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27 Oct 2022

NZD/USD refreshes day’s high above 0.5860 as risk-on impulse rebounds, US GDP/PCE remains key

  • NZD/USD has climbed above 0.5860 after a consolidation breakout as the risk-on profile recovers.
  • The DXY has remained subdued in the entire Tokyo session ahead of key US economic data.
  • Higher projections for durable goods demand in times of escalating core CPI could delight the Fed.

The NZD/USD pair has given a north-side break of the consolidation formed in a narrow range of 0.5818-0.5850 in the Tokyo session. The asset is advancing firmly and has refreshed its day’s high at 0.5860 as the market sentiment has rebounded firmly.

S&P500 futures have picked bids after a corrective Wednesday, which indicates that long liquidation could entirely terminate and the upside journey will resume. The 500-stock basket witnessed losses after a three-day rally on Wednesday as tepid guidance by tech-giant Microsoft (MSFT) weighed pressure on technology stocks.

As the risk appetite theme is regaining strength, the safe-haven appeal could trim further and the US dollar index (DXY) may witness extreme volatility. The DXY has remained sideways in the entire Tokyo session and a subdued performance could further. The 10-year US Treasury yields have rebounded after dropping below 4%. At the press time, the yields were being offered at 4.03%, 0.32% above Wednesday’s close.

Going forward, US economic data will be a key trigger for decisive action. Starting from the US Gross Domestic Product (GDP) data, expectations claim a growth rate of 2.4% for the third quarter against a drop of 0.6%. Also, the demand for durable goods is seen higher at 0.6%. An increment in durable goods orders despite the soaring core Consumer Price Index (CPI) could delight the Federal Reserve (Fed).

The show-stopper US core Personal Consumption Expenditure (PCE) data is seen lower at 4.7% vs. the prior release of 4.7%.

 

 

 

Oct 27, 2022

EUR/USD now targets the 1.0200 level – UOB

In the opinion of Market Strategist at UOB Group Quek Ser Leang and Economist Lee Sue Ann, further upside in EUR/USD could extend to the 1.0200 region
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Gold Futures: Extra gains on the table near term

CME Group’s flash data for gold futures markets noted open interest increased for the third session in a row on Wednesday, this time by around 2.3K co
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