The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!
How to trade the JPY?
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Event of the day:
New Zealand Retail Sales q/q, 23:45 GMT+2
Japan prices to the moon
Tokyo’s inflation picked up more speed to hit its fastest pace in 40 years, an acceleration that suggests price growth will quicken in November. Consumer prices excluding fresh food rose 3.6% in the capital in November. The reading was the highest since April 1982 and outpaced a 3.5% forecast by analysts.
USDJPY is slowly declining to the last low of 137.60. As the pair went below the 100-daily MA, its next stop lies near the 200-daily MA. The breakout is unlikely to happen on the first touch. However, the mid-term downtrend in the pair is highly probable.
What you need to know:
- The dollar stood close to a three-month low yesterday as investors turned risk on. The decline of the currency index below the 200-daily MA will cause a rally in XAUUSD and risky assets.
- ECB insider said he’s almost sure the December interest rate increase will be 50 basis points.
- Fears of colder-than-expected weather in Europe boosted the gas price. XNGUSD (the US natural gas) also soared to 8.131, the highest in three months.
- Binance CEO Changpeng “CZ” Zhao plans to create a $1 billion “market recovery” fund. He will buy projects that are fundamentally strong but lack liquidity.
- The Malaysian ringgit jumped, making the currency the best performer in Asia for a second day, following the appointment of Anwar Ibrahim as Malaysia’s new prime minister.
Don’t forget to decrease your risks before the weekend; the next week is going to be hot!
Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.