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The upcoming week brings the Bank of Japan’s monetary policy decision and a flurry of high-impact economic data and earnings, setting the stage for potential volatility in financial markets.
(MENAFN - DailyFX) ecast: Markets Await US GDP & Core PCE - EUR/USD, USD/JPY, GBP/USD
Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger AUD/JPY-bullish contrarian trading bias.
Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current USD/CHF price trend may soon reverse higher despite the fact traders remain net-long.
Microsoft Corporation (Nasdaq: MSFT) is scheduled to release its fiscal Q3 2024 earnings on April 25, 2024, after the market closes. What to expect and watch for?
The yen continues to depreciate, adding pressure to Japanese authorities to respond. Will recent wage growth and yen weakness bring the inflation target within reach?
Risk sentiment has improved at the start of the week, seeing notable moves across typically risk sensitive assets in a week when US data and tech earnings take center stage
The dollar slipped in early US turnover as the latest S&P PMIs miss forecasts and last month’s numbers. Growth and inflation data and US Treasury auctions now on the horizon.
Gold and silver have pulled back from their respective highs, looking for the next catalyst. With risk sentiment improving, precious metals may find support from a softer USD
Year-on year US PCE data followed on from yesterday’s quarterly surprises to give the FOMC something to think about when they meet next week to set interest rates
Australian inflation dropped at a slower pace than anticipated, wiping out any lingering indication of rate cuts this year. Improved risk sentiment supports AUD
The Aussie dollar attempts to claw back losses on an improving risk outlook. However, declining Aussie inflation and hot US data (GDP, PCE) pose a threat to AUD
The US economy expanded by 1.6% q/q in the first three months of the year, missing estimates of 2.5% and down from 3.4% in Q4 2023. US dollar firms after PCE figures nudge higher.
The Japanese Yen continued to fall to new multi-decade lows against a range of currencies after the BoJ left monetary policy unchanged. Weaker-than-expected Tokyo inflation the driver of the latest move.
EUR/USD received a much needed reprieve from USD dominance after flash PMI data for April highlighted potential concerns for the US. EUR/GBP surrenders recent gains
