ไทม์ไลน์ข่าวสาร forex

พุธ, พฤษภาคม 29, 2024

Gold price (XAU/USD) snaps the three-day winning streak on Wednesday amid the modest rebound of the Greenback.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}Gold price edges lower on Wednesday on the modest USD recovery. The Fed’s hawkish comments and stronger US data support the USD, weighing the precious metal. Gold traders will focus on the Fed’s Beige Book and the Fed’s John Williams speech later on Wednesday.Gold price (XAU/USD) snaps the three-day winning streak on Wednesday amid the modest rebound of the Greenback. Additionally, the hawkish remarks from several Federal Reserve (Fed) officials and stronger-than-expected US economic data diminish expectations of the Fed rate cut in September. This, in turn, boosts the US Dollar (USD) and weighs on the USD-denominated gold price. On the other hand, geopolitical tensions and uncertainty could drive the safe-haven assets for gold. The growing demand from the central bank will continue to underpin higher gold prices in the near term. 

Gold traders will keep an eye on the Fed’s Beige Book and the Fed’s John Williams speech on Wednesday. The release of the US Core Personal Consumption Expenditures Price Index (Core PCE) will take centre stage on Friday, which is estimated to show an increase of 0.3% MoM and 2.8% YoY in April. Any signs of stickier inflation in the US could trigger the possibility of delaying the Fed rate cut, exerting some selling pressure on the yellow metal as higher interest rates will increase gold's opportunity costs.  Daily digest market movers: Gold price faces some pressure from the Fed’s hawkish remarks Israeli Prime Minister Benjamin Netanyahu has vowed to continue the war against Hamas amid international condemnation of an air strike that killed at least 45 people in Rafah on Sunday, per the BBC. The World Gold Council reported that global physically-backed gold exchange-traded funds (ETFs) witnessed a net outflow of 11.3 metric tonnes last week. UBS analysts expect gold prices to reach $2,500 an ounce by September and hit $2,600 an ounce by year-end. The forecast is higher than the initial estimates of $2,400 and $2,500 per ounce, respectively.  Consumer Confidence improved slightly in May, the Conference Board reported on Tuesday. The figure rose to 102.0 in May from 97.0 in April, beating the estimation of 95.9. Fed Governor Michelle Bowman said on Tuesday that she would have supported either waiting to start slowing the quantitative tightening pace or a more moderate tapering process than announced earlier this month.  Fed Minneapolis President Neel Kashkari said that the central bank should wait for significant progress on inflation before cutting interest rates, adding that he expected no more than two rate cuts in 2024.  Technical analysis: Gold price stays bullish in the longer term The gold price trades with mild losses on the day. Technically, the bullish outlook of the precious metal remains intact as it holds above the key 100-day Exponential Moving Average (EMA) on the 1-hour chart. However, the neutral level of the 14-day Relative Strength Index (RSI) around the 50-midline indicated that further consolidation or directionlessness looks favourable for the time being. 

The first upside target will emerge at the upper boundary of the Bollinger Band at $2,427. Sustained yellow metal rallies might pave the way to the all-time high of $2,450. The bullish breakout above this level will see a rally to the $2,500 psychological figure. 

On the flip side, a low of May 24 at $2,325 acts as an initial support level for XAU/USD. The next contention level is seen at the $2,300 round mark. Any follow-through selling below this level will expose the lower limit of the Bollinger Band at $2,277, followed by the 100-day EMA of $2,222.  US Dollar price today The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen.  USDEURGBPCADAUDJPYNZDCHFUSD  0.03% 0.03% 0.04% 0.06% 0.06% 0.03% 0.02%EUR-0.04%   0.01% 0.02% 0.03% 0.03% 0.00% 0.00%GBP-0.03% 0.00%   0.01% 0.01% 0.03% -0.01% -0.01%CAD-0.04% 0.01% 0.01%   0.01% 0.04% -0.01% -0.01%AUD-0.04% -0.01% 0.01% 0.00%   0.04% -0.01% 0.02%JPY-0.06% -0.03% -0.03% -0.03% -0.02%   -0.03% -0.04%NZD-0.03% 0.00% 0.00% 0.02% 0.02% 0.04%   -0.02%CHF-0.04% 0.01% 0.01% 0.02% 0.02% 0.04% 0.00%   The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote). Gold FAQs Why do people invest in Gold? Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Who buys the most Gold? Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves. How is Gold correlated with other assets? Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal. What does the price of Gold depend on? The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.  

NZD/USD eased back into the 0.6140 level in early Wednesday trading as Kiwi traders await a reason to move.

Easing Greenback pressure gives Kiwi another leg into fresh highs.Momentum remains thin as NZD rtaders grapple with a lack of data.US GDP, PCE inflation prints to dominate the last half of the trading week.NZD/USD eased back into the 0.6140 level in early Wednesday trading as Kiwi traders await a reason to move. The economic calendar is notably thin except for the NZ government’s latest Budget Release on Thursday, leaving NZD traders adrift until Friday’s speech from Reserve Bank of New Zealand (RBNZ) Governor Orr. US data in the back half of the trading week will drive investor sentiment with an update to US quarterly Gross Domestic Product (GDP) and the latest print of Personal Consumption Expenditure (PCE) Price Index inflation. Investors have been awaiting signs of movement from the Federal Reserve (Fed) on rate cuts, with markets broadly keeping an eye on a flurry of appearances from Fed officials in the early week. Broad-market hopes for rate cuts continue to wither against a cautious Fed, and rate markets are pricing in roughly even odds of a quarter-point rate trim from the Federal Open Market Committee (FOMC) in September. NZD/USD technical outlook The Kiwi is drifting into the high side against the Greenback this week, and the pair has closed in the green for four consecutive trading weeks. Despite recent upswings, the pair is hitting technical consolidation just north of the 200-day Exponential Moving Average (EMA) at 0.6070.  Bullish momentum may be hitting a wall on the NZD/USD with the Moving Average Convergence-Divergence (MACD) signal lines running far ahead of bullish histogram bars, implying buying pressure may be poised for a reversal. NZD/USD daily chart NZD/USD Overview Today last price 0.6141 Today Daily Change 0.0000 Today Daily Change % 0.00 Today daily open 0.6141   Trends Daily SMA20 0.606 Daily SMA50 0.6006 Daily SMA100 0.6068 Daily SMA200 0.6045   Levels Previous Daily High 0.6171 Previous Daily Low 0.6137 Previous Weekly High 0.6153 Previous Weekly Low 0.6083 Previous Monthly High 0.6079 Previous Monthly Low 0.5851 Daily Fibonacci 38.2% 0.615 Daily Fibonacci 61.8% 0.6158 Daily Pivot Point S1 0.6128 Daily Pivot Point S2 0.6116 Daily Pivot Point S3 0.6094 Daily Pivot Point R1 0.6162 Daily Pivot Point R2 0.6184 Daily Pivot Point R3 0.6196    

The GBP/USD pair trades with mild losses around 1.2760 during the Asian session on Wednesday.

GBP/USD trades with a mild negative bias near 1.2760 on Wednesday. The US CB Consumer Confidence Index improved to 102.0 in May. The IMF raised the UK growth forecasts but anticipated two to three rate cuts from the BoE.The GBP/USD pair trades with mild losses around 1.2760 during the Asian session on Wednesday. The modest recovery of the US Dollar  (USD) and US yields amid the diminishing expectations of a rate cut by the US Federal Reserve (Fed) in September weighs on the major pair. The Fed’s Beige Book is due later on Wednesday and the Fed’s John Williams is due to speak.

Consumer Confidence improved slightly in May, the Conference Board reported on Tuesday. The figure rose to 102.0 in May from 97.0 in April, beating the estimation of 95.9. However, US consumers remain concerned about inflation, and many households believe interest rates will be higher over the next year.

Meanwhile, US Fed officials delivered more hawkish comments, boosting the Greenback broadly. Fed Governor Michelle Bowman said on Tuesday that she would have supported either waiting to start slowing the quantitative tightening pace or a more moderate tapering process than announced earlier this month. Fed Minneapolis President Neel Kashkari said that the central bank should wait for significant progress on inflation before cutting interest rates, adding that he expected no more than two rate cuts in 2024.

On the other hand, the expectation that the Bank of England (BoE) will start cutting the interest rate in June drags the Pound Sterling (GBP) lower. The International Monetary Fund (IMF) raised the UK growth forecasts but anticipated two to three rate cuts from the BoE. Amid the absence of top-tier economic data releases from the UK, the election speculation could drive movement in the Cable. The worries about political uncertainty might hurt the GBP and create a headwind for the GBP/USD pair.  GBP/USD Overview Today last price 1.276 Today Daily Change -0.0010 Today Daily Change % -0.08 Today daily open 1.277   Trends Daily SMA20 1.2613 Daily SMA50 1.2582 Daily SMA100 1.2634 Daily SMA200 1.2541   Levels Previous Daily High 1.2778 Previous Daily Low 1.2734 Previous Weekly High 1.2761 Previous Weekly Low 1.2676 Previous Monthly High 1.2709 Previous Monthly Low 1.23 Daily Fibonacci 38.2% 1.2761 Daily Fibonacci 61.8% 1.2751 Daily Pivot Point S1 1.2743 Daily Pivot Point S2 1.2716 Daily Pivot Point S3 1.2699 Daily Pivot Point R1 1.2787 Daily Pivot Point R2 1.2804 Daily Pivot Point R3 1.2831    

EUR/USD rose to an intraday high near 1.0890 on Tuesday before market flows dragged the pair back down to familiar levels near 1.0860, and the pair is holding on-balance as Euro traders head into a fresh print of German Consumer Price Index (CPI) inflation.

EUR/USD failed to capture 1.0890 in Tuesday’s early bull run.1.0860 remains a key consolidation point for the Fiber.German CPI inflation due Wednesday, US GDP and PCE inflation loom ahead.EUR/USD rose to an intraday high near 1.0890 on Tuesday before market flows dragged the pair back down to familiar levels near 1.0860, and the pair is holding on-balance as Euro traders head into a fresh print of German Consumer Price Index (CPI) inflation. Key US data hides just around the corner with Gross Domestic Product (GDP) and Personal Consumption Expenditure (PCE) Price Index inflation due on Thursday and Friday, respectively. German CPI inflation in May is expected to ease to 0.2% MoM in May, down from the previous 0.5% as investors hope CPI inflation in key European economies will turn around and continue to ease in time to push the European Central Bank (ECB) into a quarter-point cut at the central bank’s upcoming rate call in June. US investors have been fighting an uphill battle trying to time when the Federal Reserve (Fed) will deliver a first rate cut. Back in December, markets had priced in upwards of six cuts of at least 25 basis points apiece, with the first quarter-point-minimum cut expected in March. Today, rate markets are pricing in roughly-even odds of a quarter-point cut to come in September, with hopes of two total cuts in 2024 withering on the vine. US Annualized Q1 Gross Domestic Product (GDP) slated for Thursday is forecast to ease to 1.3% from the previous 1.6%. Friday’s US PCE Price Index inflation on Friday is expected to hold steady at 0.3% MoM. EUR/USD technical outlook EUR/USD is cycling in familiar technical congestion, but a hidden bullish divergence of the Moving Average Convergence-Divergence (MACD) implies the pair could be primed for a push higher if bidders are able to springboard off of the 200-hour Exponential Moving Average at 1.0844. However, the 200-day EMA at 1.0804 is acting as a price magnet, threatening to pull the pair down, and daily candlesticks are drifting into familiar middle territory. The daily MACD is also easing back into directionless territory. EUR/USD hourly chart EUR/USD daily chart EUR/USD Overview Today last price 1.0857 Today Daily Change -0.0002 Today Daily Change % -0.02 Today daily open 1.0859   Trends Daily SMA20 1.0799 Daily SMA50 1.0776 Daily SMA100 1.0813 Daily SMA200 1.0788   Levels Previous Daily High 1.0868 Previous Daily Low 1.0841 Previous Weekly High 1.0884 Previous Weekly Low 1.0805 Previous Monthly High 1.0885 Previous Monthly Low 1.0601 Daily Fibonacci 38.2% 1.0857 Daily Fibonacci 61.8% 1.0851 Daily Pivot Point S1 1.0844 Daily Pivot Point S2 1.0829 Daily Pivot Point S3 1.0817 Daily Pivot Point R1 1.0871 Daily Pivot Point R2 1.0882 Daily Pivot Point R3 1.0897    

The Australian Dollar registered minuscule losses against the US Dollar on Tuesday amid higher US Treasury yields.

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As the Asian session begins, the AUD/USD trades at 0.6649, virtually unchanged. AUD/USD trades flat as higher US yields and hawkish Fed remarks support US Dollar Fed speakers grabbed the headlines on Tuesday, led by Minneapolis Fed President Neel Kashkari. He said, “I don’t think anybody has totally taken rate increases off the table,” while in a Q&A session, he answered he wasn’t confident about the evolution of the disinflationary process and foresees just two rate cuts. Data-wise, the Conference Board revealed that Consumer Confidence persists after hitting 102.0 from 97.5, the highest print after posting three months of decreases. The lift was primarily driven by improved expectations meaning consumer spending may remain robust in the second half of 2024. Aside from this, US Treasury bond yields jumped on a softer US 5-year T-note auction, with the 10-year note coupon rising seven basis points to 4.548%, a tailwind for the US Dollar. On the Aussie’s front, the schedule would feature the Westpac Leading and the monthly Consumer Price Index (CPI) for April. Analysts estimate prices to fall from around 3.5% YoY to 3.4%, which would maintain the status quo.  Otherwise, a rise exceeding expectations could benefit the AUD/USD and push prices toward the March 8 high of 0.6667. AUD/USD Price Analysis: Technical outlook The Aussie Dollar remains upward biased despite retreating from weekly highs of 0.6673, amid forming a ‘gravestone doji,’ which hints further downside is seen. Momentum shows that buyers are in charge, as depicted by the Relatives Strength Index (RSI) standing at bullish territory. Still, in the short term, the AUD/USD could be headed for a correction to the latest cycle low of 0.6592 before targeting the year-to-date (YTD) high of 0.6839.Australian Dollar PRICE This week The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies this week. Australian Dollar was the strongest against the Japanese Yen.   USD EUR GBP JPY CAD AUD NZD CHF USD   -0.08% -0.17% 0.11% -0.15% -0.29% -0.40% -0.24% EUR 0.08%   -0.11% 0.22% -0.07% -0.28% -0.41% -0.13% GBP 0.17% 0.11%   0.28% 0.02% -0.16% -0.23% -0.04% JPY -0.11% -0.22% -0.28%   -0.31% -0.43% -0.44% -0.39% CAD 0.15% 0.07% -0.02% 0.31%   -0.16% -0.24% -0.14% AUD 0.29% 0.28% 0.16% 0.43% 0.16%   -0.05% 0.11% NZD 0.40% 0.41% 0.23% 0.44% 0.24% 0.05%   0.15% CHF 0.24% 0.13% 0.04% 0.39% 0.14% -0.11% -0.15%   The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote). Australian Dollar FAQs What key factors drive the Australian Dollar? One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – is also a factor, with risk-on positive for AUD. How do the decisions of the Reserve Bank of Australia impact the Australian Dollar? The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3% by adjusting interest rates up or down. Relatively high interest rates compared to other major central banks support the AUD, and the opposite for relatively low. The RBA can also use quantitative easing and tightening to influence credit conditions, with the former AUD-negative and the latter AUD-positive. How does the health of the Chinese Economy impact the Australian Dollar? China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar (AUD). When the Chinese economy is doing well it purchases more raw materials, goods and services from Australia, lifting demand for the AUD, and pushing up its value. The opposite is the case when the Chinese economy is not growing as fast as expected. Positive or negative surprises in Chinese growth data, therefore, often have a direct impact on the Australian Dollar and its pairs. How does the price of Iron Ore impact the Australian Dollar? Iron Ore is Australia’s largest export, accounting for $118 billion a year according to data from 2021, with China as its primary destination. The price of Iron Ore, therefore, can be a driver of the Australian Dollar. Generally, if the price of Iron Ore rises, AUD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Iron Ore falls. Higher Iron Ore prices also tend to result in a greater likelihood of a positive Trade Balance for Australia, which is also positive of the AUD. How does the Trade Balance impact the Australian Dollar? The Trade Balance, which is the difference between what a country earns from its exports versus what it pays for its imports, is another factor that can influence the value of the Australian Dollar. If Australia produces highly sought after exports, then its currency will gain in value purely from the surplus demand created from foreign buyers seeking to purchase its exports versus what it spends to purchase imports. Therefore, a positive net Trade Balance strengthens the AUD, with the opposite effect if the Trade Balance is negative.  

GBP/JPY drifted into a new 34-year high above 200.60 on Tuesday as Yen pairs continue to pare away JPY strength following suspected “Yenterventions” from the Bank of Japan (BoJ) and Japanese Minstry of Finance who overspent nine trillion Yen on miscellaneous financial operations and is broadly assumed to have intervened directly in global markets in an attempt to shore up the battered Yen.

GBP/JPY breached 200.60, setting a fresh 34-year high.Thin UK data leaves GBP free to drift higher against the Yen.Japanes Tokyo CPI inflation due on Friday.GBP/JPY drifted into a new 34-year high above 200.60 on Tuesday as Yen pairs continue to pare away JPY strength following suspected “Yenterventions” from the Bank of Japan (BoJ) and Japanese Minstry of Finance who overspent nine trillion Yen on miscellaneous financial operations and is broadly assumed to have intervened directly in global markets in an attempt to shore up the battered Yen.  No official statement from the BoJ or the Ministry has been forthcoming, but markets are challenging Japanese planners and shorting the Yen back into multi-decade lows. The Guppy hit its highest bids in 34 years as the wide rate differential between the BoJ and other central banks including the Bank of England (BoE) remains simply too high for markets to bolster the JPY. The key datapoint for the GBP/JPY this week will be Japan’s Tokyo Consumer Price Index (CPI) inflation update due on Thursday. Core Tokyo CPI for the year ended in May is expected to tick higher to 1.9% from 1.6%. Headline Tokyo CPI inflation last printed at 1.8% in April. Markets remain unsure of when the BoE will deliver much-hoped for rate cuts. Previous hopes for a June rate cut have evaporated, and investors are looking for signs that the BoE will make a first rate trim in September. GBP/JPY technical outlook The Guppy has traded entirely one-sided since drooping to a near-term low near 191.50. The pair has 4.8% since the beginning of May, and is poised for further gains into multi-decade highs. GBP/JPY is up over 12% after knocking into the 200-day Exponential Moving Average (EMA) at the beginning of 2024. The pair has closed in the green for all but three of the last 16 consecutive trading days. GBP/JPY hourly chart GBP/JPY daily chart GBP/JPY Overview Today last price 200.61 Today Daily Change 0.25 Today Daily Change % 0.12 Today daily open 200.36   Trends Daily SMA20 196.34 Daily SMA50 193.87 Daily SMA100 191.14 Daily SMA200 187.28   Levels Previous Daily High 200.43 Previous Daily Low 199.61 Previous Weekly High 200.07 Previous Weekly Low 197.39 Previous Monthly High 200.59 Previous Monthly Low 190 Daily Fibonacci 38.2% 200.12 Daily Fibonacci 61.8% 199.92 Daily Pivot Point S1 199.84 Daily Pivot Point S2 199.32 Daily Pivot Point S3 199.02 Daily Pivot Point R1 200.66 Daily Pivot Point R2 200.95 Daily Pivot Point R3 201.48    

In Tuesday's session, the AUD/JPY pair continued to edge higher, securing some gains but at a seemingly slower pace, stabilizing around the 104.60 mark.

Daily chart indicators suggest a slowdown in buying traction with RSI positioned above 70 indicating overbought conditions.Hourly chart indicators weaken, implying the possibility of short-term losses in the upcoming Asian session.The bulls might not have enough traction to retest the cycle highs above 105.00.In Tuesday's session, the AUD/JPY pair continued to edge higher, securing some gains but at a seemingly slower pace, stabilizing around the 104.60 mark. Given the extended upward phase with 15 gains out of the last 19 sessions, buyers may be showing signs of fatigue. The market could be heading towards a short-term correction as indicators flash overbought signals. On the daily chart, the RSI has inched above the 70 territory, an area typically considered overbought. This situation, along with the MACD producing red bars, suggests that while buyers still hold control, their grip is loosening. AUD/JPY daily chart The hourly chart portrays similar sentiments. The RSI is nearing 50 and displays a downward bias. Concurrently, the MACD prints rising red bars, hinting at a weakening bullish momentum in the near term. AUD/JPY hourly chart Zooming out for the big picture, the AUD/JPY continues to trade above all three key Simple Moving Average (SMA) benchmarks of 20, 100, and 200 days, affirming a bullish perspective. However, with the pair stabilizing around multi-year highs, and overt signs of buyer exhaustion, the possibility of a near-term correction is becoming increasingly apparent. The main resistance is the cycle high just above 105.00 while the 20-day SMA at 103.12 offers itself as a strong support.   AUD/JPY Overview Today last price 104.5 Today Daily Change 0.09 Today Daily Change % 0.09 Today daily open 104.41   Trends Daily SMA20 103 Daily SMA50 101.03 Daily SMA100 99.27 Daily SMA200 97.54   Levels Previous Daily High 104.46 Previous Daily Low 103.86 Previous Weekly High 104.56 Previous Weekly Low 103.48 Previous Monthly High 105.04 Previous Monthly Low 97.78 Daily Fibonacci 38.2% 104.23 Daily Fibonacci 61.8% 104.09 Daily Pivot Point S1 104.03 Daily Pivot Point S2 103.64 Daily Pivot Point S3 103.42 Daily Pivot Point R1 104.63 Daily Pivot Point R2 104.85 Daily Pivot Point R3 105.24    
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