USDJPY recovered from three-year lows last week but struggles for direction these days as risk sentiment remains choppy amid contradictory political and economic signals. The pair has been oscillating around the 106.00 handle and has yet to confirm a break above this handle. In the short-term, the greenback could make further attempts to regain ground but...
Gold prices rally has stalled last week at fresh multi-year highs around $1,555 last week. Since then, the precious metal turned into a consolidation mode with a bearish bias and struggles to regain the upside impetus amid the overbought conditions and a generally stronger dollar. The greenback demand rose across the board, in part due to some recovery in the...
EURUSD is making shallow recovery attempts on Monday after an aggressive plunge late last week. The pair slipped below the 1.10 handle for the first time since May 2017 and remains vulnerable to further losses as the USD demand persists. At this stage, the pair needs a catalyst to switch to a recovery mode. The common currency has been digesting the...
Brent crude is gradually extending gains for a fifth day in a row on Friday. Prices got back above the $60 handle but are yet to confirm a bullish breakthrough as the momentum seems to be fading in early trading, with the $60.60 area served as a local resistance on the way to $61. Risk sentiment has improved somehow after the US and China gave signs that the...
The greenback is marginally lower against major counterparts on Thursday after yesterday’s ascent. In general, most currency pairs have gone into a consolidation mode as traders are cautiously awaiting fresh signals from the US-China trade front and also shift focus to the upcoming economic data. For the EURUSD pair, German CPI data will be important in the...
Crude oil prices staged a local rally on Tuesday, with Brent registered daily highs above $59.60 though failed to challenge the $60 psychological barrier. Today, the futures have settled marginally below the above mentioned highs, struggling to maintain the bullish bias. The market received a portion of positive industry news, with the OPEC+ coalition...
Gold prices remain in a bullish trend, with the bullion refreshed six-year highs on Monday as the US and China announced fresh mutual tariffs. The prices extended gains to $1,555 but then retreated below $1,530 as risk aversion has somehow abated. Nevertheless, the precious metal will likely stay elevated and could register fresh long-term highs as trade...
The common currency came under the selling pressure following a short-lived rally witnessed on Friday, when the greenback was on the defensive. At the start of a new trading week, EURUSD resumed the decline and threatens the 1.11 handle once again. The dollar safe-haven demand has intensified after another portion of tariff threats between the US and China....
After failed attempts to challenge the $60.50, Brent crude retreated below the $60 psychological level and finished the day 0.5% lower. On Friday, the futures are trading with a modest bullish bias, moving in tandem with risk sentiment in the global financial markets. Oil prices continue to follow global developments amid a lack of meaningful industry news,...
Yesterday’s release of the FOMC meeting minutes confirmed that a rate cut last month was a “mid-cycle adjustment”. The document also showed that policymakers were sharply split on the course of action to take, which was assesses by investors as a not-so-dovish sign. Now, market focus shifts to Jackson Hole symposium, where Powell’s speech will set the tone. ...
EURUSD: key events loom As a reminder, the central bank cut the fed funds rate 0.25% in July for the first time since December 2008. Traders expect the Fed to cut the rate by another quarter percent next month and will be thoroughly assessing the message from the minutes in this context. The dollar holds steady ahead of this event, also focusing on the...
The EURUSD pair has been nursing losses for a fifth day in a row on Monday, with the euro remains under the selling pressure despite a better risk sentiment in the global financial markets after the Chinese central bank unveiled a reform of the LPR formation mechanism in order to make borrowing costs lower for companies and support the local economy, suffering...
Gold prices remain in the uptrend, with the bullion refreshed six-year lows earlier this week. This is the thirteenth week of growth out of fourteen, and demand for the precious metal remains robust despite overbought conditions. On Thursday, however, the prices have settled around $1,1520 and struggled to challenge new highs. In early session on Friday, the...
Recession fears sent Brent crude lower on Wednesday as the inverted US Treasury yield curve spooked global investors and sparked a widespread risk aversion. As a result, oil prices slipped to lows marginally above $58 and are clinging to the $59 handle early on Thursday. Apart from a broad risk-off sentiment, Brent came under renewed bearish pressure amid...
Global equity markets are broadly lower again on Tuesday, with safe-haven gold retains support amid regional fears. Continued political tensions in Hong Kong coupled with a plunge in the Argentina’s peso after voters signaled they could reject market-friendly President Mauricio Macri at an election in October, unnerve investors, in addition to lingering trade...
The recent escalation in the US-China trade war fueled an aggressive risk aversion, which in turn pushed the safe-haven yen higher. USDJPY registered fresh 2019 lows around 105.45 yesterday and remains under the selling pressure on Thursday. Market sentiment has deteriorated after Washington determined China as a currency manipulator following a dip to...
On Monday, rising US-China trade tensions triggered a massive sell-off in global equities but the greenback failed to take an advantage as a safe-haven currency. That’s because lower odds of striking a trade deal fuels expectations of delivering more aggressive stimulus measures by the Federal Reserve which is a bearish sign for the dollar. Against this...
Brent crude remains relatively resilient amid a massive sell-off in the global financial markets. Trump escalated his trade war with China last week, with Beijing wowed to retaliate. Moreover, the yuan plunged below 7 per dollar for the first time since 2008, which may be a sign that China doesn’t expect a conclusion of a trade deal any time soon. As such,...