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Sterling Nose-Dived, Dollar Skyrocketed, Yen Saved by Intervention

Posted 24 September 2022

It’s such a week of surprises. The biggest one was probably the free fall in Sterling, as markets reaction to the “mini-budget” of the new UK government was overwhelmingly negative. Commodity currencies and Euro were also pressured on risk aversion. Dollar emerged as the strongest one after hawkish Fed hike, selloff in risk assets, and […]

The post Sterling Nose-Dived, Dollar Skyrocketed, Yen Saved by Intervention appeared first on Action Forex.

Sterling in Free Fall on Mini-Budget

Posted 23 September 2022

Sterling is in free fall today as markets reacted negatively to the “mini-budget” of the new government. Selloff came after Finance Minister Kwasi Kwarteng announced to cancel and planned rise in corporation tax, reverse a recent rise in income tax, and cut taxes for businesses in designated investment zones. Swiss Franc is currently the biggest […]

The post Sterling in Free Fall on Mini-Budget appeared first on Action Forex.

Dollar and Yen Staying Strong on Risk-Off Sentiment

Posted 23 September 2022

Dollar, Yen and Swiss Franc are currently trading as the strongest ones for the week, as supported by risk-off sentiment. Yen overpowers the other with help from intervention by Japan. Dollar is supported by hawkish Fed while Swiss Franc clearly lagged behind. Nevertheless, the Franc is still up against Euro and Sterling, which are among […]

The post Dollar and Yen Staying Strong on Risk-Off Sentiment appeared first on Action Forex.

FTSE100 and DAX remain in a bearish sequence

Posted 23 September 2022

In my last article, the FTSE100 was drawing up a triangle which was supporting the overall bullish trend in the biggest picture.

Global Market Unwind: USD Jumps as Euro, Sterling Plummet, Stocks Stare into the Abyss

Posted 23 September 2022

It was a brutal week for global markets but FX has shown more panic in Euro and Sterling – even as US equities hold above June lows.

How to Manage the Emotions of Trading

Posted 23 September 2022

Controlling emotions while trading can prove to be the difference between success and failure.

GBP/USD Slide Continues, ’Mini Budget’ Gets a Distinctly Lukewarm Welcome

Posted 23 September 2022

The British Pound continues to languish at levels not seen since the mid-1980s as inflation and growth worries continue to glower.

Crude Oil Update: Central Bank Hikes Weigh on Brent Ahead of Baker Hughes

Posted 23 September 2022

Brent crude oil continues to fall as fundamental headwinds gain traction.

Gold Price Outlook – Struggling to Make Any Headway, Further Downside Beckons

Posted 23 September 2022

US Treasury yields have risen further over the last week as markets price in higher interest rates for longer in the US. And that's not good news for gold.

Australian Dollar Floored by Booming US Dollar as Rate Hikes Ricochet Through Markets

Posted 23 September 2022

The Australian Dollar has been hammered in the maelstrom running through markets this week as several central banks make their moves on interest rates. Will AUD/USD hit new lows?

Japanese Yen Intervention Brings Most Volatile Day Since 2016, Where to for USD/JPY?

Posted 23 September 2022

The Japanese Yen gained against the US Dollar as USD/JPY saw its most volatile day in over 6 years due to government intervention. What are key levels of support to watch ahead?

Would a Louder Recession Signal Push the Dow Over the Ledge, Reverse the Dollar?

Posted 23 September 2022

We have come through a flood of monetary policy from the Fed, BOE, BOJ and others. While the general trend is towards tightening, there is just as much disparity contributing to instability. The fallout I am most concerned over is an indeterminant recession. Our economic status is the primary fundamental focus Friday.

Continued Risk Aversion drives USD up as Stocks and Commodities drop

Posted 23 September 2022

USD - United States dollar

The US dollar index, DXY, is up 0.66%, showing that the world’s biggest currency continues to act as a safe haven.

The S&P Composite Purchasing Managers Index came out this morning at 49.2. This measures the market confidence of managers in both the manufacturing and service sectors. With the reading under 50, it shows a waning confidence in the US economic performance.  This coincides with recent data that the expectation of a recession in the US in 2023 is up to 70%.

Key Movers

In both Germany and France, Europe’s 2 largest economies, the S&P composite came out under a reading of 50.  This shows that confidence in both the manufacturing and service sectors is falling.  The Euro has fallen off and is closing in on 20 years lows against the Dollar.

In APAC countries, The Bank of Japan stood still on rates leaving their overnight rate unchanged.  The Japanese government then intervened in the markets for the first time since 1988, stabilizing the yen and boosting it by just over 1% against the USD.

In England, the BoE raised rates yesterday by 50 points in an effort to curb inflation.  The decision was not a unanimous vote, which gave cast a further shadow in the pound.  The spit in the vote is making investors nervous as a signal that market expectations may not be met.

In Australia, the Aussie dollar trades weaker today, between 0.6677 and 0.6746. There was no data in Australia today with all the movement seemingly a continuation of the risk aversion strategies that are buffering the USD against risk sensitive currencies.

The Canadian dollar fell to its lowest against the USD since July 2020 this morning as markets continue to trim off risk.  Stock markets opened over 400 Points down and WTI oil has dropped under $80 a barrel for the first time since January.  These sell offs are leading to investors buying USD treasuries as a safe haven.

Data wise, the retail sales print for July showed sales had slowed more dramatically than expected.  The print came in at -2.5% versus the consensus -2%.

Expected Ranges

EUR/USD: 0.9743 - 0.9849 ▼

GBP/USD: 1.1031 - 1.1285 ▼

AUD/USD: 0.6561 - 0.6652 ▼

USD/CAD: 1.3466 - 1.3572 ▲