2020-06-09 • Updated
Yesterday morning the Japan’s GDP for the second quarter was released. It was slightly worse than analysts expected: -0.6% versus -0.5%. On the whole, that data proved that Japan fell into recession as it experienced two straight quarters of contraction. While US and most European countries switched from crisis-response to the next phase of supporting the economic growth, Japan is still stuck in the first one as it continues to focus on preventing a second wave of coronavirus. According to the senior economist at Oxford Economics, Stefan Angrick, the outlook is “extremely challenging”. Japan has its worst postwar drop in the current quarter.
Nevertheless, the Bank of Japan has already took all needed measures to stimulate the economy. Now it’s the matter of time to see the economy recovering. A Cabinet Office survey on Monday showed Japan’s service sector sentiment improved last month, and that is quite promising. Also Japan’s government is going to unveil 1.1 trillion dollars stimulus package. It will definitely underpin the whole economy.
The USD/JPY tested the largest intraday fall yesterday since March 27. It’s headed towards the 50-day moving average at 107.5. If it sticks to the long-term bearish trend and crosses it, it may go even deeper to 107.0. Resistance levels are at 110 and 111.
Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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