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With 10-year U.S. Treasury yield’s more than a week in green, the USD/JPY pair is soaring 0.61% to 132.68, hitting a fresh 2-decade high on Tuesday around 10:25 AM GMT.

Japan's household spending fell faster than expected last month as the yen's slip, the going through the roof commodity prices bolstered retail expenses, the officials’ comments that the Bank of Japan is unlikely to change its monetary policy in the short term, all contributed to the tumbling down of yen.

At SmartFX, we update you with the latest news on the financial market.

SmartFX is looking for an experienced financial market analyst professional who specializes in financial services industry, can perform research and analysis in order to write daily market news, blogs, email and article content about the forex, stock market, and the economic/ political issues that affect the global markets.

Interested in working with us? Please send your CV to [email protected]

Responsibilities:

·         Candidate should be well conversant with writing fundamental and technical market research reports.

·         Analyze the currency/commodities/stock market from a fundamental/technical perspective and give view to clients as per their exposure.

·         Work on preparation of daily, weekly market research reports and key fundamental events update special reports, if any

·         Can quickly compose an analysis to be published on social media, will be sent for email marketing, blog content, etc.

·         Track world major economic events and developments occurring in the world market and update the clients via message and emails on regular basis.

Requirements:

·         Candidates must have at least 2 years’ experience in working with Forex Consulting firm, Banking, or brokerage firm in financial analyst role

·         Candidates should have expert knowledge of Economics, Equity Markets and Currency Markets in both fundamental and technical perspectives.

·         Candidates should have excellent MS Office skills (Excel, Outlook, Word, and PowerPoint).

·         Bachelor’s degree in Economics or Finance required

·         An MBA degree in finance is also preferred.

For the first time in 2 straight months, Dow Jones is hitting one-week high amid optimistic US earnings outlook while the greenback hits one-month low after the Fed announced that it could put the brakes on aggressive rate hikes later this year.

Consequently, investors are in a buying mood and here are the top stocks gainers for today: Boeing is up by +4.65%, Nike added +4.38%, Home Depot garnered +3.15%, Intel gained +3.03%, and American Express with +3.03%.

The soaring crude oil prices continued to weigh down the loonie, not being helped by the weaker USD. It is under pressure at the start of the week trading lower at 1.2778 around 12:22 PM GMT. Today’s loonie chart shows that it will likely to continue to tumble down with a sell range between 1.2815 to 1.2825, but will find support at the levels of 1.2738 and 1.2715. On the flip side, if it goes back to 1.28 level, it will find its first resistance at 1.2812 region, followed by its second resistance at 1.2876 and 1.2925.

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Silver managed to bounce off a little on Friday early European session, but got pulled again by the bears giving no chance to recover some ground from its earlier plunge on Thursday night, tumbling to its lowest since July 2020.

Silver still looks bearish according to the chart with a sell range between 20.91 to 20.94. So far, it slid to its lowest today as of 8:38 AM GMT at 20.74. If it breaks out after the first support of 20.05, the white metal will continue its downtrend and may manage to push the price lower at 18 mark, provided it will surpass the second support at 19.41. On the flip side, silver might rebound from being red once it breaks the 21 level. It will be met with its first resistance at 21.39, followed by the next one at 21.66.

Crude oil prices surged for 3 consecutive days as supply concerns remained at the fore. The European Union is doubling down on their sanctions against Russia. The proposed ban of all crude oil from Moscow would be a huge blow to Hungary and Slovakia, who are heavily reliant upon it as well- there's no telling how these two countries will manage without access until 2023!

Brent oil price is more likely to trade between 108 to 115 and will keep its consolidation above 110 level. As to WTI, the buy range would be between 108.60 to 107.60. It will be first met with a resistance at 113.66, then followed by the second one at 116 mark. If it turns red, it will find the first support at 104, until 100 and 98 regions. Visit our daily market analysis to get the key insights on major commodities: https://smartfx.com/daily-market-analysis

The Bank of England raised its key refinancing rate by 25 basis points to 1%. This is the fourth straight increase and it now sits at its highest level since 2003, just as UK economy shows clear signs that it’s slowing down. The bank’s warning about an upcoming recession came true earlier than expected, as higher energy prices push inflation more than 10%; according to recent data from GDP Office, growth peaked in April but has since slowed considerably with news out today stating Britain's economic output will slip into a technical recession in autumn.

The pound slipped on the news, falling to almost 2% in just minutes after the announcement from BOE’s Governor Mark Carney, plunging to its lowest since July 2020. The sharp intraday decline took place near the previous weekly low, around mid-1.2400s touched on Wednesday afternoon trading sessions.

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Gold fell to a more than two-month low on Wednesday as the dollar soared, nearing heights not seen in two decades. The greenback had been fueled by expectations that U.S central bank will be aggressive in terms of monetary policy tightening.

The yellow metal has been trading low for 6 consecutive days now, hitting all the sell goals as far as lowest support for this week at 1875. Today’s gold chart shows that it will likely to continue to tumble down with a sell range between 1,891 to 1,896, but will find a support at the levels of 1,870 and 1,865. Although it has somehow rebounded at around 5:40 AM GMT, it is likely that the bears will reign and take charge for the rest of the day. If the trend reverses, it will find its first resistance at 1,904 level, followed by its second resistance at 1,912.

On Wednesday, in the early European trading session at 9:00 AM GMT, the dollar index which tracks the greenback against six other major currencies, skyrocketed to 102.78, its strongest since March 2020. The surge was due to China’s strict lockdowns, and the rising Ukraine-Russia geopolitical tensions alongside prospects for more tightening from Federal Reserve.

Russia announced that it will be withholding gas from Poland and Bulgaria starting Wednesday, which is good news for the U.S dollar because Russia mainly sells their oil in dollars instead of TL or PLN as well as other currencies like roubles.

With the Federal Reserve hikes interest rates, it will likely cause inflation to rise at a four-decade high. This could be bad news for countries like China that are currently experiencing economic problems because of strict COVID -19 lockdown in their country along with other factors such as weaker global demand.

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Silver looks set for a short-term bout of strength as it approaches yet another all-time high. The white metal has been consistently making progress, reaching unprecedented territory today despite the rising USD index and US Treasury yields.

From a technical perspective, trading range for today will hover between 25.38 to 25.35, and will find support at 25.15, followed by the next one at 24.95. Uptrend might push towards 26 region, and will meet the next resistance at around 26.55.

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In a recent interview with Global Brands Magazine, SmartFX’s directors Mr. Arun Kumar and Ms. Asha Rathore shared their business journey on how they built up and developed a start-up brokerage into the fastest-growing broker in the UAE in a short span of time. Read the full interviews here: https://bit.ly/3NfSAp6 https://bit.ly/3quLEux