JPN225 reaches highest level in almost 33 years, but is overbought in the near-term
The JPN225 is trading at its highest levels since August 1990. It is up over 6% month-to-date and up over 16% over the last 12 months.
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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The JPN225 is trading at its highest levels since August 1990. It is up over 6% month-to-date and up over 16% over the last 12 months.
Congress is responsible for increasing these spending limits to avoid default, but Republican House Speaker Kevin McCarthy will not do so without an agreement on spending cuts and spending limits.
President Biden met with key Republican and Democratic congressional leaders at the White House on Tuesday. They aimed to reach an agreement to raise the debt limit, but the discussions ended without a consensus.
Debt ceiling negotiations take center stage in Washington today. Treasury Secretary Janet Yellen reiterated on Monday that June 1 is the deadline when the Department of the Treasury might face challenges in meeting its financial obligations if the debt ceiling is not raised. President Joe Biden's meeting with Speaker of the House Kevin McCarthy is expected to be a crucial moment in these negotiations. While Biden expressed cautious optimism during…
Contrary to market expectations of potential interest rate cuts in response to an impending economic downturn and potential recession, central bank officials have indicated their preference for maintaining and potentially raising rates.
On Monday, European regulators granted approval to Microsoft's proposed acquisition of Activision Blizzard, a deal worth $69 billion. While this decision does not guarantee the acquisition's completion, it may assist Microsoft in addressing objections raised by the United States and the United Kingdom.
Last week, US headline inflation came in under 5% for the first time in two years. Core inflation was 5.5% y/y and is still looking sticky. Chinese CPI was a disappointing 0.1% y/y and Chinese factory-gate inflate declined 3.6% y/y. We also saw the BoE raise rates by 25 bps to 4.50%. This week will see a host of Fed speakers with Fed Chair Powell participating in a panel discussion…
The debt-ceiling impasse in Washington is currently the primary driver of the dollar's performance. Negotiations between President Biden and congressional leaders are set to resume on Tuesday, but without positive news, investor fears may continue to grow. As such, the balance of risks is currently tilted to the upside for the dollar, with safe-haven flows likely to continue as risk sentiment remains subdued.
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The USDZAR has climbed over 5% for the week and is trading near R19.42, down from the its of R19.5152. US ambassador, Reuben Brigety, accused South Africa of providing weapons and ammunition to Russia. These were allegedly loaded onto a Russian ship at the Simon's Town naval base in Cape Town in December 2022. The news caused the rand to fall near its record low from 2020, and it also…
According to the National Bureau of Statistics (NBS), consumer prices in China rose by just 0.1% in April from a year ago, the lowest rate of inflation in two years. This suggests that there is weakness in domestic demand and raises questions about the strength of the economic rebound.
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