Global political events and oil prices remain tightly intertwined. BoJ no-hike disappoints hawks, oil correction continues. Canadian inflation heats up, CAD strengthens. Technical setups offer potential trading opportunities.

Hot Topics:

• Central Bank Decisions: BoJ stands pat, RBA minutes offer mixed signals, hawkish Fed official hints at fewer rate cuts than expected.
• Inflation Data: Canadian CPI hotter than expected, boosting CAD.
• Oil Prices: Correction underway after a turbulent period driven by geopolitical events.
• USD Outlook: Potential for depreciation due to weakening inflation and hint of rate cuts.

Major Currency Movers:

• CAD: Strongest performer, surging on higher inflation and oil rally.
• JPY: Weakest, hit by BoJ’s unchanged policy and hawkish expectations.
• AUD & NZD: Outperformed on improved risk sentiment and data.

Technical Analysis:

• Oil (XBRUSD): Bullish bias, key resistance at $77.6-$78.6, potential for further growth if breaks above.
• EUR/USD: Holding near 1.0920, potential for long or short positions depending on break above or below pivots.
• NZD/USD: Congested near 0.6200, long or short positions possible based on break above/below pivots.

Insights:

• The interplay between global politics, oil prices, and central bank policies is shaping the FX market landscape.
• Investors should be flexible and adaptable to navigate the dynamic market environment.
• Technical analysis can offer valuable guidance for identifying potential trading opportunities.