ONLINE FOREX BROKER
2019-11-11 • Updated
The yen was one of the biggest losers in the past week mainly due to stronger USD which got traction on the upbeat economic releases out of the US. An additional drag on Japan’s currency came on Friday as the country’s central bank signaled its decision to buy an unlimited amount of bonds to keep 10-year yields at around zero percent level. As a result, USD/JPY spiked above 113.90 at the end of the past week.
Next week will start with Japan’s core machinery orders, economic watchers’ sentiment, and current account figures. Then, traders will be mostly focused on the US economic releases. The US producer price index and unemployment claims will the released on Thursday. On Friday, we will receive inflation and retail sales figures out of the US at 3:30 pm MT time. The key event of the week is Fed Chair Yellen’s testimony scheduled for 5:00 pm MT time Thursday.
Regardless of the recent gains of the US dollar, the current technical outlook is still neutral. USD/JPY is trading in the broad range of 108.80 – 114.35 levels. A break of the upper limit of the range will open the way towards resistance at 115.50 last touched on March 10. On the downside, there are some supports at 112.90, 112.75 ahead of the psychologically important level of 112.00.
Oil prices rebounded slightly on Friday but are still expected to show losses for the week due to concerns about slowing growth in the US and China. US crude futures rose 2.7% to $70.41 per barrel, while the Brent contract increased by 2.5% to $74.33 per barrel.
China's economy is rocketing. On the other hand OPEC+ countries take the decision to cut the production. What will be the impact on the oil price?
The past two years have seen the biggest swings in oil prices in 14 years, which have baffled markets, investors, and traders due to geopolitical tensions and the shift towards clean energy.
Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
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