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November 10th - According to a Nikkei report, economist Takuji Aida, who has been selected to join the Japanese governments key advisory committee, stated that the Bank of Japan should avoid raising interest rates in December and should wait until at least January to support the fragile economy. In an interview released on Monday, Aida pointed out that the government should use large-scale spending to mitigate the impact of rising living costs on the public before real household income returns to positive growth. "A December rate hike by the Bank of Japan would face significant risks," Aida said, citing the possibility that the Japanese economy may have already contracted in the third quarter. He has been selected to join Prime Minister Sanae Takaichis core think tank to participate in the deliberation of the governments growth strategy. Aida emphasized that a December rate hike would also contradict the governments efforts to stimulate the economy through large-scale spending. If the Bank of Japan can foresee robust economic growth in fiscal year 2026, then a rate hike in January of the following year would be a more feasible option.November 10th, Futures News: Economies.com analysts latest view: Spot gold recorded a significant rise in the previous trading session, strongly breaking through the key resistance level of $4,050, which was the potential target mentioned in our previous analysis. This positive performance further consolidates the prices stability above the 50-day EMA, providing additional momentum for spot gold to continue expanding its profits.November 10th, Futures News: Economies.com analysts latest view: WTI crude oil futures prices rose during the previous trading day, touching the EMA50 moving average resistance level, attempting a technical correction within the short-term downtrend. The current price is still moving along the downward trend line, further strengthening selling pressure in the market.November 10th, Futures News: Economies.com analysts latest view: Brent crude oil futures prices showed a cautious upward trend in the previous trading session, mainly supported by a positive signal from the Relative Strength Index (RSI). Previously, prices had digested overbought conditions and touched the resistance level of its 50-day exponential moving average (EMA50). With the main bullish trend dominating and prices moving along the secondary trend line in the short term, this somewhat reduces the likelihood of further price rebounds in the near future.Li Auto: Cumulative deliveries of its Li Auto range-extended SUVs have exceeded 1.4 million.

While hawkish Fed bets strain DXY bears, EUR/USD falls toward 0.9800 as EU/German ZEW data is scrutinized

Daniel Rogers

Oct 18, 2022 14:17

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The EUR/USD is holding steady near the eight-day high during Tuesday's Asian session after recently falling to 0.9840 as investors look for more evidence to support the previous day's gain. Because of this, today's European and German ZEW numbers for October will be essential for giving the global economy a boost.

 

The recent immobility of the main currency pair may be linked to a conflict between the risk-on mentality and the aggressive Fed discourse. Another issue for EUR/USD traders is a light calendar in the US.

 

Pair purchasers will benefit from Germany's denial of recession fears and the ECB's officials' forceful rhetoric. The EUR/USD values are also fueled by the general US dollar depreciation brought on by waning concerns over the collapse of the UK market. Depressing US numbers also contribute to the upward trend. As a result, the New York Empire State Manufacturing Index for October decreased by -9.5 instead of the expected -4.0 and -1.5.

 

In contrast, hawkish Fed predictions and worries about market intervention in China and Japan seem to pose a challenge to EUR/USD buyers. Despite this, CME's FedWatch Tool forecasts a probability of about 95% for a 75 basis point Fed rate hike in November. The US Treasury Secretary Janet Yellen's upbeat comments, which suggested a strong US labor market, as well as the upbeat US inflation expectations suggested by the 10-year and 5-year breakeven inflation rates according to data from the St. Louis Federal Reserve (FRED), may have served as inspiration for the tool.

 

It should be noted that China's zero-covid policy, its decision to delay the release of important facts or events, and its determination to protect its potential to annex Taiwan and Hong Kong all offer challenges to the pair's rising trend.

 

S&P 500 Futures track Wall Street's advances in the midst of these transactions, but US 10-year Treasury yields decline to 3.99%, testing the US Dollar Index (DXY) bearish recently.

 

Germany's ZEW figures are anticipated to be weaker in October than the sentiment index for the Eurozone, which could alarm EUR/USD traders and present possibilities for intraday sells. However, the danger triggers for apparent directions will receive significant attention.


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