Spot gold remains under pressure after several recovery attempts earlier this week. The yellow metal thus finishes the eighth from the last nine weeks with declines, confirming a steady bearish trend established this year. A strong dollar remains the key reason behind gold’s weakness. The greenback continues to rise across the board, refreshing one-year...
GBPUSD keeps bleeding on Thursday, with the pair dropped to fresh one-year lows in the 1.2840 area, threatening the 1.28 threshold. The dollar is back on the offensive amid the escalation of a US-China trade war as the two world’s largest economies threaten each other with additional tariffs, fueling risk-off sentiment. Another source of a bearish pressure on...
Crude oil prices have been rising over the past few sessions with Brent has settled above the $74.50 area. However, the market lacks further upside momentum and the risks of resuming the decline remain. The key immediate obstacle for bulls now comes at $75, with the next upside barrier lies around $75.20, where the 50-DMA lies. The prices were recently...
GBPUSD is licking its wounds after a drop to 11-month low of 1.2920 on Monday, having recovered above the 1.2960 area. Despite the immediate downside pressure has eased somehow, bearish risks for the pair remain, and the general picture in the weekly charts is still ominous. The British pound came under an intense pressure from two different fronts. First,...
Crude oil prices are trading with a modest bullish bias on Monday, with Brent has settled above the $73 handle, unable to attract a more sustainable buying interest to challenge the 20-DMA marginally below the $74 barrier. The downside pressure on Brent has eased somehow recently. According to POEC sources, Saudi Arabia has cut its crude oil output in July by...
The pound has suffered a lot from the ‘dovish hike’ by the Bank of England on Thursday. The GBPUSD pair slipped from the 1.3130 area, down to the 1.30 level which has been eroded today. The price continues to retreat and could challenge this year lows before the end of the week. The BoE expressed concerns over Brexit process and made it clear that the...
The greenback remains on the offensive after the Fed meeting. The US central bank hasn’t said anything new and confirmed its commitment to further tightening. This, coupled with the reemerged trade-war concerns, was enough to support USD demand against major rivals. The GBPUSD is changing hands below the 1.31 figure ahead of BoE’s Super Thursday. Investors...
Crude oil prices continue to lose ground on Wednesday following yesterday’s aggressive correction. Brent crude slipped from highs in the $75.60 area, down to nearly two-week lows just above the $73 handle, which so far constrains the selling pressure. After a seven-day rally, the retreat looked inevitable as investors rushed to take profit amid signs of a...
The greenback shows mixed dynamics against major rivals this week, being cautious ahead of the Fed two-day meeting starting today. The dollar gained some support in the USDJPY pair as the yen was unfazed by the Bank of Japan meeting as the central bank left its policy unchanged and showed it still lacks flexibility. The pair is holding above the 111.000...
The British pound finished a third week of decline in a row. On Monday, the GBPUSD pair is attempting to regain ground and clings to the 1.31 handle. However there are still signs that the currency remains vulnerable to further losses, while the recovery potential is limited. The key event for the sterling this week is the BoE meeting due on Thursday. The...
The euro licks its wounds after a decline on ECB Draghi statements which were cautious and in fact haven’t brought anything new to investors. EURUSD dropped to fresh one-week low of 1.1635 during the Asian hours on Friday and now attempts to regain ground. Meanwhile, market focus shifts from a non-event ECB meeting to the US Q2 GDP report, which could have a...
The USDJPY pair extends gains for a seventh day in a row on Thursday, with the price is testing more that two-week lows in the 110.60 area. Interestingly, the dollar is not inspired by a rise in the 10-year US Treasury yield to a six-week high close to 3%, and it looks like the pair is set for further losses in the short term. The greenback has been trading...
The EURUSD pair continues to tread water around the 1.17 handle, unable to attract buying interest ahead of the key event of this week – the EU-US trade talks which could give a more directional impulse to the single currency. The pair failed to make a clear break above the mentioned resistance on several occasions, which points to a lack of bullish enthusiasm...
The greenback has digested the recent Trump’s verbal interventions and looks to move higher against the majors again, though lacks the impetus so far. The EUEUSD pair has been trading with a mild upside bias on Tuesday, but the recovery attempts look too shallow to allow for a consistent rally from here. The downside pressure on the buck has eased after...
The pound has recovered on Friday, fuelled by comments by Trump criticizing the dollar’s strength. The USD index retreated from one-year highs as a result and paved the way for a recovery in major currencies. GBPUSD rose from ten-month lows below 1.30 and reached the 1.3150 area, just ahead of the 20-DMA at 1.3180. As the UK parliament starts its summer...
The single currency set for a second week of losses, with EURUSD has been trading with a mild bullish bias on Friday, after a brief break below the 1.16 handle yesterday. The dollar demand has abated somehow after Trump’s verbal interventions, but the overall sentiment around the greenback remains fairly robust. The ECB July meeting will take place next...
The greenback extends gains across the board on Thursday, with the GBPUSD pair failed to hold above the key 1.30 level, sliding down to fresh 10-month lows in the 1.2980 area. Sterling has been declining for a third day in a row, extending losses for a fourth month already. The key reason behind the pair’s bearishness is the dollar demand which resurged...
The pound has been nursing significant losses for a second day in a row. The GBPUSD pair slipped from the 1.33 area to fresh one-year low of 1.30, a danger zone, which if broken, could bring another wave of a massive sell-off. The downside pressure on the sterling came from the resurged USD demand on the back of quite positive comments by the Fed Governor...