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Investors highly anticipate the unveiling of candidates for the next BoJ Governor next week. Credit Suisse booked its quarterly earnings with a loss last seen in the 2008 financial crisis. The number of people who filed for unemployment insurance is expected to be more than previously. Disney is set to cut seven thousand jobs which are 3.5% of its global workforce.
NZDUSD rallied +0.89% as investors digested comments from Fed speak on Tuesday. Federal Reserve officials called for more rate hikes saying inflation is likely to remain high given the strong labour market. This comes in support of Jerome Powell’s remarks on continuing with rate hikes despite slightly easing inflation. The dollar steadied on Thursday weighed by the risk-on mood, which uplifts the NZD. To the upside, bulls may be capped by 0.6420 while bears may be challenged by 0.6280.
GBPAUD tanked by -0.18% after the Royal Institute of Chartered Surveyors showed that the house price balance dropped in January to -47% from an estimate of -45%. Earlier on, building approvals in Australia rose by 18.5%, way above the -8.8% expected. In a treasury committee hearing meeting, BoE’s Bailey says inflation will come down below 5% by end of the year and that the labour market is tight. Buyers may need to move above 1.7630 for sustained bullish momentum.
EURZAR trimmed earlier gains following German`s inflation data. The preliminary Consumer price index [YoY] eased to 8.7% from an estimated 8.9% in January. However, the monthly figure rose to 1.0% vs the 0.8% expected. Manufacturing Production in South Africa declined in December year-over-year to -4.7% vs a survey of -2.5%, with the monthly reading rising to 0.1% vs -0.5% anticipated. The pair is currently in a range between 19.10 and 18.97.
European stocks extend rallies on corporate earnings and slower inflationary pressure. UK100 surged by +0.55% and upside gains are capped by the 7950 level. A failure to break above that level could cause a near-term correction towards the 7800 level. CAC40 soared by +1.46% and critical levels to watch out for are 7390 resistance and 7000 psychological support. DAX advanced by +1.24% after breaking above the 15500 level and the next key level is at the 15750 level. On the downside 15300 remains near-term support.
US stock futures soared as the dollar dwindled ahead of US Initial Jobless Claims. US500 futures rose by +0.77% after bouncing off the 4100 level and bulls are challenged by the 4200 level. US100 futures advanced by +1.06% towards the 12800 level, a 6-month high. A failure to break above that high could trigger selling pressure towards the 12500 level. US30 futures added +0.55% of gains as bulls flirted with the 34200 level and a break above that level could give bulls the 35000 level.
The benchmark US 10-year treasury yields declined -0.53%, declining for the second successive day from a 3.693% high. A breach of the 3.580% resistance-turned-support may give bears 3.500% in the near term.
