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USD/CAD still holds below the monthly high (1.3959) as the Federal Reserve delivers a dovish rate-cut.

The Federal Reserve is expected to deliver a 25bp rate cut in November.

USD/JPY appears to be reversing ahead of the October high (153.88) as the Federal Reserve is anticipated to deliver a 25bp rate-cut following the US election.

USD/CAD appears to be reversing ahead of the 2022 high (1.3978) as the Relative Strength Index (RSI) falls back from overbought territory.

Crude Oil Forecast: The December 2021 support level remains a key factor amid shifting data on US inventories, Middle East conflicts and ceasefire hopes, economic indicators, and supply quotas. Will it hold through 2024?

Crude Oil Week Ahead: Crude oil wrapped up the third week of October with a sharp 9% loss, driven by weaker Chinese economic data and reduced concerns about oil supply disruptions. Looking ahead, key events between Chinese policies, BRICS, and PMIs are expected to influence crude oil’s trajectory in the coming week.

Crude Oil Forecast: Crude oil is currently hovering around the $70 mark, caught between bearish momentum driven by a declining demand outlook and supply disruption risks, particularly in the Middle East.

The recent recovery in USD/JPY appears to have stalled ahead of the monthly high (150.89) as it carves a series of lower highs and lows.

Crude Oil Forecast: Oil market volatility is expected next week with Powell’s economic outlook and crude oil inventory updates.

The Federal Reserve kept US interest rates at the current threshold of 5.25% to 5.50% in June.

With support in place and momentum trying to turn higher, we’re now looking for additional gains on the China A50 and Hang Seng.

US data steps away from the limelight to make way for inflation reports from the UK, Canada, New Zealand, and Japan. And throw in an ECB meeting, Australian employment report and the CCP's Third Plenum for good measure.

China’s major stock market indices have been falling since the middle of May. With little in the way of a decent bounce higher, I continue to suspect one could be due.

The inverted relationship between USD/HKD and the Hang Seng remains strong. And with the latter retracing -92% over the past month and risk of the US dollar falling further, perhaps the Hang Seng is due a bounce.

China’s fledgling economic recovery suffered another setback in April with activity indicators mostly disappointing, especially regarding the beleaguered property sector. The news weighed on the Chinese yuan and other Asian currencies, such as the Japanese yen and Australian dollar.

Japan’s Nikki 225 and Hong Kong’s Hang Seng have been like chalk and cheese coming out of the pandemic. As one surged, the other floundered. But the tide looks to be turning, and fast.