Financial News Today

Market Overview

The market sees relief against the dollar as it weakens while waiting for the core PCE data release on Friday. We see gains across the board with metals, crude and Brent oil, and Equities with the NASDAQ reporting record highs. We can also see a slowdown in the yields. 

Our focus still stays on the core PCE data release and reacting to the market movement until then.

GOLD - Following the COT report, gains on GOLD were seen. Traders took the chance to put trades in and earn small profits before PCE results came out. Currently, it stays above 2332.174 and is close to testing 2365.443.

SILVER -As we've learned from the previous market close, there wasn't enough momentum and supply for the market to go under 29.900. The market has aggressively returned to 30.938, bracing itself for the upcoming core PCE results on Friday.

DXY - The dollar is now tracking the natural sentiment of traders toward the dollar even before the core PCE comes out. If the result of PCE comes out at 0.30 and above, we can see the FED and policymakers take a more hawkish approach toward the dollar and the economy, pushing expected rate cuts to only one toward the end of the year. A PCE result of 0.27 or less relieves the market of pressures, allowing the equities and metals to breathe along the dollar's inflated strength to calm. Currently, the price of the dollar is sitting slightly below 104.607 after being rejected strongly at 105.071.

GBPUSD - The price has now ticked closer to 1.27038 as we expected. We continue with our bullish call for the market as we await further price action.

AUDUSD -As we've seen, the technical side of the market is pointing towards a bullish AUD as structures continue to hold up. However, we wait and see if 0.66541 holds the currency down or if it will pushed up. There is also an SHS pattern formed in the 1H timeframe.

NZDUSD -The market has gone beyond the 0.61408 range and has decided to break above the range. On the technical side of the charts, we can only see this continue to move bullish until the price shows otherwise.

EURUSD -The price has gone back within the range, above 1.08541, after failing to see the price break below the trendline. We now expect the price to continue moving up toward 1.08950 after showing confidence and comfort in the support.

USDJPY -After the BoJ hearing, the Yen gained strength and momentum albeit slowly. Their focus leaned toward re-anchoring inflation expectations despite challenges in estimating neutral interest rates accurately. Gov. Uchida did mention that the end of the battle against deflation was in sight, adding that wages are likely to continue increasing. Externally, the sentiment for rate cuts in the US was not helping Japan's pressure on a weakening currency. 

We expect more intervention to come into the market soon for Yen pairs, but we await further inflation prints as we see how the economy plays a part. 

USDCHF - The CHF has recovered strength after winning against the dollar at 0.91580. We can see the price further pushing lower below 0.91329. While the structure of the price has now shifted to a more bullish sentiment, we await for further confirmation. Most likely, the structure will be able to hold a price above 0.91807 or fail to. Depending on how the price will react to said structures, our bias may change.

USDCAD -After having denied the market to reach the key structure, the price has fallen aggressively below 1.36563 and is now seeing a possible test toward 1.36052. The bearish structure remains and we continue to see selling in the market.