KVB Market Analysis | 30 August: JPY Strengthens Against USD Amid Strong Q2 GDP and BoJ Rate Hike Speculation
The Japanese Yen (JPY) strengthened against the US Dollar (USD) on Thursday, boosted by stronger-than-expected Q2 GDP growth in Japan, raising hopes for a BoJ rate hike. Despite this, the USD/JPY pair found support from higher US Treasury yields, though gains may be capped by expectations of a Fed rate cut in September.
KVB Market Analysis | 28 August: Yen Strengthens on BoJ Rate Hike Hints; USD/JPY Faces Uncertainty
The Japanese Yen rose 0.7% against the US Dollar after BoJ Governor Kazuo Ueda hinted at potential rate hikes. This coincided with a recovery in Asian markets, aided by stronger Chinese stocks. With the July FOMC minutes already pointing to a September rate cut, the US Dollar might edge higher into the weekend.
KVB Market Analysis | 27 August: AUD/USD Holds Below Seven-Month High Amid Divergent Central Bank Policies
The Australian Dollar (AUD) traded sideways against the US Dollar (USD) on Tuesday, staying just below the seven-month high of 0.6798 reached on Monday. The downside for the AUD/USD pair is expected to be limited due to differing policy outlooks between the Reserve Bank of Australia (RBA) and the US Federal Reserve. The RBA Minutes indicated that a rate cut is unlikely soon, and Governor Michele Bullock affirmed the central bank's readiness to raise rates again if necessary to combat inflation.
KVB Market Analysis | 26 August: Bitcoin (BTC) Breaks Out Above $60,000, Faces Resistance at $72,000
Bitcoin traded above $60,000 on Friday, gaining over 4% this week but staying within a $57,000 to $62,000 range for the past 15 days. On-chain data reveals mixed signals, with institutions accumulating while some large holders are selling. Inflows into US spot Bitcoin ETFs and potential volatility from ongoing Mt.Gox fund movements could impact Bitcoin's price in the coming days.
Today's analysis: XAUUSD Likely to Decline Amid Fed Rate Cut Speculation
XAU/USD is forecasted to decline within a familiar range amid expectations of Federal Reserve rate cuts in September and December, influenced by weak U.S. retail sales and lower Treasury yields. Resistance is at $2,344-$2,345 (50-day SMA), with potential targets at $2,360-$2,400. Support levels include $2,300, $2,285, and possibly $2,254-$2,253 if downtrend persists. Traders await further Fed signals cautiously.
Gold Prices Coil within Two-Week Range after US NFP Letdown
The past few days have produced choppy price action in Gold and the US Dollar, but price action after the May Fed meeting may point to near-term resolution.
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