<\/p>\n
What happened in the US session?<\/b><\/p>\n
DXY retreated, following higher-than-expected Unemployment Claims (211k vs forecast 195k), from Tuesday’s rally underpinned by Fed Chair Powell’s hawkish testimony. The S&P 500 saw a significant drop due to risk aversion<\/span> ahead of the US NFP.<\/span><\/p>\n What does it mean for the Asian Session?<\/b><\/p>\n The session\u00e2\u20ac\u2122s highlight is the BOJ’s monetary policy decision, although the market does not expect any changes. The recent decline in USD\/JPY may mask underlying expectations for potential hawkish surprises from Governor Kuroda’s final meeting.<\/span><\/p>\n The Dollar Index (DXY)<\/b><\/p>\n Key news events today<\/b><\/p>\n Average Hourly Earnings m\/m<\/span><\/p>\n Non-Farm Employment Change<\/span><\/p>\n Unemployment Rate<\/span><\/p>\n What can we expect from DXY today?<\/b><\/p>\n The NFP is forecast at 224K, down from the previous 517K. Actual data below the forecast points towards slower job growth, negatively impacting the US dollar as the odds of a 50bps hike in the upcoming Fed interest rate decision may be diminished. The Average Hourly Earnings m\/m (expected 0.3%, previous 0.3%) and Unemployment Rate (expected 3.4%, previous 3.4%) may have a more muted impact if they match the forecasts.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Mixed<\/span><\/p>\n Gold (XAU)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from Gold today?<\/b><\/p>\n A lower-than-expected US NFP (expected 217K, previous 517K) may lead to a rise in the non-interest-bearing gold since expectations of a 50bps hike at the upcoming Fed meeting would be lowered.<\/span><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bullish<\/span><\/p>\n The Australian Dollar (AUD)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from AUD today?<\/b><\/p>\n Amid a lack of AUD-specific data releases, RBA Governor Lowe’s recent comments may influence AUD’s price. He discussed halting interest rate hikes due to more restrictive monetary policy but also emphasised the need for further tightening to achieve the inflation target.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bearish<\/span><\/p>\n The Kiwi Dollar (NZD)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from NZD today?<\/b><\/p>\n The Manufacturing Sales q\/q data has indicated a decline of -0.4% compared to the previous quarter’s growth of 5.0%. This contraction could lead to slower economic growth.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bearish<\/span><\/p>\n The Japanese Yen (JPY)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from JPY today?<\/b><\/p>\n The BOJ is expected to announce no significant changes to its monetary policy decision at Governor Kuroda’s last policy meeting. Kazuo Ueda has been approved as the next governor.\u00c2\u00a0 The new leadership can potentially affect the yen\u00e2\u20ac\u2122s value and the country’s economic outlook.<\/span><\/p>\n <\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Mixed<\/span><\/p>\n The Euro (EUR)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from EUR today?<\/b><\/p>\n German CPI m\/m is forecast to rise 0.8% (previous 0.8%); meeting forecast could suggest stable inflation in Eurozone’s largest economy, supporting EUR. Moreover, French Trade Balance is expected to show a \u00e2\u201a\u00ac14.0B deficit (previous \u00e2\u201a\u00ac14.9B); meeting the forecast could indicate improving French exports, generally positive for EUR.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n <\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bullish<\/span><\/p>\n The Swiss Franc (CHF)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from CHF today?<\/b><\/p>\n As there are no significant news developments for CHF today, the price movement could be influenced by the recent speech made by the SNB Chairman, outlining the tightening of economic policy through interest rate adjustments and currency interventions aimed at stabilising prices.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bullish<\/span><\/p>\n The Pound (GBP)<\/b><\/p>\n Key news events today<\/b><\/p>\n GDP m\/m<\/span><\/p>\n What can we expect from GBP today?<\/b><\/p>\n The UK’s upcoming GDP m\/m data release is forecasted to grow by 0.1% (previous -0.5%), indicating a slight economic expansion. However, if the GDP growth falls short of expectations, the British Pound may weaken.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bullish<\/b><\/p>\n The Canadian Dollar (CAD)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from CAD today?<\/b><\/p>\n Weaker numbers are expected for CAD labour data, with the Employment Change expected to show a significantly smaller increase of 8.5K (previous 150K). At the same time, the Unemployment Rate is forecasted to increase to 5.1% (previous 5.0%).<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Bearish<\/span><\/p>\n Oil<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from Oil today?<\/b> Next 24 Hours Bias<\/span><\/p>\n Weak Bearish<\/span><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" What happened in the US session? DXY retreated, following higher-than-expected […]<\/p>\n","protected":false},"author":8,"featured_media":56102,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[196,215],"tags":[],"class_list":["post-57192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fundamental-analysis","category-market-analysis"],"_links":{"self":[{"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/comments?post=57192"}],"version-history":[{"count":1,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57192\/revisions"}],"predecessor-version":[{"id":57193,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57192\/revisions\/57193"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/media\/56102"}],"wp:attachment":[{"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/media?parent=57192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/categories?post=57192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/tags?post=57192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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\n<\/span>If the US NFP meets the forecast (expected 224K, previous 517K), the decrease in job growth is viewed as a sign of economic weakness, which could decrease demand for oil. However, the perceived hawkishness of the Fed may be reduced and cushion any drop in oil prices.<\/span><\/p>\n