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- The weak rise in the US Dollar continues. Still, the greenback lacks a convincing long-term trend and currently seems stuck between support at 101.56, which has held effectively again, and resistance close by at 102.375.
- Global stock markets are mixed with some bearishness possibly driven by weak Chinese export data. The HSI is down by almost 1.5% today.
- WTI Crude Oil is seeming to start completing a bearish reversal from its recent 3-month high price, with accelerating bearish momentum looking technically likely.
- In the Forex market, the US Dollar has been the strongest major currency since the Tokyo open, with the Japanese Yen the weakest, putting the USD.JPY currency pair into focus. The Japanese Yen has been generally weaker since the Bank of Japan tweaked its yield curve control program, with fresh impetus given by Governor Ueda’s admission that currency issues are considered in making policy decisions.
- FOMC Member Bowman yesterday repeated that the Fed was likely to need to make further rate hikes to combat inflation. US CPI data will be released tomorrow.
- There will be releases of Chinese CPI and NZD Inflation Expectations data later today.
- In the commodities market, Cocoa futures will continue to be interesting on the long side to trend traders, having hit a multi-year high price yesterday, but then falling strongly over the rest of the day’s session to close at a 9-day low price.