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Market Analysis

29 May 2024
Bank of Japan (BOJ) open to act on excessive Japanese yen decline 

Key Points:  Bank of Japan (BOJ) board member Seiji Adachi signals possible policy action if the Japanese yen falls excessively.  Underlying inflation continues to trend toward 2%.  BOJ to adjust monetary support based on economic, price and financial developments.  On …

29 May 2024
Dollar shows uncertainty despite strong data

Key points: Dollar index (DXY) remains flat just above 104.50 EUR/USD and GBP/USD fail to break key levels U.S. consumer confidence rises unexpectedly in May The dollar showed little direction on Wednesday, despite the rise in the U.S. Conference Board’s …

29 May 2024
Indonesian rupiah, Philippine peso top Asian forex losers

Key points: Indonesia rupiah hits weakest since early May Most Asian equities in the red Vietnam’s annual inflation accelerates The Indonesian rupiah and the Philippine peso were the biggest losers among Asian currencies on Wednesday. The upward movement in U.S. …

29 May 2024
Copper prices rebound on optimism over Chinese demand 

Key points:  Copper prices increase on expectations of stronger demand from China.  LME copper rose 0.5% to $4.79 per pound while SHFE copper gained 0.3% to $5.32 per pound.  Recent US dollar stability and rising inventories in China limited the …

28 May 2024
US dollar edges lower against Singapore dollar ahead of economic data release 

Key points:  USD/SGD slips 0.1% to 1.3472 during the Asian session.  Market focus on the Conference Board’s consumer confidence data for May.  Technical support at 1.3400 and resistance at 1.3500.  During the Asian trading session, the USDSGD pair edged lower, …

28 May 2024
Aussie rises as investors await inflation data 

Key points:  Australian dollar appreciates past $0.665, marking a three-day winning streak.  Domestic inflation figures and cautious retail sales data influence interest rate outlook.  Market bets on the Reserve Bank of Australia maintaining high rates longer.  The Australian dollar (AUD) …

28 May 2024
China’s yuan dips as PBOC sets new midpoint

Key points: PBOC sets the midpoint rate at 7.1101 per U.S. dollar. Onshore yuan opened at 7.2425 per dollar, midday at 7.2461, weaker by 11 pips. On Tuesday, China’s yuan slipped slightly as traders remained cautious ahead of key inflation …

28 May 2024
Rupee targets speculative flows after key resistance defeat

Key points The Indian rupee opens little changed, with a focus on speculative flows. U.S. core PCE inflation data and Fed policy outlook remain crucial for global markets. The Indian rupee is expected to open steady on Tuesday, influenced by …

27 May 2024
Gold rises ahead of key US inflation data release 

Key points:  Gold rises to $2,339.9 a troy ounce, recovering from recent losses.  Market focus shifts to the U.S. Personal Consumption Expenditures (PCE) price index release this coming Friday.  Federal Reserve minutes dampened hopes for rate cuts, impacting gold prices …

27 May 2024
Nasdaq index soars as tech stocks continue to rally 

Key points:  Nasdaq composite index closed at a record high of 16,920.79, gaining 1.3% last week.  Impressive earnings report from Nvidia drives investor interest in AI-related stocks.  Nasdaq achieves nearly 9% gain in May, leading major indices.  The Nasdaq composite …