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April 17, 2024

Chart EUR/PLN Update: Consolidating sharp gains - studies improving
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April 17, 2024 11:16 AM UTC

Anticipated gains have met selling interest just beneath resistance at 4.3500

Chart USD/ZAR Update: Consolidating test of strong resistance at 19.0000 - 19.1050. Daily studies turning down
Paying Article

April 17, 2024 10:34 AM UTC

Still little change, as prices extend consolidation following the test of resistance within 19.0000 - 19.1050

European Summary and Highlights 17 Apr
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April 17, 2024 10:23 AM UTC

The USD was slightly softer through the European morning. EUR/USD gained around 20 pips to 1.0640, and GBP/USD was a little stronger, rising around 40 pips to 1.2470. 

Chart EUR/CAD Update: Consolidating - limited tests higher
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April 17, 2024 10:16 AM UTC

The test above congestion resistance at 1.4700 has been pushed back from 1.4730~

Psychology for major markets Apr 17
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April 17, 2024 10:13 AM UTC

Rising US yields and geopolitical tension supporting USD and undermining risk sentiment

FX Daily Strategy: N America, April 17th
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April 17, 2024 9:12 AM UTC

GBP could benefit from higher than expected CPI…
…but we still see upside as very limited given current pricing of rate cuts
JPY in focus as weakness continues
AUD looks to have further downside risk

Chart EUR/CHF Update: Prices remain under pressure
Paying Article

April 17, 2024 8:14 AM UTC

Still little change

Chart USD/CHF Update: Leaning lower
Freemium Article

April 17, 2024 8:09 AM UTC

Little change, as prices extend cautious trade above support at 0.9100

Chart EUR/GBP Update: Consolidating
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April 17, 2024 7:53 AM UTC

Little change, as mixed intraday studies keep near-term sentiment cautious

Chart EUR/USD Update: Balanced at 1.0600/10 - limited tests higher
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April 17, 2024 7:38 AM UTC

Little change, as late-December losses give way to consolidation

Chart GBP/USD Update: Consolidating above fresh 2024 low - upside to remain limited
Freemium Article

April 17, 2024 7:25 AM UTC

Little change, as prices extend consolidation above congestion support at 1.2400

Chart GBP/JPY Update: Poised for retest of 193.00 and 193.55 YTD high
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April 17, 2024 6:55 AM UTC

Poised for retest of the 193.00 level then 193.55, March YTD high.

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UK CPI Inflation Review: Inflation Fall Further, But Services Momentum Still Evident
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April 17, 2024 6:52 AM UTC

UK headline and core inflation have been on a clear downward trajectory in the last few months, the former having peaked above 10% in February last year and the latter at 7.1% In May. After a pause in the preceding three months, this downtrend seemingly resumed in the February CPI numbers and clearl

Chart AUD/JPY Update: Weighing on 99.00/98.60 support
Paying Article

April 17, 2024 6:36 AM UTC

Weighing on the 99.00/98.60 support and scope seen for break here to extend deeper pullback from the 100.80 high

GBP flows: GBP firmer after CPI inflation falls less than expected
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April 17, 2024 6:17 AM UTC

EUR/GBP dipping to test 0.8530 support after stronger than expected CPI, but downside looks limited ahead of Bailey speech this evening

FX Daily Strategy: Europe, April 17th
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April 17, 2024 6:12 AM UTC

GBP could benefit from higher than expected CPI…
…but we still see upside as very limited given current pricing of rate cuts
JPY in focus as weakness continues
AUD looks to have further downside risk

Asia Summary and Highlights 17 Apr
Freemium Article

April 17, 2024 6:07 AM UTC

New Zealand Q1 CPI comes in at +4.0% y/y, 4.7% prior, +0.6% q/q, prior +0.5%.

Chart AUD/NZD Update: Extending pullback from 1.0955 high
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April 17, 2024 6:06 AM UTC

Consolidation at the 1.0900 level has given way to fresh selling pressure to extend pullback from the 1.0955 high

USD/JPY flows: Taking a break
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April 17, 2024 6:05 AM UTC

Japan March exports +7.3% y/y (expected +7.0%)

NZD/USD flows: NZ CPI Arrived at 4%
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April 17, 2024 6:00 AM UTC

New Zealand Q1 CPI comes in at +4.0% y/y, 4.7% prior, +0.6% q/q, prior +0.5%.

Chart USD/PHP Updates: Break to fresh high above 57.140, 2023 year high
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April 17, 2024 5:50 AM UTC

Sharply higher to extend break to fresh year high at the start of the week

Chart USD/CNH Update: Consolidating test of 7.2700/7.2820 resistance
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April 17, 2024 5:19 AM UTC

No follow-through on break above the trendline from the September high at the 7.2700 level

Chart USD/IDR Updates: Extending gains
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April 17, 2024 3:07 AM UTC

Pressure remains on the upside and break above the 16200 level further extend sharp break of the 2023 year high

Chart USD/THB Update: Limited break of the 36.80 resistance, scope for pullback
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April 17, 2024 2:57 AM UTC

Struggling to clear the 36.80 resistance with gains unable to sustain break here 

Chart USD/KRW Update: Extending rejection from the 1400.00 level
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April 17, 2024 2:41 AM UTC

Saw spike to fresh high before reversing to leave a long wick at the 1400.00 level

Chart USD/SGD Update: Settling back from 1.3670 fresh year high
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April 17, 2024 2:11 AM UTC

Slightly exceed the 1.3665 resistance to reach fresh year high at 1.3670

Chart GBP/USD Update: Steadied at 1.2405 low, scope for bounce
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April 17, 2024 1:58 AM UTC

Break to fresh low has seen losses just shy of the 1.2400 level

Chart EUR/USD Update: Consolidating at the 1.0600 level
Paying Article

April 17, 2024 1:46 AM UTC

Steadied at the 1.0600 level as prices unwind oversold intraday studies and consolidate steep drop from the 1.0885 high of last week

Chart EUR/JPY Update: Choppy below 165.00/35 highs
Paying Article

April 17, 2024 1:30 AM UTC

Extending bounce from the 162.60/162.00 support to retest resistance at the 164.00/164.30 area

Chart USD/JPY Update: Extending gains, 155.00/15 within reach
Paying Article

April 17, 2024 1:03 AM UTC

 Pressure remains firmly on the upside to reach fresh high at 154.79 and see the 155.00/155.15 resistance now within reach

Chart NZD/USD Update: Consolidating at .5860/50 support
Paying Article

April 17, 2024 12:38 AM UTC

Weak start has seen stab to .5860 low ahead of bounce as prices unwind the deep oversold intraday studies

Chart AUD/USD Update: Consolidating at the .6400 level
Paying Article

April 17, 2024 12:16 AM UTC

Saw slight break of the .6400 level but the stretched intraday and daily studies has given way to consolidation to unwind oversold readings

Asia Open - Overnight Highlights
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April 17, 2024 12:00 AM UTC

EMERGING ASIA
EM currencies perform mostly weaker against the USD as the greenback continue to receive haven bids on potential geopolitical tension flaring up. IDR saw the largest losses of 2.04%, followed by KRW 0.76%, TWD 0.34%, MYR 0.33%, PHP 0.31%, SGD 0.15%, INR 0.1%, CNH 0.07% and HKD 0.04%.
USD

April 16, 2024

FX Daily Strategy: Asia, April 17th
Paying Article

April 16, 2024 9:00 PM UTC

GBP could benefit from higher than expected CPI…
…but we still see upside as very limited given current pricing of rate cuts
JPY in focus as weakness continues
AUD looks to have further downside risk

North American Summary and Highlights 16 Apr
Freemium Article

April 16, 2024 8:01 PM UTC

Overview - The USD ended mostly little changed despite a brief sharp dip on USD/JPY and a bounce on comments from Fed’s Powell.  

Canada: BoC's Macklem - Inflation continuing to move in right direction
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April 16, 2024 6:18 PM UTC

U.S. Fed's Powell - Tone changes, no longer downplaying strong inflation data
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April 16, 2024 5:59 PM UTC

Chart USD/CAD Update: Extending gains
Freemium Article

April 16, 2024 4:14 PM UTC

Late-December gains continue to extend

FX Daily Strategy: APAC, April 17th
Paying Article

April 16, 2024 3:19 PM UTC

GBP could benefit from higher than expected CPI…
…but we still see upside as very limited given current pricing of rate cuts
JPY in focus as weakness continues
AUD looks to have further downside risk

Preview: Due April 24 - U.S. March Durable Goods Orders - HInts of underlying improvement
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April 16, 2024 3:00 PM UTC

We expect March durable goods orders to rise by 2.5%, with most of the gain coming from transport, aircraft in particular, but we expect a 0.5% increase ex transport to show some hints of underlying improvement. 

JPY flows: JPY spike probably not intervention, but...
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April 16, 2024 2:04 PM UTC

The sharp JPY spike after the US equity market open doesn't look like intervention, but the threat remains

U.S. Fed's Jefferson - Expects lower inflation, if not will keep rates higher for longer
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April 16, 2024 1:52 PM UTC

Chart AUD/USD Update: Fresh year lows at 0.6400/10 - studies remain under pressure
Paying Article

April 16, 2024 1:51 PM UTC

Anticipated losses have reached strong support at congestion around 0.6400 and the 0.6410 Fibonacci retracement

U.S. March Industrial Production - Manufacturing backing improved ISM signal
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April 16, 2024 1:34 PM UTC

March industrial production with a 0.4% increase was in line with expectations though manufacturing with a rise of 0.5% exceeded expectations and there appears to be some underlying improvement there. 

Chart EUR/JPY Update: Edging higher in JPY-driven trade - studies continue to highlight caution
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April 16, 2024 1:23 PM UTC

Choppy trade is giving way to fresh JPY-driven gains

U.S. March Housing Starts slide, permits suggest trend is peaking
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April 16, 2024 1:11 PM UTC

March housing starts were significantly weaker than expected with a 14.7% decline to 1321k, while permits fell by 4.3% to 1458k. Both declines need to be seen alongside February increases of 12.7% for starts and 2.3% for permits, but there are hints that a lengthy uptrend is now peaking.

Chart USD/JPY Update: Fresh 34 year highs in JPY-driven trade
Paying Article

April 16, 2024 1:05 PM UTC

Little change to the bullish tone, with prices posting a fresh 34-year high in JPY-driven trade

Canada March CPI a little firmer after two soft months, but BoC core rates continue to fall
Paying Article

April 16, 2024 12:53 PM UTC

March’s Canadian CPI has seen an as expected increase to 2.9% yr/yr from February’s unexpectedly softer 2.8%. On the month the seasonally adjusted data is a little firmer after two soft months but the Bank of Canada’s core rates continue to fall.

Chart USD Index DXY Update: Selling interest appearing at fresh 2024 highs
Paying Article

April 16, 2024 12:51 PM UTC

The anticipated break above 106.00 is meeting selling interest at fresh 2024 year highs just beneath congestion resistance at 106.50