After the Fed confirmed its dovish shift yesterday, the Bank of England has a so-called Super Thursday today. The pound is rising for a third day in a row, challenging the 1.27 level ahead of the key event. The main driver behind the bullish tone in the pair is dollar weakness due to a softer Federal Reserve rhetoric and better risk sentiment amid positive...
Today the two-day Federal Reserve policy meeting concludes. The central bank’s tone will set the direction for the dollar across the board. In the light of recent weakness in economic data from the US and a softer rhetoric from the Fed officials, traders expect the policymakers to adopt a dovish stance and confirm an easing bias in the second half of the year. ...
Crude oil prices extend losses on Tuesday after a short-lived recovery in the second half of last week. Brent dipped below the $60 handle on Monday and reached lows around $59.50 ahead of European session today. Traders’ behavior shows that economic worries outweigh geopolitical concerns amid tanker attacks. The latest portion of dismal Chinese data added to...
After a brief jump to the highest levels since April 2018, gold prices turned negative on the day and finished the week up by just 0.05% as a result of a reversal. On Monday, the bullion remains under pressure as traders continue to digest strong US retail sales data that lifted the dollar nearly across the board. A spectacular retail sales report made...
Please be mindful still there is a gap at 7400 region. Market can turn around anytime.
The greenback was marginally higher against the European currencies and turned lower against the Japanese yen on Thursday. Suh a behavior shows that despite some improvement in risk sentiment, investors remain cautious against the backdrop of the ongoing US-China trade war and other geopolitical concerns. Today, the US retail sales is the key event of the...
After two days of a bearish correction, gold prices resumed the ascent and got back above $1,330 on Wednesday. Yesterday, the bullion briefly slipped to lows below $1,320 though trimmed intraday losses afterwards. The precious metal derives support from a combination of risk aversion and a weaker dollar. Risk sentiment has deteriorated amid tensions in Hong...
After a brief jump to nearly 14-month highs around $1,348, gold prices started to correct lower as the bullion attracted some profit-taking at interesting levels. On Tuesday, the precious metal is challenging the $1,324 barrier, a break of which could open the way towards the $1,320 support area. The recent aggressive rally in gold prices was driven by...
Crude oil prices registered the first weekly gain after two weeks of steep losses that brought Brent to five-month lows below the $60 handle. The market entered the bearish territory last week and found some bids as the general risk sentiment improved. As a result, Brent finished above $63 but struggles to extend the rebound on Monday as traders remain...
EURUSD rose yesterday after the ECB meeting was not as dovish as many feared. The pair briefly jumped above the 1.13 handle and has settled below the 100-DMA since then. On Friday, the euro is under some pressure again as dollar demand moderately picks up ahead of the major event of the week. Market participants are eagerly awaiting the US NFP employment...
After a brief jump above 1.13, EURUSD turned lower on Wednesday following three days of gains and finished at daily lows around 1.1220. The pair volatility rose ahead of today’s ECB meeting as traders are nervously awaiting fresh signals from the central bank. Some market participants expect the regulator to announce new stimulus, citing the fact that the ECB...
Gold rallies for a fifth day in a row, with prices jumped above $1,335, touching a 3.5-month high on Wednesday. The ascent accelerated after a break above the 100-DMA and the $1,300 psychological resistance. Now, the bullion can target the $1,340 handle. The main driver behind the ongoing rally in the precious metal is a weaker dollar. The greenback faced...
The greenback continues to retreat against the major rivals on Tuesday. EURUSD pair jumped to April 18 highs around 1.1275, where the 100-DMA lies. The pair sees the third day of gains as the selling pressure around the common currency has eased after it found a bottom marginally above the 1.11 handle earlier last month. The negative pressure on the dollar...
In May, Brent lost over 10% and is now down nearly 20% from peaks, registered in late April. On Monday, prices extended the drop, touched $60.75 for the first time since February, and clings to the $61 handle. Risk aversion continues to dominate in the global markets, including oil. Further escalation in the US-China trade tensions and Trump’s aggressive...
USDJPY extended losses below the 109.00 and registered four-month lows at 108.75 amid a widespread risk aversion in the global financial markets that traditionally fuels the safe-haven yen demand. The pair turned lower once it failed to challenge the 110.00 barrier earlier in the week. 10-year yields are down by 3.7 bps to 2.177%, while US equity futures are...
After a brief dip to the $66.60 area, Brent trimmed losses and recovered to the $68 figure yesterday. On Thursday, the prices are clinging to this level but lack the impetus to stage a more sustainable rebound amid the ongoing trade war between the US and China, the two largest consumers of oil. The latest API report brought some relief to investors as the...
Despite the ongoing US-China trade tensions, gold failed to capitalize on its safe-haven status and challenge a strong technical resistance at $1,290 and slipped to $1,276 yesterday. On Wednesday, the bullion has recouped nearly all previous losses but the rebound looks unsustainable as the greenback continues to rise from multi-week lows. The recent dynamics...
EURUSD remains under pressure for a second day in a row on Tuesday as the sentiment around the common currency remains fragile since the start of the week. The pair failed to settle above the 1.12 level once again and had to retreat to daily lows around 1.1175. Dollar sees a recovery against major rivals, which coupled with the EU-Italian budget woes turned...