Benign Inflation Allows BNM to Hold Rate

May 10, 2024 9:24 AM UTC

In its latest decision, the Monetary Policy Committee (MPC) of Bank Negara Malaysia (BNM) opted to keep the overnight policy rate (OPR) steady at 3.0%, marking the seventh consecutive meeting without a change. This decision aligns with market projections and underscores BNM's commitment to support g

FX Daily Strategy: N America, May 10th

May 10, 2024 9:04 AM UTC

GBP recovers after UK GDP
NOK edged higher on CPI
CAD may start to underperform on the crosses
USD strength to start to wane

Chart EUR/CHF Update: Consolidating

May 10, 2024 8:19 AM UTC

Little change, as prices extend consolidation around support at 0.9760

Chart USD/CHF Update: Consolidating - daily studies leaning lower

May 10, 2024 8:13 AM UTC

Consolidation beneath resistance at 0.9100 has given way to a drift lower to support at 0.9060

Chart EUR/GBP Update: Choppy in range - daily studies edging higher

May 10, 2024 7:59 AM UTC

The anticipated retest of resistance at 0.8620, (GBP/EUR 1.1600), has not been seen

Chart EUR/USD Update: Higher in range - background studies improving

May 10, 2024 7:47 AM UTC

Anticipated minor losses have bounced smartly from above 1.0700

Chart GBP/USD Update: Bounce back in consolidation

May 10, 2024 7:31 AM UTC

Anticipated tests lower have bounced smartly from congestion support at 1.2450

Chart GBP/JPY Update: Extending gains, 195.75/196.00 next

May 10, 2024 7:15 AM UTC

Break above the 193.55 resistance see prices extending bounce from the 191.30 support and unwind the oversold daily studies

Chart AUD/JPY Update: Extending gains, room to 103.00/48 area

May 10, 2024 7:01 AM UTC

Break above the 102.00 level further extending gains and see room to the 103.00 level and 61.8% Fibonacci level

NOK flows: NOK edges higher after CPI

May 10, 2024 6:53 AM UTC

Norway CPI mildly stronger than expected, suggesting scope for NOK gains

Chart EUR/AUD Update: Under pressure, scope for retest of 1.6218 low

May 10, 2024 6:18 AM UTC

 Pressure return to the downside after corrective bounce from the 1.6218 low was checked at the 1.6365/1.6400 resistance

Chart USD/PHP Updates: Higher in consolidation from 57.070 low, scope for break later

May 10, 2024 6:03 AM UTC

Turned up in consolidation from the 57.070 low as prices unwind oversold intraday and daily studies

Chart USD/INR Update: Drifting narrowly below 83.5250 resistance

May 10, 2024 5:18 AM UTC

Little change, as prices drift narrowly in consolidation below the 83.5250 resistance

Asia Summary and Highlights 10 May

May 10, 2024 5:03 AM UTC

The US planning to impose tariffs on EVs from China after review

FX Daily Strategy: Europe, May 10th

May 10, 2024 5:01 AM UTC

GBP unlikely to extend losses on UK GDP
More risk of NOK gains than losses on CPI
CAD may start to underperform on the crosses
USD strength to start to wane

AUD/USD flows: Slips on U.S. EV sanction news

May 10, 2024 4:59 AM UTC

The US planning to impose tariffs on EVs from China after review

Chart USD/CNH Update: Consolidating below 7.2340 resistance

May 10, 2024 3:56 AM UTC

Lower in consolidation from the strong resistance at the 7.2340 high of February

USD/JPY flows: Household spending rebounds

May 10, 2024 3:39 AM UTC

Jawboning continues
Japan March Household Spending +1.2% m/m (expected -0.3%)

Chart USD/THB Update: Reversal from the 37.00 level

May 10, 2024 3:13 AM UTC

Gains has given way to selling pressure and rejection at the 37.00 level seen reversing bounce from the 36.50 low

Chart USD/KRW Update: Consolidating, room to extend gains

May 10, 2024 2:56 AM UTC

Settled back from the 1372.00 high as prices unwind overbought intraday studies

Chart USD/SGD Update: Settled back from the 1.3578 resistance

May 10, 2024 2:28 AM UTC

Corrective gains to approach strong resistance at the 1.3578, low of 26 April, has given way to pullback to retest the 1.3525 support

Chart GBP/USD Update: Consolidating, scope to extend rebound from 1.2445 low

May 10, 2024 2:12 AM UTC

Corrective pullback reached 1.2445 low ahead of rebound to regain the 1.2500 level

Chart EUR/USD Update: Bounce see scope for retest of 1.0800/12 high

May 10, 2024 1:44 AM UTC

Limited on break of the 1.0750 support as prices staged rebound from the 1.0725 low to return focus to the upside

Chart EUR/JPY Update: Consolidating below 167.80, 50% Fibonacci level

May 10, 2024 1:10 AM UTC

Extending gains from the 164.00 level as prices retrace sharp losses from the April YTD high to reach the 167.80/168.00, 50% Fibonacci retracement and congestion

Chart USD/JPY Update: Consolidating test of the 156.00, 50% Fibonacci level

May 10, 2024 12:57 AM UTC

Gains to the 156.00 level and 50% Fibonacci retracement has given way to consolidation as prices unwind the overbought intraday studies

Chart NZD/USD Update: Bounce return focus to .6050 high

May 10, 2024 12:42 AM UTC

Shallow pullback from the .6050 high has given way to rebound at the .6000/.5985 area to return focus to the upside

Chart AUD/USD Update: Rebound return focus to .6650 high

May 10, 2024 12:20 AM UTC

Consolidation above the .6558 low has given way to break above the .6585/.6600 resistance to reverse corrective pullback from the .6650 high

Asia Open - Overnight Highlights

May 10, 2024 12:00 AM UTC

EMERGING ASIA
EM currencies perform individually against the USD as the greenback reversed its earlier gains on higher initial claim figure. KRW saw the largest losses of 0.52%, followed by TWD 0.14%; the biggest winners are SGD 0.22% CNH 0.1%, CNY 0.07%, THB 0.06%, HKD 0.04%, INR and MYR 0.01%.
USD/C