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Bank of Canada keeps interest rates at 4.50%

This week, the Bank of Canada (BoC) released its decision to hold interest rates at the current level of 4.50%. In the rate statement, the BoC indicated that inflation has eased to 5.9%, and the expectation for weaker economic growth and a moderation of wage growth could see inflation continue on its downward trajectory. The BoC highlighted that it...

March 10, 2023
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XAUUSD, GBPJPY, and GBPUSD Analysis

XAUUSD Analysis The gold price outlook remains positive in the short and medium term. Gold price has rested above support 1847 and support 1830 is the next support in case support breaks 1847 down, but if the price rises, resistance 1858 is a short-term target or High. The latest that the price has made And the next resistance at the price l...

March 7, 2023
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USDJPY – Bank of Japan Policy Decision & the 10-yr JGB Yield

The USDJPY had been trading steadily higher in February, from the 128.50 support level, up toward the 137 round number resistance level. This move was driven by a combination of fundamental reasons (strengthening of the DXY and overall weakness of the Japanese Yen) and technical setup (the golden cross, where the 50-period Moving Average crossed ov...

March 6, 2023
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AUD CPI eases but Interest Rates could continue rising

The Consumer Price Index (CPI) is an inflation indicator that is closely watched by the markets and policymakers as a gauge of economic fluctuation and price stability. Generally, central banks set and adjust their monetary policy mandate in order to achieve a target level of 2-3% which would allow for moderate growth in prices. As the major econom...

March 2, 2023
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Strong breakout potential on the EURJPY

The EURJPY has been trading under the 142.70 resistance area since the end of December 2022. With the price failing to break through over several occasions, the recent weakness in the Japanese Yen has seen the EURJPY trade beyond the resistance level, signaling the potential for a significant move to the upside. The recent weakness in the Japane...

February 17, 2023
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US Dollar Index technical and fundamental analysis

US Dollar Index Fundamental Analysis A hard-fought tug-of-war between bulls and bears played out on the DXY Index after U.S. inflation data crossed the wires. A knee-jerk reaction caused the greenback to plunge, but eventually it was able to recover and move into positive territory due to higher Treasury yields (DXY +0.10% to 103.41). However...

February 16, 2023
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Where to next for the USDJPY?

The stronger-than-expected US non-farm employment change data release last week saw the DXY climb strongly higher, beyond the 103 price level. With markets now anticipating that the US Federal Reserve could reinforce its hawkish stance, further upside is expected for the DXY. On the other hand, uncertainty rises over the Bank of Japan’s (BoJ) ...

February 7, 2023
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“Deflationary process has begun” as Federal Reserve increase Funds rate by 25 bps

The US equities market has had a sharp rise to end the trading session as the Federal Reserve announced a 25-bps interest rate rise. Whilst the market had mostly priced in the 25-bps rise, it was the associated commentary that gave the market a boost. Fed Chairman, Jerome Powel made it clear in his statement and press conference that the Fed is ...

February 2, 2023
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EUR looking to continue its bullish trend ahead of FOMC and ECB meeting

The EUR has been on a run since it bottomed in September 2022. From that time, the price is up almost 15% and is currently trading at 1.0863. However, with important economic data to come out of the USA and the next interest rate decision from both the ECB and the Federal Reserve coming out in the next few days the market may find some more directi...

February 1, 2023
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Notice to clients – Scam websites warning

In this climate of phishing and scam websites and messages, we’d like to take this opportunity to remind our clients of the official GO Markets websites. Scammers at times will register similar domains, with minor spelling differences, and copy our website design in an attempt to deceive visitors. These copies can sometimes be very convincing....

January 31, 2023
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US Dollar Index Testing Key Level

US Dollar Fundamental Analysis Recent data indicated that the U.S. economy grew strongly in the fourth quarter which has boosted the Dollar against the Euro. This has supported the Federal Reserve's hawkish stance in spite of reports that US consumer spending has fallen, and inflation has cooled. According to the Commerce Department, the Consumer ...

January 31, 2023
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AUD hits $0.71 for first time since August 2022

The Australian dollar has continued its rise against the USD reaching the highest level in almost 3 months. With risk on assets receiving a boost and the USD weakening the Australian dollar has been a big beneficiary. As hopes for a Federal Reserve pivot increase the greenback has seen aa pullback and growth assets have seen an influx of money. Wit...

January 27, 2023
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Yen well placed ahead of Bank of Japan meeting

The Bank of Japan is set to release its rate decision and policy statement later today in what could shape as an important catalyst for the JPY. The JPY will likely see some increased volatility in the lead up to and as the BOJ announces its rate decision. There is no clear consensus on what the BOJ will do but it ranges from the Bank holding th...

January 18, 2023
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Aussie dollar continues Santa rally into 2023

The Aussie dollar has been on a tear in recent weeks as a weaker USD and thoughts of a pivot in US interest rate hikes has seen the Aussie bounce from its lows near $0.62. The Australian dollar and economy have benefited from the improved strength in commodity prices such as Gold and Iron ore which are important players in Australia’s economy. In...

January 10, 2023
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CHFJPY sees potential bottom and short-term reversal

    The JPY had seen some renewed strength after the Bank of Japan finally intervened late in 2022 to widen its target band on its 10-year band to -0.5-0.5% from -0.25-0.25%. This was seen as an overall positive catalyst for the currency and a sign that the Bank may be ready to increase rates. The question that remains is will th...

January 9, 2023
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