The US Dollar and Japanese Yen currently look weak in the Forex market, while the commodity currencies like the Australian Dollar, Newzealand Dollar, and especially Canadian Dollar are strong. The Canadian Dollar stands out as the USD/CAD currency pair is reaching a 9-month low with strong bearish momentum.
Trend traders will look at this while anticipating the release of Canadian CPI data later today. They would also be examining the USD/JPY currency pair, which has been consolidating since the week opened but remains near its 7-month high within a strong bullish trend. Rumours are spreading that the Bank of Japan will intervene to prop up the Yen when the price reaches ¥145.
Global stock markets mostly moved lower yesterday, led by falling tech stocks, as traders increasingly unwind former bets that the US Federal Reserve would begin to cut rates later in 2023. Short-term yields have now risen to the 4.70% area, showing that the market thinks that prospect is unlikely.
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