The Japanese Yen’s historic rescue is running out of steam
The Japanese Yen staged a spectacular 900-pip comeback after a historic US-Japan intervention. Less than three weeks later, that rescue is already showing signs of fading.
Fundamental
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Gold Price Forecast: XAU/USD extends rally as US debt concerns continue to drag US Dollar
Gold price (XAU/USD) is up 0.65% at around $4,550 during the early European trading session on Friday, the highest level seen in over 11 weeks.
Australian Dollar Price Forecast: Focus shifts to data
Base case: while above the 200-day SMA past 0.6940, spot should maintain the neutral-to-bullish stance. Of note is that the pair is flirting with the overbought zone, which carries the potential to, eventually, trigger a “technical” correction.
Why long bonds have repriced the cost of money
The 30-year Treasury is 12 basis points below its highest level since before the financial crisis. Not its highest since 2023, or since the tightening cycle, but since June 12, 2007, the last time the longest bond in the world’s deepest market yielded what it yields on Thursday.
200-day SMA briefly reclaimed, but Gold pulls back before the next leg north
Gold is struggling around the $4,500 level in Asia on Thursday after reaching the highest level in 11 weeks at $4,528 in early dealings.
Dow Jones Industrial Average keeps half a bid nobody made
The Dow Jones Industrial Average holds just beneath 53,500 on Wednesday, up roughly 120 points and 0.23%, having surrendered more than 240 points from a session high just above 53,700.