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.
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.
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.
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.