoJ is considering exiting negative rates Aussie and kiwi stretch rally, RBNZ decision awaited Investors fully price in a 25bps Fed cut in June The US dollar continued trading on the back foot against its major peers on Thursday, losing the most ground against the yen, the aussie, and the kiwi, in that order.
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XM Research - 2 weeks ago

Market Comment – Dollar and oil extend slide ahead of busy week

Major pairs and gold climb to new highs as dollar sags Inflation data and Fed speakers awaited for direction Oil drifts lower ahead of OPEC+ decision Markets cautiously optimistic ahead of key data Trading got off to a cautious start on Monday as investors awaited fresh clues on inflation and the Fed policy path in what looks set to be a more eventful week following the Thanksgiving lull.
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XM Research - 2 weeks ago

Market Comment – Dollar pulls back ahead of PMIs

Dollar pulls back on Thanksgiving as Fed cut bets weigh Focus today turns to the preliminary S&P Global PMIs Japan’s CPIs accelerate, corroborating a BoJ policy exit next year Gold gains, oil loses more ground on OPEC delay Fed rate cut bets weigh on the dollar, PMIs on tap The US dollar turned south again yesterday and continues to underperform against some of its major peers today.
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XM Research - 2 weeks ago

Market Comment – Oil steadier after nose-dive, dollar pulls back in thin trade

Oil plunges on OPEC+ meeting delay, sparking rally in US dollar But dollar resumes decline today as rivals advance on easing gloom Stocks mostly positive in holiday-thin trade Oil prices whipsaw on OPEC+ speculation Markets were hit by some unforeseen turbulence on Wednesday as oil prices plummeted on OPEC’s announcement that Sunday’s meeting has been postponed to November 30. This month’s output decision was already building up to be a major one as the OPEC and non-OPEC a
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XM Research - 3 weeks ago

Market Comment – Fed minutes halt dollar’s drop

Dollar breathes as Fed minutes confirm ‘higher for longer’ view BoE’s Bailey pushes sterling higher, Autumn Statement on tap Wall Street traders find opportunity for profit taking Gold continues to march north, moves above $2,000 Dollar takes a breather after Fed minutes The wounded dollar showed signs of stabilizing against most of its major peers, after the minutes from the latest FOMC decision suggested that policymakers were willing to maintain a restrictive policy
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XM Research - 3 weeks ago

Market Comment – Wall Street extends gains as dollar flounders, Fed minutes eyed

Microsoft leads Wall Street higher, lifted by AI mania and rate cut bets But will FOMC minutes spoil the party? Dollar slips to 3-month lows; aussie surges on hawkish RBA, China boost Stocks enjoy pre-Thanksgiving rally ahead of Fed minutes Equity markets got off to a positive start on Monday in what is a holiday-shortened week in the United States, while the upbeat mood seems to be mostly holding on Tuesday as investors await more clues on the path of interest rates.
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XM Research - 3 weeks ago

Market Comment – Yen gets some relief, sterling eyes tax cuts

Dollar continues to drift lower ahead of Fed minutes tomorrow Japanese yen recovers amid growing bets of foreign rate cuts  Oil prices bounce back on potential supply cuts, gold steadies Dollar feels the blues A paradigm shift has taken place in global markets this month, after a string of disappointing data releases from the major economies eliminated any surviving bets of further rate increases and instead fueled speculation about a series of rate cuts next year.
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XM Research - 3 weeks ago

Market Comment – Rate cut bets intensify as oil plunges, but Wall Street wobbles

Markets think the Fed is done after US data misses Selloff in crude oil further fuels rate cut bets amid supply glut fears But dollar seesaws while earnings caution weighs on stocks Fed expected to cut by 100bps in 2024 Fed tightening expectations suffered a further blow on Thursday after some weak data releases in the United States put the final nail in the coffin on the likelihood of another rate increase.
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XM Research - 3 weeks ago

Market Comment – Dollar claws back some losses as relief rally fades

Fed rate cut bets scaled back after upbeat US data Wall Street rally loses steam, dollar edges up as yields rebound Global growth worries and disappointing US-China summit also dent mood Post-CPI euphoria fizzles out Equities were muted while the greenback was broadly firmer on Thursday as the relief rally on the back of this week’s cooler-than-expected US CPI readings lost steam following some not-so-soft data yesterday.
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XM Research - 4 weeks ago

Market Comment – Dollar tumbles on cooler-than-expected US inflation

Slowing US inflation confirms view that Fed is done with hikes Aussie and kiwi gain the most on bolstering risk sentiment Pound pulls slightly back on lower-than-expected UK inflation Wall Street rallies as investors cheer US inflation data US CPI numbers support ‘Fed is done’ narrative The dollar tumbled across the board yesterday after cooler than expected US inflation data added more credence to investors’ belief that the Fed’s tightening crusade is over, despite
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XM Research - 4 weeks ago

Market Comment – Yen hits fresh low as focus turns to US CPI data

Yen spikes, but ends Monday as the main loser Dollar traders lock gaze on US inflation data UK jobs report beats estimates, CPIs the pound’s next test Wall Street ends mixed, awaits US CPI figures Dollar/yen nearly touches October 2022 high The US dollar traded mixed against its major counterparts on Monday, losing ground against the pound, the aussie, and the euro, while gaining the most against the yen.
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XM Research - 4 weeks ago

Market Comment – Yen continues to sink, stock markets power higher

Yen falls to lowest levels in a year as stock markets soar  Dollar mostly ignores Moody’s credit outlook downgrade Gold nurses losses, waiting for tomorrow’s US inflation stats Yen drifts lower It’s been another devastating year for the Japanese yen, which has lost nearly 14% of its value against the US dollar so far, crumbling under the weight of interest rate differentials.
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