The post Japanese Yen: Yen eyes BoJ and key resistance zone against US Dollar – Scotiabank appeared on BitcoinEthereumNews.com.
Scotiabank strategists Shaun Osborne and Eric Theoret observe the Japanese Yen trading broadly in line with G10 peers, with near-term focus on the June PPI release and the July 31 Bank of Japan meeting. They note material resistance in USD/JPY above 162.50, close to last week’s multi-decade high, while markets still price only about 25 bps of BoJ tightening by year-end. Resistance near multi-decade highs “The yen is also trading in tandem with most of its G10 peers and offering little differentiation in terms of its performance.” “Overnight data were limited and near-term risk lies with the 7:50pm ET release of PPI.” “Short-term price action in USD/JPY suggests material resistance above 162.50, with all eyes on last week’s multi-decade high around 162.80.” “Media reports of an acceleration in the BoJ’s tightening path may offer the JPY support, however rate ex
The post GBP/JPY Price Forecast: Bullish amid respected higher-high structure appeared on BitcoinEthereumNews.com.
The British Pound advances some 0.50% against the Japanese Yen on Thursday, as risk appetite improves after US President Donald Trump said that Iran had reached out and that it wants to make a deal badly. At the time of writing, GBP/JPY trades at 217.76, near year-to-date (YTD) highs. GBP/JPY Price Forecast: Technical outlook The GBP/JPY has reached 18-year highs, last seen in February 2008, opening the door to challenging the January 2008 monthly peak levels. Price action shows the market is respecting a series of higher highs and higher lows, an indication of further upside. Momentum favours buyers, as the Relative Strength Index (RSI) is bullish and about to enter overbought territory, indicating further upside. The first resistance for GBP/JPY is 218.00. Once cleared, it opens the door to challenge key psychological levels like 219.00, 220.00 and the January 2008 high
The post Japanese Yen finally lands a punch while Tokyo’s silence does the talking appeared on BitcoinEthereumNews.com.
Dollar-Yen eases about a tenth of a percent on Thursday, changing hands just below 162.50 after fading from the four-decade highs printed earlier in the week. Down sessions have been collector’s items since the May low, and this one arrives on a tape built for Dollar strength: firm American jobless claims, hawkish Federal Reserve (Fed) commentary, and a fresh war premium in Crude Oil after a second night of United States strikes on Iran. A rally that stopped responding to its own fuel Thursday handed the Dollar everything it usually wants, starting with Initial Jobless Claims printing 215K at 12:30 GMT against a 218K consensus. A voting Federal Open Market Committee (FOMC) member delivered remarks rated firmly hawkish at 13:00 GMT, another speaks at 17:30 GMT, and American forces struck roughly 90 targets across Iran overnight after Tehran attacked commercial shipping
The post Pound Sterling Price News & Forecast: GBP/USD trades slightly higher as the US Dollar fails to gain strong traction appeared on BitcoinEthereumNews.com.
British Pound: Recovery tests key resistance against US Dollar – Scotiabank Scotiabank strategists Shaun Osborne and Eric Theoret report the British Pound (GBP) is fractionally higher versus the US Dollar (USD), with sentiment improving after PM Starmer’s resignation announcement. They see support from a repriced Bank of England (BoE) rate path following the latest Oil rally and describe GBP/USD’s recovery as increasingly entrenched as it attempts to break above 1.3400 and trades within a 1.3350–1.3450 range. “The pound is up fractionally vs. the USD and is a mid-performer among the G10 currencies as we head into Thursday’s NA session with focus still largely centered on broader developments in the absence of high-level domestic releases.” Read more… British Pound elevates despite firm US claims GBP/USD trades higher near the
The post British Pound: Recovery tests key resistance against US Dollar – Scotiabank appeared on BitcoinEthereumNews.com.
Scotiabank strategists Shaun Osborne and Eric Theoret report the British Pound (GBP) is fractionally higher versus the US Dollar (USD), with sentiment improving after PM Starmer’s resignation announcement. They see support from a repriced Bank of England (BoE) rate path following the latest Oil rally and describe GBP/USD’s recovery as increasingly entrenched as it attempts to break above 1.3400 and trades within a 1.3350–1.3450 range. Pound sentiment improves on policy repricing “The pound is up fractionally vs. the USD and is a mid-performer among the G10 currencies as we head into Thursday’s NA session with focus still largely centered on broader developments in the absence of high-level domestic releases.” “The recent recovery in sentiment remains important, signaling market confidence in the aftermath of PM Starmer’s June 22 resignation announcement.” “Fundament
The post Euro: Support from ECB repricing and yields – Scotiabank appeared on BitcoinEthereumNews.com.
Scotiabank strategists Shaun Osborne and Eric Theoret notes the Euro (EUR) is slightly higher versus the US Dollar (USD), supported by a repricing of the European Central Bank (ECB) outlook toward renewed hawkishness and recovering yield spreads. They highlight markets now price about 35 bps of tightening by December, lifting fair value estimates for EUR/USD toward the mid to upper 1.14s despite only modest recent gains. Euro aided by hawkish ECB repricing “The EUR is entering Thursday’s NA session with a fractional 0.1% gain vs. the USD as it performs in line with most of the G10 currencies in quiet overall trade.” “The outlook for relative central bank policy is offering the EUR support as market participants reprice the ECB outlook in light of renewed hawkishness and a resurgence in geopolitically-driven oil price gains.” “Markets are currently pricing in about 35bpts of tightening
The post Japanese Yen rises as US jobless claims fail to support US Dollar appeared on BitcoinEthereumNews.com.
USD/JPY trades lower near the 162.30 area on Thursday, retreating from recent highs as the Japanese Yen (JPY) recovers some ground. The US Dollar (USD) fails to receive support from stronger-than-expected United States (US) labor market data. US Initial Jobless Claims fell to 215K, below expectations of 218K and the previous 217K, while the four-week average eased to 218.75K from 222.5K. The data suggests that layoffs remain limited, helping the Greenback avoid deeper losses. However, Continuing Jobless Claims rose slightly to 1.814 million from 1.806 million, showing that workers are taking longer to find new jobs. In Japan, attention turns to the June Producer Price Index (PPI) set to be released early on Friday. The monthly reading is expected to rise 0.3%, slowing from 0.9% previously, while the annual figure is expected to accelerate to 6.8% from 6.3%. Stronger producer
The post Canadian Dollar: Sentiment improves as risks fade against US Dollar – Scotiabank appeared on BitcoinEthereumNews.com.
Scotiabank strategists Shaun Osborne and Eric Theoret note the Canadian Dollar (CAD) is flat on Thursday but modestly firmer versus the US Dollar (USD) this week, making it a mild outperformer. They argue much bad news is already priced into CAD and that short-term USD/CAD risk reversals and improving Canadian data support a more constructive near-term view as front-end spreads stabilize. Overbought Dollar faces firm resistance “The CAD is all but flat on the day but retains a modestly firmer tone on the USD overall through the week so far, leaving it as a modest outperformer since Monday.” “The shift lower in short-term USDCAD risk reversals reflects a general sentiment shift against the USD but we also note some recent improvement in relative economic reports (reflecting slightly better than forecast, but still soft, Canadian data) which has tilted the US/Can
The post Japanese Yen gains modestly, remains near multi-decade lows appeared on BitcoinEthereumNews.com.
USD/JPY trades slightly lower on Thursday as a mildly softer US Dollar (USD) lends support to the Japanese Yen (JPY). At the time of writing, the pair is trading around 162.45, hovering near 40-year highs. Persistent weakness in the Yen keeps traders alert for possible intervention by Tokyo in the foreign exchange market. However, previous suspected intervention efforts proved short-lived because structural headwinds, including Japan’s low interest rates and deteriorating fiscal outlook, remain a drag on the Yen. Japan Chief Cabinet Secretary Minoru Kihara said on Thursday that the government wants to “secure market trust by stably lowering the government debt-to-GDP ratio.” Kihara added that the government is watching markets with a “very high sense of urgency.” Meanwhile, a key near-term headwind for the Japanese Yen stems from renewed fighting between the United States (US) and
