Join host Jonny Hart, OANDA Senior Market Analysts &amp; podcast guest Nick Syiek (TraderNick) as they review the latest market news and moves. MarketPulse provides up-to-the-minute analysis on forex, commodities and indices from around the world. MarketPulse is an award-winning news site that delivers round-the-clock commentary on a wide range of asset classes, as well as in-depth insights into the major economic trends and events that impact the markets. The content produced on this site is for general information purposes only and should not be construed to be advice, invitation, inducement, offer, recommendation or solicitation for investment or disinvestment in any financial instrument. Opinions expressed herein are those of the authors and not necessarily those of OANDA or any of its affiliates, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, please access the RSS feed or contact us at info@marketpulse.com. © 2023 OANDA Business Information &amp; Services Inc

Oil price plummets, Week ahead preview

Market Insights

This is Market Insights, the Market Pulse podcast by OANDA. I'm Johnny Hart. This is the Market Insights, Market Pulse podcast. Let's join our guest for the day, OANDA Senior Market Analyst Kelvin Wong in Singapore. Kelvin, good morning from London. Good afternoon to you. Hi, Johnny. Very good morning to you and very good early evening off at my end here from Asia. The start of a new week. Tell us about the markets where you are today. How have they been?

Yes, particularly let us focus on this potential earthquake shock that has taken shape in the FX market late last week. So that is primarily coming in a surprise for the markets participants focusing on the yen side of the story. So we know that the yen has been relatively weak against the US dollar in the past four months or so. And prior to the FOMC meeting on Wednesday, the yen has weakened against the dollar to a 40-year low,

trading at this 164 handle per USD. So what's interesting over here is that right after the FOMC meeting, I would say post-FOMC, on Thursday, last Thursday, the dollar-yen has a significant plunge. And various media has reported that the Japanese authorities have stepped in into the FX market to intervene significantly by buying up the yen and selling the dollar.

And what's interesting over here is that particular fall of the dollar-yen continued on last Friday, breaking below its 200-day moving average, where we measured from the pace of the decline was from a high of 164 all the way down to Friday low. That could do about 4%. And in today's Asia session, before the start of the Asia session for Singapore time, at around 7.30am, so that's Japan opening hours,

Oil price plummets, Week ahead preview

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Oil price plummets, Week ahead preview

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.