Day: June 27, 2023
Further ECB Tightening Needed EUR is rallying today against a backdrop of fresh, hawkish commentary from ECB chief Lagarde. Speaking at the opening of the ECB’s Sintra Symposium, Lagarde warned that rates need to be brought higher in order to bring inflation down. Echoing previous comments, Lagarde stressed the need to bring rates into sufficiently […]
Japan Monitoring FX Moves The Japanese Yen is strengthening today on the back of verbal interventions earlier this morning from key figures. Japanese finance minister Suzuki warned that the government is monitoring FX markets with a sense of urgency and will respond appropriately to any excessive moves. These comments echoed those of another Japanese government […]
EURUSD, “Euro vs US Dollar” The currency pair has formed a consolidation range around 1.0890 and suggests developing yet another link of growth to 1.0951 with an escape from the range upwards. After the price reaches this level, a new wave of decline to 1.0840 could begin. And when this level also breaks downwards, the […]
The Japanese yen has taken a pause in the devaluation process against the US dollar. The current USDJPY quote is 143.47. The news flow is neutral, and market reactions are subdued. However, there is something worth paying attention to. Japan has reappointed Masato Kanda as vice finance minister for international affairs for another year. He […]
CPI on Watch On the back of a surprise rate hike from the BOC this month, the latest round of Canadian CPI data will be closely watched today. Along with hiking rates by a further .25%, the BOC signalled that further tightening might still be necessary but would depend on the path of incoming inflation. […]
Shop Prices Fall… Slightly On the back of a string of recent upsets, there was at last some good news for the UK today. The BRC shop price monitor for the last month showed that prices cooled to 8.4% from the prior month’s 9%. While obviously, still at elevated levels, the data is at least […]
EURUSD, “Euro vs US Dollar” EURUSD has formed a Harami reversal pattern on H4 near the support level. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be the resistance level at 1.1000. However, the price could correct to 1.0855 and continue the uptrend after the test […]
GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD is pushing off the signal lines of the indicator. The instrument is going inside the Ichimoku Cloud, which suggests sideways dynamics. A test of the lower border of the indicator at 1.2680 is expected, followed by a rise to 1.2970. A signal confirming the rise will be […]
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Daily Market Outlook, June 27, 2023 Munnelly’s Market Commentary… Asian equity markets had a mixed performance overnight as the risk sentiment gradually improved following a mostly negative performance in the US market. The major indices in the US were subdued as the quarter-end approached, with the Nasdaq underperforming due to weakness in the technology and […]