Results for: Economic Data

USDCAD has retreated from the one-year range top, offering better risk-to-reward setups for both buyers and sellers. Buyers may target 1.3620, while sellers aim for 1.3225. On the 4-hour chart, a bearish setup has formed with a downward trendline and 21-EMA, suggesting a drop to 1.3620. The 1-hour chart aligns with the bearish outlook, with Fibonacci levels supporting the downtrend. Key economic data releases this week include US Flash PMIs, Canadian Retail Sales, US Jobless Claims, and US PCE report.

Newly appointed Bank of Japan Governor Kazuo Ueda stated that none of the recent economic data released has come as a surprise and he remains open to various policy options. His comments indicate a wait-and-see approach, leaving analysts uncertain about potential shifts in monetary policy.

Asian markets are expected to extend gains on Tuesday after a positive start to the week, supported by a rebound in tech shares, calm in bond markets, and cooling geopolitical tensions. Economic data releases for Japan, Australia, India, Singapore, Hong Kong, South Korea, and Taiwan will be closely watched. Currency traders remain cautious about possible yen intervention, while China’s yuan continues to weaken. Investors await earnings results from tech giants this week for guidance on the outlook for global stocks.

It’s a lower-tier data day only in Asia today, according to the ForexLive economic data calendar.

Gold and silver prices experienced a significant decline on Monday due to easing geopolitical tensions and anticipation of key economic data releases this week. Gold dropped by 2.7%, while silver fell by 5.1% on Monday afternoon EST. The declines mark the steepest drops for both precious metals since last year.