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How it all Started

USD/CAD pressured by 55-hour SMA The US Dollar managed to accelerate against its Canadian counterpart on Friday and consequently confirm a descending channel. However, the 55-hour SMA worked effectively at pushing the rate lower in this session. As apparent from the pair’s movement in the channel, the US Dollar was trading in a relatively flat motion during its up-waves. This
U.S. stocks higher at close of trade; Dow Jones Industrial Average up 1.19% U.S. stocks were higher after the close on Monday, as gains in the Financials, Basic Materials and Technology sectors led shares higher. At the close in NYSE, the Dow Jones Industrial Average rose 1.19% to hit a new 1-month high, while the S&P 500 index gained 1.08%, and the NASDAQ Composite index climbed 1.13%. The
Euro soars on ECB tapering signals Gold gapped down on Monday but, with Dollar still vulnerable to further losses, the yellow metal will likely remain supported long-term. Gold lost some of its sparkle on Monday, having hit its highest level in over a year in the previous session as risk appetite flickered back to life. The market players who were bracing
USD/CHF REVERSED FROM SUPPORT ZONE <ul> <li>USD/CHF reversed from support zone</li> <li>Next buy target – 0.9600</li> </ul> USD/CHF continues to rise after the recent upward reversal from the support zone lying between the key support level 0.9430, which has been reversing the price from the middle of June (as can be seen below) and the lower daily Bollinger Band. The
GBP/USD returns near monthly R1 <div class="MN_div"> <div class="MN_content"> <img class="wp-image-1843 aligncenter" src="http://range.itcornertest.com/wp-content/uploads/2017/09/Screen-Shot-2017-09-12-at-4.41.13-PM.png" alt="" width="806" height="570" /> The GBP/USD currency pair was characterised by a lack of volatility on Monday. The Pound tried to surpass the monthly R1 at 1.3208, but failed to do so for the second consecutive time. Subsequently, it was pressured down to the 55-hoour SMA which
AUD/USD: NAB Business Confidence   The report showing weakened business confidence in Australia triggered a short-lived decrease in AUD/USD. The Aussie depreciated against the Greenback by 0.12% to be seen trading near the 0.8000 level and then retreated to the 0.8013 mark.   The NAB monthly survey revealed that Australian business confidence deteriorated unexpectedly to show the weakest reading
EURUSD maintains bullish , rally pauses at 1.21 EURUSD maintains its underlying bull trend. The pair has been rising steadily in an ascending channel since April and peaked at 1.2091 on Friday. This was the highest level since December 2014. The key 1.2100 level will likely be a challenge to break. Prices retreated just ahead of this resistance as upside momentum faded and EURUSD
EURJPY uptrend stalls, risk of downside in short term EURJPY staged a strong rally after bouncing off the key 130 level on Monday to reach a high of 132 today, a level not seen since January 2016. Upside momentum stalled as the market became overbought. This was indicated by the RSI reaching above 70. Technical studies on the 4-hour chart are supportive of a
September 2017
EUR/USD breaks upwards <div class="MN_div"> <div class="MN_content"> <img class="wp-image-1952 aligncenter" src="https://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-09-at-5.04.30-PM.png" alt="" width="765" height="468" />In result of a decrease of the American unemployment rate, traders tried to push the pair through the bottom trend-line of a large falling wedge pattern. However, it made a rebound and in the early Monday morning left the formation in the northern direction.
USD/CAD trades near 55–hour SMA Even though the rate had reached its five-week high at 1.2594 quite easily by early Friday, bulls managed to prevail in the following hours and thus push the rate down to the 55-hour SMA—a level which has limited the pair ever since. It should be noted that the US Dollar has failed to reach the
AUD/USD: below 100D SMA, where next on a break and close below key support? Currently, AUD/USD is trading at 0.7753, down -0.01% on the day, having posted a daily high at 0.7757 and low at 0.7752. AUD/USD rallied in London to 0.7769 but sellers emerged in thin trade with price stalling at 0.7750 so far. The Chinese Caixin Services PMI came in at 50.6 for September, indicating that the
NZD/USD: downside pressures persist, eyes below 0.70 handle on break of 0.7050? <img class=" wp-image-2007 aligncenter" src="http://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-16-at-10.11.06-PM.png" alt="" width="661" height="463" />Although the US data release, in general, appeared to be worse than expected, the upside momentum was not strong enough to push the pair above the monthly PP at 1.3322. The presence of a recently formed ascending channel whose bottom boundary is backed up by the rising
XAU/USD awaits Fed Decision <div class="MN_div"> <div class="MN_content"> <img class="wp-image-1975 aligncenter" src="http://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-11-at-5.40.20-PM.png" alt="" width="711" height="504" /> In result of the previous trading session, traders with bullish outlook pushed the pair simultaneously from larger descending and minor ascending channels. The surge was based on increasing tensions between the US and North Korea. However, near the weekly R2 at 1,294.86 it
USD/JPY Loses 0.37% amid missile launch <div class="MN_div"> <div class="MN_content"> <img class=" wp-image-1981 aligncenter" src="http://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-11-at-6.17.04-PM.png" alt="" width="655" height="459" />Another test of another North Korean ballistic missile expectedly led to sharp depreciation of the Dollar against the Yen. During the downfall the pair crossed the weekly S1 at 112.19, which was the only support barrier on its way. However, this active selling
NZD/USD remains near 200-hour SMA Following a short-term consolidation period in force since October 6, the Kiwi finally managed to break out of its narrow trading range and test the 200-hour SMA. Thus, the given surge left the rate between this long-term moving average, the weekly PP and the 55– and 100-hour SMAs. Downside risks could prevail in the upcoming
AUD/USD manages to move higher The Australian Dollar continues to appreciate against the US Dollar for the second consecutive session. Even thought the rate managed to touch the upper boundary of the ascending channel early on Thursday, it still gathered enough force to reach for another peak at 0.7850. The rate was poised for a bearish reversal; however, weak US
GBP/USD fails to surge above 1.3320 <img class=" wp-image-2007 aligncenter" src="http://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-16-at-10.11.06-PM.png" alt="" width="661" height="463" />Although the US data release, in general, appeared to be worse than expected, the upside momentum was not strong enough to push the pair above the monthly PP at 1.3322. The presence of a recently formed ascending channel whose bottom boundary is backed up by the rising
AUD/USD edges slightly lower <div class="MN_div"> <div class="MN_content"> <img class=" wp-image-2011 aligncenter" src="http://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-16-at-10.13.28-PM.png" alt="" width="628" height="443" /> The trading session on Friday started rather calmly, as the Australian Dollar remained near the upper boundary of a short-term ascending channel. Nevertheless, the rate skyrocketed in response to sluggish US fundamentals released mid-session. As apparent on the chart, technical indicators made
EUR/USD slips below 200-hour SMA <img class=" wp-image-2060 aligncenter" src="http://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-24-at-5.22.39-PM.png" alt="" width="819" height="544" />There are three facts that need to be described to update the situation. First of all the pair has hit the previously speculated lower trend line of a medium term ascending channel pattern. The rate rebounded against the support after shortly touching it above the 1.1720 mark.
XAU/USD breaks from rising wedge <div class="MN_div"> <div class="MN_content"> <img class=" wp-image-2025 aligncenter" src="http://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-17-at-1.55.00-PM.png" alt="" width="846" height="591" />In result of the previous trading session the price of gold decreased by more than 0.86% amid the better than expected New York Manufacturing Index release and lower interest for safe haven assets. From technical point of view, this plunge matched with a
NZD/USD falls down to 200-hour SMA NZD/USD remained in the 0.7160/0.7195 area for three sessions prior to plunging down to the 200-hour SMA during the first half of Wednesday’s trading session. All this movement demonstrates the existence of a short-term descending channel. A test of the long-term moving average was followed by a correction upwards, thus providing another confirmation of the
USD/CAD breaks out of pattern The previously-drawn channel failed to bound the rate, thus demanding a slight adjustment. As a result, the new channel demonstrates that this pattern was breached late on Tuesday after a massive intra-day fall earlier the day. After bouncing off the 100-hour SMA and the weekly PP, the US Dollar returned near the bottom channel boundary
EUR/USD fails to slip below weekly S1 <div class="MN_div"> <div class="MN_content"> <img class="wp-image-2039 aligncenter" src="http://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-19-at-5.02.09-PM.png" alt="" width="756" height="507" />Initially the currency rate was expected to break through the weekly S1 and try to reach the 100% Fibonacci retracement level. However, a release of worse than expected American housing data gave the opposite impulse, which returned the pair back to the weekly PP
USD/JPY rushes to the top <div class="MN_div"> <div class="MN_content"> <img class="wp-image-2043 aligncenter" src="http://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-19-at-5.03.55-PM.png" alt="" width="804" height="570" />In result of the previous trading session, the Dollar appreciated against the Yen by 0.82%. In result of such advance the pair has practically returned to the 113.20 level, which represented significant resistance barrier three weeks ago. As now this area is additionally protected
EUR/USD finds new cellar at 1.1858 <div class="MN_div"> <div class="MN_content"> <img class="wp-image-2047 aligncenter" src="http://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-20-at-4.46.01-PM.png" alt="" width="737" height="490" />Although Spanish authorities decided to suspend Catalonia’s autonomy, the common European currency did not show negative reaction to this news. In fact, it bounced off from a combination of the 100-, 200-hour SMAs and the weekly PP and managed to break through the upper
GBP/USD returns to 1.3200 As the FOMC Meeting did not bring any unexpected news, the surge of the rate was limited. In other words, the pair once was stopped by resistance barrier at the 114.24 level. The fully-fledged rebound did not happen as well, as the 55-, 100- and 200-hour SMAs together with the weekly PP formed a strong
USD/JPY surges to 114.00 amid Abe’s victory As the FOMC Meeting did not bring any unexpected news, the surge of the rate was limited. In other words, the pair once was stopped by resistance barrier at the 114.24 level. The fully-fledged rebound did not happen as well, as the 55-, 100- and 200-hour SMAs together with the weekly PP formed a strong
EUR/USD reaches marked support <img class=" wp-image-2060 aligncenter" src="http://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-24-at-5.22.39-PM.png" alt="" width="819" height="544" />There are three facts that need to be described to update the situation. First of all the pair has hit the previously speculated lower trend line of a medium term ascending channel pattern. The rate rebounded against the support after shortly touching it above the 1.1720 mark.
GBP/USD back below 1.32 mark <div class="MN_div"> <div class="MN_content"> <img class=" wp-image-2064 aligncenter" src="http://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-24-at-5.25.20-PM.png" alt="" width="865" height="611" />On Tuesday morning the Pound had already lost the previously gained ground against the US Dollar, as the currency exchange rate traded below the 1.32 level. The reason for that is quite unclear, as the pair had already passed the last resistance level
EUR/USD fails to climb above 100-hour SMA <div class="MN_div"> <div class="MN_content"> <img class=" wp-image-2069 aligncenter" src="http://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-25-at-5.38.03-PM-1024×687.png" alt="" width="831" height="557" />Previous trading session was marked by attempt to elevate the pair above the 1.1780 level amid concerns over President Trump’s tax reform. However, the surge was successfully neutralized by the 100-hour SMA that was additionally backed up by the weekly PP and the
XAU/USD trades in falling wedge <div class="MN_div"> <div class="MN_content"> <img class=" wp-image-2074 aligncenter" src="http://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-25-at-5.40.52-PM.png" alt="" width="662" height="470" />In result of the previous trading session, the exchange rate has finally made a breakout from the medium-term ascending channel. The plunge was caused by a rebound from the upper-trend line of the junior descending channel that was additionally backed up by the
EUR/USD anticipates ECB meeting <div class="MN_div"> <div class="MN_content"> <img class=" wp-image-2079 aligncenter" src="http://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-26-at-1.08.36-PM.png" alt="" width="735" height="493" />Despite a release of better than expected US purchase orders data the currency rate did not manage to bypass the 55-hour SMA and soared in the opposite direction. The main drivers that pushed and are continuing to push the pair to the top
USD/JPY fails to surge above 114.20 <img class="wp-image-2083 aligncenter" src="http://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-26-at-1.10.49-PM.png" alt="" width="699" height="496" />Although the currency exchange rate was fluctuating in an ascending triangle, releases of better than expected American data forced the pair to stop testing the weekly R1 at 114.19 and make a breakout in the southern direction. As the rate has already passed through the 55- and 100-hour
EUR/USD starts new week near 1.1614 As the FOMC Meeting did not bring any unexpected news, the surge of the rate was limited. In other words, the pair once was stopped by resistance barrier at the 114.24 level. The fully-fledged rebound did not happen as well, as the 55-, 100- and 200-hour SMAs together with the weekly PP formed a strong
XAU/USD goes up amid Catalan crisis <div class="MN_div"> <div class="MN_content"> <img class="wp-image-2101 aligncenter" src="https://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-30-at-5.04.42-PM.png" alt="" width="859" height="607" />From technical perspective, the pair had all means to reach the bottom trend-line of a dominant ascending channel. A release of better than expected information about the US GDP growth was projected to give an additional stimulus. However, a declaration of independence by the
USD/JPY trades near 113.10 after BOJ meeting <div class="MN_div"> <div class="MN_content"> <img class=" wp-image-2104 aligncenter" src="https://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-31-at-5.58.36-PM.png" alt="" width="776" height="547" /> On Tuesday, the Bank of Japan left the interest rate, target inflation and core inflation forecast unchanged. In other words, they still amount to -0.1%, 2% and 1.8%. However, since this decision was widely expected, the Yen did not gain much value
GBP/USD returns to 1.32 level <div class="MN_div"> <div class="MN_content"> <img class=" wp-image-2109 aligncenter" src="https://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-31-at-6.00.49-PM.png" alt="" width="661" height="462" />The first arrests made in result of Robert Mueller’s investigation as well as anticipation of the upcoming interest rate hike helped the pair to prematurely break through a massive resistance set up by three moving averages plus the weekly PP at 1.3160. In
October 2017
NZD/USD breaches 200-hour SMA As apparent on the chart, the sluggish Canadian GDP data release mid-Tuesday pushed the pair back in the channel up which was breached earlier in the session. However, the pair’s failure to move past the 1.29 mark for several hours demonstrates that the channel is no longer valid. It is more likely that the US
EUR/USD remains undecided after FOMC meeting <div class="MN_div"> <div class="MN_content"> <img class=" wp-image-2117 aligncenter" src="https://rangeforex.com/wp-content/uploads/2017/11/Screen-Shot-2017-11-02-at-6.27.37-PM.png" alt="" width="690" height="463" /> Contrary to expectations, none of the yesterday’s fundamental events led to notable price movements. In other words, the currency rate remained in a limbo between resistance at 1.1658 and support near 1.1610 that formed three days ago. The reason behind such weak
USD/JPY trades in a limbo near 114.00 As the FOMC Meeting did not bring any unexpected news, the surge of the rate was limited. In other words, the pair once was stopped by resistance barrier at the 114.24 level. The fully-fledged rebound did not happen as well, as the 55-, 100- and 200-hour SMAs together with the weekly PP formed a strong
EUR/USD soars amid Powell pick <div class="MN_div"> <div class="MN_content"> <img class="wp-image-2134 aligncenter" src="https://rangeforex.com/wp-content/uploads/2017/11/Screen-Shot-2017-11-03-at-6.20.16-PM.png" alt="" width="766" height="507" />The US President Donald Trump named Governor Powell as the new Fed Chair yesterday. However, markets showed little response to this decision, as it was widely expected. The news that actually moved the currency rate was disclosure of some details of the new tax
GBP/USD sinks to 1.3040 amid interest rate hike <img class="wp-image-2138 aligncenter" src="https://rangeforex.com/wp-content/uploads/2017/11/Screen-Shot-2017-11-03-at-6.22.41-PM.png" alt="" width="630" height="445" />A long awaited decision to raise the interest rate led to 110 points depreciation of the Sterling against the Dollar. Initially, the bottom trend-line of a dominant ascending channel managed to halt the pair near 1.3120. However, the subsequent Governor Carney press conference boosted this process and bears
EUR/USD falls to 1.16 amid surprising US data A release of better that expected data on the US ISM Non-Manufacturing PMI led to sharp appreciation of the buck against the common European currency and resulted in a breakout from two junior ascending channels. An active recovery of the exchange rate seems unlikely, as the northern is contains a bunch of technical indicators, such
GBP/USD stuck at monthly S1 at 1.3073 Initially, the Pound tried to restore some and even used a momentum provided by release of better than expected UK Services PMI to climb to the 1.3107 mark. However, the subsequent release of positive American data neutralized this attempt and returned the pair back to the monthly S1 at 1.3073. Unless traders receive some clear
USD/CAD reaches resistance The US Dollar on Tuesday morning was heading lower against the Canadian Dollar until it hit what seemed to be the support line of the most junior and almost horizontal pattern. The resulting surge forced the Buck into the resistance of the medium term channel down pattern near the 1.2760 mark. That resistance in a
NZD/USD bounces off resistance Near midnight from Monday to Tuesday the New Zealand Dollar met with the resistance of the long term channel up pattern against the US Dollar. The event resulted in a Kiwi decline against the Greenback. However, by the middle of Tuesday’s London trading session the rate had found support in the combined strength of the
EUR/USD trades near 1.16 amid Chinese data release In line with expectations, the currency exchange rate continued to move in southern direction under pressure from the 55-hour SMA. A short dip below the weekly S1 located at the 1.1573 level as well as the subsequent recovery signified two confirmation points, thus confirming existence of a fully-fledged junior descending channel. As the upper-trend line
USD/JPY slips in new channel down As it was expected, different news coming from the United States and Asia created a downside momentum that allowed traders with bearish outlook to push the currency pair down to the 113.65 level. The further deprecation of the buck was stopped by a slope consisting from October 16 and October 31 minimums. An existence of
NZD/USD stable after RBNZ announcement The Kiwi was trading in a calm manner against the US Dollar prior to the RBNZ’s Rate Statement late on Wednesday. The Kiwi spiked to a two-week high after the Bank’s official cash rate was left unchanged at 1.75%. This strong surge was supported by the RBNZ revising upwards its inflation targets, thus signalling to
EUR/USD advances in ascending channel The Dollar was quoted weaker against the Euro on Thursday amid concerns that the Senate would postpone corporate tax cuts until 2019. The situation did not improve even when the House relevant committee approved the current tax plan. On hourly chart these changes resulted only in minor adjustments of the current ascending channel boundaries. As
USD/JPY rebounds from 113.17 In line with expectations, the Yen continued to gain value against the Dollar under pressure from the slipping 55-, 100- and 200-hour SMAs. On the one hand, the currency rate continues to fluctuate within the descending channel formation, which implies further movement in the southern direction. On the other hand, the combined support level set
GBP/USD spikes to 1.3230 but then drops A release of better than expected growth rate of the UK Manufacturing Production created an upside momentum that enabled the pair to return back to the 1.3228 level. However, then fears of growing political risk in Britain and Trump’s participation in the ASEAN summit strengthen the buck and dragged the exchange rate to support area
XAU/USD falls by 1.1% The exchange rate dropped by almost 1.1% on Friday in result of 10 minutes trade that moved about 4 million ounces of the precious metal. Nevertheless, the drop was generally anticipated, as it illustrated a breakout from the rising wedge formation on daily chart. In any case, there are two main options for further movement
USD/JPY heads to north in ascending channel In result of the previous trading session previously dominant descending channel ceased to exist, as the currency rate broke through its upper boundary that was additionally protected by the 100-hour SMA. As a result, now movement of the pair is guided by the four-day long ascending channel. However, that pattern might not sustain for long,
GBP/USD anticipates British inflation release As it was expected, recovery of the Pound after rapid fall on Monday was neutralized by a combination of the 55-, 100- and 200-hour SMAs. From the southern direction the same function was exercised by support zone near the 1.3112 mark. In other words, the cable moved horizontally, anticipating the release of the British inflation
NZD/USD tests resistance cluster Following a test of the junior channel, the Kiwi shifted its four-day bearish momentum and managed to move past the weekly S1, the 55-hour SMA and towards a massive resistance cluster formed by the 100– and 200-hour SMAs circa 0.6910. This level coincides with the bottom boundary of a previously-breached channel. The strength of this
EUR/USD halts surge amid US inflation data In first half of the previous trading session the Euro continued to rapidly advance against the Dollar and practically reached the 1.1850 mark. However, the subsequent release of the American inflation and retail sales data that matched with analysts’ expectations returned the pair back to the 55-hour SMA near the 1.1780 level. As this moving
USD/JPY forms falling wedge pattern As it was expected, the currency exchange rate made a rebound from combined resistance formed by the monthly PP and the falling 55- and 100-hour SMAs. However, fears over impact of the new US tax reform that was passed by the House last night led to sharp apperception of all safe have assets, including the
XAU/USD goes up amid inflation concerns Until beginning of new trading session, a combination of the 55-, 100- and 200-hour SMAs in conjunction with the monthly PP managed to constrain the pair from breaking to the top. However, once the news that the US House of Representatives passed its own version of the tax reform, the gold prices inched to the
AUD/USD remains near monthly S1 As apparent on the chart, the Australian Dollar continues to trade in line with the junior channel down. After bouncing off its lower boundary circa 0.7540 mid-Friday, the pair entered a slight consolidation period along the monthly S1. During the last trading sessions, the 55-hour SMA has managed to restrict the pair from edging higher.
AUD/USD responds positively to Lowe As expected, AUD/USD was guided by the 55-hour SMA during the past session. Thus, the rate edged slightly lower, but nevertheless remained near the monthly S1. The RBA Governor Philip Lowe speaking at 0900GMT shook the market positively, as he pointed that the next interest rate move is most likely to be a hike. As
GBP/USD rises along 55-hour SMA As markets did not pay much attention to the UK Inflation Report Hearings, the cable continued to slowly surge along the rising 55-hour SMA within the junior ascending channel. By now, the currency pair has practically bypassed the upper boundaries of both senior channels. A small positive signal, such as the Autumn Forecast Statement, would
XAU/USD struggles to break through MAs As it was expected, lack of an upside momentum did not allow the pair to surge above the 1,282.00 level. Nevertheless, these attempts are expected to resume. First of all, two days ago the exchange rate made a rebound from the bottom trend-line of a large ascending channel, which implies the subsequent advance in the
NZD/USD surges up to 0.69 The New Zealand Dollar was testing a medium-term channel down during the first half of Wednesday. This was an early indication that pointed to a soon upside breakout. FOMC Meeting Minutes released at 1900GMT later in the day added some ground to the overall bullish sentiment, thus allowing the rate to reach the weekly R1 at 0.6899 by mid-Thursday. Given that the Kiwi appreciated 77 pips within the last 24 hours, it is likely that this upward momentum allays during the second half of today, thus pushing the rate towards the combined support of the 200– and 55-hour SMAs and the weekly PP in the 0.6850/40 area. The 100-hour SMA is likewise located nearby. By and large, the newly-drawn short-term channel is unlikely to hold for long, thus suggesting that bears might prevail on Friday, as well. <img cl
USD/CAD rises amid disappointing fundamentals The USD/CAD currency pair was stranded between the 100– and 200-hour SMAs during the first half of Wednesday, as traders were reluctant to push in any direction. However, bears started to overwhelm the market mid-session as a result of which a medium-term channel, the 200-hour SMA and the monthly PP were breached circa 1.2750. Downside risks remained dominant until mid-Thursday when disappointing Canadian Retail Sales strengthened the Greenback. Prior to this move, technical indicators were located near historic lows. Thus, the base scenario favours a possible surge. The rate faces a strong resistance of the 55-, 200– and 100-hour SMAs and the monthly PP circa 1.2760. This may mark a point of reversal, thus allowing the US Dollar to make a successful retracement from the channel.<img class=" wp-ima
FX Strategy 27 Nov 17 In the G10 currencies today, JPY and NZD are the top two gainers while CHF and USD are the weakest. The USD-index continues its fall in early hours of European trading with weakness seen versus all the majors. In the equities space, the Nikkei 225 has closed -0.24% at 22496 and the European equities have
USD/CAD trades near 1.2620 mid-Monday After testing a significant resistance cluster formed by the monthly PP, the 100– and 200-hour SMAs circa 1.2750 mid-Friday, the bearish sentiment took the upper hand and guided the US Dollar lower. The pair was fluctuating around the 55-hour SMA for the majority of session prior to reaching a two-week low of 1.2680 mid-Monday. Indicators
NZD/USD driven by bulls in this session Following the prevalence of bears on Friday, the New Zealand Dollar hit the 100-hour SMA and the weekly PP circa 0.6860 early in this session and turned to the upside. During the following hours, the pair managed to appreciate 60 pips and thus reach the weekly R1 at 0.6924. Technical indicators demonstrate a strong selling
GBP/USD expectedly rebounds from 1.3380 During previous trading session the cable surged to resistance zone located at 1.3370-1.3380 and then pulled back to the 1.3220. The plunge once again was stopped by a combination of the 55- and 100-hour SMAs, which are lying along the bottom boundary of an ascending channel. For now, such soars and retreats were proofed to
EUR/USD falls to 1.1836 amid progress on tax reform In line with forecasts, an improvement in consumers’ sentiment dragged the pair to the weekly PP at 1.1864, while the subsequent news that two hesitating senators agreed to join other Republicans to support tax reform pushed the pair even further to the monthly R1 at 1.1826. As this barrier is located slightly above the bottom
GBP/USD jumps by 1.1% amid progress in UK and EU talks As it was warned yesterday, publication of encouraging news from the United States one after another led to notable appreciation of the buck whose surge was stopped only is support zone located around the weekly S1 at 1.3231. Since the rebound was based on reports that Britain has finally managed to reach a deal with
EUR/USD trades near 1.1864 amid strong resistance As it was forecasted yesterday, the resumption of surge towards the 1.1910 level was halted in resistance zone that contained both the weekly PP with the 55-hour SMA as well as the 61.8% Fibonacci retracement level and the 100-hour SMA. Nevertheless, the general scenario remains the same. In medium perspective the pair is projected to
AUD/USD remains in range During the previous trading session, the Australian Dollar was fluctuating between the 200-hour SMA and the monthly S1 in the 0.7592/0.7558 territory. As previously expected, the strong resistance of the 200– and 55-hour SMAs and the weekly PP reversed the pair to the downside early on Thursday even despite strong opening hours. The pair is
November 2017
GBP/USD slowly heads to weekly R3 In accordance with expectations, in first half of previous trading session the cable made a minor pull back to 1.3440 and then resumed the surge. An existence of two barriers located at the 1.3500 and 1.3530 levels was confirmed, while the pair continued to climb to the top yesterday. As majority of pending orders both
STRONG MARKET DATA FROM CANADA WEAKENS THE USD/CAD The EUR/USD retreated from the local high despite positive statistics from the manufacturing PMI in the Eurozone, which grew to 60.1 against the 60.0 expected. We should note that the pair’s price is showing a decline in the amplitude of price fluctuations ahead of the decision on tax reforms in the US. The British pound
XAU/USD breaks from junior channel up Formation of a minor pennant pattern, indeed, pushed the further downwards. However, the bottom edge of a junior ascending channel was expected to withhold the pressure. The fact that the buck continued to appreciate against the gold in based not only on release of satisfying macroeconomic data yesterday. Most probably the maximum that the pair
EUR/NZD LOOKING FOR BUYERS ACROSS THE BOARD The pair remains strong in a bullish bias held since November 28th session and according to our projections, EUR/NZD is expected to find buyers at the current stage. That’s a likely scenario, taking in consideration that our Fibonacci levels coincides with the 1.7274 and 1.7214. If the pair manages to rebound around that area, the
USD/CAD fails to recover after plunge The massive plunge which was caused by the Canadian GDP and employment data releases mid-Friday was followed by a subsequent movement downwards. The Greenback dashed through the monthly S1 at 1.2739 and fell down to the November low at 1.2668. This monthly resistance is likely to delay or even halt the pair from further decline,
GBP/USD jumps up and down from political news In general, previous trading session the currency rate spent moving downwards, as expected. Apart from rebound from the two month maximum at 1.3550, the drop was driven by anxiety over affirming vote on tax bill as well as new report that no agreement on Brexit has been reached yet. From technical point of view, today
US TRADE GAP WIDENED IN OCTOBER Recent Unites States trade data shows the widening of the trade deficit in October which reflects increases in imports of oil and other foreign goods and the slowdown in exports. According to the commerce department, the trade gap in services and foreign goods expanded 8.6% as compared to the previous month which was adjusted to
USD/JPY meets strong resistance at 113.00 As it was suggested yesterday, the currency exchange rate made a fully-fledged breakout from a rising wedge formation after encountering strong resistance posed by the 50% Fibonacci retracement level at 113.00. However, the plunge was deep, as southern side was secured by two moving averages but most importantly by another 50% retracement level located at
EUR/USD breaks junior ascending channel In line with expectations, a combination of the 55-, 100- and 200-hour SMAs pushed the rate downwards, leading to dissolution of the one-month long ascending channel. The plunge happened despite release of worse than expected non-manufacturing data, which means that markets are mainly focused on talks between the House and Senate about tax reform. Most
UK BREXIT SEC. DAVIS: GOVERNMENT HAS NO OVERALL IMPACT ASSESSMENT ON BREXIT The UK Brexit Secretary Davis is on the wires now, via Reuters, testifying to the Brexit parliamentary committee. Key Headlines: Government has no overall impact assessment on Brexit. Impact assessment on individual sectors of the economy not necessary at this point. Usefulness of a detailed impact assessment is zero. At some stage, we can at best try
BOC TO LEAVE RATES ON HOLD AT 1.00% – RABOBANK Christian Lawrence, Senior Market Strategist at Rabobank, expects the Bank of Canada to leave rates on hold at 1.00% today and the OIS curve currently implies around a 20% chance of a 25bp hike to 1.25%. Key Quotes “We expect the Bank to maintain a cautious tightening bias.” “Our base case is that the BoC
GLOBAL DATA FLOWS IN THE SPOTLIGHT ON THURSDAY Economic data will very much remain the focus on Thursday, as investors await the all-important US nonfarm payrolls report in the final session of the week. Still, the Thursday session features several noteworthy releases from both sides of the Atlantic. Action begins at 06:45 GMT with a Swiss government report on unemployment. The nation’s jobless
CHINA: TRADE CONFLICTS RETURNED – OCBC The US recently rejected China’s bid for “market economy status” again as the Trump administration only announced the decision last Thursday even though it has already submitted the decision to the WTO in mid-Nov, notes the research team at OCBC Bank. Key Quotes “Although the presumption that China is a non-market economy under the article
GBP/USD heads upwards amid Brexit news   During previous trading session the pair initially slipped to support line located at the 1.3338 mark but then suddenly resumed the surge and ended the day at the 50% Fibonacci retracement level. The drop was based on reports about the action made by Congress aimed to avoid government shutdown, while the surge reflected progress
USD/JPY tends to reach 114.00 As the Congress managed to avoid government shutdown, the Dollar continued to gain value against the Yen, simultaneously passing the monthly PP and the 50% Fibonacci retracement level at 113.00. At the moment, the pair is facing no technical barriers on its way up until the weekly R2. On the other hand, there are two
EUR/USD reaches 38.2% Fibo at 1.1760 In result of the previous trading session the currency exchange rate has expectedly reached the 38.2% Fibonacci retracement level located at 1.1760. As the pair is also moving in a junior falling wedge formation, a breakout in northern direction is expected to happen. This projection is additionally supported by the fact that the above retracement
EUR/USD moves towards 1.1795 New trading week the currency exchange rate started in a movement towards combined resistance level formed by the weekly PP and the slipping 100-hour SMA. Such recovery of the Euro was triggered by a rebound from support zone located between the 1.1730 and 1.1722 levels. In addition to that, depreciation of the buck signified a
GBP/USD tests 1.3410 In first half of Friday’s trading session the Pound was actively appreciating against the Dollar being fuelled by reports about progress made on Brexit divorce bill. However, once this anxiety ran out and the US posted another set of positive employment data the pair returned back to the monthly PP located at the 1.3372 mark.
EUR/JPY leaves trading range EUR/JPY had been stranded in a narrow 133.81/133.52 range for the second consecutive session. The upper boundary was set by the prevailing channel down, while support was provided by the 55-hour SMA. This calm movement changed mid-session when the Euro breached the 133.60 mark and fell down to the 200-hour SMA and the weekly PP
XAU/USD still trades near 55-hour SMA Due to anticipation of the upcoming decision on the interest rate hike, the exchange rate continued to move horizontally between the 55-hour SMA and the monthly S2 from the top as well as the 50% Fibonacci retracement level and the weekly S1 from the bottom. Until release of data on the American inflation the rate
EUR/USD jumps by 44 points amid rate hike As the currency rate was falling the last three weeks in a row, traders used the Federal Funds Rate hike to sell the Dollar and elevate the pair to the 1.1844 level. As long as market sentiment remains predominantly bearish the rate is expected to continue moving in southern direction. As for today, a deep
USD LOOKING TO RESTORE PREVIOUSLY LOST POSITIONS The EUR/USD price is consolidating after strong growth triggered by the FOMC statement on monetary policy settings in the US. Yesterday the interest rate in the US was increased by 0.25% to 1.25-1.50% and currently, the regulator is forecasting three rounds of monetary tightening in 2018. Some experts predict more than three rate increases during
US DOLLAR STRENGTHENED ON STRONG DATA Yesterday’s US retail sales data showed a boost in sales for the month of November which helped the US dollar post some gains during the US trading session. Data showed that Americans are spending more in this holiday season than expected. On the negative side, initial jobless claims for the week ended on 9 December
THE EURO PRICE RESTORING POSITIONS AGAINST THE USD The common currency is growing today against the US dollar on the background of a weakening greenback and the recent publication of the consumer price index in the Eurozone. The inflation figure for November grew by 1.5% which was in line with forecasts but is still below the target inflation level at 2.0%. Investors are
EUR/USD starts new day above MAs Despite increasingly positive stance on the Dollar, the Euro continued to inch higher yesterday, being driven by the minor head and shoulders pattern. As the currency rate managed to end previous trading session above the combination of 55-, 100- and 200-hour SMAs as well as the weekly PP, they are expected to provide support for
GERMAN, US DATA HEADLINE TUESDAY SESSION The economic calendar is off to a slow start this week, as investors parse through a light release schedule ahead of the holidays. On Tuesday, data releases from the United States and Eurozone will make headlines. Action begins at 08:00 GMT with a report on German business conditions. The Ifo Group will release separate barometers
JAPAN PM ABE: ECO. REVITALIZATION AND FISCAL CONSOLIDATION IMPORTANT IN BUDGET Fresh comments from the Japanese PM Abe crossed the wires last minutes, as he speaks again in Tokyo. Key Headlines: Economic revitalization important in the budget. Fiscal consolidation also important in budget. Expected tax revenue of JPY 59.1 trillion in the budget. Debt issuance down for a 6th straight year.
GBP/USD pressured by SMAs The Pound weakened slightly against the US Dollar on Thursday. This fall, however, was brief, as the pair had managed to return to the 1.3340 mark by this morning. Along the way, the combined resistance of the 55-, 100– and 200-hour SMAs was surpassed with little hindrance. The Pound is approaching a short-term trend-line located
USD/CAD once again near 1.27 level On Friday the USD/CAD rate jumped on the release of fundamental news. Namely, the Canadian GDP came in lower than expected by the average forecast. That caused a jump up to the resistance of the 55-hour SMA and the upper trend line of a descending channel pattern. However, on Tuesday the currency exchange rate had
EUR/USD: CONSOLIDATION NEAR MID-1.18S TO EXTEND AHEAD OF US DATA Back near 5-DMA of 1.1862. Resurgent USD demand caps recovery. Focus shifts to US data amid light trading. The EUR/USD pair continued to find support near 1.1850 levels amid thin liquidity conditions, now looking to retain the bids as attention turns towards the key US datasets due on the cards later today. EUR/USD: Sell the bounce? The
December 2017
ALL EYES TURN TO FOMC MINUTES RELEASE TONIGHT The EUR/USD is correcting amid profit taking after a confident increase of quotes that was triggered by strong macro data from the Eurozone and the greenback’s weakening after the passing of the tax cuts bill in the US. The common currency felt some pressure following the release of unemployment data in Germany which fell by
EUR/USD rebounds from 1.2005 New trading session the currency exchange rate started with a rebound from alleged support zone located between the 1.2005 and 1.1992 levels. Until release of information on employment change in the United States the pair is expected to spend fluctuating in a two-day long junior descending channel whose boundaries are covered by the 55- and
US JOBS DATA HEADLINES ACTIVE SESSION ON THURSDAY Economic data will hog the headlines on Thursday, with an advance report on US employment set to drive the markets at the top of the North American trading session. Action begins at 08:15 GMT with a steady stream of European PMI reports courtesy of IHS Markit. The data will cover the service economies of Spain,
EUROPEAN DATA RELEASES HEADLINE TODAY’S MARKET The first releases of the European session take place at 07:00 GMT with reports on German industrial production and trade. Industrial output in Europe’s largest economy is expected to grow 1.8% in November, which translates into a year-over-year gain of 4%. That follows a 1.4% decline in October. Berlin’s trade surplus is expected to widen
2018 TO BE THE YEAR WHEN THE GLOBAL ECONOMY REFLATES – DANSKE BANK Christin Tuxen, Chief Analyst at Danske Bank, suggests that ‘reflation’ beliefs have been spurred anew by a continued strong global cyclical stance, the enactment of the US tax reform and commodity-price rises. Key Quotes “We doubt that 2018 will be the year when the global economy ‘reflates’, despite what looks like a benign growth environment
EURO, US DATA IN THE HEADLINES ON THURSDAY Investors will get a taste of data from both sides of the Atlantic on Thursday, with the Eurozone and United States scheduled to release important figures for the months of November and December. Action begins at 08:00 GMT with a Spanish report on industrial output. This will be followed up one hour later by a
XAU/USD tries to bypass 1,323.00 again Contrary to expectations, the exchange rate failed to sneak below the combined support formed by the lower trend-line of a junior ascending channel and the 200-hour SMA. In other words, bulls made one more, though unsuccessful, attempt to push the bullion through the upper boundary of a four-month long dominant descending channel. In larger perspective,
EUR/USD strengthens amid ECB Minutes Due to release of the minutes of the European Central Bank’s December meeting the common European currency appreciated against the buck by 0.87% just in couple of hours and reached the weekly PP at 1.2040. In result of this surge, the pair has formed little ascending channel, which presupposes continuation of the upward movement at
THE ECB MAY START TO TIGHTEN MONETARY POLICY SETTINGS IN 2018 The price of the EUR/USD grew sharply after the release of the minutes from the ECB meeting on monetary policy. Investors got hints of upcoming monetary policy tightening which is a positive for the common currency. The asset purchasing programme in the Eurozone has been reduced to monthly purchases of 30 billion and this kind
EURUSD INTRADAY BULLISH ABOVE 1.2030 LEVEL The euro has moved sharply higher against the greenback, reaching 1.2068 against the U.S dollar, following the release of a more hawkish than expected ECB Meeting Minutes. The Meeting Minutes revealed that members of the European governing council may start to change ECB guidance in 2018, to represent the continued economic recovery underway in the
EUROPEAN INFLATION DATA ON DECK TUESDAY Action begins at 07:00 GMT with a pair of German reports centered on inflation. The wholesale price index will provide a snapshot of wholesale values in Europe’s largest economy. Meanwhile, the consumer price index (CPI) will show the average price change for all goods and services purchased by German households. The CPI indicator is forecast
USD/JPY returns near 55-hour SMA The bearish pressure continued to prevail on Monday, thus sending USD/JPY towards the combined support of the monthly S2 and the weekly S1 circa 110.30. Due to this cluster, the Greenback failed to reach the bottom boundary of a four-month channel circa 110.00. The test of this support was followed by a slight period of
BANK OF CANADA POISED TO RAISE INTEREST RATES ON WEDNESDAY Monetary policy will be in the headlines on Wednesday as the Bank of Canada (BOC) gets set to vote on interest rates. The BOC is expected to continue raising interest rates thanks to a firming domestic economy. Action begins at 10:00 GMT with a report on Eurozone consumer inflation. The consumer price index (CPI) is
SWISS ECONOMY TO EXPAND BY 0.5% IN Q4 2017 – BLOOMBERG SURVEY According to the results of a Bloomberg survey of 30 economists on the Swiss economy for 2018, a majority of them see the Swiss economy expanding by 0.5% in Q4 2017. Key Findings: Prior survey showed Q4 2017 growth +0.7%. GDP 1Q 2018 +0.5% q/q vs prior +0.4%. GDP 2Q 2018 +0.4% q/q vs prior +0.4% GDP
ECB’S NOWOTNY: EURO EXCHANGE RATE MUST BE OBSERVED ECB Governing Council member Ewald Nowotny is on the wires now, via Reuters, speaking at the Euromoney CCE Conference in Vienna. Nowotny noted that the Euro exchange rate must be observed. His comments come after ECB’s Constancio said that he will be worried about the Euro moves that don’t reflect fundamentals.
XAU/USD fluctuates in wider range Following a minor period of consolidation during the first half of Tuesday, the bearish sentiment prevailed in the market and thus sent Gold down to the 1,332.00 area. Subsequently, the rate returned for a re-test of its four-month high of 1.344.03, but fell lower once again. These increasing fluctuations demonstrate that Dollar bulls might have
GROWTH OF CHINESE ECONOMY SUPPORTS THE AUSSIE The EUR/USD price has restored some of the previously lost positions. Volatility remains high thanks to recent statements by ECB officials according to which the recent growth of the single currency may lead to the regulator considering actions in order to restrain its unreasonably strong rise. Statistics from the US housing market were mixed with
UK RETAIL SALES, US SENTIMENT DATA TO DRIVE MARKETS FRIDAY The global financial markets will be clued in to the economic calendar on Friday, with investors anticipating high profile reports from both sides of the Atlantic. Action begins at 07:00 GMT with a report on German producer inflation. The producer price index (PPI) is forecast to rise 0.2% in December, following a 0.1% increase the
GBP/USD loses upside momentum The Pound continues to appreciate against the US Dollar for the sixth consecutive session. The pair managed to edge higher on Thursday; however, it lost its momentum near the 2017 high of 1.3925. This suggests that bulls might have exhausted their strength, thus paving the way for a possible decline in price. This is likewise
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GLOBAL DATA FLOWS HEADLINE WEDNESDAY SESSION A steady stream of economic data will flow through the financial markets on Wednesday, giving investors the latest insights on developments in the Eurozone and United States. A slew of PMI reports will make headlines in European trading, with IHS Markit set to report on manufacturing and services for key regional markets. The data releases
ECB HEADLINES THURSDAY’S TRADING SESSION Economic data and monetary policy headline an active release schedule on Thursday, culminating in a high-profile interest rate decision by the European Central Bank (ECB). Action begins at 07:00 with a report on German consumer confidence courtesy of the GfK institute. Two hours later, the CESifo Group will report on German business conditions for the
EUROPEAN DATA, CENTRAL BANKERS ON DECK FOR TUESDAY The data deluge continues on Tuesday, with European releases dominating the headlines amid a quiet session for North America. On the monetary policy front, a pair of central bankers will capture the market’s attention ahead of the US Federal Reserve interest rate announcement later in the week. The economic calendar heats up at 08:00 GMT
WEDNESDAY IS FED DAY The month of January is going out with a bang on Wednesday, as investors monitor a deluge of economic data and a key rate announcement from the US Federal Reserve. In terms of economic data, the German government will get the ball rolling at 07:00 GMT with its monthly report on retail sales. Receipts at
January 2018
DOLLAR GAINS AS EMPLOYMENT DATA EXCEED EXPECTATIONS The dollar index gained 45 basis points after the Bureau of Labor Statistics (BLS) released the employment data for January. At the same time, the yields on benchmark Treasury note rose to 2.83%, which is the highest level since April 2014. According to BLS, the U.S economy added 200K jobs in January while the unemployment
PMI DATA HEADLINES MONDAY SESSION The economic calendar will be flooded with PMI data on Monday, giving investors the latest glimpse into the Eurozone and US economies. IHS Markit will release the final batch of Eurozone PMI figures beginning at 08:15 GMT with a report on Spain’s services industry. Later in the morning, Markit will release French, Germany and Eurozone
UK FACTORY DATA HEADLINES FINAL SESSION OF THE WEEK A steady stream of economic data will flow through the financial markets on Friday, with reports on UK factory output and Canadian employment set to draw the most headlines. Action begins at 07:45 GMT with a report on French industrial output. A similar report will be produced in Italy later in the morning. The United
USD/JPY falls below SMAs USD/JPY spent Thursday’s morning in between the bounds of the weekly PP and the 100-hour SMA. However, as risk-averse investors started buying the Yen mid-session, the US Dollar fell 100 pips within a couple of hours, thus dashing through the strong support of the 100-, 55– and 200-hour SMAs. This fall was stopped solely by
EURUSD STILL BEARISH BELOW 1.2275 LEVEL The EURUSD pair remains bearish and under downside pressure in early Friday trading, as risk-off trading sentiment continues to spread through broader financial markets. Price-action is currently range-bound between the 1.2240 to 1.2270 region, after the pair suffered more extreme volatility on Thursday, with the euro sinking to a new weekly low, hitting 1.2212. Moving
US DOLLAR TAKES A BREAK Today, the dollar took a break from the rally it experienced last week when traders pushed it to a three-week high. The dollar surge was boosted by positive economic data, high yields, and the general weakness of its global peers. Today, the dollar index is little changed as investors turn their attention to stocks, which
UK INFLATION DATA HEADLINE TUESDAY SCHEDULE Investors can expect a steady pick-up in economic data on Tuesday following a slow start to the week, with reports on UK inflation set to dominate the headlines. Action Begins at 07:45 GMT with France’s quarterly nonfarm payrolls report. The data are expected to show a 0.2% increase in nonfarm jobs in October-December, following a
US DATA IN THE HEADLINES FOR SECOND STRAIGHT DAY The US economy will be front and centre on Thursday, with the economic calendar set to deliver a steady stream of market-moving reports. Eurozone data and monetary policy considerations are also expected to influence investor sentiment. The day begins at 06:30 GMT with a report on French unemployment. Ninety minutes later, the Spanish government will
NZD/USD sets for decline The previously described scenario on Monday regarding the NZD/USD did not come into reality. A strong resistance set by the 55– hour simple moving average proved to have enough strength to send the currency pair south. At the beginning of Tuesday’s trading session, the exchange rate was trading below the 100-hour SMA. Due to this
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USD/JPY dominated by bears Despite two attempts to breach 107.20 during the previous 24 hours, the strong resistance of the 55–, 100- and 200-hour SMAs and the monthly S1 was strong enough to limit any gains above this mark. The bearish sentiment was strengthened early in this session when weaker US Dollar put downward pressure on the pair, thus
AUD/USD EASES FROM TOPS, STILL WELL BID ABOVE MID-0.7800S •  Bullish momentum fizzles out ahead of the 0.7900 handle. •  Weaker USD/US bond yields fail to provide any fresh bullish impetus. The AUD/USD pair trimmed some of its early strong gains and has now retreated over 20-pips from multi-day tops touched earlier. The pair was seen building on last week’s goodish rebound from sub-0.7800 level but
FX Strategy 26 Feb 18  In the G10 currencies, GBP and NZD are the top gainers (up 0.50% each versus USD). The top losers are CAD and USD neck and neck with each other. In the Equities space, the Nikkei 225 has closed higher by 1.19% at 22,153.63 and the Europen equities have also opened firmer with FTSE +0.4%, DAX
US DATA HEADLINES MONDAY SESSION Monday kicks off a highly active week in the financial markets. On the agenda is a steady stream of US economic data and an important speech from one of the Federal Reserve’s policymakers. European data headline a light European release schedule on Monday. At 07:00 GMT, Nationwide will report on housing prices for February. A
GBP/USD PROBABLE TEST OF 1.4099 – COMMERZBANK Cable could extend the upside to the boundaries of the 1.4100 handle, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank. Key Quotes “GBP/USD held relatively steady last week and we remain unable to rule out another attempt on the short term resistance line, this is currently located at 1.4099. Support is found at the
ECONOMIC DATA PICKS UP ON TUESDAY WITH EURO, US RELEASES After a moderate start to the week, investors can expect a deluge of economic reports from both sides of the Atlantic on Tuesday. Action picks up at 07:45 GMT with a report on French consumer confidence, followed immediately by Spanish inflation numbers for February. Beginning at 09:00 GMT, Italy will report on consumer and business
WHEN IS THE GERMAN PRELIM CPI AND HOW COULD IT AFFECT EUR/USD? The German prelim CPI Overview The German inflation data is up for release later this session at 1300GMT, with the CPI figures expected to rebound to +0.6% m/m in February, while easing 1.3% annually, compared to the 1.4% result reported in January. Germany’s regional CPIs released earlier today point to an optimistic outcome of the harmonized German CPI
GBP/USD stranded in narrow range The Pound showed high volatility against the US Dollar on Monday, as the pair was trading in the 1.4063/1.3941 area during this time. Strong bearish sentiment took over the market mid-session when the rate plunge 121 pips within a couple of hours. It has since been moving in a narrow range, thus not being able
EUROZONE INFLATION, US GDP THE TALK OF THE TOWN WEDNESDAY Investors won’t get any reprieve from the economic calendar on Wednesday, as governments in Europe and the United States unleash a fresh wave of economic data. Action begins at 07:00 GMT with a report on German consumer confidence courtesy of the GfK research institute. The monthly reading is expected to dip slightly to 10.9 in
February 2018
DATA DELUGE CONTINUES ON THURSDAY The economic data will maintain its torrid pace on Thursday, with high-profile reports from both sides of the Atlantic Ocean set to make headlines. The European session kicks off with a report on Swiss GDP, which is scheduled for 06:45 GMT. The report is expected to show a quarterly expansion of 0.6% for the Swiss
NZD/USD temporary surge Following a test of the monthly pivot point at 0.7187, bulls took control of the market and manage to push the NZD/USD pair higher yesterday. However, the rally was stopped by the weekly PP at 0.7277, as the Asian session on Friday introduced some minor downward movement. By the middle of the European trading session,
Gold approaches junior channel The yellow metal was stable against the US Dollar on Friday morning, as it was supported by the 55-hour SMA and the 38.20% Fibo retracement. It managed to pick up speed mid-session and even breach the 200-hour SMA early today. This two-day period of appreciation has sent the pair close to the 1,330.00 mark where
EUR FUTURES: UPSIDE STILL LIMITED CME Group’s preliminary data for EUR futures markets showed investors trimmed their open interest positions for the third consecutive session on Friday, this time by 3.1K contracts vs. Thursday’s final 560,868 contracts. Volume followed suit, down by 65.6K contracts. EUR/USD remains offered below 1.2400 EUR/USD is now struggling for direction following recent political developments in Germany
GBP/USD likely tended north Following a rather quite morning on Tuesday, the Sterling took advantage of the weaker US Dollar later in the day and eventually dashed through the strong resistance of the monthly and weekly PPs and the 200-hour SMA circa 1.3870. Further advance did not follow, as the pair entered a minor period of consolidation. Despite technical
XAU/USD moves in line with patterns The yellow metal took advantage of the weaker US Dollar on Tuesday, thus managing to surge by 1.44% and reaching the 1,340.00 mark late in the evening. The pair breached the prevailing four-week channel down along the way, at the same time providing the second upper confirmation of a more junior pattern. Technical indicators are
EURUSD INTRADAY BEARISH BELOW 1.2358 The euro has moved lower against the U.S dollar, after European Central Bank President Mario Draghi issued a stark warning about potential Trade Tariffs from the U.S during yesterday’s ECB policy meeting. The EURUSD tumbled back towards the 1.2300 level, with the pair was strongly rejected from the 1.2400 handle again, following Draghi’s dovish comments.
QUIET MONDAY KICKS OFF ACTIVE WEEK IN THE MARKET After a hectic first week of March, the economic calendar will see a much lighter schedule on Monday. However, action will pick up 24 hours later and continue throughout the week, giving market participants the latest information on the US and European economies. The European release schedule begins at 10:00 GMT with a report on
USD/JPY likely to test 106.20 Following a breakout of the descending channel early on Friday, the US Dollar entered a minor period of consolidation against the Yen. This neutral sentiment changed during the Asian session when the pair fell 50 pips in response to various fundamental events. Some downside potential still exists in the market today; thus, the pair could
EUR FUTURES: FURTHER CONSOLIDATION LIKELY CME Group’s advanced figures for EUR futures markets showed open interest increased by 982 contracts on Friday from Thursday’s final 562,849 contracts. Volume, instead, decreased sharply by more than 182K contracts, partially trimming the significant advance seen during the previous day (ECB meeting). EUR/USD rangebound between 1.2155/1.2555 Friday’s doji-like candle following Thursday’s sharp sell off
FX Strategy 13 Mar 18 In the G10 currencies, the top gainer is NZD, up 0.53% versus USD. JPY is the top G10 loser down 0.46% versus the dollar. In the Equities space, the Nikkei 225 has closed higher by 0.66% at 21,968. The European equities have also started the day on a positive note; FTSE is flat but DAX
US CPI DATA IN FOCUS ON TUESDAY Economic data takes the spotlight once again on Tuesday, with US inflation figures likely to generate most of the chatter. Like on Monday, the European release schedule is relatively light on Tuesday. The French government will report on nonfarm payrolls at 06:00 GMT. The report is expected to show employment growth of 0.3% in the
EUROZONE, US DATA TO DRIVE CURRENCY MARKETS ON WEDNESDAY A deluge of economic data will move the currency markets on Wednesday, with high-profile reports from Europe and the United States set to drive the headlines. The economic calendar kicks off at 07:00 GMT with a report on German consumer inflation. Germany’s consumer price index (CPI) for February is expected to rise 1.4% annually. The
FX Strategy 14 Mar 18   In the G10 currencies, the top gainer is AUD, up 0.39% versus USD. CHF is the top G10 loser down 0.27% versus the dollar. EURUSD failed to make sustained gains following Draghi slightly dovish speech; he said that Euro strength could weigh on inflation and that further evidence is needed that inflation is moving in
XAU/USD limited by strong support Gold was driven by bears early on Tuesday who pushed the yellow metal down to the upper boundary of the breached wedge pattern and the 38.20% Fibo near 1,316.70. The pair’s subsequent direction was determined by the US inflation release which introduced volatility in the market. As a result of this 45% surge, Gold dashed
FX Strategy 15 Mar 18  In the G10 currencies, the top gainers are NOK and JPY, up 0.65% and 031%, respectively (versus USD). AUD is the top G10 loser down 0.14% versus the dollar. NOK was buoyed by the Norges Bank Governor Olsen confirming a rate hike post-summer. Overall risk sentiments remained lacklustre with JPY getting a bid in early
DATA DUMP CONTINUES ON THURSDAY Economic data will continue to make the rounds on Thursday, with most of the action centred on North American markets. A policy meeting at the Swiss National Bank (SNB) will also get media attention, although no changes are expected. The European session begins at 07:45 GMT with a report on French inflation. France’s consumer price
FX Strategy 20 Mar 18   NOK and GBP are the top G10 currencies today, up 0.23% and 0.21%, respectively (versus USD). JPY and NZD are the top G10 loser down 0.41% and 0.33%, respectively. Overnight the RBA meeting minutes were more of the same, causing no problems to the FX markets. The key focus still remains the FOMC meeting; we
EUROZONE DATA, FOMC IN THE HEADLINES ON TUESDAY European economic data will make headlines on Tuesday, as traders await the US Federal Reserve’s latest policy decision. Currency markets could see an active session in Europe as UK, Germany and Eurozone data are released. Action begins at 06:45 GMT with SECO’s economic forecasts for the Swiss economy. The projections cover the country’s main GDP
USD/JPY could be guided by fundamentals today The US Dollar has still failed to gain strength against the Japanese Yen, thus lingering slightly above the 2017/2018 low of 105.35. The most recent weakness was caused by trade rhetoric between the US and China which weighted heavily on the pair during the first part of Wednesday. As a result, the US Dollar dashed
GBPUSD PRICE CORRECTION LOOMS BELOW 1.4179 The British pound has edged marginally lower against the greenback during the European trading session, following a mixed UK Retail Sales report. The GBPUSD pair initially spiked to 1.4179, following a better than expected February UK Retail Sales headline number, but soon reversed direction as the previous month’s figures were downgraded. The pair currently trades
DOLLAR FALLS AND STOCKS REBOUND AS FEAR OF TRADE WAR SUBSIDES Last week, the United States imposed fresh tariffs on Chinese imports amounting to more than $60 billion. In response, the Chinese government, imposed tariffs on American imports worth about $3 billion. During the weekend, it was reported that the commerce ministry of the two countries were holding talks to resolve the issues. Of key importance
GLOBAL STOCKS SLIDE, U.S Q4 GDP DATA REVISED UP TO 2.9% Jitters on trade wars returned to the market today after a story by a Chinese state-run media suggested that the country was preparing a list of American goods to impose tariffs on. The news came after a report on Sunday indicated that the two countries were working on a deal to ease the trade tensions.
FX Strategy 28 Mar 18   JPY and AUD are the top G10 gainer up 0.21% and 0.13%, respectively (versus the dollar). The top losers are GBP and NOK down 0.21% and 0.15%, respectively. The USD-index is consolidating after recovering sharply yesterday; this raises chances that the current choppy range may continue for a bit longer than expected. In the equities
FX Strategy 28 Mar 18   JPY and AUD are the top G10 gainer up 0.21% and 0.13%, respectively (versus the dollar). The top losers are GBP and NOK down 0.21% and 0.15%, respectively. The USD-index is consolidating after recovering sharply yesterday; this raises chances that the current choppy range may continue for a bit longer than expected. In the equities
March 2018
PMI DATA HEADLINE EASTER MONDAY A steady stream of PMI data will make its way through the financial markets on Monday, although trading activity is expected to be muted as Australian and key European markets pause for the Easter holiday. The purchasing managers’ index (PMI) provides a high-level overview of domestic economies, focusing on manufacturing and services sectors. Action begins
NZD/USD remains stable The New Zealand Dollar remained stable against the US Dollar during Monday’s trading session. A gradual bullish momentum continues to dominate the currency pair. During the European trading session on Monday, the NZD/USD exchange rate was bouncing between SMAs. The combination of the 100– and 200– hour simple moving averages was providing resistance for the price,
PMI DATA TAKE CENTER STAGE TUESDAY The global financial markets are back in full swing on Tuesday, with traders returning from the Easter long weekend. Action begins bright and early with a steady stream of Eurozone releases leading into a less active US session. Germany’s federal statistics department will report on retail sales at 06:00 GMT. Receipts at retail stores are
NONFARM PAYROLLS TAKE CENTRE STAGE ON FRIDAY Friday is US nonfarm payrolls day, which means currency traders, stock investors and other market participants will be glued to the economic calendar at 12:30 GMT. Luckily for them, the session will also feature other headline reports from around the world. Action begins at 06:00 GMT with a report on German industrial production. The monthly
US DATA HEADLINES TUESDAY TRADING The economic calendar picks up on Tuesday after a slow start to the week with US figures set to drive headlines in North American trade. The European data session begins at 06:45 GMT with a report on French industrial output. February industrial output is projected to rise 1.5% after sinking 2% the previous month. Italy
US DOLLAR GAINS AS HOUSING DATA BEATS ESTIMATES The Reserve Bank of Australia (RBA) released its minutes for the March meeting. The minutes showed that while the economy was doing well, the officials were cautiously optimistic about the future. Most importantly, they raised concerns about the declining mining and dwelling investments. Also, they had concerns that the GDP growth was not growing as
PMI TAKES THE SPOTLIGHT ON MONDAY Economic data is in the spotlight again on Monday, with PMI reports from Europe and the United States set to generate significant headlines for currency traders. The reports on manufacturing and services will kick off what’s expected to be a highly active week in the markets. The first PMI report of the day will be
FX Strategy 23 Apr 18  NOK and SEK are the top G10 losers, down -0.36% and -0.30%, versus USD. The USD-index continues to improve though we will need a break above 91.00 to complete a base, this may not happen before the US Q1 GDP (Advance) due later in the week. CAD continues to be weak but positive developments on
NZD/USD reaches support By the middle of Monday’s trading session the NZD/USD currency exchange rate had reached the vital support levels near the 0.7150 mark. Coincidentally at that level a dominant support line was located together with the freshly calculated first weekly support level. It is highly important to watch whether that level will hold its ground for
US 10-YEAR YIELDS APPROACHES 3%, LOWEST LEVEL SINCE 2014 The Australian Dollar continued to slide after the country’s bureau of statistics released the quarterly consumer prices data. The data showed that the consumer prices rose by 0.4% in the quarter. This was lower than last quarter’s data of 0.6% and the 0.5% traders were expecting. On an annual basis, the CPI rose by 1.9%,
FX Strategy 26 Apr 18   NOK and EUR the top G10 gainers, up 0.19% and 0.14% (vs USD), respectively, while SEK is the top loser at -0.40%. Riksbank left the benchmark rate unchanged at -0.5% (as expected) but the statement was dovish; it was highlighted that in order to keep inflation on target continued support was needed from monetary policy
Gold returns to 55-hour SMA The first part of Wednesday’s trading session was spent under the bearish pressure, as the yellow metal lost 0.88% against the US Dollar. This fall reversed at the 1,320.00 mark—which is also the April low—and regained some lost positions just to test the 55-hour SMA on Thursday morning. It seems that the pair is ready
ECB RATE DECISION EXPECTED ON THURSDAY Monetary policy will dominate the headlines on Thursday as the European Central Bank (ECB) wraps up its April meeting with an interest rate decision. Although no change in monetary policy is expected, ECB officials could shed light on the future path of quantitative easing and interest rates. A report on German consumer confidence courtesy of
April 2018
DOLLAR GAINS AS INVESTORS WAIT FOR FED AND JOBS DATA The dollar and the treasury yields continued the upward momentum today as traders waited for key economic data later this week. The dollar index which compared the dollar against a basket of currencies, and the 10-year treasury yields gained by 0.40%. Traders are waiting for key data to be released on Wednesday when ADP will
EUROZONE CPI DATA TO MAKE HEADLINES ON THURSDAY Thursday will be another active session on the economic calendar, with high-profile data from the Eurozone and United States scheduled to make headlines. The European data wire begins at 08:00 GMT with a report on Spanish unemployment. The number of people unemployment is forecast to fall by 100,200 in April, according to a median estimate
FX Strategy 03 May 18  NOK and AUD the top G10 gainers, up +0.47% and +0.40% (vs USD), respectively. The USD Index is down for the day trading below yesterday’s open so far. Opinions on the FOMC statement were divided with some seeing language on inflation as hawkish while some hinting that Fed is likely to let the inflation run
NZD/USD potential upward moves The New Zealand Dollar has maintained its gradual movement upwards against the US Dollar today. However, the exchange rate continues trading in a junior ascending channel. During the European trading session on Thursday, the currency pair breakout from the 55– hour simple moving average and the weekly pivot point at 0.7012, and could be heading
ECONOMIC DATA, POWELL SPEECH TO DRIVE HEADLINES TUESDAY A combination of economic data and monetary policy speculation will dictate market action on Tuesday. The economic data wire begins in Europe at 05:45 with a report on Swiss unemployment. Switzerland’s jobless rate is projected to hold steady at 2.9% in April. German industrial production will make headlines at 06:00 GMT. Output at German factories
INFLATION, MONETARY POLICY TO DRIVE HEADLINES ON WEDNESDAY A steady stream of economic data and monetary policy fills the economy calendar on Wednesday. For traders of North America, the afternoon session will feature an important rate announcement from the Reserve Bank of New Zealand (RBNZ). Action begins at 06:45 GMT with the release of French industrial production data. Factory production in the Eurozone’s
FX Strategy 09 May 18   JPY and AUD are the top G10 losers, down -0.61% and -0.23% (vs USD), respectively. SEK is the top gainer followed by USD and CAD at the number two. USD is firming amid Iran uncertainity while EUR hit fresh 2018 lows. In the equities space, Nikkei 225 closed lower by -0.44% at 22408 while Hang
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DOLLAR STRENGTH CONTINUES AS TRADE WORRIES FALL The dollar index continued rising today after a statement from Treasury Secretary Steven Mnuchin who said that the trade war between the US and China was on hold. This came after weeks of increased pressure between the two countries after the US announced tariffs of goods worth more than $50 billion. China responded by targeting
GBP/USD JUMPS AS HAWKISH BOE EXCITES MARKETS Global stocks continued the upward trend started yesterday after the US announced an end to its trade ‘war’ with China. The Chinese government announced that it would boost its imports from the United States with the goal of reducing the current deficit. Early today, the Chinese government announced that it would lower tariffs for vehicle
EURO CONTINUES TO SLIDE AFTER WEAK BUSINESS CLIMATE DATA The euro dropped against the dollar today after data from IFO showed a slow increase in the business climate in Germany. The data showed that the country’s climate rose to 102.2, which was higher than last month’s 102.1 and lower than the expected 102.7. This indicator has been declining since January when it reached 117.6.
FX Strategy 29 May 18  JPY and CHF are the top G10 gainers, up +0.71% and +0.04% (vs USD) while SEK and NOK are the top losers, down -1.36% and -1.17% (vs USD). Italian fears are back and we are seeing financial markets trading in a panic mode; the Bank of Italy Governor Visco has warned that Italy is only
DATA FLOWS PICK UP ON TUESDAY After a slow start to the week, investors can expect a steady increase in economic reporting on Tuesday. US and European data releases will make headlines ahead of what’s expected to be a highly active second half of the week. The first major report is scheduled for 06:00 GMT when the Swiss government unveils its
FX Strategy 31 May 18  SEK and EUR are the top G10 gainers, up +0.57% and +0.44% (vs USD) while JPY is the top losers, down -0.06% (vs USD). The Euro-area inflation rate (flash) reported an unexpected jump in headline numbers (1.9% actual vs 1.6% expected); though this may not provide a change in ECB outlook it does provide some
May 2018
FX Strategy 04 Jun 18  AUD and NOK are the top G10 gainers today, up +1.01% and +0.82% (vs USD) while JPY and USD are the top losers flat versus each other. Overnight, the Australian retail sales came in strong at 0.4% actual versus 0.2% expected and Company Gross Profits were also unexpectedly high (5.9% actual vs 3% expected). The
ECONOMIC DATA BACK IN FOCUS ON MONDAY The global financial markets will once again turn to the economic calendar on Monday with headline reports from Europe and the United States set to take precedence. Action begins a 07:00 GMT with a report on Spanish unemployment. Spain’s unemployment levels plunged by nearly 87,000 for April. A similar reading for May would signal to
FX Strategy 05 Jun 18  GBP and NOK are the top G10 gainers today, up +0.43% and +0.21% (vs USD) while AUD is the top losers down -0.14%. Overnight, the RBA left rates on hold at 1.5% (as expected) and provided little excitement to the FX markets; and understandably AUD moves were limited. We see AUD as vulnerable to a
A FLOOD OF PMIS ON TUESDAY Reports on manufacturing and services will dominate the headlines on Tuesday, giving investors the latest glimpse of the Eurozone and US economies. These indicators will be released through a monthly survey called the purchasing managers’ index (PMI), which provides a general overview of the economy through the eyes of domestic firms. Europe will see a
NORTH AMERICAN TRADE IN FOCUS ON WEDNESDAY From a calendar perspective, US and Canadian trade data are the focal point of Wednesday’s session. Both countries are scheduled to report on their international trade balance at the start of North American trade. Very few data headlines are expected before then. The European session begins with a speech from a top central banker at
NZD/USD upside potential still likely The New Zealand Dollar was steered mainly by bullish sentiment on Tuesday against the US Dollar. As a result, the exchange rate breached the weekly resistance level at 0.70 and tested the upper boundary of a dominant ascending channel. At the time of this analysis on Wednesday, the 55– and 100– hour simple moving averages
FX Strategy 07 Jun 18  SEK and NOK are the top FX G10 gainers today, up +0.82% and +0.62% (vs USD) while AUD is the top losers down -0.26%. That said, AUDUSD and EURUSD have taken out key level at .7653 and 1.1750, respectively, which suggests that more upside is likely to follow. In the equities space, the Asian markets
FX Strategy 11 Jun 18 EUR is the top FX G10 gainer today, up +0.15% (vs USD) while JPY and CAD are the top losers down -0.41% and -0.36%(vs USD), respectively. In the equities space, the Asian markets have risen today with the Nikkei 225 ending the day +0.48% higher at 22,804 and Hang Seng finishing up +0.34% at 31,063.
GBP/USD A TEST OF 1.35/1.36 REMAINS ON THE CARDS – COMMERZBANK In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable could still visit the 1.35/1.36 band. Key Quotes “GBP/USD continues to correct higher near term. The Elliott wave count is pointing to a corrective rebound into the 1.3500 and then 1.3600 area, which is fairly tepid (this would not even represent a 38.2%
UK DATA IN THE SPOTLIGHT The United Kingdom’s Office for National Statistics will dominate the headlines on Monday with reports on factory output and trade. Currency traders will also be on high alert for geopolitics after US President Donald Trump and North Korea’s Kim Jong-un arrived in Singapore over the weekend. In terms of economic data, the Italian government will
FX Strategy 12 Jun 18 NOK and GBP are the top FX (G10) gainers today, up +0.34% and +0.21%(vs USD) while JPY and CAD are the top losers down -0.11% and -0.12% (vs USD), respectively. The Trump press brief post-summit with North Korea leader Kim Jong Un set an optimistic tone; he said that ‘North Korea is ready to start
GERMANY BUSINESS SENTIMENT FALLS TO LOWEST LEVEL SINCE 2012 The global financial markets were little changed today after the ‘successful’ meeting between the US and North Korea in Singapore. This was the first meeting between the leaders of the two countries. The meeting ended with the signing of a document which Kim Jong Un committed to denuclearize the peninsula and improve relations with the
ECB RATE DECISION IN THE HEADLINES A combination of economic data and monetary policy will drive headlines on Thursday, with the European Central Bank (ECB) scheduled to deliver a pivotal rate announcement. Action begins at 06:00 GMT when the German government releases final CPI numbers for May. Germany’s harmonized index of consumer prices (HICP) is forecast to rise 2.2% annually. The
GLOBAL MARKETS FALL AS TRADE CONFLICT INTENSIFIES Today, global financial markets fell as traders grew increasingly concerned that the two biggest economies were marching towards a full trade war. Yesterday, after China retaliated against Donald Trump’s tariffs, his administration announced that it would put tariffs on Chinese goods worth more than $200 billion. China will likely retaliate against US imports too. In
US DOLLAR FALLS AFTER DISAPPOINTING MANUFACTURING DATA The dollar rose in the morning session after yesterday’s hawkish statement by Jerome Powell. In a statement from Portugal, he reiterated that there was room for more interest rate hikes. He based this on the recent pace of economic growth, record low unemployment rates, and rising inflation. The Atlanta Fed has recently issued a forecast
ACTIVE THURSDAY SESSION IN STORE FOR TRADERS Economic data will drive headlines on Thursday, with key figures from both sides of the Atlantic scheduled for release. Action begins at 06:00 GMT with a report on German consumer confidence courtesy of GfK. Germany’s leading index of consumer sentiment is projected to decline slightly to 10.6 in July from 10.7 the previous month. Three
TRUMP IS FED UP WITH THE WORLD TRADE ORGANIZATION The euro jumped to the highest level since Wednesday after European union officials made a deal on immigration. In a meeting in Brussels, the European Union leaders agreed to take a tougher stance on immigration. Countries like Italy had previously complained about the burden brought by immigrants. Angela Merkel, the current chancellor of Germany made a passionate
June 2018
BREXIT IN THE HEADLINES ON MONDAY The pound is down following a report by PricewaterhouseCoopers (PwC) and the Confederation of British Industry (CBI) which revealed Brexit insecurities. According to the quarterly survey of the British financial services sector, many executives and a third of banks surveyed were “not so confident” of implementing Brexit plans by March 2019. The report will be
FX Strategy 02 Jul 18   USD and JPY are the top G10 FX gainers today while AUD and NOK are the top losers down -0.38% each vs the dollar. EUR is weakening in early hours of trading due to fresh concerns over German politics: Chancellor Merkel has received a new setback after interior minister offered to quit amid escalating row
EURO GAINS AFTER MERKEL MAKES A DEAL WITH INTERIOR MINISTER The euro is up slightly against the dollar after Angela Merkel agreed with interior minister Horst Seehofer on a new border control plan. According to the deal, Germany will set up major holding and processing centres for asylum seekers at the German borders. Horst believes that this will help the country prevent or reduce illegal
POSITIVE RETAIL SALES BOOST AUSTRALIAN DOLLAR Chinese officials tried to calm the markets yesterday. After a meeting, People’s Bank of China (PBOC) officials said that they would not use the yuan as a negotiation tool in current trade conflict. This news follows days of declines in which the yuan reached the lowest level this year. As the trade conflict continues, currency
GBPUSD STILL BULLISH ABOVE 1.3194 The British pound continues to advance above the 1.3200 level against the US dollar, following the release of better than expected UK PMI Services data. The GBPUSD pair is likely to advance towards the 1.3250 region if buyers can keep the price above the 1.3194 level. Buyers will try for further extended gains toward the
POUND JUMPS AFTER THERESA MAY NAMES NEW BREXIT MINISTER Global markets rose today, erasing some losses made last week as the issue of trade increased. In Asia, the Shanghai composite index and the Nikkei rose by 2.5% and 2.1% respectively while the Chinese Yuan continued to rise against the US dollar. US futures too point to a higher open. Perhaps, traders are hoping that
FX Strategy 07 Jul 18  AUD and SEK are the top G10 FX gainers today up 0.58% and 0.44% while JPY is the top loser down -0.04% vs the dollar. The risk sentiments are improving with the strength seen in Chinese yuan and EUR (reaching 4-week high). The investors are looking past trade conflict and are focusing on decent upbeat
FX Strategy 10 Jul 18  USD and GBP are the top G10 FX gainers today while SEK and AUD are the top loser down -0.38% and -0.32% vs the dollar, respectively. Overnight, China’s inflation rate came in as expected (1.9%) while Australian NAB business confidence underwhelmed (6 actual vs 8 consensus). Elsewhere, GBP rebounded on Tuesday as fears of a
UK DATA IN THE SPOTLIGHT ON TUESDAY The UK government was dealt a major blow last week after Brexit Secretary David Davis resigned from his post. The fallout from the resignation will remain in the spotlight ahead of a deluge of economic reporting from Europe’s second-largest economy. Italy will kick off the reporting schedule at 08:00 GMT with its latest industrial output
FX Strategy 12 Jul 18  AUD and NZD are the top G10 FX gainers today, up 0.26% and 0.21% while SEK and JPY are the top losers down -0.43% and -0.41% vs the dollar, respectively. SEK is falling after a weaker than expected inflation numbers; the CPIF disappointed slightly (2.2% actual vs 2.3% consensus). Riksbank minutes were also released but
FED’S POWELL IN THE SPOTLIGHT ON TUESDAY Central bank speakers will hog the spotlight on Tuesday, with the Federal Reserve’s Jerome Powell scheduled to testify before Congress and the Bank of England’s Mark Carney set to speak publicly. Investors can also expect a steady stream of economic data from Europe and the United States to be in the headlines. The economic calendar
FX Strategy 26 Jul 18  JPY and NOK are the top G10 FX gainers, up 0.15% & 0.7% respectively today while AUD and CHF are the top losers down -0.17% and -0.04% vs the dollar, respectively. In the equities space today, the Nikkei 225 decreased 24 points or 0.11% at 22,590, Hang Seng also decreased 153 points or 0.53% to 28,776
ECB POLICY DECISION, US ECONOMIC DATA IN THE SPOTLIGHT THURSDAY A combination of monetary policy and economic data will dominate the currency markets on Thursday as the European Central Bank gets set to deliver its latest interest rate verdict. In the United States, a high-profile gauge of factory output will be released early in the North American session, giving traders the latest measure of health
FX Strategy 30 Jul 18  SEK and NOK are the top G10 FX gainers, up 0.69% & 0.31% respectively today while AUD and CAD are the top losers down -0.05% each vs the dollar, respectively. In the equities space today, the Nikkei 225 closed lower, down -0.74% at 22,544, Hang Seng closed -0.25% at 28,733 while the Kospi fell -0.06%
EUROZONE DATA IN THE SPOTLIGHT ON MONDAY Economic data and monetary policy headline a highly active week in the financial markets. On Monday, attention turns to the eurozone. Action begins at 08:30 GMT with reports from the United Kingdom covering net lending to individuals, consumer credit and mortgage approvals. Pound traders are in for an active week as the Bank of England
FX Strategy 31 Jul 18  GBP and EUR are the top G10 FX gainers, up 0.23% and 0.21% today while JPY is the top losers down -0.44% vs the dollar. The BoJ made changes to the policy to make the stimulus programme more flexible but decided to keep rate low for now; there was speculation ahead of the meeting that
July 2018
FX Strategy 02 Aug 18  JPY is the top G10 FX gainer today while NZD and SEK are the top losers down -0.51% and -0.65% vs the dollar. The USD rose post-FOMC as the statement was shortened and upbeat on the economy. Elsewhere, the BoJ bought 10-year bonds to push yields lower from 14.5 bp to 11.9bp showing their intent
BOE TAKES CENTRE STAGE ON THURSDAY Thursday is expected to be a big day for currency traders, as the Bank of England (BOE) prepares to lift interest rates for only the second time since the financial crisis. Interestingly, the last time the BOE voted to hike rates was in November, more than a year after it slashed them to new record
US DOLLAR FALLS AFTER WEAK JOBS NUMBERS The dollar fell today after the Labour Department released disappointing jobs numbers for the month of July. In the month, the economy added 157K non-farm payrolls, which was lower than the expected 193K. In June, the economy had added 248K jobs. Today’s data showed that the economy added 170K private Non-Farm payrolls, which was lower
USD/CAD Technical Analysis USD/CAD Technical Analysis: Getting ripe for bearish continuation below 1.3000 level USD/CAD has once again broken below the 1.3000 figure but earlier in the week all such attempts resulted in failed breakout below the level. However, this time around bulls might have grown tired of supporting the market. If Friday closes below 1.3000 the market
FX Strategy 03 Aug 18  CHF is the top G10 FX gainer today up +0.02% while GBP and SEK are the top losers down -0.22% and -0.34% vs the dollar. The USD-Index continues to rise with next resistance at $95.52 where a break may trigger a rally. Elsewhere, GBPUSD has dipped below $1.30 after Carney highlighted Brexit no deal risk;
EUROZONE TRADE DATA IN FOCUS After a tepid start to the week, economic data are back in focus Tuesday with Germany and France scheduled to deliver potentially market-moving releases. The European session kicks off at 06:00 GMT with a report on industry production by Germany’s statistical agency. Output at German factories and mines likely fell 0.5% in June after rising
FX Strategy 08 Aug 18  JPY and NZD are the top G10 FX gainer today, up +0.38% and +0.08% while SEK and GBP are the top losers down -0.28% each versus the dollar. The USD-index is now trading in a very narrow range of 95-95.50; a break either side is likely to show short-term direction. Overnight, the Chinese trade data
CHINESE TRADE DATA FRONTS LIGHT WEDNESDAY SESSION With the exception of Chinese trade data, the economic calendar on Wednesday features very little in the way of market moving events. That’s about to change in the second half of the week as the United States, United Kingdom and China release a fresh batch of economic figures. The European session opens with a pair
FX Strategy 13 Aug 18  JPY is the top G10 FX gainer today, up 0.43% while AUD and SEK are the top losers down -0.40% and -0.27% versus the dollar. The EUR hit fresh 13-month lows as Turkish lira slid further. Fears of a contagion are helping low yielding currencies such as JPY and CHF and weighing on the emerging
FX Strategy 16 Aug 18  AUD and NZD are the top G10 FX gainers today, up 0.37% and 0.25% while JPY and USD are the top losers. The USD-index has failed to break 97.00 resistance and a shooting star pattern has formed on Wednesday; hence, USD has a slight bearish bias. The USD has fallen on reports that a Chinese
UK RETAIL SALES, US HOUSING STARTS ON TAP FOR THURSDAY A steady stream of economic data will make its way through the financial markets on Thursday, including the latest on UK retail sales and US housing activity. Currency traders will also be keeping tabs on the latest developments in Turkey following the historic route of the lira. Action begins at 06:00 GMT with a report
INFLATION DATA HITS THE HEADLINES ON FRIDAY The latest readings on consumer inflation for the Eurozone and Canada will headline the financial markets on Friday. Action begins at 08:00 GMT with a report on the Eurozone currency account balance. Data from the European Commission’s statistical agency is expected to show a surplus of €23.2 billion in June compared with €22.4 billion the
FX Strategy 17 Aug 18  NZD and JPY are the top G10 FX gainers today, up 0.23% and 0.19% while GBP and USD are the top losers. The USD-index has found support around the 96.30 area and a break below will now be needed for further dollar weakness. Earlier today, RBA’s Ellis gave a speech ‘on lags’; nothing much to
EUROZONE DATA, CENTRAL BANK SPEECHES HEADLINE MONDAY SESSION A combination of economic data and central bank speeches will headline a relatively light event calendar on Monday. Action begins at 06:00 GMT with a report on German producer inflation for the month of July. Germany’s producer price index (PPI) rose 0.3% in June, which translated into a year-over-year gain of 3%. At 09:00 GMT,
JACKSON HOLE SUMMIT UNDERWAY The annual Jackson Hole Symposium in Jackson Hole, Wyoming, will headline an active release schedule on Thursday. In addition to monetary policy, traders will be actively monitoring a bevy of economic releases ranging from Eurozone PMI to US new home sales. Action begins at 06:45 GMT with a pair of French reports on individual investment
US DATA IN THE SPOTLIGHT ON TUESDAY Economic data is back in the spotlight on Tuesday, with the United States scheduled to deliver most of the market-moving headlines. Action begins at 06:45 GMT with a report on Fresh consumer confidence. The August reading of the index is forecast to come in at 97, unchanged from the previous month. Switzerland is scheduled to
US REVISED GDP ON DECK FOR WEDNESDAY The economic calendar picks up on Wednesday with a spate of market-moving releases covering Europe and the United States. Chief among them is the US Commerce Department’s second reading of Q2 GDP. Action begins at 06:00 GMT with a report on German consumer confidence courtesy of GfK. The consumer confidence index for September is forecast
DATA SPOTLIGHT FOCUSES ON EUROPE, US ON THURSDAY Economic data will hold considerable sway for currency traders on Thursday, with a steady stream of reports coming our way from Europe and the United States. Action begins at 06:00 GMT and will continue through to 17:30 GMT. Germany will begin the day bright and early with the latest import price index. The monthly indicator
August 2018
FX Strategy 06 Sep 18   CHF and GBP are the top G10 FX gainers today, up 0.24% and 0.22% vs the dollar while SEK and USD are the top losers. The Riksbank left rates unchanged at -0.5% as expected, the German factory orders fell 0.9%, and Swiss GDP rose 3.4% compared to a 2.20% previously. Global sentiments remained weak as
STERLING FALLS AGAINST THE USD AS TRADERS EYE KEY DATA On Friday, the dollar strengthened after data from the Department of Labor showed a tightening labor market and wage growth. In August, wages rose at an annualized rate of 2.9%, which was the highest growth rate in nine years. While this was positive news, it also brought worries that the Fed will continue hiking interest
FX Strategy 17 Sep 18   SEK and NOK are the top G10 FX gainers today, up 0.72% and 0.41% vs the dollar while CAD and USD are the top losers. The financial market’s focus remains on trade war; US president Trump will announce new tariffs on Chinese goods worth $200bln. Though this is less than the US administration earlier plans,
FX Strategy 19 Sep 18   NZD and GBP are the top G10 FX gainers today, up 0.38% and 0.37% vs the dollar while CHF and USD are the top losers. The US dollar is gaining versus the yen while commodity currencies are having a relief rally. Overall, risk sentiments are improving and hence, we can see a further rally in
FX Strategy 27 Sep 18  JPY and USD are the top G10 FX gainers today while CHF and GBP are the top losers, down -0.38% and -0.36% vs the dollar. The Fed raised rates (by 25bp) as widely expected and we have since seen a rally in the dollar. That said, the US 10-year yield is down post-FOMC as a
FX Strategy 28 Sep 18  CAD and AUD are the top G10 FX gainers today, up 0.22% and 0.19% vs the dollar while NZD and EUR are the top losers, down -0.15% and -0.12% vs the dollar. EUR slipped further after Italy’s government agreed to a budget overnight (which will raise countries debt) seen by some as going against the
GOLD PRICE DROPS SHARPLY DUE TO A STRONG DOLLAR Gold price dropped to a four-week low of $1180. This happened as the US dollar strengthened following the Fed’s monetary policy statement on Wednesday. In the statement, the committee said that a strong US economy continued to support further rate increases. This led to a belief that another hike will happen in December. Three more
September 2018
FX Strategy 02 Oct 18  JPY and CHF are the top G10 FX gainers today, up 0.25% and 0.07% vs the dollar while SEK and AUD are the top losers, down -0.89% and -0.83% vs the dollar. EUR remains under pressure not helped by remarks by the official from Italy’s ruling party; he said that country’s problem could be resolved
USD JUMPS AFTER STRONG US ECONOMIC DATA The US dollar strengthened after strong economic numbers released yesterday. ADP’s non-farm employment data showed that the economy added 230K jobs in September. This was the highest number in seven months and more than the 187K jobs that traders were expecting. Such data sent US treasury yields soaring due to inflation fears from investors. Employment
FX Strategy 05 Oct 18  GBP and JPY are the top G10 FX gainers today, up 0.21% and 0.10% vs the dollar while NZD and AUD are the top losers, down -0.46% and -0.45% vs the dollar. The US dollar and oil rallied thanks to a spike in US yields; positive US data and hawkish comments by Fed chairman Powell
WORLD MARKETS FALL AS TRADERS SHOW CONCERN ABOUT SLOWED GLOBAL GROWTH Yesterday, US stocks declined sharply with the Dow Jones Industrial Average and Nasdaq declining by more than 800 and 200 points respectively. Overnight, the futures market continued the downward momentum with the Dow and Nasdaq falling by 350 and 320 points respectively. These were the sharpest declines since early this year and were associated with
CRUDE OIL FALLS SHARPLY AFTER A SURPRISE INCREASE IN INVENTORIES Japanese yen declined against the USD after Japan reported disappointing export data. In September, exports fell by minus 1.2% while exports to the US declined by 0.2%. The decline is mostly attributed to the current issues about trade. It has been offset by the weakening yen, which makes exports cheaper. Since April, the yen has
FX Strategy 22 Oct 18  CAD and SEK are the top G10 FX gainers today, up 0.09% and 0.09% vs the dollar while JPY and AUD are the top losers, down -0.23% and -0.2% vs the dollar. EUR recovered after Italian yields fell bringing a calm to the markets; Moody’s downgraded Italian credit ratings on Friday but kept the outlook
YEN UNDER PRESSURE AFTER BOJ LEAVES INTEREST RATES UNCHANGED China’s manufacturing industry suffered another month of decline in September. Figures from the Chinese National Bureau of Statistics showed that the manufacturing PMI declined to 50.2, which was lower than August’s 50.8. The 50.2 figure was an indication that the industry was nearing contraction. A figure below 50 in PMI is an indication that the
October 2018
STERLING JUMPS AFTER BREXIT HOPES Asian markets rose after Chinese communist officials signaled a fresh round of stimulus aimed at supporting the economy. This came after the country reported weak economic data in recent days. This week, the manufacturing PMI data showed that the sector was nearing the contraction phase. Today, the Caixin manufacturing PMI showed slight improvement from 50
FX Strategy 31 Oct 18  GBP and JPY are the top G10 FX gainers today, up 0.24% and -0.02% vs the dollar while AUD and NZD are the top losers, down -0.39% and -0.37% vs the dollar. The USD-index broke recent highs to reach 16-month peaks this was partially due to strong US data and partially due to weak Euro-area
US DOLLAR UNCHANGED AHEAD OF THE MID-TERM ELECTIONS The US dollar was unmoved during the Asian session ahead of the US mid-term elections that are scheduled for tomorrow. These elections are being viewed as the most important mid-term elections in history. This is because they will help determine the influence of Donald Trump in American politics. A win by the Republican Party will
MARKETS WOBBLE AS US ELECTION RESULTS STREAM IN Markets were volatile during the Asian session as results from the US Midterm elections streamed in. As it stands, Republicans hold the Senate majority while the Democrats have redeemed control of the House of Representatives. The outcome is likely to challenge the Trump administration in many areas including military spending and foreign business dealings. The
FX Strategy 08 Nov 18  SEK, NOK, and AUD are among the top G10 FX gainers today, up 0.46% and 0.19% and 0.11% vs the dollar while GBP and JPY are the top losers. The USD-index is trading flat for the day after rising sharply from yesterday’s lows ahead of the FOMC meeting later today; we don’t expect much from
FX Strategy 09 Nov 18  JPY and CHF are the top G10 FX gainers today, up 0.15% and -0.19% vs the dollar while NOK and SEK are the top losers, down -0.7% and -0.45% vs the dollar. The USD rallied on a hawkish Fed; the Federal reserve reaffirmed its monetary policy stance and prepared investor for a December rate hike.
USD GAINS AFTER HAWKISH FED STATEMENT The USD strengthened against its peers after the Fed released its interest rate decision. The bank left rates unchanged but signaled that the gradual pace of interest rate hikes will continue arguing that the economy was strong enough to handle another hike. This will be the fourth hike this year. It comes as the Fed
STERLING FALLS SHARPLY AS INVESTORS WORRY ABOUT BREXIT The price of crude oil jumped today after Saudi Arabia suggested reducing production. The Saudi oil minister said that the country will slash daily oil production by 500K barrels per day in December. The Kingdom made the decision with the aim of preventing an oversupply in 2019, a suggestion that was opposed by Russia. This
US EQUITIES DECLINE SHARPLY AS INVESTORS BECOME CONCERNED ABOUT APPLE US equities declined sharply yesterday, erasing gains made last week. This was attributed mostly to Apple, which declined by more than 5%. Investors were concerned that the company’s growth had peaked. There were also other worries about Goldman Sachs and General Electric. Goldman suffered the biggest decline since 2011 after Malaysia said that it will
STERLING RISES CAUTIOUSLY AHEAD OF THERESA MAY’S TOUGHEST DAY Sterling rose after the United Kingdom hammered a deal with the European Union on Brexit. Prime Minister Theresa May now faces a crunch cabinet meeting later today during which she’ll try to win her colleagues’ support for the Brexit draft. Even before the legislators read the 400-page document, many of them said that they would
FX Strategy 15 Nov 18  AUD and JPY are the top G10 FX gainers today, up 0.32% and 0.2% vs the dollar while GBP and SEK are the top losers, down -1.58% and -0.27% vs the dollar. In the Asian equities space, the Nikkei 225 closed down -0.20% at 21,803.62, Hang Seng closed 1.75% at 26103.34 and Kospi ended 0.97%
STERLING REMAINS VOLATILE AS MAY WARNS OF DIFFICULT DAYS AHEAD The Aussie gained after Australia released solid job numbers. In October, the country’s unemployment rate remained at 5.0%, which was better than the consensus estimate of 5.1%. The participation rate increased to 65.6% while the employment change increased by 32.8K. This was almost double than what investors were expecting. The US dollar index rose after
FX Strategy 20 Nov 18  NZD and JPY are the top G10 FX gainers today, up 0.16% and 0.11% vs the dollar while AUD and EUR are the top losers, down -0.38% and -0.2% vs the dollar. GBP is vulnerable to Brexit news and we also have Mark Carney’s testimony to the parliament where he may be asked questions on
WALL STREET DECLINE CONTINUES AS TRADERS WORRY ABOUT GROWTH The AUD/USD pair was unchanged today after the Reserve Bank of Australia (RBA) released the minutes for the monetary policy meeting held this month. The minutes showed that officials remained optimistic about the country’s economy. This was boosted by recent employment data, which shows a significant increase in the number of people employed. The GDP
FX Strategy 23 Nov 18  JPY and CHF are the top G10 FX gainers today, up 0.12% and 0.03% vs the dollar while NOK and NZD are the top losers, down -0.3% and -0.28% vs the dollar. The EUR fell on fears over economic growth; the PMI surveys disappointed. Elsewhere, GBP fell after failing to break past Thursday’s high; the
November 2018
AUSSIE CONTINUES UPWARD TREND AFTER RBA LEAVES RATES UNCHANGED The Australian dollar remained close to yesterday’s highs after the RBA left interest rates unchanged for the 28th consecutive month. The bank said that the current expansionary policy was helping the country improve its economic situation stating how the unemployment rate was at 5.0%, which was the lowest level it has been in six years,
STERLING DROPS SHARPLY AFTER BREXIT VOTE IS POSTPONED Sterling declined to almost a 20-month low overnight after Theresa May postponed the planned Brexit vote which was supposed to happen today. She did this because her proposal was unlikely to happen. Negotiations to address the key issues – such as the backstop – will now resume with the European Union. In response, Donald Tusk,
Thin trading expected as the Christmas celebrations continue Thin trading will be experienced today as people around the world are on their Christmas break. Many markets including Australia, United Kingdom and Canada will remain closed today. This comes after the markets in the United States saw major declines on Monday this week. Traders were concerned about the current issue of rising interest rates,
December 2018
Global stocks continue the Santa rally on Wall Street confidence It was a sea of green in the world’s stock market as the Santa rally continued for the third straight day. This came after Wall Street made a major recovery yesterday. The Dow had fallen by more than 600 points and managed to end the day higher. In Europe, the DAX and Stoxx rose by
US futures rise ahead of NFP data and speech by Powell Wall Street declined sharply in yesterday’s trading led by Apple’s 9% slide. The Dow declined by more than 600 points while the S&P declined by 62 points. This decline came after a letter from Apple’s Tim Cook that lowered the previous guidance for the first quarter results. He blamed the decline on the Chinese economy
Global stocks slide after weaker data from China Global stocks declined today as investors continued to worry about global growth. The sell-off was accelerated by Chinese data that showed a slowdown in exports. In December, exports declined by 4.4%, which was the sharpest decline in more than 2 years. Similarly, imports declined by 7.6%, which went against the expected gain of 5.6%. The
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Aussie falls sharply after positive jobs numbers The Australian dollar declined today after the country released its employment numbers. The data showed that in December, the employment change was 21.6K, which was better than the expected 16.5K. It was however lower than the 37K that was released in November. The unemployment rate fell to 5.0% from the previous 5.1%. On the negative
FX Strategy 25 Jan 18  CAD and GBP are the top G10 FX gainers today while USD and CHF are the top losers. Cable continues to stay strong testing a high of 1.3137 in early hours of trading. In our view, there is still downside risk especially with no consensus in the UK Parliament on Brexit, something UK Finance Minister
FOREX TODAY: AUSSIE REBOUNDS AMID YUAN STRENGTH, UK’S BREXIT PLAN B VOTE IN FOCUS Forex today witnessed some volatility in Tuesday’s Asian trading, but the moves were limited by caution trading, as the markets refrained from creating fresh bets ahead of the US-China trade talks and the FOMC decision. Among the Asia-pac currencies, the Aussie was a quite a mover in Asia, having dropped sharply to 0.7140 region on
US stocks rise as investors cheer Apple and Boeing earnings Global markets were mixed as traders waited for the Fed interest rates decision, which is expected later today. The bank is expected to leave rates unchanged at the current range of 2.25% and 2.5%. As such, traders will focus on the wording of the accompanying statement and the press conference that will follow afterwards. In
EUR/USD Technical Analysis: At 3-week highs, minor pullback likely before further gains The EUR/USD pair is currently trading at 1.1508 – the highest level since Jan. 11 – on the back of dovish Fed and could rise further toward the Jan. 10 high of 1.1570, albeit after a minor pullback, as the short duration charts are reporting overbought conditions. Hourly chart As seen above, the RSI is
January 2019
Aussie falls after weak China manufacturing data The Australian dollar declined in the Asian session after weaker-than-expected data from China. The data showed that manufacturing activity continued to contract in January. The Caixin manufacturing PMI was at 48.3, which was lower than the expected 49.5. It was also lower than December’s 49.7. A PMI data below 50 is viewed as an indicator
FX Strategy 01 Feb 19 EUR and CHF are the top G10 FX gainers today, up 0.19% and 0.14% vs the dollar while GBP and AUD are the top losers, down -0.39% and -0.23% vs the dollar. AUD and CNY have slumped on bleak Chinese data, we expect the market to remain choppy heading into the weekend. In the Asian
FX Strategy 04 Feb 19 CAD and NZD are the top G10 FX gainers today, up 0.09% and -0.07% vs the dollar while JPY and AUD are the top losers, down -0.35% and -0.29% vs the dollar. The U.S. dollar stabilized after a two-week losing streak as strong US jobs data made Market cautious of risky assets. Elsewhere, UK PM
Australia dollar crashes after dovish statement by the RBA The Australian dollar declined sharply after the central bank introduced the probability of a rate cut. In a statement, the governor said that there were scenarios where the next move in interest rates was up and other scenarios where it was down. The statement came a day after the central bank left the cash rate
Crude oil price falls after increase in US oil rigs The price of crude oil extended Friday’s losses after data from Baker Hughes showed a ramp up in activity in the United States. Over the past week, US drillers added 7 new rigs, bringing the total to 584. This is an indication that oil production, which stands at more than 11.7 million barrels a day,
USD continues winning streak as trade and border talks progress US futures rose in overnight trading after US lawmakers agreed, in principle, on funding border security. This was a culmination of weeks of negotiations in which the lawmakers wanted to avoid another government shutdown on Saturday. Even with the progress, there is a possibility that Donald Trump will reject the proposals. He has asked for
Japanese yen declines after weak GDP numbers US stocks gained yesterday, continuing a four-day streak, as investors remain hopeful about a trade deal between the United States and China. The Dow, Nasdaq, and S&P gained by 117, 6, and 8 points respectively. Today, US Secretary of the Treasury Steve Mnuchin and Trade Representative Robert Lighthizer will meet with Chinese officials to try
Asian and European markets rise as investors cheer trade talks World markets rose today as investors cheered the ongoing progress on trade talks. Last week, US officials met with their Chinese counterparts in Beijing. This week, a number of senior Chinese officials will also visit Washington to continue with the talks. It was also reported that the talks had a long way to go, which
February 2019
Global stocks rise as US-China deal edges closer Global stocks rose today after indications that a trade deal between China and the United States will soon be reached. In multiple reports during the weekend, unnamed sources said that China had agreed to increase the purchases of American goods while US had agreed to remove the tariffs it had placed on Chinese goods. China
Aussie little changed following RBA interest rates decision After rising initially, US stocks declined sharply as traders started to worry about the trade deal between US and China. Over the weekend, reports emerged that a formal trade deal was being finalized. Word to date is that China will get tariff relief while the US will get more purchases from China. China has also
Euro falls after dovish ECB monetary policy decision Global stocks declined today as traders continued to worry about the health of the global economy. In China, the Shanghai and Hang Seng indices declined by 0.15% and 0.50% respectively while Japan’s Nikkei declined by 65 basis points. In Europe, the Stoxx, DAX and CAC declined by 0.50%, 0.60% and 0.50%. In the US, futures
Asian stocks decline after Chinese exports fall The euro remained lower in overnight trading after the ECB monetary policy decision. Yesterday, the bank released its decision, which was aimed at boosting the European economy. In the statement, the bank extended the period at which it will likely raise interest rates from the previously-guided ‘through summer’ to after December. In addition, the bank
FX Strategy 19 Mar 19 CHF and GBP are the top G10 FX gainers today, up 0.16% and 0.13% vs the dollar while AUD and USD are the top losers. The UK unemployment rate fell further unexpectedly (3.9% vs 4.0% expected) providing some support for the pound. That said, we still see short-term downside risk for Sterling as Brexit devlopments
Kiwi tanks after a dovish RBNZ points to a rate cut The kiwi tanked after the RBNZ made its interest rates decision. The bank left rates unchanged at the 1.75% level, where they have been since 2016. This was expected. What was not expected was the bank’s announcement that it could be forced to lower rates this year. This decision came after other central bankers have
Investors worry as global central banks continue to turn dovish The kiwi dropped sharply in overnight trading after the RBNZ released its third interest rates decision of the year. The bank left rates unchanged at 1.75%, which was expected. Officials also expressed increased worries about the health of the economy. In recent months, the economy of its leading exports markets of Australia and China have
March 2019
Crude reaches YTD high as progress is seen in US-China talks The price of crude oil rose in overnight trading even after the American Petroleum Institute (API) data showed increased inventories in the United States. Both the West Texas Intermediate (WTI) and Brent reached their highest levels this year. The numbers showed that inventories rose by 2.96 million barrels, which was higher than last week’s 1.9
Sterling pauses as Theresa May changes strategy The price of crude oil was little moved in overnight trading after data from the EIA showed increased inventories. Over the past week, the inventories jumped by 7.9 million, which was higher than the 425K drawdown that investors were expecting. It was also higher than the previous week’s inventories of 2.8 million barrels. The Cushing
US dollar index pauses ahead of March NFP data Asia-Pacific equities were mixed after the timing of the US-China trade deal was postponed. In an interview, Donald Trump said that there were still some pending issues, which could push the announcement of the deal to the next four weeks. Traders were expecting a deal to be announced shortly, after the current round of negotiations
Crude jumps to YTD highs as bullish sentiment takes over The price of crude oil jumped in overnight trading as traders cheered the ongoing supply cuts by OPEC. These cuts started after the December meeting in Vienna during which officials announced that they will cut production in a bid to rebalance the price, which had fallen to yearly lows. This move was supported by Saudi
Wall Street jumps after impressive start of earnings season The price of crude oil rose today after Chevron announced that it will acquire rival Anadarko for $33 billion. This is the biggest purchase in the oil and gas sector since oil prices started to decline in 2014. This deal will strengthen Chevron’s position in the Permian Basin of Texas and New Mexico. In the
Yen gains after BOJ rates decision The Canadian dollar declined after the central bank announced its interest rates decision. As expected, the bank left interest rates unchanged at the 1.75% level. This was the fourth straight month the bank has left rates unchanged. In the monetary policy statement, the bank said that it expected the global economy to pick up in
Asian stocks decline after weak China PMI data Asian stocks declined as traders start to worry about China’s growth. This is after the country released weak PMI data for April. During the month, the Markit manufacturing PMI declined to 50.1 from the previous 50.5. Traders were expecting the PMI to rise to 50.7. Data released by Caixin showed that the manufacturing PMI declined
FX Strategy 30 Apr 19 GBP, EUR, and JPY are the top G10 FX gainers today, up 0.34%, 0.22%, and 0.22% vs the dollar while USD is the top loser. In the Asian equities space, Nikkei is close due to Japanese holidays the Hang Seng closed -0.65% at 29,699.11 and Kospi ended -0.58% at 2203.59. The European equities were trading
April 2019
US dollar falls as Trump threatens more tariffs on Chinese goods The financial market was caught off-guard by a Trump tweet that warned of additional tariffs on Chinese goods. Yesterday, the President said that the 25% tariffs threat to Chinese goods will come this Friday. This came at a time when investors were waiting for a deal between the two countries to be signed soon. In
Aussie jumps after hawkish RBA statement Yesterday, US stocks made a comeback after seeing large losses earlier in the day. The Dow ended the day down by 67 points, which was better than the 500-point loss earlier on. The recovery came as investors concluded that a US trade deal with China was still on the table. This is because Donald Trump
Kiwi tumbles as RBNZ cuts rates   The kiwi declined sharply today after the RBNZ delivered its interest rates decision. As expected, the bank lowered rates by 25 basis points to 1.50%. The current rates are at an all-time low. In an accompanying statement, the bank attributed this to the slowing of the global and domestic economy and the need to
FX Strategy 08 May 19 CHF and JPY are the top G10 FX gainers today, up 0.16% and 0.11% vs the dollar while GBP and NZD are the top losers, down -0.24% and -0.2% vs the dollar. The yen was trading near 6-week highs ahead of US-China trade talks; there are concerns about disputes following an increase in China’s trade
Aussie falls sharply after weak Chinese industrial and retail data US stocks rose yesterday after a few weeks of turmoil. The gains were broad-based, but technology played an important role in the recovery. The Nasdaq index rose by more than 100 points while the Dow gained by more than 200. These gains continued in Asia this morning. In China, the Shanghai and A50 indices rose
FX Strategy 16 May 19 NOK and NZD are the top G10 FX gainers today, up 0.32% and 0.29% vs the dollar while GBP and USD are the top losers. In the Asian equities space, the Nikkei 225 closed -0.59% at 21,062.98, Hang Seng closed 0.02% at 28275.07 and Kospi ended -1.2% at 2067.69. The European equities were trading weaker
Oil slides as investors worry about trade and rising inventories The price of crude oil continued declining today as investors continued to worry about global trade issues and the rising inventories in the US. Yesterday, data from the US showed that the inventories rose by more than 4.7 million barrels in the past week. This was slightly lower than previous week’s 5.43 million barrels. It
GBPUSD approaching 1.2600 The British pound has fallen to a fresh four-month trading low against the US dollar during the European trading session, with the pair hitting 1.2604. The GBPUSD pair is increasingly likely to target the 1.2550 and 1.2500 levels if sellers breach the 1.2600 support level. Intraday volatility in the GBPUSD pair is likely to see
Euro falls as France and Germany clash over next EU leaders The price of crude oil jumped yesterday as traders looked ahead to the upcoming OPEC meeting, which will be held in June. After the recent sell-off, investors believe that OPEC will cut supplies or retain the current production levels to avoid further declines in price. In recent weeks, the price of crude has dropped sharply
May 2019
EURUSD upside limited until ECB The euro currency remains fairly well supported against the US dollar in early Monday trade, following a late-week sell-off in the US dollar index on Friday. The EURUSD pair could still recover above the 1.1200 level on weaker than expected US data later today, although the upside is likely to be limited until the ECB
Stocks continue rally despite Trump’s threat for more China tariffs The US dollar was relatively unmoved as traders received the JOLTS job openings data for April. Data showed that the job openings in April were 7.449 million, which was lower than the expected 7.479 million. It was also lower than the previously released 7.474 million. This data came after the official non-farm payrolls data, which
FX Strategy 11 Jun 19 CAD and NOK are the top G10 FX gainers today, up 0.05% and 0.05% vs the dollar while NZD and SEK are the top losers, down -0.27% and -0.19% vs the dollar. The U.S. dollar traded near 2 1/2 month lows as the market price in the possibility of a Fed rate cut. The investors
US Pres. Trump’s “secret” agreement “leaked”, reveals a concession for Mexico Initial 45 days to come up with a plan on border security approved by the Mexican government. Another 45-day grace period if the US feels uncomfortable with the deal. The US President Donald Trump’s recent tweets concerning the “secret” deal with Mexico is no more a secret. While waving a one-page deal to media at
Crude price drops after strong inventory data The Australian dollar declined after the country released employment data. In May, the unemployment rate remained unchanged from the previous month at 5.2%. This was higher than the expected 5.1%. During the month, the employment change rose by 42.3K, which was better than the expected 16K while the participation rate rose to 66%. These numbers
Gold jumps to 14-month high as global tensions rise Gold jumped to a 14-month high fueled by weaker Chinese economic data and Middle East tensions. Earlier today, China released weak economic data that showed that the trade war was biting. In May, the fixed asset investment rose by 5.6%, which was lower than the expected 6.1%. The industrial production rose by 5.0%, which was
USD remains near two-week high ahead of Fed interest rates decision The USD held near the two-week high after mixed retail sales data released on Friday. Data showed that the core retail sales rose by 0.5% in May as expected. The headline retail sales rose by 0.5%, which was higher than the previous month’s 0.3%. Ex gas and autos, retail sales of 0.5% topped the analysts’
FX Strategy 17 Jun 19 NZD and EUR are the top G10 FX gainers today, up 0.32% and 0.05% vs the dollar while NOK and JPY are the top losers, down -0.05% and -0.04% vs the dollar. The dollar hit a two week high after investor reassessed whether Fed will be dovish in the meeting this week following strong US
ECB Sintra amongst market movers today – Danske Bank According to analysts at Danske Bank, focus today will be on the ECB Forum at Sintra, where ECB President Mario Draghi will give an introductory speech at 10.00 CEST and also participate in a panel with the Bank of England’s Mark Carney and former Fed vice chairman Stanley Fischer at 16.00 CEST. Key Quotes “We
FX Strategy 18 Jun 19 JPY and NZD are the top G10 FX gainers today, up 0.24% and 0.2% vs the dollar while EUR and NOK are the top losers, down -0.3% and -0.26% vs the dollar. USD is trading firm ahead of the FOMC this week; there is now only a 20% probability of a rate cut at this
GBP/USD technical analysis: 50-HMA offers intermediate halt inside 25-pip range Choppy between a small range with 50-HMA providing an additional filter. 100-HMA is likely resistance to lure buyers past-1.2570. Having failed to clear 1.2570, the GBP/USD pair rests on 50-HMA near 1.2555 while heading into the UK open on Wednesday. Other than 50-hour moving average (50-HMA) Tuesday’s early tops near 1.2545 can also question the
US dollar index relatively unchanged ahead of Fed interest rates decision The US dollar index was relatively unchanged as traders waited on the Federal Reserve interest rates decision. The bank will make the decision later today and is expected to leave interest rates unchanged at the 2.50% level. It is also expected to make dovish statements that will point to a further rate cut in the
FX Strategy 19 Jun 19 CHF and GBP are the top G10 FX gainers today, up 0.16% and 0.13% vs the dollar while NZD and AUD are the top losers, down -0.09% and -0.07% vs the dollar. The U.S. dollar was trading flat ahead of the Fed policy meeting; the investors are waiting to see if Federal Reserve will be
EUR/USD technical analysis: Rises to 200-hour MA as US yields sink EUR/USD has jumped to the 200-hour MA hurdle in Asia.  With US yields sinking, the pair may take out the MA resistance.  The weakness in the US treasury yields and the resulting broad-based US Dollar sell-off is boding well for EUR/USD. As of writing, the pair is trading at 1.1260, representing 0.33% gains on the
Greenback falls after dovish Fed interest rates decision The USD declined after the Federal Reserve delivered its interest rates decision. The bank left interest rates unchanged at a range of between 2.25% and 2.50% as was expected but hinted they would cut rates in the months ahead if the economic outlook weakens. This would be the first rate cut since 2008 and a
GBP/USD benefits from greenback weakness, positives from UK PM’s race The Fed-led US Dollar (USD) weakness carries on geopolitics, favoring the Cable to remain strong. Lack of economic data, except for few second-tier US statistics, holds the focus on political plays as main drivers. While the US Federal Reserve’s bearish move initially portrayed the USD’s declines, latest risk-off sentiment and positives from the British politics favor
Leveraged funds turned overall net long JPY for first time since mid-June 2018 – ANZ As per the ANZ bank’s latest research on the Commodity Futures Trading Commission’s (CFTC) positioning data for the week ended on June 18, leveraged funds turned overall net long JPY for the first time since mid-June 2018. It was further mentioned that the Euro (EUR) funds and asset managers take opposite stances, the former cutting their
German stocks fall after Daimler issues profit warning European stocks declined today as carmakers stocks declined following a profit warning by Daimler, the owner of Mercedes Benz. The company said that this quarter’s results will be hit by troubles with diesel vehicles in its Mercedes-Benz brand. It also downgraded its full-year earnings. It announced that it expects its yearly earnings to be in
EUR/USD: Bid for fifth straight day ahead of Fed speak EUR/USD is on the offensive ahead of Powell’s speech.  Technical breakout and gold rally is likely fueling gains in EUR/USD.  Fed’s Powell may reinforce rate cut expectations.  EUR/USD is extending the four-day winning streak with markets offering US Dollars amid a rally in gold prices. The currency pair is currently trading at 1.1408, the highest
Kiwi jumps after impressive trade data The New Zealand dollar rose sharply today after the country released its trade data for May. Data showed that exports increased to N$5.81 billion from the previous N$5.50 billion. This was higher than the consensus estimate of more than N$5.61 billion. In the same month, imports rose to N$5.54 billion, from the previous N$5.12 billion.
June 2019
Euro declines as US prepares $4 billion tariffs on European goods US stocks reached record highs yesterday as investors continued to cheer the truce between the US and China on trade. The truce was reached at the G20 meeting. In the rally, the biggest gainers were technology companies like Google and Qualcomm. These companies made major gains because of  Trump’s decision to allow US companies to
FX Strategy 02 Jul 19 AUD and JPY are the top G10 FX gainers today, up 0.23% and 0.21% vs the dollar while GBP and NZD are the top losers, down -0.18% and -0.13% vs the dollar. The Australian dollar has risen post-RBA decision to cut rates by 25 basis points to a record low of 1.00%; the central bank
FED’S MESTER: MARKETS HAVE PRICED IN RATE CUTS AND DON’T WANT TO DISCOUNT THAT SIGNAL Additional comments from Cleveland Federal Reserve Bank President Loretta Mester, who earlier said that cutting the policy rate could reinforce negative sentiment and cause financial imbalances, continue to cross the wires as she speaks at an event in London. “Markets have priced in rate cuts and don’t want to discount that signal, but markets are
FX Strategy 03 Jul 19 AUD and NZD are the top G10 FX gainers today, up 0.29% and 0.27% vs the dollar while GBP and NOK are the top losers, down -0.14% and -0.08% vs the dollar. The U.S. dollar slumped to a week low as the Treasury yields fell on dwindling optimism over the China-U.S. trade deal and on
Euro stalls after Europeans nominated Christine Lagarde to lead ECB The euro was relatively unmoved after Europeans agreed to nominate IMF chief, Christine Lagarde to be the next head of the European Central Bank. Lagarde will be the first female ECB President and the first without a pedigree in central banking. As such, this raises the question about whether she will have the same credibility
Atlanta Fed’s GDPNow for second quarter of 2019 drops to 1.3% from 1.5% According to the latest GDPNow report published by the Federal Reserve Bank of Atlanta, following today’s macroeconomic data releases, the real GDP in the U.S. is expected to expand by 1.3% in the second quarter. “After this morning’s international trade release from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, and this morning’s manufacturing report
European stocks rise and bonds decline on Lagarde ECB announcement European stocks rose today after European leaders agreed to nominate Christine Lagarde to be the next European Central Bank (ECB) president. If confirmed, Lagarde will become the first woman leader of the bank. She will also become the first non-economist to lead the bank. Investors expect her to be dovish and likely prolong the era
Markets remain calm ahead of the US nonfarm payrolls data The Japanese yen was unchanged in the Asian session after the country released the household spending data. In May, spending rose by an annualized rate of 4.0%. This was better than the consensus estimate of 1.4% and April’s increase of 1.3%. On a MoM basis, spending increased by 5.5%, which was better than the expected
Australian dollar moves higher despite RBA interest rate cut Hawkish cut The Reserve Bank of Australia cut interest rates by 25 basis points this week, bringing the overall cash rate down to a record-low, one percent. The RBA decided to cut interest rates for a second consecutive month, as domestic unemployment rises and inflationary pressures remain weak. The Australian Dollar rose against the US
Good is bad as global stocks decline after impressive US NFP Asian stocks were subdued in early morning trading as investors continued to wonder about the future of US rate cuts. This happened after the impressive June jobs report, where the US added more than 224K jobs. This was much higher than the 160K the investors were expecting and the 75k jobs created in May this
FX Strategy 09 Jul 19 USD and CHF are the top G10 FX gainers today while AUD and NOK are the top losers, down -0.55% and -0.37% vs the dollar. Cable hit a 6-month low on dollar rally and Brexit worries. Rally in the greenback was due to market scaling back Fed rate cut bets. The euro dipped to 3-weeks
US dollar edges up ahead of the Jerome Powell testimony The US dollar index moved slightly higher in the Asian session as investors waited for Jerome Powell’s testimony to Congress. This will be the first testimony after Friday’s job report, which was much better than expected. Numbers from the Bureau of Labor Statistics (BLS) showed that the economy added more than 224k in June, which
FX Strategy 10 Jul 19 CHF and EUR are the top G10 FX gainers today, up 0.24% and 0.14% vs the dollar while JPY and AUD are the top losers, down -0.07% and -0.06% vs the dollar. The Emerging Asian currencies moved little as investors awaited Federal Reserve Chairman Jerome Powell congressional testimony for clues on near-term United States monetary
Wall Street soars after dovish testimony by Fed Chair Wall Street ended the day at an all-time high as Jerome Powell testified to Congress. In his testimony, the Chair said that the Fed was fully prepared to slash interest rates based on mounting risks to the US economic outlook. Despite excellent jobs numbers released on Friday, Powell said that uncertainties about the outlook have
Fed: July is a done deal – Westpac Elliot Clarke, senior economist at Westpac, notes that the minutes of the June FOMC meeting and Chair Powell’s Semiannual Monetary Policy Report to Congress provided support for the view that the July meeting will see a federal funds rate cut, and that further easing will follow in due course. Key Quotes “From the June meeting
EUR/USD technical anlysis: Fiber finds resistance at the 1.1263 level EUR/USD technical anlysis: Fiber finds resistance at the 1.1263 level EUR/USD is finding intraday resistance at the 1.1263 level. The level to beat for bears is 1.1245 followed by 1.1220. EUR/USD daily chart EUR/USD is in a bear trend below the 1.1300 handle and its 200-day simple moving averages (DSMAs). The market is trading just
Chinese stocks rise despite ongoing trade war Chinese stocks rose even as data from China supported the economy’s weakening. Data from the statistics office showed that the GDP slowed in the second quarter to 6.2%. This was in line with expectations. In the first quarter, the economy grew by 6.4%. The quarterly growth was the slowest in more than 27 years and
Stocks mixed after weak China data and ahead of US earnings Global stocks were mixed today after China released its economic data for the second quarter. The data showed that the country’s economy expanded by 6.2% in the second quarter. This was in line with what investors were expecting but lower than the first quarter’s growth of 6.4%. It was the lowest growth rate since 1992
United Kingdom macroeconomic data points under the spotlight (Weekly Analysis) UK macro focus During the upcoming trading week the United Kingdom economy is heavily in focus as we see the release of Employment, Unemployment, Wage, Retail sales and Inflation data for the month of June. The upcoming Conservative party leadership race between Boris Johnson and Jeremy Hunt also reaches its conclusion, placing the emphasis on
Aussie declines after RBA signals more rate cuts possible The Australian dollar declined slightly after the RBA released its minutes for the meeting held on July 2nd. In the meeting, the RBA slashed interest rates by 25 basis points for the second consecutive month. In the minutes, the members said that they were prepared to slash rates again with the goal of supporting the
Crude oil price drops after Iran approaches US for talks The price of crude oil declined sharply in overnight trading after US Secretary of the State, Mike Pompeo said that Iran had approached the US for talks. While not much information was shared, investors interpreted this to mean that the US could ease the sanctions it has put in place with Iran. This would then
The British pound tumbles over Brexit worst case scenario The price of crude oil rose sharply after the US shot down an Iranian drone in the Strait of Hormuz. This came after the drone reportedly threatened an American warship. The incident took place a few weeks after Iran shot down an American drone that it claimed was in its waters. It also came a
Crude price rises after Iran seizes a British tanker The price of crude oil rose slightly after Iran captured a British tanker at the Strait of Hormuz. The Iranian government said that the ship had violated international maritime rules. Iranians said that the tanker had collided with an Iranian fishing boat. This new seizure came two weeks after the UK captured an Iranian ship
ECB rate decision and final round of US data headline During the upcoming trading week the ECB rate decision takes center stage, with most economists expecting the European Central Bank to cut rates and to lay the groundwork for more monetary policy accommodation during the third-quarter of 2019. We also see a raft of important data manufacturing, trade, housing and growth data coming from the
NZD/USD sticks to RBNZ-led losses, well below mid-0.6700s NZD/USD sticks to RBNZ-led losses, well below mid-0.6700s RBNZ’s plans for unconventional monetary stimulus weighed heavily on the Kiwi.  Tempered Fed rate cut bets underpinned the USD and added to the selling bias. The NZD/USD pair now seems to have entered a bearish consolidation phase and was seen oscillating in a range near the lower
Asian stocks decline ahead of FOMC rate cut Sterling continued to decline amid the likelihood of a no-deal Brexit. The British currency is trading at the lowest level since March 27. Over the weekend, it was announced that the Chancellor of the Exchequer was preparing to release GBP 1 billion to help the country prepare for a no-deal Brexit, which he called a
FX Strategy 29 Jul 19 CHF and JPY are the top G10 FX gainers today, up 0.07% and 0.01% vs the dollar while GBP and NOK are the top losers, down -0.42% and -0.12% vs the dollar. The U.S. dollar edged to a two-month high in Asia today on better-than-expected U.S. GDP data seen last week which helped U.S. yields
US futures slide as the FOMC starts its two-day meeting The selling pressure on the sterling continued today as the currency reached a new two-month low. The currency has declined by 4% since the end of June, leaving it on track for the worst month since October 2016. It is also the worst-performing currency among the key G10 currencies. Implied volatility of the currency over
July 2019
US dollar spikes after the Fed disappoints The US dollar rose sharply after the Federal Reserve slashed interest rates by 25 basis points. This was the first rate cut since the 2008 financial crisis. It sent a signal that there were risks to the US economy. The dollar rose because the Fed called the rate cut a “mid-cycle adjustment to policy”, rather
Crude oil in bear territory after surprise jump in US inventories The price of crude oil fell deep into the bear territory after the EIA released inventories data for the past week. Numbers showed that inventories rose by 2.35 million barrels. This was higher than the drawdown of 2.84 million that investors were expecting. It was the first report of an increase of inventory since June
Euro falls as intro-EU trade falls sharply in June US futures rose sharply as investors’ fear about trade and an inverted yield curve waned. The Dow and Nasdaq are set to rise by 228 and 85 points respectively. During the week, investors were worried after yield curves in the US and UK inverted. A yield curve inversion is watched closely by investors because it
FOMC minutes show division on the direction of monetary policy The price of crude oil declined in overnight trading, even after the EIA released slightly bullish inventories numbers. The data showed that inventories declined by more than 2.7 million barrels in the past week. This was a higher decline than the 1.8 million barrels that investors were expecting. On Tuesday, data from API too showed
Forex News OPEC’S MARKET SHARE SINKS AMID OUTPUT CUT POLICY – WTI REGAINS $ 56 MARK The latest Organization of the Petroleum Exporting Countries (OPEC) data relevant to the oil markets show that the cartel’s share of the global oil market has dropped to 30% in July, down from a peak of 35% seen in 2012. KEY REASONS:
FOMC minutes show division on the direction of monetary policy The price of crude oil declined in overnight trading, even after the EIA released slightly bullish inventories numbers. The data showed that inventories declined by more than 2.7 million barrels in the past week. This was a higher decline than the 1.8 million barrels that investors were expecting. On Tuesday, data from API too showed
NZD/USD: A TEST OF 0.6300 LOOKS UNLIKELY FOR THE TIME BEING – UOB According to FX Strategists at UOB Group, the Kiwi Dollar is unlikely to test the 0.6300 support in the near term at least. Key Quotes 24-hour view: “While we expected NZD to weaken yesterday, we were of the view that “a break of the month-to-date low near 0.6380 is unlikely”. However, NZD declined more than
FX Strategy 23 Aug 19 NZD and SEK are the top G10 FX gainers today, up 0.28% and 0.1% vs the dollar while GBP and CHF are the top losers, down -0.38% and -0.28% vs the dollar. The EUR fell as the U.S. dollar gained broadly ahead of the Federal Reserve Chair Jerome Powell address at the Jackson Hole symposium
Crude oil price jump after US inventories fall unexpectedly The price of crude oil rose in the American session after the API released inventories data. Numbers showed that crude inventories declined by more than 11 million barrels in the past one week. This was much lower than what the market was expecting. In the previous week, the amount had declined by slightly above 3.5
FX Strategy 28 Aug 19 JPY and SEK are the top G10 FX gainers today, up 0.01% and 0.0% vs the dollar while GBP and NZD are the top losers, down -0.9% and -0.25% vs the dollar. The forex market continued to remain wary of a global slowdown with the Japanese Yen holding on to its recent gains. The US
AUD/USD flat-lined in lower half of weekly range near 0.6750 Business activity in Australia construction sector contracts. US Dollar Index posts small daily gains on Wednesday. FOMC members Barkin and Daly will speak later. The AUD/USD pair came under modest selling pressure during the Asian trading hours and dropped to a daily low of 0.6734. However, the lack of major developments surrounding the US-China trade
August 2019
Global stocks rise after US and China agree to restart talks European and American futures rose sharply after China and the US agreed to a fresh round of trade talks to be held in early October. Robert Lighthizer and Steve Mnuchin said they had talked with China’s Liu He and agreed to hold meetings on a ministerial level to deal with the crisis. Deputy-level meetings will
EUR/USD ADVANCES TO SESSION TOPS NEAR 1.1050 EUR/USD ADVANCES TO SESSION TOPS NEAR 1.1050 EUR/USD tests tops near the 10-day SMA close to 1.1050. German Factory Orders slumped 2.7% MoM in July. US ADP report next of relevance in the docket. The recent bout of USD-weakness has taken EUR/USD to fresh tops in the vicinity of 1.1050, where resides the 10-day SMA. EUR/USD REGAINED
ECB widely tipped to reduce interest rates this week ECB widely tipped to reduce interest rates this week ECB headlines During the upcoming trading week traders and investors look to the European Central Bank rate decision and press conference with ECB President Mario Draghi. The ECB is widely expected to cut interest rates, with market participants also expecting outgoing ECB President Mario Draghi to
Global stocks rise as Trump delays planned Chinese tariffs Asian stocks, as well as American and European futures, rose after the Trump administration delayed tariff hikes by two weeks in a goodwill gesture to China. In a tweet, the President said that he had agreed to delay tariffs on goods worth more than $250 billion that were to start on October 1. He said
USD/JPY clings to gains near 6-week tops, around 108.00 handle USD/JPY clings to gains near 6-week tops, around 108.00 handle Fading safe-haven demand continues to weigh on the JPY and fuels the positive momentum. The USD remained well supported by surging US bond yields and contributes to the up-move. Traders now look forward to the ECB decision for some impetus ahead of the US CPI
Dollar rises after the second consecutive Fed rate cut The dollar strengthened while stocks declined after the Federal Reserve made its interest rates decision. As expected, the bank slashed interest rates by 25 basis points to a range of between 1.75% and 2%. This was the second straight month of rate cuts by the Fed. Officials signaled that they would stop there, despite uncertainty
USD/JPY could advance to 108.85 if clears 108.50 – UOB USD/JPY could advance to 108.85 if clears 108.50 – UOB Further upside in USD/JPY could extend to the 108.85 area on a close beyond 108.50, noted FX Strategists at UOB Group. Key Quotes 24-hour view: “USD surged during NY hours and came close to the major 108.50 resistance (high of 108.47). Upward momentum has improved
South Africa: SARB widely expected to keep policy rate unchanged – Rabobank South Africa: SARB widely expected to keep policy rate unchanged – Rabobank According to Rabobank analysts, in South Africa, the central bank is widely expected to keep its policy rate unchanged at 6.50%. Key Quotes “Recent spike in oil prices and the risk that the rand may remain volatile require a cautious approach and limits
Yen unchanged as Japan inflation falls to two-year low The Japanese yen was relatively unchanged after the Statistics Bureau of Japan released consumer prices data for August. They showed that the core inflation was at 0.5%, down from 0.6% in July. This was in line with the consensus forecast and was the lowest level since July 2017. Core CPI, which removes food and energy
GBP/USD moved to ‘overbought’ territory – UOB GBP/USD moved to ‘overbought’ territory – UOB According to FX Strategists at UOB Group, Cable risks some consolidation or even a move lower if it cannot clear the 1/2580 region in the short-term horizon. Key Quotes 24-hour view: “GBP traded mostly sideways but surged suddenly to a 2-1/2 month high of 1.2560 during NY hours
US dollar unchanged ahead of UN General Assembly The euro was little unchanged in the Asian session as traders waited for flash PMI data from Europe. The preliminary PMI data from Germany is expected to show some improvement in September. The data is expected to show the PMI at 44.0, which is slightly better than the previous 43.5. The services PMI is expected
US data and RBNZ rate decision set to move markets this week Market movers During the upcoming trading week, the United States economy and the Reserve Bank of New Zealand interest rate decision takes center stage. The United States economy releases a number of key data points through the course of the week, including manufacturing, inflation, trade, growth, housing, and consumer confidence. The RBNZ also decides on
NZD/USD could attempt a recovery near term – UOB NZD/USD could attempt a recovery near term – UOB FX Strategists at UOB Group expected the Kiwi Dollar to move into a sideline pattern vs. the Greenback. Key Quotes 24-hour view: “We highlighted yesterday “further sustained decline is unlikely” and expected NZD to “trade sideways within a 0.6250/0.6290 range”. NZD subsequently traded between 0.6258 and
US dollar unchanged after better-than-expected manufacturing data The US dollar was relatively unchanged even after Markit released slightly better-than-expected manufacturing PMI data. The data showed that the PMI rose to 51.0 from the previous 50.3. This data showed that manufacturing activity in the US was improving as that of the European Union faltered. Earlier on, data from Markit showed that the PMI
India: Economy in need of a stimulatory kick start – NAB India: Economy in need of a stimulatory kick start – NAB Gerard Burg, senior economist at National Australia Bank, points out that India’s economic growth continued to slow in the June quarter – down to 5.0% yoy (compared with a relatively weak 5.8% in Q1) and was the slowest rate of growth since March 2013,
US stocks fall as Democrats start Trump impeachment proceedings US stocks declined while the greenback rose after Democrats announced the official launch of impeaching Donald Trump. In a statement, house speaker, Nancy Pelosi said that the democrats will start impeachment proceedings. This is after the latest episode, where Trump was accused of pressuring Ukraine to investigate Joe Biden and his son. This new episode
EUR/USD Technical Analysis: A test of 1.0925 is likely while below 1.1053 EUR/USD Technical Analysis: A test of 1.0925 is likely while below 1.1053 EUR/USD remains under pressure around the 1.10 neighbourhood so far this week. The down move to weekly lows near 1.0970 has opened the door for a potential new visit to YTD lows in the proximity of 1.0920 (September 3rd). Looking at the broader
Crude oil price rises as Rouhani rules out US meeting The price of crude oil rose slightly after the US released inventories data for the past week. Inventories increased by more than 2.4 million barrels. This was a bigger increase than the consensus estimates of a decrease of 249k barrels. In the previous week, inventories had increased by more than 1 million barrels. Meanwhile, Iran’s
Traders look to the release of important US and EU data During the upcoming trading week traders look to a host of important economic data release from the US and eurozone economies. This week we see the release of the Nonfarm payroll job report, with most economists expecting that the United States economy created over 100,000 new jobs during the month of September. We also see
September 2019
NZD/USD STAYS ON THE RECOVERY MODE, EYES ON NZ SECOND-TIER DATA, TRADE NEWS NZD/USD STAYS ON THE RECOVERY MODE, EYES ON NZ SECOND-TIER DATA, TRADE NEWS NZD/USD benefits from the USD’s broad weakness. The US-EU trade tension, fears of the US recession play their role amid a light calendar. New Zealand’s ANZ Commodity Price, the US ISM Non-Manufacturing PMI and Factory Orders occupy the economic line. With the
USD/JPY technical analysis: Greenback is under pressure below the 107.00 handle   USD/JPY technical analysis: Greenback is under pressure below the 107.00 handle The ISM Non-Manufacturing PMI in September disappointed the market dropping to 52.6 in vs. 55 forecast. The level to beat for bears is the 106.50 support level. USD/JPY daily chart USD/JPY is trading in a bear trend below the main simple moving averages
Markets look to global inflation and Chinese GDP data for direction (Oct 14 – 20) Inflation and GDP During the upcoming trading week traders and investors look to the release of global inflation and Chinese Gross Domestic Product Data for direction. The eurozone, UK, Swiss, New Zealand, Canadian and Japanese economies all release important Consumer Price Index data for the month of September. Chinese GDP is also being released this
BREXIT DISCUSSIONS CONTINUE TO INTENSIFY – TD SECURITIES BREXIT DISCUSSIONS CONTINUE TO INTENSIFY – TD SECURITIES In view of analysts at TD Securities, Brexit discussions continue to intensify with new deal text reportedly shared overnight. KEY QUOTES “While optimism has been expressed by both the UK and Irish sides, the EU Commission continues to maintain a cautious stance. Chief EU Negotiator Barnier suggested
US stocks fall at start of earnings season US stocks declined yesterday, just two days after the US and China announced a truce on trade. The declines happened as traders continued to worry about the impact of the deal that was announced. The Dow lost 30 points while the broader S&P500 declined by 4 points. The declines also happened ahead of the earnings
GBPUSD awaiting UK data GBPUSD awaiting UK data The British pound is trading back above the 1.2600 resistance level against the US dollar after the pair found strong dip-buying demand from the 1.2515 support level. GBPUSD traders are now awaiting a raft of UK macroeconomic data this morning, which should provide the next short-term directional move. The 1.2770 level
Global stocks soar as IMF warns of slowing growth Global stocks jumped even as the International Monetary Fund (IMF) warned of a slow-down in international growth. The global body said that global growth could slow to its lowest rate since the 2008/9 financial crisis. It blamed this on the ongoing trade war between US and China and the smaller one between Japan and South
Sterling falls as Parliament rejects Johnson’s timetable Sterling declined as traders reacted to the latest Brexit news. Yesterday, Boris Johnson won a crucial vote in Parliament with members passing the deal he had negotiated with the European Union. This was the first time that the British Parliament had passed such a vote. However, he suffered a big defeat after the members voted
October 2019
Crude oil price drops as Saudi Aramco launches its IPO The price of crude oil declined after Saudi Aramco launched its long-awaited initial public offering. The IPO is expected to raise more than $60 billion by selling up to 3% of the company. Riyadh hopes that the IPO will value the company at $2 trillion while bankers handling the deal believe that a valuation of
Two key interest rate decisions headline the economic calendar { Nov 4 – 10 Weekly Analysis } Central banks decide During the upcoming trading week interest rate decisions from the Reserve Bank of Australia and the Bank of England headline the economic calendar. Both central banks are expected to keep interest rates on hold, although the RBA may signal a December rate cut after recent disappointing inflation numbers. The Bank of England
Sterling falls after a dovish BOE statement European stocks and American futures rose today as the Chinese commerce ministry moved to reassure markets about trade. The ministry said that the two top negotiators had agreed in principle to remove the existing tariffs in phases. The ministry did not cite the tariffs that will be removed. This news came a day after sources
Positive news from Boeing and Walgreens push Dow higher The Dow Jones Industrial Average ended the day higher as the market reacted to positive news from Boeing and Walgreens. Boeing stock rose by almost 4% after the company said that it would start 737-Max deliveries in December. It also said that the airline will be ready to restart commercial service in January. The 737-Max
US dollar unchanged ahead of inflation data and Powell speech Wall Street rose slightly yesterday as Donald Trump delivered a speech to economists and business leaders at the Economic Club of New York. In the speech, Trump expressed his optimism that China and the US would ultimately do a large deal. A report by Wall Street Journal highlighted that tariffs had become the main stumbling
Sterling and FTSE jump on latest UK election poll data Sterling rose today as the markets cheered the latest polling on the upcoming election. The currency was on track for its best one-day gain in weeks. The latest polls showed that the Tories would beat Jeremy Corbyn’s Labour party. A Financial Times poll showed the Tories with a 14-point lead. The two parties have already
European and America stocks reach record levels on trade hopes European stocks and US futures rose as the market continued to receive more information on trade. The US and Chinese negotiators talked yesterday and it appears that there is some progress. This was confirmed by Donald Trump, who said that the US was in the “final throes” in its attempt to reach a deal. There
November 2019
Weekly Analysis (DEC 2, 2019) Traders look to key US and EU macroeconomic data points During the upcoming trading week market participants look to a host of important economic data releases from the US and eurozone economies. The Nonfarm payroll job report headlines the economic docket, with most economists expecting that the United States economy created just under 90,000 new
Sterling jumps on better-than-expected construction PMI Global stocks were mixed today as the market reacted to the latest trade war threats. The Trump administration said that it would increase its tariffs on imported steel and aluminium from Argentina and Brazil. Later on, Trump said that he would apply a 100% duty on French goods worth more than $2.4 billion. He blamed
Weekly Analysis (Dec 16 – 22) Interest rate decisions headline the economic calendar BOE Headlines During the upcoming trading week interest rate decisions from the Bank of England, Bank of Japan, and the People’s Bank of China headline the economic calendar. All central banks are expected to keep interest rates on hold, although the Bank of England may signal a move
Dow futures drop as Boeing suspends 737 Max production Dow futures declined during the Asian session as the market reacted to the new news from Boeing. In a statement, Boeing said that it would suspend production of the 737 Max plane. The news was a confirmation of a Wall Street Journal scoop that cited people with knowledge on the information. The company has been
EURUSD WATCHING 1.1170 EURUSD WATCHING 1.1170 The euro currency is holding around the 1.1150 level against the US dollar as the pair refuses to give into early week selling pressure. Continued gains above the 1.1150 resistance level could lead to a technical test of the important 1.1170 level. Multiple daily price closes above the 1.1170 level should trigger
Sterling in holding pattern ahead of BOE decision The Australian dollar rose as the markets reacted to employment data. The numbers, released by the Australian Bureau of Statistics (ABS), showed that the unemployment rate dropped to 5.2% in November from 5.3%. The participation rate remained unchanged at 66.0% while the employment change rose by 39.9k. These numbers show that the Australian labour market
US stocks soar as Boeing fires its CEO over 737-max problems US stocks soared yesterday as traders cheered reports that China was lowering tariffs on hundreds of goods. This is set to increase trade in the world’s biggest economy and reduce the trade tensions that have been going on for two years. Boeing was a top mover as the company removed its CEO, Dennis Muilenburg. The
Gold and crude oil prices soar as Santa Rally continues Asian stocks were quiet, with most exchanges closed for Boxing day. Stocks in Tokyo and Shanghai were little changed while the Hong Kong and Sydney markets were closed. The coming days will see minimal action from Asian markets as most traders stay away from the market. At the same time, there could be an increase
Euro jumps as FT economists warn of slow 2020 growth The euro rose today against the USD even as traders received a depressing report from the Financial Times. Even though the European Central Bank (ECB) expects the eurozone economy to grow by 1.1% in 2020, a survey of 34 economics from the region showed that growth would dip below 1%. This will be the slowest
December 2019
US dollar index rises on the first day of the year The US dollar index started the year on a high note. The index, which measures the strength of the dollar against a basket of currencies, rose by 10 basis points. The currency had a weak December as traders started to price-in the December statement by the Federal Reserve. The bank guided that it would leave
GBPUSD APPEARS OVERSTRETCHED The British pound is trading around the 1.3200 level against the US dollar, following a sharp technical reversal the 1.3280 area. The GBPUSD pair is starting to look overstretched to the upside and may start to correct back towards the 1.3100 level. Looking at the upside potential, sustained gains above the 1.3280 level could see
Crude oil and safe havens rise while stocks fall on geopolitical tensions The price of crude oil and safe havens rose while that of stocks declined after the latest escalation between the United States and Iran. The price of oil rose by more than 5% while safe havens like gold and the Japanese yen rose by 1.60% and 0.50% respectively. In Europe, the DAX, CAC, and Stoxx
British pound falls on signs of BOE cutting rates The sterling declined today as concerns grew that the Bank of England will slash interest rates this year. This happened as the market received important data from the country. The data showed that the economy expanded by an annualized rate of 0.6%. This was lower than the previous increase of 1%. On a MoM basis,
Weekly Analysis (Week: Jan 13 – 19) Global inflation and Chinese GDP headline the economic calendar Market watch During the upcoming trading week, CPI inflation data from across the globe and Chinese quarterly GDP figures take center stage. Traders and investors will be closely watching the release of Consumer Price Index inflation numbers from the United States, Germany, EU, and the United
Australian dollar soars as China imports and exports jump in December The price of crude oil rose slightly after European leaders triggered Iran’s nuclear deal’s dispute mechanism. This is in response to the latest hostilities between the United States and Iran. The Trump administration abandoned the deal in 2018 and reinstated tariffs. Iran has been asking the Europeans to intervene and fill the gap that was
EUR/USD TUMBLES FURTHER AND TESTS 1.1100, SESSION LOWS EUR/USD TUMBLES FURTHER AND TESTS 1.1100, SESSION LOWS EUR/USD loses the grip further and probes 1.1100. The greenback remains bid and approaches YTD highs. US CPI figures disappointed investors in December. The now better tone in the dollar is forcing EUR/USD to recede to the area of weekly lows in the 1.1100 neighbourhood. EUR/USD WEAKER DESPITE POOR
Bitcoin soars as upcoming halving and institutional support rise The euro rose today as traders received some positive data from Europe. Data from Eurostat showed that industrial production rose by 0.2% in November. This was lower than the consensus estimates of 0.3%. It was nonetheless higher than the 0.9% contraction that happened in October. On a YoY basis, industrial production fell by 1.5%, which
USDJPY 109.70 KEY USDJPY 109.70 KEY The US dollar is trading in a tight price range against the Japanese yen currency as traders await the next directional move in the pair. The USDJPY pair remains in a strong technical position while price continues to trade above the important 109.70 level. Bearish MACD price divergence is present across the
EURUSD INCREASINGLY BULLISH EURUSD INCREASINGLY BULLISH The euro is holding firm above the 1.1145 level against the US dollar, which indicates that buyers could soon test towards the 1.1200 resistance level. EURUSD sellers are likely to be sidelined until a confirmed breakout under the 1.1100 support level occurs. Overall, watch out for a continuation of the recent recovery,
Sterling falls again as UK retail sales disappoint The Sterling declined today as the Office of National Statistics (ONS) released the retail sales data for December. The data showed that the retail sector continues to struggle in the country. In the three months to December, the quantity of goods that were bought in the UK declined by 1.0%. The decline was spread across
Weekly Analysis (Jan 20 – 26) Market participants await central bank interest rate decisions Rate focus During the upcoming trading week, traders and investors look to central bank interest rate decisions and key PMI manufacturing data from the eurozone economy. This week the People’s Bank of China, Bank of Canada, European Central Bank, and the Bank of Japan will all decide
Weekly Analysis (Jan 27 – Feb 2) FOMC and BOE rate decisions are the key market events this week Rate Watch During the upcoming trading week, financial markets take direction from key interest rate decisions from the US Federal Open Market Committee and the Bank of England. The FOMC is widely tipped to keep interest rates unchanged as the US economy remains
Crude price tanks as OPEC+ weighs more supply cuts US stocks had a rough day yesterday as traders focused on the disease that is spreading in China and other countries. The Dow Jones Industrial Average and the S&P500 indices declined by 453 and 52 points respectively. Energy and technology stocks were the worst-performing sectors in the index. Transport stocks also had a tough day
GBPUSD REMAINS WEAK GBPUSD REMAINS WEAK The British pound remains weak against the US dollar as traders continue to sell any rallies in the pair towards the 1.3100 resistance level. Traders are cautious ahead of the Bank of England rate decision as the central bank could cut interest rates this week. A daily price close below the psychological
US DOLLAR UNCHANGED AS FOMC MAINTAINS STATUS QUO US futures declined even as the market received positive corporate earnings from companies like Microsoft, Tesla, and Facebook. Futures tied to the Dow and Nasdaq declined by 165 and 44 points respectively. Tesla made a net income of $105 million, which was lower than $140 million a year ago. Nonetheless, the market was excited about
ETHUSD COULD HIT $190.00 ETHUSD COULD HIT $190.00 Ethereum is looking increasingly bullish over the short-term, with the second largest cryptocurrency firming above the technically important $170.00 level. ETHUSD bulls may start to target the $190.00 resistance if Bitcoin attempts to rally towards the $10,000 level. As always, the price movement in BTCUSD will heavily influence the direction of
GBPUSD AWAITING RATE DECISION GBPUSD AWAITING RATE DECISION The British pound is trading around above the 1.3000 level against the US dollar as traders await today’s key interest rate decision from the Bank of England. The GBPUSD pair could fall towards the 1.2840 level if the central bank cuts UK interest rates. If the Bank of England keeps interest
January 2020
STOCKS RALLY AS CORONAVIRUS CONCERNS LESSEN Global stocks rose today as the market speculated that the economy will be able to withstand the spreading coronavirus disease. Futures tied to the Dow and S&P500 rose by 285 and 35 points respectively. In Europe, the DAX and Stoxx indices rose by 145 and 45 points respectively. Similarly, the price of crude oil rebounded,
(Feb 3 – 9) WEEKLY ANALYSIS MANUFACTURING AND US JOB DATA ON THE AGENDA THIS WEEK During the upcoming trading week traders look to the releases of key global manufacturing data and the job of the Nonfarm payroll report from the US economy. The ISM Manufacturing report from the United States and the UK PMI will be watched closely by investors.
US STOCKS SOAR AS TESLA STOCK DOUBLES THIS YEAR US STOCKS SOAR AS TESLA STOCK DOUBLES THIS YEAR US stocks rallied yesterday as the market ignored the spreading risks of coronavirus. The Dow rose by more than 400 points while Nasdaq rose by almost 200 points. Tesla was among the biggest winner. The company’s stock has risen by more than 50% in the past
GBPUSD AWAITING BEARISH CLOSE GBPUSD AWAITING BEARISH CLOSE The British pound is starting to firm above the 1.3000 level against the US dollar after sellers failed to close the daily candle below the 1.2960 level. The GBPUSD pair could trade in a price range between the 1.3000 and 1.3100 levels over the short-term. The latest news towards Brexit should
SEA OF RED AS COVID-19 SPREADS IN EUROPE AND ASIA Global stocks and crude oil tanked while safe-havens rose as coronavirus cases surged in Iran, Italy, and South Korea. In Europe, the Stoxx index declined by 3%, which is the biggest sell-off since December 2018. In Germany, the Dax index fell by 3.3% while in the UK, the FTSE fell by almost 3%. The same was the
Week Analysis (Feb 24 – Mar 1) MARKET PARTICIPANTS LOOK TOWARDS KEY US AND EU DATA RELEASES THIS WEEK Macro Data During the upcoming trading week financial market participants look to economic data releases from the United States and eurozone economies for direction. The United States economy releases important GDP, Housing, Inflation, Trade, and Consumer Confidence numbers this week. The eurozone economy
February 2020
US futures, oil, and gold rise on hopes of Fed intervention Asia-Pacific stocks were mixed today as traders reflected on the latest news on Covid-19. In China, the Shanghai and A50 indexes rose by more than 2% while in Japan, the Nikkei rose by 0.75%. In Australia, the ASX dropped by 1.50%. Meanwhile, in the United States, futures tied to the Dow and Nasdaq rose by
EURUSD TARGETING 1.1120 KEY EURUSD TARGETING 1.1120 KEY The euro currency has recovered back above the 1.1000 level against the US dollar after dip-buyers bought the pair from the 1.0960 level. Going forward, bulls may start to attack towards the 1.1120 level if they can force a breakout above the 1.1060 resistance level. A sustained loss of the 1.0960
Week Analysis (Mar 2 – Mar 8) CORONAVIRUS DEVELOPMENTS AND US JOB DATA TAKE CENTER STAGE During the upcoming  trading week traders look to the latest developments surrounding the coronavirus and the release of the Non-farm payrolls job report from the US economy. Financial markets participants are likely to be intensely focused on the coronavirus as it continues to spread to other
BTCUSD $8,750 KEY PIVOT BTCUSD $8,750 KEY PIVOT Bitcoin is under slight downside pressure at the start of the new trading week, after the BTCUSD pair suffered its largest monthly loss since November 2019. BTCUSD bulls need to hold price above the $8,750 level to encourage technical buying towards the $9,200 level. A sustained loss of the $8,400 level
USDJPY 108.90 PIVOT USDJPY 108.90 PIVOT The US dollar is staging a solid recovery against the Japanese yen currency after the pair dropped sharply lower on the weekly price open this morning. Going forward, the 108.90 level is key trendline resistance and also a key weekly pivot point to watch. Gains above the 108.90 level could provoke a
EURUSD TRACKING HIGHER EURUSD TRACKING HIGHER The euro has continued to recover higher against the US dollar during the European trading session, with the pair heading towards the 1.1100 level. Sellers may look to fade the recent rally in the EURUSD pair if price reaches the 1.1120 resistance area. Looking at the upside, gains above the 1.1120 level
GLOBAL STOCKS BOUNCE BACK ON STIMULUS OPTIMISM Global stocks bounced back yesterday as traders started hoping for a stimulus from central banks and governments. In the United States, the Dow and Nasdaq rose by 1293 and 384 points respectively. In Asia, the Nikkei and Shanghai composite rose by 12 and 40 points respectively. Market participants believe that there will be a coordinated
ETHUSD $238.00 NEEDED ETHUSD $238.00 NEEDED Ethereum is attempting to gain traction above the $220.00 level on Tuesday after finding strong technical support above the $200.00 support level last week. Bulls need to anchor the ETHUSD pair above the $238.00 level to encourage the notion that the downside correction is over. Rejection from the $238.00 level will be
GBPUSD WATCHING SUPPORT GBPUSD WATCHING SUPPORT The British pound is under downside pressure against the US dollar after the Bank of England hinted that they may cut interest rates this month. A loss of key Fibonacci support, around the 1.2750 level could see the GBPUSD pair tumbling towards the 1.2550 level. Only gains above the 1.2960 level will
LTCUSD $58.50 PIVOT LTCUSD $58.50 PIVOT Litecoin is attempting to gain upside momentum after the sixth-largest cryptocurrency found buying interest from just above the $55.00 level. LTCUSD bulls need to hold price above the $58.50 level to encourage more technical buying towards the $65.00 level. Gains above the $65.00 level could see the LTCUSD pair testing towards trendline
EURUSD BEARISH BELOW 1.1120 EURUSD BEARISH BELOW 1.1120 The euro currency is back under minor downside pressure against the US dollar after finding strong technical resistance just below the 1.1200 level. Going forward, the 1.1120 level is likely to act as a major intraday pivot point for the EURUSD pair. Weakness under the 1.1120 level could spark a major
USDJPY FUNDAMENTAL DRIVERS USDJPY FUNDAMENTAL DRIVERS The US dollar is consolidating around the 108.00 level against the Japanese yen currency, as traders await the US primary election results and the latest coronavirus news. Positive election results for candidate Bernie Sanders could see the USDJPY pair targeting the 106.00 level. Positive results for Candidate Joe Biden could see the
TRUMP CALLS FOR RATE CUT FOLLOWING RBA RATE CUT Australian stocks and the Aussie rose after the country’s central bank unexpectedly lowered rates by 25 basis points earlier today. This was the fourth rate cut in less than 12 months. The country’s biggest banks responded by cutting interest rates on mortgages. In the monetary statement, Philip Lowe, said that the rate cut will help
US FUTURES JUMP AS BIDEN BOUNCES BACK IN SUPER TUESDAY The Dow dropped yesterday after the Federal Reserve made a surprise 50 basis point rate cut. In a statement, Jerome Powell said that the Fed would do its part to provide stability as corona-virus spreads internationally. The main concern among investors is that the Fed slashed rates very soon. Another concern is that the rate
GBPUSD WEAKNESS PERSISTS GBPUSD WEAKNESS PERSISTS The British pound is still struggling to rally above the 1.2800 level against the US dollar as weakness persists in the pair. Bulls need to close the daily candle above the 1.2850 level to encourage the notion that a major technical bottom has been formed. A drop towards the 1.2550 level remains
BTCUSD NEEDS MOMENTUM BTCUSD NEEDS MOMENTUM Bitcoin is attempting to find upside momentum on Wednesday as buyers continue to defend major technical support around the $8,400 level. Gains above the $8,7500 level could see BTCUSD pair making an important technical test towards the $9,500 resistance area this week. Losses below the $8,400 level should spark a major technical
EURUSD 1.1020 STILL POSSIBLE EURUSD 1.1020 STILL POSSIBLE The euro has spiked sharply higher against the US dollar after the Federal Reserve unexpectedly cut interest by 50 basis points on Tuesday. The EURUSD pair could target the 1.1260 and possibly the 1.1300 while price trades above the 1.1170 level. A loss of the 1.1120 support level could see the
USDJPY BOUNCE POSSIBLE USDJPY BOUNCE POSSIBLE The US dollar is starting to recover higher against the Japanese yen currency after finding strong technical support from the 106.85 level. If bulls can hold price above the 107.50 level the USDJPY pair could start to advance towards the 108.90 resistance area. A large bullish reversal pattern may form on the
EURUSD PATTERN FORMATION EURUSD PATTERN FORMATION The euro is still holding onto recent gain against the US dollar, although bulls are struggling to move price above the 1.1200 level. The daily time frame shows that a large inverted head and shoulders pattern with over 400 points of upside potential has formed. It is possible that a correction towards
GLOBAL STOCKS BOUNCE AS BIDEN WIPES SANDERS DELEGATE WIN Global stocks rose today as investors reflected on Super Tuesday and on the rate cut by the Federal Reserve yesterday. Joe Biden won most states in the nominations that happened yesterday bringing hope that he will win the democratic nomination. He won in important states like Massachusetts and Texas. Bernie Sanders, on the other hand,
ETHUSD $205.00 SUPPORT ETHUSD $205.00 SUPPORT Ethereum remains trapped in a narrow price range on Thursday as bulls struggle to move price towards the $238.00 level. The ETHUSD pair continues to trade above its 200-day moving average and should eventually push higher due to the overall bullish trend. The $205.00 level remains the key downside level preventing an
USDJPY ON THE RISE USDJPY ON THE RISE The US dollar continues to edge higher against the Japanese yen currency as global stock markets attempt to recover from last weeks heavy sell-off. If the USDJPY pair rallies towards the 108.58 level it could signal that a major technical bottom was formed this week.  Traders may also start to be
EURUSD CORRECTION UNDERWAY EURUSD CORRECTION UNDERWAY The euro has started to correct lower against the US dollar after bulls were repeatedly unable to break above the 1.1200 resistance barrier. Sustained losses below the 1.1120 level could trigger the start of a much deeper technical correction in the EURUSD pair. Overall, the EURUSD pair risks sliding towards the 1.1000
US STOCKS SOAR ON FED, BIDEN, AND POSITIVE ECONOMIC DATA US stocks bounced back as traders reflected on the Fed rate cut, Joe Biden surge, and positive economic data. The Fed slashed rates by 50 basis points on Tuesday as officials saw a material change in the US economic outlook. Shortly afterwards, Joe Biden made one of the biggest political comebacks in modern history. He
CRUDE OIL FALLS AS RUSSIA REJECTS OPEC PROPOSAL FOR CUTS The price of crude oil tanked today as Russia rejected steeper supply cuts that OPEC had suggested. In a ministerial meeting yesterday, OPEC leaders agreed to cut 1.5 million barrels a day until the end of the year. A senior Russian official told Reuters that the country would not accept such a proposal. Instead, the
FEDERAL RESERVE ISSUE EMERGENCY INTEREST RATE CUT Coronavirus response The US Federal Reserve issued an emergency 50 basis point interest rate this week as the central bank reacted to the potential economic implications of the coronavirus. The 50 basis point rate reduction was the first emergency interest rate cut by the Federal Reserve since the 2008 financial crisis. The market reaction saw
EURUSD 1.1200 SUPPORT EURUSD 1.1200 SUPPORT The euro is starting to retrace lower against the US dollar after finding strong technical resistance from just above the 1.1350 level. The EURUSD could now stage a major technical test of the 1.1200 technical area before bulls start to take control of the pair again. A breakout above the 1.1350 resistance
BTCUSD $9,200 REJECTION BTCUSD $9,200 REJECTION Bitcoin is starting to the new trading week under heavy downside pressure after the cryptocurrency was strongly rejected from the $9,200 resistance level. Weakness below the $8,000 level Could trigger the next round of heavy BTCUSD selling. Bulls now need to anchor the BTCUSD pair above the $8,500 level to encourage fresh
ETHUSD $200.00 CRITICAL ETHUSD $200.00 CRITICAL Ethereum is trading with a bearish bias on Monday after almost the entire cryptocurrency market crashed lower over the weekend. Bulls need to reclaim the $225.00 level to provoke a strong push higher back towards the February monthly price high. A failure below the $200.00 level could see the ETHUSD pair sold
CRUDE OIL PRICE DROPS BY 30%+ AS SAUDI STARTS PRICE WAR The price of crude oil declined by more than 30% during the Asian session. The sharp price action came after Russia rejected a proposal by OPEC members to slash production until December this year. Instead, the country preferred holding the supply cuts started in December. In response, Saudi Arabia decided to cut oil prices by
CORONAVIRUS AND CENTRAL BANK ACTION TAKE CENTER STAGE Rate focus During the upcoming trading week, traders and investors will closely monitor the latest development surrounding the coronavirus and central bank interest action. The ECB interest rate decision is likely to be a market mover, especially if ECB President Lagarde signals more rate cute and QE to fight the economic damage caused to the
VOLATILITY IN US STOCKS CONTINUES AS FED TAKES ACTION  The volatility in US stocks continued in the American and Asian sessions. Yesterday, the Dow and the Nasdaq rose by more than 5% as investors cheered the latest actions by the Fed and the US government. However, this changed after the markets closed as futures moved lower. Futures tied to the two indices are down
Coronavirus and central banks to dictate market moves 12 Mar to 16 Mar – Weekly Analysis Central bank focus During the upcoming trading week, traders and investors will focus on the coronavirus and key rate decisions from the FOMC, PBOC, SNB, and the Bank of Japan. Market experts are predicting that the Federal Open Market Committee will cut interest rates dramatically this week. The Bank of Japan is unlikely to cut
Germany IFO – Current Assessment down to 93.8 in March from previous 98.9 Germany IFO – Current Assessment down to 93.8 in March from previous 98.9
Germany IFO – Business Climate declined to 87.7 in March from previous 96.1 Germany IFO – Business Climate declined to 87.7 in March from previous 96.1
Germany IFO – Expectations fell from previous 93.4 to 82 in March Germany IFO – Expectations fell from previous 93.4 to 82 in March
JAPAN: TRADE SURPLUS HITS MULTI-YEAR HIGHS IN FEBRUARY Senior Economist at UOB Group Alvin Liew assessed the latest results in the Japanese trade balance. KEY QUOTES “Japan recorded a month of trade balance surplus amounting to JPY1.1098 trillion in February, the largest since 2007 and nearly offsetting the JPY1.313 trillion deficit recorded in January… On an adjusted basis, the surplus was a smaller
TRUMP’S WALL STREET GAINS ERASED AS RISKS OF A DEPRESSION RISE Market volatility as measured by the CBOE volatility index rose by more than 4% in overnight trading. This was also evidenced in the American session as the Dow, Nasdaq, and S&P500 dropped by more than 6%. The three indices have nearly wiped out gains made during the Trump presidency. The same happened in the energy
JAPAN: TRADE SURPLUS HITS MULTI-YEAR HIGHS IN FEBRUARY   Senior Economist at UOB Group Alvin Liew assessed the latest results in the Japanese trade balance. KEY QUOTES “Japan recorded a month of trade balance surplus amounting to JPY1.1098 trillion in February, the largest since 2007 and nearly offsetting the JPY1.313 trillion deficit recorded in January… On an adjusted basis, the surplus was a
Trump’s Wall Street gains erased as risks of a depression rise Market volatility as measured by the CBOE volatility index rose by more than 4% in overnight trading. This was also evidenced in the American session as the Dow, Nasdaq, and S&P500 dropped by more than 6%. The three indices have nearly wiped out gains made during the Trump presidency. The same happened in the energy
USD/INR New York Price Forecast: Dollar clings to 30-year highs vs. rupee amidst broad-based USD demand USD/INR bull trend stays intact as the quote is clinging to three-decades highs. Broad-based USD demand is about to push USD/INR into uncharted territories. USD/INR weekly chart USD/INR is trading above the main weekly simple moving averages (SMAs) while trading near three-decade highs challenging the 75.00 handle. Exceptional USD demand is lifting USD against most
Silver New York Price Forecast: XAG/USD pressuring the 2009 lows, trades near $12/oz XAG/USD is under heavy selling pressure near the 2009 lows.  The level to beat for bears is the 12.00 support. Silver daily chart After the selloff to 2009 lows, XAG/USD is consolidating below the 13.00 figure. However, the metal stays vulnerable to the downside. Silver four-hour chart Silver is trading well below its main SMAs
Crude oil surges on hopes of Trump intervention Crude oil had its best day in history yesterday as traders hoped that Saudi Arabia will reduce production. The biggest gain came from the West Texas Intermediate (WTI), which rose by 23%. Brent rose by about 14%. There is a belief in the market that Donald Trump will put pressure on Saudi Arabia, which America
EUR/JPY Price Analysis: Further consolidation remains on the cards EUR/JPY keeps the recent range unchanged so far. Extra downside not ruled out below the 200-day SMA. EUR/JPY keeps the side-lined theme well in place for yet another session at the end of the week on the back of the recovery in both the European currency and its Japanese peer, all in response to some
US Dollar Index Price Analysis: Target is now at the 103.65/82 band DXY’s upside stalled just pips away of the 103.00 mark. Further gains now target the December 2016/Ja00nuary 2017 highs. DXY is now seeing some correction after printing fresh 3-year highs in the boundaries of the key 103.00 the figure earlier in the session. If the index resumes the upside, then the December 2016 top at
USD/JPY Price Analysis: Dip-buying lifts the pair back above 110.00 mark, bullish bias remains USD/JPY attracts some dip-buying ahead of 50-hour SMA and moves back above 110.00 mark. The near-term set-up remains tilted in favour of bulls and support prospects for further gains. The USD/JPY pair quickly recovered around 80-85 pips from the early European session swing lows and has now moved back above the key 110.00 psychological mark.
Copper Futures: Bounce looks short-lived Open interest in Copper futures markets went down by nearly 14.2K contracts on Thursday, prolonging the downtrend prevailing since March 5th according to preliminary figures from CME Group. Volume, too, retreated by around 1.7K contracts, reversing the previous build. Copper could re-visit the sub-$2.00/pound area Prices of the pound of the base metal dropped to
GLOBAL STOCKS SOAR ON OPTIMISM OF FISCAL AND MONETARY STIMULUS Global stocks rallied as investors remained optimistic about the fiscal and monetary policies that have been announced recently. In Europe, the DAX, CAC, and Stoxx rose by more than 5% while in the US, futures tied to the Dow and Nasdaq indices rose by more than 4%. If gains hold, it will be the second
GBPUSD WEEKLY CLOSE IN FOCUS The British pound is starting to recover higher against the greenback as the US dollar index comes under heavy downside pressure on Friday. The weekly price close is now in focus for the GBPUSD pair, with the 2019 trading low becoming the key area to watch. A confirmed weekly price close above the 1.1950 level
BTCUSD BREAKING HIGHER Bitcoin has rallied sharply during the European trading session, with the pioneer cryptocurrency breaking through the $6,400 level. The BTCUSD pair could test towards the $8,000 level now that the $6,400 resistance level has been breached with conviction. Overall, the BTCUSD pair could be preparing for a powerful upside rally next week back towards the
Gold New York Price Forecast: XAU/USD consolidates below $1500/oz and 200-DMA After recording its largest weekly decline since 1983 last week, XAU/USD has been consolidting this week. More sideways could be expect in the precious metal market.  XAU/USD DAILY CHART Last week, XAU/USD recorded its worst weekly decline since 1983, erasing the early 2020 bull-run while now challenging the 200 DMA (daily simple moving average) on
ITALY: TREASURY SEES 2020 GDP FALL OF AROUND 3% IN HIGHLY UNCERTAIN SCENARIO – REUTERS The Italian Treasury expects the economy to contract by 3% in 2020 amid lockdowns imposed by the government to battle the coronavirus outbreak, Reuters reported on Friday, citing two sources familiar with talks. “The whole EU budget planning exercise could be scrapped and in this case, Italy wouldn’t have to present the forecasts by the
OIL: TRUMP HELPS TO POST LARGEST DAILY GAIN – TDS President Trump’s intent to intervene in the Saudi-Russian price war helped WTI crude oil post its largest daily gain, strategists at TD Securities apprise. WTI is being exchanged at $25.572. KEY QUOTES “We suspect that price action reflects a sharp short covering rally amid severely tempered liquidity.” “Given weaker and weaker demand expectations and surging
AUSTRALIAN PM MORRISON ANNOUNCES $38 BLN, SECOND STIMULUS MEASURES TO COMBAT THE CORONAVIRUS IMPACT Australian Prime Minister (PM) Scott Morrison said in Canberra on Sunday, the government will pump in A$66.4 billion ($38.50 billion) into the economy to help contain the economic impact of the coronavirus pandemic. This comes as part of a second stimulus package, with the initial A$17.6 billion ($10.20 billion) economic response announced last week. The
RBNZ’S ORR: READY TO ACT FURTHER, WITH MORE FIREPOWER IN RESERVE TO KEEP THE FINANCIAL TAPS TURNED ON In an editorial article for a New Zealand media outlet on Sunday, the Reserve Bank of New Zealand (RBNZ) Governor Orr said: “we are ready to act further, with more firepower in reserve to keep the financial taps turned on.” ADDITIONAL QUOTES “We cut the Official Cash Rate from 1 percent to 0.25 percent and committed to
WH ECO. ADVISER KUDLOW: STIMULUS PACKAGE UNDER NEGOTIATION TO BE AROUND $2 TLN While Gemany seeks an emergency fiscal stimulus of EUR 350 billion, White House Economic Adviser Larry Kudlow said that the economic stimulus package under negotiation in the US will total more than $2 trillion (tln). His comments came ahead of the start of the negotiations on the coronavirus relief response. The said amount equates to
GERMANY TO RAISE ABOUT EUR350 BLN IN NEW DEBT TO FINANCE STIMULUS MEASURES AMID CORONAVIRUS CRISIS – REUTERS Citing unnamed government sources on Saturday, Reuters reported that the German Finance Minister Olaf Scholz reportedly said the debt ceiling will be raised to include a supplementary government budget of EUR156 billion (bln). The sources said that the government’s stimulus package will include EUR100 bln for economic stability fund, EUR 100 bln in credit to
BANXICO ANNOUNCES EMERGENCY 50BPS RATE CUT ON FRIDAY In a surprise move late Friday, the Mexican central bank (Banxico) delivered an emergency rate cut of 50bps to 6.50% amid risks of recession fuelled by the recent oil-price collapse and coronavirus outbreak. The decision was announced in an unscheduled meeting that took placed for the first time in four years. SUMMARY OF THE STATEMENT
Crude Oil Futures: Door open for a move lower
Crude Oil Futures: Door open for a move lower Open interest in crude oil futures markets went up by nearly 26.8K contracts on Friday, reversing six consecutive daily pullbacks. On the other hand, volume dropped for the second session in a row, this time by around 248K contracts. WTI seen re-testing $20.00/bbl (and below) Prices of the barrel of the West Texas Intermediate resumed
Manufacturing and CPI data on the agenda this week During the upcoming trading week traders and investors look to the releases of key global manufacturing data and key inflation figures. The United Kingdom, eurozone and United States economy all release important PMI Manufacturing data this week. UK, United States, and Japanese inflation figures will also be closely watched this week, alongside GDP figures from
Global stocks fall as US senate fails to pass stimulus package Asian stocks and American and European futures dropped as the fallout over Coronavirus continued. In Asia-Pacific, the ASX, Shanghai, and A50 dropped by 7.8%, 2.55%, and 2.88% respectively. In the US, futures tied to the Dow, Nasdaq, and S&P500 have dropped by more than 4%. Part of the reason is that negotiations about a big
Crude Oil Futures: Door open for a move lower Open interest in crude oil futures markets went up by nearly 26.8K contracts on Friday, reversing six consecutive daily pullbacks. On the other hand, volume dropped for the second session in a row, this time by around 248K contracts. WTI seen re-testing $20.00/bbl (and below) Prices of the barrel of the West Texas Intermediate resumed
Copper Futures: (Still) waiting for a rebound Open interest and volume in Copper futures markets shrunk once again on Friday, this time by around 3.7K contracts and by nearly 15.6K contracts, respectively, according to advanced prints from CME Group. Copper expected to breach the $2.0 mark Prices of the pound of the base metal closed in red figures once again last Friday.
Gold Futures: Still room for a move higher Traders added around 1.4K contracts to their open interest positions and reversed two consecutive daily pullbacks on Friday following preliminary prints from CME Group. ON the other hand, volume retreated for the fourth consecutive session, this time by around 69.3K contracts. Gold met strong support near $1,450/oz Prices of the ounce troy of gold briefly
Australia dollar rises on positive manufacturing PMI data US stocks ended lower yesterday as investors ignored the latest action by the Federal Reserve. The Dow and the S&P500 declined by about 3% while the Nasdaq lost 30 basis points. The Russel, which is made up of small cap companies, declined by 27 basis points. This price action came as the Fed pledged to
Crude Oil Futures: Further recovery remains in the pipeline CME Group’s flash readings for crude oil futures markets noted traders added around 10.1K contracts on Monday, marking the second build in a row. On the opposite side, volume went down for the third consecutive session, now by around 586.7K contracts. WTI does not discard another test of $20.00/bbl Prices of the barrel of the
USD/JPY Price Analysis: Bulls trying to defend a multi-day old ascending trend-line line support USD/JPY met with some supply on Tuesday and retreated from one-month tops. A sustained break below 110.00 mark needed to confirm near-term bearish bias. The USD/JPY pair failed to capitalize on the previous day’s strong intraday positive move of around 200 pips, to fresh one-month tops, and witnessed some fresh selling during the Asian session
Gold Price Analysis: Next target is $1,581 after the initial Fed-fueled rise – Confluence Detector Gold has been on the rise after the Federal Reserve announced an open-ended Quantitative Easing program, providing cheap money to American firms and lifting markets. How is XAU/USD positioned on the technical charts? The Technical Confluences Indicator has no resistance levels up to $1,581, which is the convergence of the Pivot Point one-day Resistance 1 and the
GBP Futures: Rebound in the offing CME Group’s advanced data for GBP futures markets noted open interest reversed the previous build and shrunk by nearly 1.2K contracts on Monday. In the same line, volume dropped for the second consecutive session, this time by around 52.8K contracts. GBP/USD now targets the 1.20 mark Cable’s negative price action on Monday was on the
Dow notches its best day since 1993 on stimulus hopes US stocks rose yesterday as investors hoped that a deal in Washington was possible. The Dow rose by more than 11%, notching its best trading day since 1993. The S&P500 rebounded from 2016 low and jumped by almost 10%. Washington leaders are still negotiating about a rescue package that will go to both families and
EUR/USD flirting with daily highs post-IFO, around 1.0840 EUR/USD stays bid and tests highs around the 1.0840 region. German Business Climate debilitated to 86.1 during March. US Senate, Democrats and White House clinched stimulus deal. The weekly recovery in the shared currency remains well and sound on Wednesday and is now pushing EUR/USD to the 1.0840/45 band, or daily highs. EUR/USD bid on
Gold Futures: Upside looks capped Traders scaled back their open interest positions by around 12.7K contracts on Tuesday, according to preliminary data from CME Group. Volume, instead, rose for the second session in a row, this time by nearly 150K contracts. Gold looks capped around $1,650/oz Prices of the ounce troy of the precious metal appears to have met strong
Copper Futures: Rebound seen limited Open interest in Copper futures markets extended the downtrend for yet another session on Tuesday, this time dropping by nearly 5.3K contracts in light of advanced readings from CME Group. Volume, on the other hand, reversed three consecutive pullbacks and rose by almost 8.4K contracts. Upside stays capped around 2.6250 Prices of the pound of
Crude Oil Futures: Recovery looks unsustainable Open interest and volume in crude oil futures prices shrunk by nearly 2.2K contracts and around 234.2K contracts, respectively, on Tuesday, all in light of flash figures from CME Group. WTI remains under heavy pressure The weekly recovery in prices of the WTI remains in place, although the continuation of the move up seems to
US dollar weakens as US jobless claims set to cross 1 million US stocks rose yesterday as traders cheered the $2 trillion rescue package deal made by congress. The S&P500 rose by 1.2% while the Dow Jones index rose by more than 2%. The stocks rose as traders got more details about what the package will entail. According to the WSJ, the stimulus will have $250 billion
Copper Futures: Upside looks limited In light of flash figures for Copper futures markets from CME Group, investors scaled back their open interest positions by almost 2.5K contracts. It is worth mentioning that open interest has been rising since March 5th. In the same direction, volume resumed the downside and went down by nearly 16.5K contracts. Copper could re-visit $2.00/pound
Crude Oil Futures: Look neutral/bearish near term Open interest in crude oil futures markets resumed the upside on Wednesday, expanding by around 21.3K contracts and reversing the previous drop. Volume, instead, extended the downtrend and shrunk by around 59.5K contracts. WTI seen re-testing the $20.00/bbl mark Prices of the barrel of WTI are extending the consolidative fashion on Thursday, amidst rising open
JPY Futures: Consolidation likely near term CME Group’s flash data for JPY futures markets noted open interest rose for the second session in a row on Wednesday, now by around 2.5K contracts. On the opposite side, volume went down for the second straight day, this time by almost 31.3K contracts. USD/JPY: Further pullbacks are not ruled out USD/JPY charted an inconclusive
Gold Futures: Downside seen as shallow In light of preliminary figures for Gold futures markets from CME Group, traders trimmed their open interest positions for the second day in a row, this time by nearly 3.7K contracts. Volume, in the same line, reversed two straight builds and shrink by around 245.3K contracts. Gold remains supported near $1,450/oz Prices of the ounce
Asian equities rise as Chinese industrial profits slump Wall Street rallied yesterday as investors remained optimistic about the $2.2 trillion packages that was passed by the Senate yesterday. The Dow rose by more than 1,300 points, capping its biggest three-day gain since 1931. The S&P500 and Nasdaq each rose by more than 5%. The gains came on the same day that the Labour
Crude Oil Futures: Further losses in the pipeline CME Group’s advanced prints for crude oil futures noted open interest increased for the second session in a row on Thursday, this time by around 31.2K contracts. Volume, too, went up after five consecutive drops, now by around 101.9K contracts. WTI: Door open for a move below $20.00/bbl Prices of the barrel of the West
Copper Futures: Rebound still on the cards Open interest in Copper futures markets extended the decline for yet another session on Thursday, now by just 279 contracts as per flash data from CME Group. It is worth mentioning that open interest is decreasing since March 5th. In the same line, volume went down for the second session in a row, this time
Gold Futures: Extra upside loses traction Traders scaled back their open interest positions for the third session in a row on Thursday, this time by nearly 15K contracts according to preliminary figures from CME Group. On the other hand, volume resumed the upside and rose by more than 15K contracts following Wednesday’s pullback. Gold met resistance near $1,650/oz Prices of the
GBP/USD Price Analysis: Bulls faced rejection near the 1.2300 confluence region GBP/USD corrects from 1-1/2 week tops and momentarily slips below 1.2200 mark. The set-up warrants some caution before positioning for further intraday downfall. The GBP/USD pair failed to capitalize on its early uptick to near two-week tops and for now, seems to have faced rejection near the 1.2300 mark. The mentioned handle marks a confluence
Crude Oil Futures: Further losses in the pipeline CME Group’s advanced prints for crude oil futures noted open interest increased for the second session in a row on Thursday, this time by around 31.2K contracts. Volume, too, went up after five consecutive drops, now by around 101.9K contracts. WTI: Door open for a move below $20.00/bbl Prices of the barrel of the West
US jobs report and manufacturing data take center stage this week During the upcoming week traders and investors look to the latest developments surrounding the coronavirus and the release of the Non-farm payrolls job report from the US economy. Due to the impact of the coronavirus on the United States economy, most economists are predicting a -300,000 number for the March monthly jobs report. PMI Manufacturing
Crude oil price falls as demand appears to evaporate The price of crude oil dropped by more than 3% as investors continued to worry about demand. With most planes not flying, and with most people in the developed world staying at home, investors worry that demand will drop faster than expected. Meanwhile, investors are concerned that Saudi Arabia has expressed no signs that it
Gold Futures: Bearish/Neutral near term Following three pullbacks in a row, traders added almost 3.2K contracts to their open interest positions on Friday, according to preliminary prints from CME Group. On the other hand, volume dropped by nearly 108K contracts, reversing the previous build. Gold stays capped around $1,650/oz The ounce troy of the precious metal receded ground at the
Crude Oil Futures: Extra downside stays on the cards In light of advanced data for crude oil futures markets from CME Group, open interest rose by almost 46.7K contracts on Friday. On the other hand, volume resumed the downside and retreated by 36.7K contracts. WTI remains weak around $20.00 Prices of the barrel of the West Texas Intermediate are trading in fresh 2020 lows
Copper Futures: There is still chance of a rebound CME Group’s flash readings for Copper futures markets noted traders trimmed their open interest positions and volume by around 1.9K contracts and almost 4.4K contracts, respectively, on Friday. Copper does not rule out further downside Prices of the pound of the base metal remain under pressure amidst unabated concerns over the impact of the coronavirus
Crude oil prices rise as markets wait for Trump-Putin phone call The price of crude oil rose in overnight trading after Trump said he would talk to Putin about how to fix the situation. The price also rose after data from China showed that manufacturing activity in the country rose in March. According to China Logistics, manufacturing PMI in the country bounced back to 52.0 from
EUR/USD Price Analysis: Extra losses likely on a breach of 1.0990 EUR/USD’s recovery seems to have met a tough barrier near 1.1150. A breach of 1.0990 should open the door to further downside. EUR/USD is seeing some correction after the rally run out of steam in the 1.1150 zone earlier in past sessions. This area of resistance is coincident with a Fibo retracement of the March
US Dollar Index Price Analysis: Target is now at the 100.00 mark and above DXY manages to surpass the 99.00 mark at the beginning of the week. The outlook remains positive above the 200-day SMA at 98.00. DXY met solid contention in the vicinity of the key 200-day SMA just above 98.00 the figure so far this week. If the bullish attempt picks up extra pace, then a potential
When are the Eurozone Preliminary CPIs and how could they affect EUR/USD? Eurozone Preliminary CPIs overview Eurostat will publish the first estimate of Eurozone inflation figures for March at 0900 GMT this Tuesday. The headline CPI is anticipated to come in softer at 0.9% YoY while the core inflation is seen steady at 1.2% YoY during the reported month. Deviation impact on EUR/USD Readers can find FX Street’s
EUR/USD Price Analysis: Extra losses likely on a breach of 1.0990 EUR/USD’s recovery seems to have met a tough barrier near 1.1150. A breach of 1.0990 should open the door to further downside. EUR/USD is seeing some correction after the rally run out of steam in the 1.1150 zone earlier in past sessions. This area of resistance is coincident with a Fibo retracement of the March
March 2020
Crude Oil Futures: Further decline not ruled out Open interest in crude oil futures markets extended the uptrend on Tuesday, this time rising by around 47.4K contracts as per advanced readings from CME Group. On the flip side, volume decreased by around 307.6K contracts, prolonging the choppy activity seen as of late. WTI could re-test lows in sub-$20.00 levels Price action around WTI
Copper Futures: Further recovery looks likely CME Group’s flash data for copper futures markets showed open interest and volume increased by 732 contracts and by around 16.8K contracts, respectively, on Tuesday. Copper faces the next hurdle at 2.3230, the 21-day SMA Prices of the pound of the base metal met resistance near $2.25 on Tuesday. The positive session was on the
Gold Futures: Rebound likely near term In light of preliminary readings for Gold futures markets from CME Group, traders scaled back their open interest positions for yet another session on Tuesday, now by around 22.6K contracts. On the other hand, volume went up by around 3.2K contracts following two straight drops. Gold still capped by $1,650/oz Tuesday’s negative price action in
JPY Futures: Further appreciation likely Open interest in JPY futures markets from CME Group rose by just 877 contracts on Tuesday, reversing three consecutive pullbacks according to flash data from CME Group. In the same line, volume increased by almost 9.8K contracts after two drops in a row. USD/JPY: Door open for a move to 107.00 USD/JPY remains on the
EUR Futures: Further consolidation on the cards According to advanced figures for EUR futures markets from CME Group, open interest resumed the downside and shrunk by nearly 1.6K contracts on Tuesday. On the other hand, volume increased by around 56.5K contracts following two consecutive pullbacks. EUR/USD expected to keep the rangebound theme Tuesday’s negative price action in EUR/USD was on the back
Crude Oil Futures: Extra recovery in the pipeline According to preliminary figures for crude oil futures markets, traders increased their open interest positions for the sixth session in a row on Wednesday, this time by around 53.1K contracts. In the same line, volume went up by nearly 281.6K contracts. Extending the erratic performance. WTI looks supported just below $20.00 Prices of the WTI
Copper Futures: Further downside on the table CME Group’s advanced readings for Copper futures markets noted open interest rose by almost 1.7K contracts, reaching the third build in a row. On the flip side, volume reversed the previous build and decreased by around 8.5K contracts, resuming the downtrend. Copper faces some consolidation near term Wednesday’s negative performance of the pound of the
Gold Futures: Extra gains look unsustainable Traders scaled back their open interest positions by nearly 5.2K contracts on Wednesday according to flash data from CME Group. In the same line, volume shrunk by around 13.3K contracts, resuming the downside after Tuesday’s build. Gold supported by short covering Wednesday’s uptick in the price of the ounce troy of the precious metal was
JPY Futures: Look neutral/bullish in the short term In light of advanced figures from CME Group for JPY futures markets, open interest increased by the second session in a row on Wednesday, now by almost 2.5K contracts. On the other hand, volume resumed the downside and shrunk by nearly 9.5K contracts. USD/JPY stays supported around 107.00 USD/JPY is looking to stabilize in the
Futures pare gains as the government releases worst jobless claims data The price of crude oil jumped today as the markets reacted to some positive signals from the US. In a statement, Donald Trump said, without providing evidence, that Saudi Arabia and Russia were close to a deal. The statement came after Vladimir Putin called for action on the “challenging” energy market. The market also reacted
Gold Futures: Scope for further gains In light of flash figures for Gold futures markets from CME Group, both open interest and volume increased by just 245 contracts and nearly 4.2K contracts, respectively, on Thursday. Gold could re-visit $1,650/oz Thursday’s uptick in the price of the ounce troy of gold was accompanied by increasing open interest and volume, which carry the
JPY Futures: Room for a move higher Open interest in JPY futures markets increased for the third consecutive session on Thursday, now by more than 1K contracts according to preliminary data from CME Group. On the other hand, volume decreased by around 12K contracts, reaching the second drop in a row. USD/JPY targets the 108.30 area USD/JPY’s advance on Thursday was on
GBP Futures: Outlook remains neutral/bearish CME Group’s preliminary data for GBP futures markets noted investors reversed seven consecutive daily pullbacks and rose by just 592 contracts on Thursday. In the same line, volume prolonged the erratic performance and rose by only 506 contracts. GBP/USD remains consolidative below 1.2500 Cable is extending the side-lined trading for yet another session on Friday.
EUR Futures: Door open for extra downside Open interest in EUR futures markets rose by almost 2K contracts on Thursday following two consecutive daily pullbacks, according to advanced readings from CME Group. Volume, in the same line, increased by nearly 14.7K contracts, extending the choppy activity. EUR/USD now looks to 1.0777 Thursday’s negative price action in EUR/USD was on the back of
Crude Oil Futures: Upside looks exhausted Advanced data for crude oil futures markets from CME Group noted open interest shrunk by nearly 1.5K contracts at the end of last week. In the same line, volume reversed two builds in a row and decreased by around 353.5k contracts, the highest single-day drop since March 23rd. WTI faces strong barrier at $30.00/bbl Friday’s
Copper Futures: Neutral/bullish near term Traders added almost 1.2K contracts to their open interest positions on Friday, according to flash figures from CME Group. On the other hand, volume reversed the previous build and shrunk by around 16.6K contracts. Copper points to further rangebound Prices of the pound of the base metal closed Friday’s session with losses in combination with
GBP Futures: Downside looks limited In light of advanced readings for GBP futures markets from CME Group, investors trimmed their open interest positions by around 7.9K contracts on Friday. Volume, on the other hand, rose for the second session in a row, this time by nearly 6.7K contracts. GBP/USD could slip back to 1.2100 Friday’s downside in Cable was accompanied
JPY Futures: Extra losses appears unlikely CME Group’s flash data for JPY futures markets noted open interest went down by just 780 contracts on Friday. On the flip side, volume reversed two drops in a row and gained nearly 1.9K contracts. USD/JPY faces strong resistance at 110.00 The selling pressure in the Japanese safe haven could be running out of steam
Gold Futures: Extra gains losing traction In light of preliminary data for gold futures markets from CME Group, open interest and volume retreated by nearly 6.1K contracts and by 32.7K contracts, respectively, on Friday. Gold still capped around $1,650/oz Friday’s advance in the ounce troy of gold was amidst shrinking open interest and volume, showing that the move was mainly sponsored
Global stocks surge as European Coronavirus cases start to fall Global stocks rose today as the market reacted to positive news regarding Coronavirus. Data from several European countries showed that the rate of infection was falling. Also, according to reports, authorities in France, Spain, and Belgium were planning to ease the existing stay-at-home orders. What is holding them back is a risk of a secondary
Crude Oil Futures: Room for a correction lower Traders added nearly 18.5K contracts to their open interest positions in Crude Oil futures markets, as per advanced data from CME Group. On the flip side, volume shrunk for the second session in a row, this time by almost 653K contracts. WTI: Back to the $20.00s? The negative start of the week in prices of
Copper Futures: Upside could be limited According to flash readings from CME Group for Copper futures markets, open interest shrunk by around 1.1K contracts on Monday following five consecutive daily builds. Volume, instead, prolonged the choppy performance and rose by almost 1.8K contracts. Copper does not rule out a move higher Prices of the base metal have broken above the multi-session
Gold Futures: Scope for extra gains Traders added around 5.7K contracts and volume rose by nearly 61.3k contracts on Monday, according to preliminary figures from CME Group for Gold futures markets. Gold now targets $1,700/oz Prices of the ounce troy of the precious metal started the week on a positive tone and the continuation of the move up stays underpinned by
JPY Futures: Downside looks exhausted In light of preliminary data for JPY futures markets from CME Group, open interest and volume dropped by around 3.3K contracts and by around 9K contracts, respectively, at the beginning of the week. USD/JPY looks capped near 110.00 The upside in USD/JPY seems to have met a tough hurdle near 109.40 on Monday. Diminishing open
Crude oil price rises ahead of OPEC+ meeting The price of crude oil rose as the market waited for more news on the upcoming meeting of OPEC members. The virtual meeting will take place tomorrow and will be followed by another meeting of G20 ministers. The hope is that this meeting will be more successful than the previous one because of how things
Crude Oil Futures: Downside seen limited CME Group’s preliminary data for Crude Oil futures noted open interest resumed the recent downtrend and decreased by around 34.7K contracts on Tuesday. On the other hand, volume reversed two drops in a row and rose by around 155K contracts. WTI stays vigilant on OPEC headlines Prices of the barrel of WTI receded from recent
Crude Oil Futures: Downside seen limited CME Group’s preliminary data for Crude Oil futures noted open interest resumed the recent downtrend and decreased by around 34.7K contracts on Tuesday. On the other hand, volume reversed two drops in a row and rose by around 155K contracts. WTI stays vigilant on OPEC headlines Prices of the barrel of WTI receded from recent
Copper Futures: Correction seems likely near term Open interest in Copper futures markets rose for the second straight session on Tuesday, this time by just 16 contracts in light of flash data from CME Group. On the other hand, volume increased sharply by almost 60K contracts. Copper faces resistance near $2.32/lb Prices of the pound of the base metal managed to clinch
Gold Futures: Door open for a short-term correction Traders scaled back their open interest positions by around 8.7K contracts on Tuesday, according to advanced prints from CME Group for Gold futures markets. On the other hand, volume rose for the second session in a row, this time by nearly 14.4K contracts. Gold could still visit the $1,700/oz mark Prices of the ounce troy
Crude oil price rallies on hopes of a deal to slash supplies US stocks rallied by more than three percent as markets received several positive catalysts. First, the number of new coronavirus cases in the US is slowing. On Tuesday, the cases increased by 8.1%, which was the third day of a consecutive slowdown. Second, the market reacted to news that Bernie Sanders was abandoning his presidential
Copper Futures: Further rangebound likely Traders scaled back their open interest positions in Copper futures markets by just 240 contracts on Wednesday, reaching the third consecutive drop. Volume, too, went down by around 9K contracts following two daily builds in a row. Copper: Door open for further recovery Wednesday’s downtick in prices of the pound of the base metal was
Gold Futures: Extra gains appear on the cards According to preliminary figures for Gold futures markets from CME Group, open interest rose by just 420 contracts on Wednesday, while volume went down by more than 89K contracts, reversing two builds in a row. Gold still eyes a test of $1,700/oz Wednesday’s correction lower in prices of the ounce troy of gold looks shallow
JPY Futures: Weakness looks limited In light of advanced readings from CME Group, open interest and volume in JPY futures markets shrunk by around 2.6K contracts and by nearly 6.4K contracts, respectively, on Wednesday. USD/JPY still sees a test of 110.00 USD/JPY managed to regain some ground in the last couple of sessions. Wednesday’s drop in open interest and volume
EUR Futures: Look neutral/bearish near term Open interest in EUR futures markets increased for the second session in a row on Wednesday, this time by just 105 contracts, according to preliminary figures from CME Group. Volume, instead, prolonged the erratic performance and went down by almost 36K contracts. EUR/USD faces extra consolidation EUR/USD’s negative price action was accompanied by a small
Crude oil slips after OPEC+ agree to historic oil supply cut The price of crude oil declined in overnight trading even after OPEC and its allies agreed to a historic supply cut. The members agreed to cut production by 10 million barrels per day. This is the biggest oil supply cut deal in the world that will see about 10% of the oil exported per day
USD/CHF Price Analysis: Depressed below monthly rising trendline, 50-day SMA USD/CHF remains on the back foot after breaking near-term key supports, Good Friday holiday restricts the moves. Late-March lows, 61.8% Fibonacci retracement on sellers’ radars. 200-day SMA adds to the resistance beyond the latest ones. Although Good Friday’s inactive session restricts USD/CHF moves, the pair remains on the back foot around 0.9660 after breaking near-term
WTI Price Analysis: Presssured around $23.00 inside weekly falling channel WTI remains on the back foot inside following its U-turn from 61.8% Fibonacci retracement. Channel’s support, 23.6% Fibonacci retracement could check further downside. Buyers could target $30.00 during the sustained run-up. Following its U-turn from the key Fibonacci retracement, WTI forms a short-term falling channel while declining to $23.10. 23.6% Fibonacci retracement of March 13-30
GBP/USD Price Analysis: Off short-term key resistance, seesaws around 1.2450 GBP/USD steps back from two-week-old horizontal resistance. Good Friday holidays limit immediate moves. A two-day-old support line, 200-HMA could question sellers. Buyers may target 50-day and 200-day SMAs during the successful upside. While stepping back from a fortnight-old resistance, GBP/USD trades near 1.2450, currently around 1.2460, amid the early part of generally less liquid Good
EUR/USD Price Analysis: Reverses from monthly resistance trendline, midly weak above 1.0900 EUR/USD remains soft amid the Good Friday holiday in major markets. The pair’s pullback from the monthly resistance line portrays further declines. An upside break needs validation from 200-bar SMA. While taking a U-turn from the short-term resistance trend line, EUR/USD drops to 1.0920 amid the early Friday morning. Although the pair’s pullback moves from
US retail sales and Chinese GDP data on the agenda this week Spending and GDP During the upcoming trading week, traders and investors look to the release of US Retail Sales data and Chinese Gross Domestic Product numbers for direction. US retail spending is likely to have taken a sharp hit as a result of the coronavirus and consumers staying at home. Chinese GDP is also being
Oil price rises as OPEC+ inks the biggest oil supply cut deal The price of crude oil rose today as the market reacted to the historic deal signed between OPEX and non-OPEC members to cut production. The signatories agreed to cut oil production by 9.7 million in the next two months and then by 8 million through December. These cuts are slightly below the anticipated 10 million
WTI fades initial gains and return to sub-$23.00 levels WTI run out of steam above the $24.00 mark per barrel. Traders remain sceptical after the OPEC-Russia deal. The OPEC+ and Russia agreed to cut oil output by almost 10Mbpd. Prices of the American reference for the sweet light crude oil are now losing the grip and recedes to the $23.00 neighbourhood per barrel following
Crude Oil Futures: Potential for further weakness CME Group’s advanced data for crude oil futures markets noted open interest rose by nearly 57.2K contracts on Thursday following two drops in a row. Volume too went up, this time for the third consecutive session and by nearly 377.7K contracs. WTI does not rule out a move to $20.00/bbl Thursday’s bearish performance in prices
GBP/USD Price Analysis: Surges through 1.2500 mark, spikes to 1-month tops GBP/USD gains some strong positive traction and breaks through the 1.2480-85 resistance. A subsequent strength beyond the 1.2500 mark now supports prospects for additional gains. The GBP/USD pair finally broke out of its Asian session consolidation phase and spiked to one-month tops, around the 1.2530 region in the last hour. A sustained move beyond the
Copper Futures: Downside is expected to resume Open interest in Copper futures markets rose by almost 1.4K contracts on Thursday in light of flash readings from CME Group. Volume, instead, shrunk for the second straight session, this time by nearly 17.6K contracts. Copper: Recovery is seen losing momentum The rebound in prices of the pound of the base metal is expected to
US dollar falls as focus shifts to first-quarter corporate earnings US stocks declined sharply as investors braced for the first-quarter results from companies. The Dow Jones, S&P 500, and Nasdaq declined by about 2%, giving up some of the gains made last week. Later today, we will receive first quarter results from banks like Wells Fargo and JP Morgan. Other big companies like Johnson &
Crude Oil Futures: Further weakness probable Traders increased their open interest positions in Crude Oil futures markets for the second straight session on Monday, this time by around 31.2K contracts, as per flash prints from CME Group. Volume, instead, reversed three consecutive builds and shrunk by around 545.6K contracts. WTI: Rising bets for another visit to $20.00/bbl The recent deal between
Copper Futures: Room for extra gains near term Open interest in Copper futures markets increased for the third consecutive session on Monday, this time by more than 3K contracts in light of advanced readings from CME Group. On the flip side, volume shrunk for the third session in a row, this time by around 3.6K contracts. Copper now targets the 55-day SMA above
Gold Futures: Scope for further upside Traders added nearly 3.8K contracts to their open interest positions in Gold futures markets, reaching the second consecutive build according to preliminary figures from CME Group. On the other hand, volume shrunk by almost 64K contracts, partially reversing the previous build. Gold advanced to fresh 2020 highs Prices of the ounce troy of the precious
JPY Futures: Positive momentum seen unchanged In light of flash data for JPY futures markets from CME Group, open interest rose for the second session in a row on Monday, this time by almost 1.4K contracts. Volume, instead, went down by nearly 15.5K contracts, prolonging the choppy performance. USD/JPY: On its way to 107.00? USD/JPY’s negative price action at the beginning
US dollar falls as a gloomy earnings season kicks off US stocks rose yesterday as investors started to digest the latest corporate earnings. Yesterday, early results showed that profits from US banks had plunged in the first quarter. JP Morgan’s and Wells Fargo’s net income dropped by 62% and 82% respectively. These losses were mostly because the banks set aside billions of dollars for provisions
Crude Oil Futures: Downside could take a breather Traders scaled back their open interest positions by around 11.4K contracts on Tuesday, according to flash prints for crude oil futures markets from CME Group. Volume, instead, rose by around 69.5K contracts, partially reversing the previous sharp drop. WTI does not rule out a drop below $20.00/bbl Prices of the WTI remain under heavy downside
Copper Futures: Still room for further gains Advanced figures for Copper futures markets from CME Group noted open interest rose for yet another session on Tuesday, this time by nearly 5K contracts. In the same line, volume increased by almost 22.1K contracts after three drops in a row. Copper faces resistance near $2.43/lb Prices of the base metal are seen edging higher
WTI Price Analysis: On the back foot below weekly falling trendline WTI registers four-day losing streak, stays below short-term resistance line. March-end low appears nearby on the bears’ radar. Buyers will look for entry beyond 200-HMA. Having failed to reverse the previous day’s losses during early Asia, WTI stays under pressure around $20.50 ahead of the European session on Wednesday. That said, the energy benchmark remains
EUR Futures: Downside looks limited CME Group’s preliminary figures for EUR futures markets noted open interest retreated for the fourth consecutive session on Tuesday, this time by around 1.2K contracts. On the other hand, volume partially reversed the previous drop and increased by around 47.8K contracts. EUR/USD still targets the 1.0990 region The downtick in EUR/USD on Tuesday was on
Global stocks slide as US earnings and economic data disappoint The Australian dollar declined after the bureau of statistics released the March jobs numbers. The data showed that the unemployment rate rose to 5.2% in March from the previous 5.3%. The economy added about 6k jobs in the month while the participation rate held steady at 66.0%. These numbers were all better than what analysts
Crude Oil Futures: Extra losses stay on the table Investors added around 27.8K contracts to their open interest positions in crude oil futures markets on Wednesday, reversing the previous drop according to advanced figures from CME Group. Volume, instead, shrunk by around 440.7K contracts, prolonging the erratic activity seen as of late. WTI faces another visit to sub-$20.00 levels Prices of the WTI remain
JPY Futures: Extra losses appears unlikely In light of flash data for JPY futures markets from CME Group, open interest shrunk by just 504 contracts following three consecutive daily builds. On the other hand, volume clinched the second advance in a row, now by nearly 12K contracts. USD/JPY could retest the 200-day SMA near 108.30 USD/JPY’s upside was on the back
Gold Futures: Upside exhausted? Traders added around 2.3K contracts to their open interest positions in gold futures markets on Wednesday, according to preliminary figures from CME Group. Volume, instead, went down by almost 60.7K contracts, prolonging the choppy activity. Gold looks capped near $1,750/oz Wednesday’s negative price action in the ounce troy of gold was amidst shrinking open interest,
Copper Futures: Further weakness loses momentum CME Group’s flash readings for Copper futures markets showed open interest dropped by just 167 contracts following four consecutive daily builds while volume resumed the downside and shrunk by around 44.8K contracts. Copper still eyes a test of the 55-day SMA around $2.42 Prices of the pound of the base metal dropped on Wednesday amidst
Australian dollar rises after Chinese data released The Australian dollar rose slightly after China released weak first quarter economic data. The numbers showed that the country’s economy declined by 6.8% in the first quarter. This was worse than the expected 6.5% and the first contraction in more than 25 years. Perhaps, investors are optimistic that the economy is improving. For example, fixed
JPY Futures: Room for further losses CME Group’s advanced figures for JPY futures markets noted investors added around 1.3K contracts to their open interest positions on Thursday, resuming the uptrend following Wednesday’s pullback. In the same line, volume rose for yet another session, this time by just 616 contracts. USD/JPY still eyes a test of 108.30, the 200-day SMA USD/JPY’s upside
Gold Price Analysis: Quick drop below $1,700 amid upbeat market mood, levels The price of gold has tumbled below $1700, falling to a low of $1,693 at the time of writing. The next levels to watch are $,675, $1,64 and, $1,605. Looking up, $1,707 and $1,740 are eyed.
EUR Futures: Further downside not ruled out Open interest in EUR futures markets rose by around 2.5K contracts on Thursday, following five consecutive daily pullbacks, according to flash data from CME Group. On the other hand, volume reversed two builds in a row and shrunk by around 4.4K contracts. EUR/USD now looks to 1.0814 The recent negative price action in EUR/USD was
GBP Futures: Scope for extra losses In light of preliminary data from CME Group, open interest in GBP futures markets rose for the fifth session in a row on Thursday, this time by just 235 contracts. On the other hand, volume went down by nearly 13.3K contracts following two consecutive builds. GBP/USD remains capped by the 200-day SMA Cable’s correction lower
Global inflation in focus alongside US and UK economy data points Inflation and UK data During the upcoming trading week, traders and investors look to the release of global inflation numbers and a raft of data from the United Kingdom economy. The German, New Zealand, Canadian and Japanese economies all release important inflation numbers this week. The United Kingdom is also heavily in focus this week,
New Zealand dollar rises as cigarette prices push March inflation higher The New Zealand dollar rose slightly after the country released inflation numbers for the first quarter. The numbers showed that higher cigarette and rent prices pushed the annual inflation to 2.5% from the previous 1.9%. This number was higher than the 2.1% that traders were expecting. The headline CPI rose by 0.8% on a QoQ
Copper Futures: Recovery exhausted? Traders trimmed their open interest positions in Copper futures markets for the third consecutive session on Friday, now by around 4.5K contracts. Volume, instead, reversed two straight pullbacks and increased by around 19.4K contracts. Copper faces strong hurdle around $2.41 Prices of the pound of the base metal extended the recovery on Friday. The move,
Gold Futures: Further losses on the cards According to flash readings from CME Group for Gold futures markets, open interest went up by almost 2.6K contracts, extending the recent choppy trade. Volume, in the meantime, rose for the second session in a row, this time by nearly 30K contracts. Gold stays capped by $1,750/oz Gold prices are expected to shed further ground
JPY Futures: Outlook mixed near-term Investors added just 168 contracts to their open interest positions in JPY futures markets on Friday, in light of preliminary figures from CME Group. On the other hand, volume shrunk by 442 contracts following three builds in a row. USD/JPY could re-visit 108.30 Friday’s pullback in USD/JPY was amidst mixed trends in open interest and
US crude turns negative as Trump considers halting Saudi imports The price of crude oil declined in overnight trading as investors focused on demand. In the United States, this demand has been non-existent because many people are staying at home. Many factories have closed and airlines are not operating. Oil storage facilities are filled, and it’s now more expensive for producers to store their oil.
Gold Price Analysis: Bears in control as robust resistance looms – Confluence Detector Gold has been trading around  $1,690 amid a worsening market mood. Can it extend its gains? XAU/USD faces robust resistance. The Technical Confluences Indicator is facing initial resistance at $1,696, which is the convergence of the Fibonacci 23.6% one-week and the Simple Moving Average 50-4h. Strong resistance awaits at $1,703, which is a dense cluster of lines
Crude Oil Futures: Downside pressure persists Traders kept adding contracts to their open interest positions in Crude Oil futures markets on Monday, this time by more than 5K contracts according to preliminary figures from CME Group. Volume, in the same line, increased by around 931.5K contracts, the largest single day increase since March 12. WTI: Outlook remains fragile Monday’s collapse in
USD/ZAR Price Analysis: South African Rand weakens to over 2-week lows against the USD USD/ZAR regains positive traction amid sustained buying around the USD. The near-term technical set-up support prospects for a further move up.  The USD/ZAR pair jumped to over two-week tops in the last hour, with bulls making a fresh attempt to build on the momentum beyond the 19.00 round-figure mark. The pair quickly reversed an early
Copper Futures: Extra decline unlikely In light of flash figures from CME Group for Copper futures markets, open interest dropped for yet another session on Monday, now by just 28 contracts. On the other hand, volume increased for the second session in a row, this time by nearly 13.7K contracts. Copper stays capped by the 55-day SMA The negative price
Global stocks fall as weak corporate earnings converge with oil volatility US stocks declined yesterday as investors reacted to weak corporate earnings and falling oil prices. The Dow Jones lost 600 points, bringing its two-day drop to 1,200. This drop was due to weakness in energy stocks like ExxonMobil and Chevron, which have lost the billions worth of value this year. Weak earnings and guidance from
EUR Futures: Extra downside on the cards Open interest in EUR futures markets rose for the second session in a row on Tuesday, this time by nearly 2.3K contracts according to preliminary data from CME Group. In the same line, volume reversed three consecutive daily drops and increased by around 34.3K contracts. EUR/USD still targets 1.0768 The small drop in EUR/USD on
GBP Futures: Scope for further losses CME Group’s flash data for GBP futures markets noted open interest went up by nearly 3.4K contracts on Tuesday, resuming the uptrend at the same time. Volume, too, increased by around 35.8K contracts, reversing the previous drop. GBP/USD looks to breach 1.2200 Cable’s negative performance on Tuesday was amidst increasing open interest and volume. That
JPY Futures: Further decline not ruled out Open interest in JPY futures markets increased for the fourth consecutive session on Tuesday, now by more than 2K contracts according to advanced readings from CME Group. In the same line, volume reversed two drops in a row and increased by around 22.3K contracts. USD/JPY stays rangebound below 108.30 USD/JPY remains within a broad consolidative
NZD/USD Price Analysis: Below 200-bar SMA inside short-term triangle NZD/USD registers mild gains following its pullback from the immediate triangle support. The monthly top can lure buyers on the upside break of the triangle. A 0.5850 mark will flash on the bears’ radars once the triangle break to the downside. NZD/USD marks 0.10% gains to 0.5965 during the early Wednesday’s trading session. While the
Crude oil rises as geopolitical tensions between the US and Iran rise The price of crude oil rose in overnight trading as investors became optimistic about the market. Most investors believe that low oil prices will cause bankruptcies in the oil market, which will be a natural solution for demand. The price also rose because of geopolitical reasons. In a tweet, Donald Trump asked the US military
Copper Futures: Recovery seen struggling near-term Both open interest and volume in Copper futures markets shrunk by more than 1K contracts and by around 80.2K contracts on Thursday according to flash prints from CME Group. Copper could re-test 2.1250 Wednesday’s positive price action in prices of the pound of the base metal was sustained by the presence of short covering, as
Gold Futures: Room for extra gains Traders added more than 5K contracts to their open interest positions in Gold futures markets on Wednesday, in light of advanced readings from CME Group. Volume, instead, reversed the previous build and shrunk by nearly 60K contracts. Gold seen testing the 2020 highs near $1,750/oz Prices of the ounce troy of gold charted a positive
JPY Futures: Look neutral/bearish According to flash prints from CME Group for JPY futures markets, investors increased their open interest positions for the fifth consecutive session on Wednesday, now by around 3.1K contracts. Volume, on the other hand, went down by more than 23K contracts. USD/JPY looks consolidative below 108.30 USD/JPY extends the consolidative mood so far this week
GBP Futures: Rebounds could extend further Open interest in GBP futures markets went up by 2.1K contracts on Wednesday, reaching the second session in a row according to preliminary readings from CME Group. Volume, instead, prolonged the choppy performance and shrunk by 18.6K contracts. GBP/USD remains capped by the 200-day SMA Cable is extending the rebound from recent lows amidst increasing
Oil rallies as hopes of supply cuts and Trump intervention rise The price of crude oil rallied in overnight trading as momentum continued for the second day. The rally is partly because investors hope that Trump will intervene and help oil companies. It is also because the market hopes for natural supply cuts as more shale companies reduce their production. Further, there are hopes that geopolitical
Copper Futures: Probable correction lower Open interest in Copper futures markets shrunk for yet another session on Thursday, this time by around 2.8K contracts, as per advanced data from CME Group. Volume followed suit and dropped by almost 2K contracts, down for the second consecutive session. Copper likely to move lower Prices of the pound of the base metal advanced
Gold Futures: Room for extra gains Traders increased their open interest positions for the second straight session on Thursday, this time by around 1.8K contracts in light of advanced data from CME Group. Volume, in the same line, extended the erratic performance and rose by nearly 7K contracts. Gold seen re-visiting the 2020 highs near $1,750/oz Gold prices surpassed (and closed
JPY Futures: Further consolidation on the cards According to preliminary figures for JPY futures markets from CME Group, open interest increased for the sixth consecutive session on Thursday. In the same line, volume stayed choppy and went up by around 32.4K contracts. USD/JPY posed for extra rangebound near-term USD/JPY remains side-lined below the 200-day SMA in the 108.30 region for the time
When is the German IFO survey and how it could affect EUR/USD? The German IFO Business Survey Overview The German IFO survey for April is due for release later today at 0900 GMT. The headline IFO Business Climate Index is seen weaker at 80.0 versus 86.1 previous. The Current Assessment sub-index is seen arriving at 81.0 this month, while the IFO Expectations Index – indicating firms’ projections
Central bank action set to drive financial markets this week Central bank action During the upcoming trading week, traders and investors will focus on key interest rate decisions from the Bank of Japan, FOMC, and the European Central Bank. Market experts are predicting that the Bank of Japan may offer additional monetary policy easing as Japanese policymakers attempt to assist the Japanese economy. The ECB
Japanese yen little changed ahead of BoJ rates decision The Japanese yen was little changed as the Bank of Japan (BOJ) started its monetary policy meeting. While most analysts expect the BOJ to leave interest rates unchanged, there are hopes that the bank will offer more support to the economy. In an exclusive report last week, Nikkei said that the bank was considering offering
Gold Futures: Extra losses on the cards Traders increased their open interest positions in Gold futures markets for the third consecutive session by around 1.2K contracts on Friday, in light of preliminary readings from CME Group. On the opposite direction, volume prolonged the erratic performance and dropped by around 23.7K contracts. Gold could re-test the $1,660/oz region Prices of the ounce troy
JPY Futures: Further gains on the cards CME Group’s flash figures for JPY futures markets noted open interest increased for yet another session on Friday, now by around 3.3K contracts. On the other hand, volume shrunk by nearly 35.8K contracts, reversing the previous build. USD/JPY could slip back to 106.90 USD/JPY could retreat further in the near-term following Friday’s negative price action
GBP/USD path of least resistance is up, room for more gains — Confluence Detector GBP/USD has been gaining ground as the market mood is improving and Boris Johnson is back in Downing Street. Can cable continue higher? The Technical Confluences Indicator is showing that pound/dollar enjoys robust support at 1.2408, which is the convergence of the Bollinger Band 15min-Middle, the Fibonacci 61.8% one-week, the BB one-day Middle, the Simple Moving Average 50-4h,
Crude oil price slides as demand and storage concerns remain Wall Street rallied yesterday as traders reacted to news that some states were starting to reopen. In New York, Governor Andrew Cuomo said that the state would start to reopen in phases starting from next week. The same trend is happening in other states like Texas and Alaska. As a result, the biggest winners in
Gold Futures: Extra losses in the pipeline In light of preliminary readings for Gold futures markets from CME Group, open interest reversed the previous drop and increased by almost 4.5K contracts on Monday. On the other hand, volume shrunk for the second day in a row by more than 31K contracts. Gold could slip back to the $1,660/oz region Prices of the
JPY Futures: Scope for extra gains Investors extended the uptrend in open interest in the JPY futures markets on Monday, adding around 4.3K contracts according to advanced prints from CME Group. In the same line, volume went up by almost 12K contracts, prolonging the choppy activity. USD/JPY focused on the downside USD/JPY’s decline at the beginning of the week was amidst
EUR/GBP Price Analysis: Probes short-term triangle resistance below 200-HMA EUR/GBP holds onto recovery gains from immediate triangle support. 200-HMA, 61.8% Fibonacci retracement adds to the upside barriers. Bears will have multiple supports after defying the triangle formation. Despite flashing 0.06% gains to 0.8717, a short-term triangle restricts the EUR/GBP moves ahead of the European session on Tuesday. Even so, the pair’s sustained recoveries from
GBP Futures: Recovery loses momentum CME Group’s flash data for GBP futures markets noted investors trimmed their open interest positions by nearly 1K contracts on Monday, reaching the second drop in a row. Volume, too, went down by around 1.6K contracts. GBP/USD looks limited by the 200-day SMA Cable’s 4-day recovery was amidst decreasing open interest and volume on Monday,
Euro rises as Fitch downgrades Italian debt to a notch above junk The US dollar index declined today as the market waited for the Federal Reserve and Q1 GDP data. The Fed is expected to leave interest rates unchanged at the current range of between 0% and 0.25%. Traders will watch for three key things in the statement. First, they will want to know how long the
Copper Futures: Potential rangebound likely Traders extended the downtrend in open interest in Copper futures markets on Tuesday, trimming their positions by almost 4K contracts according to preliminary data from CME Group. Volume followed suit and shrunk by nearly 11.3K contracts. Copper prices limited by the 55-day SMA Prices of the pound of the base metal charted an inconclusive session
Crude Oil Futures: Mild recovery stays in the pipeline CME Group’s advanced figures for Crude Oil futures markets showed investors added around 69K contracts to their open interest positions on Tuesday. In the same direction, volume went up for the second consecutive session, this time by around 672.8K contracts. WTI still remains under heavy pressure Prices of the barrel of the WTI edged higher
Gold Futures: Still room for extra losses In light of flash figures for Gold futures markets from CME Group, open interest rose for the second session in a row on Tuesday, now by just 457 contracts. In the same direction, volume reversed two daily pullbacks and increased by around 26.3K contracts. Gold eyes a probable move to $1,660/oz The negative price action
JPY Futures: Extra gains still on the cards Investors increased their open interest positions for yet another session on Tuesday, this time by around 3.3K contracts and in light of advanced figures from CME Group. in the same direction, volume went up by almost 7.4K contracts. USD/JPY now looks to 105.00 Tuesday’s drop in USD/JPY was accompanied by rising open interest and volume
Crude oil price jumps as Chesapeake prepares bankruptcy filings The price of crude oil rose in overnight trading as the market reacted positively to the US inventories data. According to the EIA, oil inventories rose by almost 9 million in the past week. This was lower than the 10.6 million that analysts were expecting and the previous week’s 15 million. It was also the
Copper Futures: Potential correction in the offing CME Group’s advanced readings for Copper futures markets showed open interest extended the downside on Wednesday, shrinking by around 2.8K contracts. In the same direction, volume retreated for the second day in a row, this time by around 15.4K contracts. Copper: A correction is overdue Prices of the pound of the base metal extended the
When are the Eurozone Preliminary CPIs/ GDP and how could they affect EUR/USD? Eurozone Preliminary CPIs and GDP overview Eurostat will publish the first estimate of Eurozone inflation and growth figures for April and Q1 2020 respectively at 0900 GMT today. The headline CPI is anticipated to drop to 0.1% YoY while the core inflation is also seen down to 0.7% YoY during the reported month. On an
Crude Oil Futures: Recovery looks firm… for now Investors added nearly 22.1K contracts to their open interest positions in Crude Oil futures markets on Wednesday, clinching the third consecutive build in light of advanced data from CME Group. Volume, instead, reversed two straight pullbacks and went down by around 684.6K contracts. WTI headed towards $20.00/bbl? The recovery in prices of the WTI was
Gold Futures: Still scope for some correction Traders scaled back their open interest positions for the second session in a row on Wednesday, this time by more than 1K contracts in light of advanced figures from CME Group. Volume, too, went down by nearly 18.4K contracts. Gold: Upside limited around $1,750/oz Prices of the ounce troy of the precious metal rose on
April 2020
EUR/GBP Price Analysis: Focus on weekly close EUR/GBP is better bid above 0.87 at press time.  Last week’s inverted bull hammer has made Friday’s close pivotal. A weekly close under 0.8690 may embolden bears. EUR/GBP is currently trading at 0.8713, representing a 0.20% gain on the day. The pair created an inverted bullish hammer last week, aborting the sell-off from highs bove
Gold Futures: Downside looks limited CME Group’s advanced figures for Gold futures markets noted open interest shrunk for the third session in a row on Thursday, this time by more than 6K contracts. On the other hand, volume prolonged the choppiness seen as of late and increased by around 86.4K contracts. Gold on its way to $1,660/oz Prices of the
AUD/JPY Price Analysis: Bears cheer Thursday’s Hanging Man, but conditions apply AUD/JPY registers losses after flashing the bearish candlestick formation the previous day. A confluence of the monthly support trend line, 61.8% Fibonacci retracement and 50-day EMA question further downside. AUD/JPY justifies Thursday’s bearish candlestick formation while declining to 69.25, down 0.80% on a day, during the pre-European session on Friday. Even so, a confluence of
Crude Oil Futures: Recovery has further legs to go Traders increased their open interest positions once again on Thursday, this time by nearly 27.4K contracts according to preliminary figures from CME Group. In the same line, volume went up by around 156.4K contracts. WTI eyes $20.00 and above Prices of the barrel of the WTI advanced further on Thursday. The positive price action was
Gold Price Analysis: XAU/USD path of least resistance is down – Confluence Detector Gold prices have suffered a sell-off as April drew to a close and as money managers adjusted their portfolios. How is the precious metal positioned on the charts? The Technical Confluences Indicator is showing that XAU/USD faces resistance at $1691, which is the convergence of the Fibonacci 61.8% one-week, the Fibonacci 23.6% one-day, the Bollinger Band one-day
Traders await historic monthly jobs figure from the United States During the upcoming  trading week market participants look to the monthly jobs report from the US economy and a host of central bank policy decisions. The Nonfarm payrolls job report headlines the economic docket this week, with most economists expecting the lowest monthly US jobs figure ever recorded. Traders and investors will also be closely
US and European futures drop as US and China tensions escalate The British pound declined slightly as traders reflected on the latest commitment of traders (CoT). The report, which is released by the CFTC showed that net short positions by hedge funds and other money managers rose to 6.7k in the previous week. This was the highest it has been this year. Perhaps, the funds are worried
Crude Oil Futures: Further upside looks limited CME Group’s advanced data for Crude Oil futures markets saw open interests shrinking by around 45.7K contracts at the end of last week following four consecutive builds. In the same line, volume went down by around 367.4K contracts, prolonging the erratic performance seen as of late. WTI eyes a move to $29.00/bbl Prices of the
Gold Futures: Extra gains not ruled out Traders increased their open interest positions by around 1.2K contracts on Friday, reversing three consecutive daily pullbacks according to preliminary figures from CME Group. On the other hand, volume extended the recent choppiness and shrunk by around 70K contracts. Gold could re-test $1,750/oz Prices of the ounce troy of the precious metal edged higher on
US Dollar Index looks firmer, reclaims 99.00 and beyond DXY regains composure after dropping to the 98.60.55 band. US-China trade war is back to the fore sustains the upside. US March’s Factory Orders only of note the US docket. After bottoming out near the 98.50 level earlier in the Asian trading hours, the greenback has regained composure and reclaimed the 99.00 mark and bwyond
Global stocks bounce back as trade tensions ease Asia-Pacific stocks rose today as the market attempted to play-down risks of a trade war. In Hong Kong, the Hang Seng index rose by 50 basis points while in Australia, the ASX rose by more than 1.50%. Chinese and Japanese stock markets were closed today for holidays. Meanwhile, European futures were mixed, with the DAX
Crude Oil Futures: Diminishing odds for extra gains CME Group’s advanced figures for crude oil futures markets shrunk for the second session in a row on Monday, now by nearly 16.8K contracts. In the same direction, volume went down by around 101.7K contracts, reaching the second consecutive drop. WTI faces strong resistance above $29.00 Prices of the WTI extended the rally at the
Gold Futures: Further upside on the cards Traders reversed four consecutive daily pullbacks and increased their opening positions by around 1K contracts on Monday, according to preliminary readings from CME Group. On the opposite side volume went down for the second session in a row, this time by around 18.2K contracts. Gold still targets $1,750/oz The precious metal remains firm around the
AUD/JPY Price Analysis: Pulls back from 50% Fibonacci retracement after RBA AUD/JPY steps back from the two-day top. RBA announced no monetary policy change, downgraded economic forecasts. The weekly support trend line, 61.8% Fibonacci retracement in focus. The RBA’s downbeat forecasts dragged AUD/JPY down from 68.80 to 68.68 by the press time of early Tuesday. Though, the pair is still up 0.13% on a day while
Gold: On track to breach $1900 mark – Bloomberg Intelligence In an interview with Kitco News, Bloomberg Intelligence Senior Commodity Strategist, Mike McGlone, said the path of least resistance appears to the upside in gold, as the bulls look to breach the $1900 mark. Key quotes “Gold is looking at a similar launchpad as in 2008 when prices breached $1,000 and began the rally which led
Australian dollar rises slightly after positive retail sales data US stocks rallied yesterday as the market reflected on some positive news from the US. The rally was mostly because certain US officials ruled against retaliating against China. This is after Trump last week suggested that he would apply fresh tariffs on the country for causing the coronavirus pandemic. The market also rallied because of
Crude Oil Futures: Gains remain on the table near-term Open interest in crude oil futures markets reversed two consecutive pullbacks and went up by around 18.7K contracts on Tuesday in light of flash readings from CME Group. Volume, too, increased by nearly 270K contracts following two drop in a row. WTI now targets the $30.00 mark/bbl Prices of the barrel of WTI extended the
GBP/USD faces fierce resistance, may fall toward 1.2355 – Confluence Detector GBP/USD has been looking for a new direction as Prime Minister Boris Johnson contemplates the next steps in managing the coronavirus. crisis. How is the pound positioned? The Technical Confluences Indicator is showing that cable faces fierce resistance at the 1.2451 to 1.2470 area. This cluster consists of the Bollinger Band 4h-Middle, the Pivot Point one-day Resistance 1,
Gold Futures: Upside losing momentum? According to advanced figures from CME Group for gold futures markets, open interest increased by just 642 contracts on Tuesday, reaching the second build in a row. In the same line, volume reversed two consecutive pullbacks and rose by 45.4K contracts. Gold faces extra consolidation Prices of the ounce troy of the precious metal inched
EUR/GBP Price Analysis: Choppy inside short-term rising triangle EUR/GBP remains on the recovery mode. The immediate falling trend line can probe upside beyond the triangle’s break. Sellers can target April month low on the fresh downside. EUR/GBP stays modestly bid to 0.8720, up 0.05%, while heading into the European session on Wednesday. In doing so, the pair stays inside a short-term triangle. Not
British pound slides ahead of the BOE interest rate decision The price of crude oil declined slightly in overnight trading even as the EIA released positive inventory numbers. The data showed that inventories in the US rose by more than 4.59 million barrels in the previous week. This was better than the estimated 7.75 million barrels. It was also the lowest inventory build-up since the
Crude Oil Futures: Downside looks shallow Traders scaled back their open interest positions by just 876 contracts on Wednesday, resuming the downside following Tuesday’s build according to advanced readings from CME Group. In the same line, volume shrunk by around 90.7K contracts. WTI met resistance near $28.00 Prices of the barrel of the American reference for the sweet light crude oil
EUR/USD capped by strong resistance lines, has room to fall – Confluence Detector EUR/USD has been under pressure, struggling around 1.08 amid concerns that the European Central Bank will be unable to support struggling countries. The Technical Confluences Indicator is showing that euro/dollar is capped at 1.0811, which is a dense cluster of lines including the Fibonacci 23.6% one-month, the Simple Moving Average 5-4h, the Bollinger Band 15min-Upper, the Fibonacci 38.2%
USD/INR Price News: Indian rupee probes weekly low beyond 76.00 USD/INR prints six-day winning streak. The monthly resistance line will check buyers after 21-day SMA. 50-day SMA offers strong support amid bearish MACD. USD/INR extends the five-day rise while printing 76.11 during the early Thursday. In doing so, the pair probes the weekly top while also confronting 21-day SMA amid bearish MACD. Hence, buyers will
Gold Futures: Room for extra decline Open interest in gold futures markets rose by nearly 2.6K contracts on Wednesday, reaching the third build in a row according to preliminary figures from CME Group. In the same line, volume went up by the second straight day, this time by around 23.2K contracts. Gold could test $1,660/oz Wednesday’s negative price action in the
US dollar index slides ahead of the US nonfarm payrolls data US stocks rose yesterday as investors ignored dire economic data and instead focused on recovery. The blue-chip Dow Jones rose by 90 basis points while tech-heavy NASDAQ rose by more than 1.40%. The latter turned positive this year, erasing losses made in March when it declined by more than 25%. The market ignored the weak
USD/INR Price News: Indian rupee extends pullback from 21-day SMA to weekly high USD/INR extends the previous day’s losses further towards the six-week-old support line. The monthly resistance trend line can check buyers past-21-day SMA. USD/INR drops to 55.36, down 0.57% on a day, during the pre-Europe session on Friday. The pair took a U-turn from 21-day SMA the previous day and is currently declining towards an ascending
Crude Oil Futures: Upside appears capped Open interest in crude oil futures markets extended the choppy activity and rose marginally by just 44 contracts on Thursday in light of advanced data from CME Group. Volume followed suit and went up by around 95.1K contracts. WTI: Gains seem limited around $28.00 Prices of the WTI lost some momentum in the last couple
USD/CHF Price Analysis: 0.9705/10 restricts immediate downside USD/CHF carries recovery moves from late-Tuesday. A confluence of 100/200-HMAs and 38.2% Fibonacci retracement offer strong support. The short-term horizontal resistance guards immediate upside. USD/CHF trades near 0.9720, down 0.10% on a day while heading into the European session on Friday. In doing so, the pair carries its bounce off three-day-old horizontal support. As a
Gold Futures: Extra gains on the cards Traders increased their open interest positions for yet another session on Thursday, this time by around 10.9K contracts, according to preliminary readings from CME Group. In the same line, volume rose for the third consecutive session, now by nearly 74.8K contracts. Gold seen testing the 2020 high near $1,750/oz Thursday’s positive price action in the
Markets look to global inflation and GDP data for direction Inflation and GDP During the upcoming trading week, traders and investors look to the release of global inflation and Gross Domestic Product Data for direction. The Japanese, eurozone, UK, Swiss, and German economies all release important GDP growth figures, while important inflation data is expected from the Chinese, United States, France, and Germany. Traders will
Asian stocks rise amid fears of another wave of coronavirus infections Asian stocks edged higher as the market started to price-in a global recovery and more countries reopen their economies. In China, the A50 index rose by 95 basis points while the Hang Seng jumped by more than 2%. In Australia and Japan, the ASX 200 and the Nikkei rose by 1.20% and 1.60% respectively. Still,
Australia to outpace China as world’s top gold producer in 2021 In its latest report, Australia-focused market analyst Resources Monitor, stated that Australia is expected to overtake China as the world’s no. 1 gold producer next year. Key details (via mining.com) “Australia’s role as a cost-effective producer is giving it the advantage it needs to take the leading position.” “These margins paired with gold prices that,
Crude Oil Futures: Extra gains not ruled out CME Group’s advanced readings for Crude Oil futures markets noted open interest increased by around 30.1K contracts at the end of last week, reversing two straight pullbacks. On the other hand, volume extended the erratic performance and shrunk significantly by around 346.6K contracts. WTI still looks to $30.00/bbl Friday’s gains in prices of the barrel
Gold Futures: Downside looks limited Traders diminished their open interest positions by more than 3K contracts on Friday following four consecutive builds, according to preliminary data from CME Group. Volume followed suit and went down by around 10.7K contract, reversing three builds in a row. Gold still looks to 2020 highs Friday’s negative price action in the ounce troy of
US dollar edges higher ahead of US inflation data Asia stocks declined today as the market continued to worry about the second wave of coronavirus after several countries started to reopen. In China, the Shanghai Composite and Hang Seng declined by 0.10% and 1.35% while in Japan, the Nikkei 225 declined by 25 basis points. In the United States, the S&P 500 was barely
GBP/USD ready to bounce? Strong support is near – Confluence Detector GBP/USD has been on the back foot amid a risk-off mood and concerns about the UK government’s handling of loosening the lockdown. How it cable positioned on the charts? The Technical Confluences Indicator is showing that strong supports awaits at 1.2291, which is the convergence of the Pivot Point one-week Support 1, the PP one-month S1, and the
Crude Oil Prices: Further downside still on the cards Traders increased their open interest positions for the second day in a row on Monday, now by nearly 5.2K contracts in light of advanced figures from CME Group. In the same direction, volume extended the erratic performance and went up by almost 94K contracts, partially reversing the previous large drop. WTI could re-visit the $20.00/bbl
AUD/USD Price Analysis: Gains fresh bids above 0.6450, probes short-term falling wedge AUD/USD refreshes the post-Tokyo open high. A confluence of the two-day-old falling trend line, 50% Fibonacci retracement caps immediate upside. 0.6400 round-figure may offer additional downside filter. AUD/USD takes the bids near 0.6470, still down 0.37 on a day, while heading into the European session on Tuesday. In doing so, the Aussie pair extends pullback
Gold Futures: Losses look limited Open interest in Gold futures markets went down for the second session in a row on Monday, this time by 4.3K contracts according to flash data from CME Group. Volume followed suit, shrinking by around 32.5K contracts. Gold keeps the target at $1,750/oz Monday’s negative price action in the precious metal was on the back
Kiwi drops as RBNZ expands its quantitative easing program The New Zealand dollar slumped after the RBNZ delivered its interest rate decision. The bank left interest rates unchanged at 0.25 per cent and expanded the quantitative easing program that was started in March this year. The bank will now buy assets worth more than $60 billion in the next 12 months. Also, it expanded
USD/CHF Price Analysis: Below 200-HMA, inside short-term falling channel USD/CHF seesaws in the middle of the weekly descending trend channel. A gradually diminishing strength suggests the return of the early-month low. An upside break of the channel will have multiple resistances before luring the bulls. USD/CHF clings to sub-0.9700, currently near 0.9695, during the initial trading on Wednesday. Despite bouncing off 50% Fibonacci retracement
Gold Price Analysis: Eyeing $1,724 as an upside target ahead of Powell’s speech – Confluence Detector Gold has been edging up above the $1,700 amid a cautious market mood. All eyes are on Jerome Powell, Chairman of the Federal Reserve. Will he open the door to more money printing? The Technical Confluences Indicator is showing that XAU/USD is struggling with $1,705, a dense cluster of lines including the Simple Moving Average 100-1h, the
Gold Futures: Scope for extra gains near-term Investors increased their open interest positions in gold futures markets by almost 2.4K contracts on Tuesday, reversing at the same time two consecutive daily pullbacks according to preliminary readings from CME Group. Volume, on the other hand, extended the downtrend and shrunk for the third straight session, this time by nearly 10.4K contracts. Gold still aims
Crude Oil Futures: Diminishing bets for a move higher According to advanced figures from CME Group for crude oil futures markets, open interest reversed two builds in a row and drop by almost 7.8K contracts. Volume, instead, went up by nearly 72K contracts. WTI stays limited by $28.00 WTI prices are extending the consolidation theme in the upper end of the range, although a surpass
Australian dollar slides as unemployment rate jumps The Australian dollar declined slightly after the Bureau of Statistics released the April jobs numbers. The data showed that more than 594,000 Australians lost their jobs between March and April. Unemployment rose by 104,500 to 823,000 while the unemployment rate rose to 6.2%. Analysts polled by Bloomberg were expecting the rate to jump to 8.3%.
EUR/JPY Price Analysis: Rising odds for a move lower EUR/JPY keeps losing momentum and breaches 116.00. Immediately to the downside aligns the yearly lows in the mid-114.00s. EUR/JPY is extending the leg lower after the bullish attempt seems to have run out of steam in the proximity of the 117.00 yardstick on Tuesday, where is also located the short-term resistance line. The ongoing leg
US Dollar Index Price Analysis: Further upside targets the 101.00 level DXY is once again flirting with the key barrier in the 100.40/50 band. A surpass of this area should put 101.00 back on the radar. DXY keeps navigating the upper end of the monthly range above the 100.00 mark and approaches the tough barrier in the 100.50 area, where converge May tops and a Fibo
EUR/USD Price Analysis: A break below 1.0800 looks likely Bets for EUR/USD to breach the 1.08 mark remain on the rise. Interim support emerges at May’s low at 1.0766. EUR/USD is prolonging the consolidative note in the lower end of the monthly range so far this week. While further consolidation looks likely in the very near-term, the probable break below 1.08 has been gathering
Crude Oil Futures: Further consolidation looks likely In light of advanced readings for crude oil futures markets from CME Group, open interest went up by more than 45K contracts on Wednesday. On the other hand, volume shrunk by around 83.5K contracts following two consecutive daily builds. WTI stays capped by $28.00/bbl Prices of the barrel of the WTI are seen extending the
USD stable ahead of retail sales and manufacturing data The Australian dollar declined slightly after China released its important retail sales and industrial production data for April. The data showed that the country’s retail sales fell by 7.5% after dropping by 15.8% in the previous month. The industrial production rose by 3.9% year on year, which was better than the expected 1.5%. In the
EUR/USD flirts with daily highs near 1.0820 post-German GDP EUR/USD moves higher and tests the 1.0820 region on Friday. German flash Q1 GDP expected to contract 2.2 QoQ. EMU’s preliminary Q1 GDP figures next of relevance. The single currency has regained some composure and is now lifting EUR/USD back to the positive territory in the 1.0815/20 band, or daily highs. EUR/USD now looks to
Gold Futures: Further gains remains on the table Traders added nearly 9.2K contracts to their open interest positions in gold futures markets on Thursday, reaching the third consecutive build according to preliminary data from CME Group. Volume, instead, prolonged the choppy activity and shrunk by around 17.5K contracts. Gold seen testing YTD lows around $1,750/oz Rising open interest amidst positive price action in
USD/JPY Price Analysis: Rests on 100-HMA above 107.00 amid quiet markets USD/JPY consolidates pullback form the three-day top, stays above 107.00. The one-week-old ascending trend line, 200-HMA adds to the supports. The monthly top can lure buyers during fresh upside. USD/JPY trades near 107.24 as it enters Friday’s European session. The pair recently pulled back from Tuesday’s top but stays above 100-HMA off-late. Considering the downward
Crude Oil Futures: Upside appears limited Open interest in crude oil futures markets shrunk by around 47.4K contracts on Thursday in light of flash data from CME Group. In the same line, volume went down for the second day in a row, this time by around 77.8K contracts. WTI faces strong resistance at $30.00/bbl Prices of the WTI climbed to multi-week
Central banks action dominates the trading action this week Euro Focus During the upcoming trading week, traders and investors look to key interest rate decisions for the PBOC and the European Central Bank. The ECB meeting comes at a time when the European and global economy is being heavily impacted by the coronavirus lockdown. As ECB President Christine Lagarde delivers her policy address the
British pound slides as chances of no-deal Brexit rises The Japanese yen was little changed as the market reacted to the first quarter GDP numbers from Japan. The data showed that the country sunk into a recession even before the state of emergency was announced. The country’s GDP contracted by 3.4% year on year and by 0.9 per cent quarter on quarter. These numbers
Crude Oil Futures: Rally loses momentum Traders scaled back their open interest positions by almost 5.4K contracts on Friday, reaching the second drop in a row in light of preliminary figures from CME Group. In the same direction, volume extended the downtrend for the third consecutive session, this time by nearly 86K contracts. WTI looks beyond $30.00/bbl Prices of the WTI
Gold Futures: Extra gains remain on the cards Open interest in Gold futures markets rose for the fourth consecutive session on Friday, this time by around 4.1K contracts according to FX Strategists at UOB Group. Volume, instead, went down for the second straight session, now by around 10.8K contracts. Gold in multi-year highs above $1,750/oz The ounce troy of the precious metal is
Gold Price Analysis: Off intraday top, but still on bulls’ radar above $1,750 Gold prices step back from the highest since November 2012. The short-term rising channel, sustained break of two-week-old resistance (now support) and bullish MACD keep buyers hopeful. Monthly ascending trend line adds to the support, the year 2012 high lures the bulls. Gold prices step back from the intraday top, also the highest since October
US dollar slides on Moderna vaccine hopes The US dollar index declined in overnight trading as the market reacted to news of a new Covid-19 vaccine being developed by Moderna. The company joins a list of hundreds of other international companies that are developing a vaccine and therapy for the illness. Notable companies are Gilead Sciences, AstraZeneca, and Sanofi. The dollar will
Gold Price Analysis: Needs to recapture $1,747 to resume rally – Confluence Detector Gold has suffered a setback after surging to the highest in 7.5 years. Can it recover? There are a few hurdles on the way up. The Technical Confluences Indicator is showing that XAU/USD first needs to surpass $1,737, which is the convergence of the Fibonacci 23.6% one-week, the Simple Moving Average 5-1h, and the Bollinger Band 15min-Middle.
NZD/USD Price Analysis: Prints mild gains above 21-day SMA NZD/USD carries the previous day’s recoveries from 0.5927, nears four-day high. The yearly resistance line keeps buyers worried. Sellers will look for entries below late-April low. NZD/USD pierces 21-day SMA while taking the bids near 0.6050, up 0.13% on a day, ahead of the European session on Tuesday. That said, the pair currently escalates the
Crude Oil Futures: Correction lower in the offing In light of advanced data from CME Group, open interest in crude oil futures markets shrunk for the third time in a row on Monday, this time by around 23.8K contracts. On the other hand, volume reversed three straight drops and rose by around 242.6K contracts. WTI now looks to $40.00/bbl Prices of the barrel
Gold Futures: Upside remains well in place Traders trimmed their open interest positions for the first time after four consecutive daily builds, this time by just 429 contracts at the beginning of the week according to preliminary figures from CME Group. Volume, instead, reversed two drops in a row and went up by around 76.3K contracts. Gold could now test $1,800/oz The
Crude oil price rise after inventories continue falling The price of crude oil rose slightly in the Asian session after an encouraging report from the American Petroleum Institute (API). The report showed that inventories declined by more than 4.8 million barrels in the previous week. This is a sign that demand is slowly creeping back. Just last week, data from the EIA showed
USD/JPY path of least resistance is to the upside with a high target of 108.93 – Confluence Detector Dollar/yen has been making its way higher amid a better market mood. Can it continue rising? The technical positioning suggests more gains are possible. The Technical Confluences Indicator is showing that USD/JPY is struggling at around 107.75, which is a cluster including the Pivot Point one-week Resistance 1, the previous 4h-Low, the Bollinger Band 15min-Lower, the Simple Moving
Natural Gas Price: Futures open the door to some correction CME Group’s preliminary prints for Natural Gas futures markets noted open interest shrunk for the second session in a row on Tuesday, this time by almost 3K contracts. Volume, in the meantime, went up for the second straight day, now by nearly 7.8K contracts. Natural Gas Prices Forecast The MMBtu of Natural Gas seems to
Crude Oil Futures: Extra gains look unlikely very near-term Traders scaled back their open interest positions for the fourth consecutive session on Tuesday, this time by around 36.5K contracts in light of flash readings from CME Group. In the same line, volume resumed the downtrend and went down by almost 363.5K contracts. WTI faces a potential correction The recent sharp recovery in prices of
GBP/JPY Price Analysis: Recovery fizzles above 132.00, UK CPI eyed GBP/JPY struggles to extend three-day winning streak of the key UK inflation data. A confluence of 21/50-day SMA, three-month-old falling trend line keep buyers in check. Sellers may aim for 130.00 during fresh downside. GBP/JPY stays depressed around 132.15, up 0.13% on a day, during the pre-UK session on Wednesday. While the buyers are waiting
Euro rally fades ahead of the flash manufacturing PMI data The price of crude oil rose after data from the US showed that inventories were falling. According to the Energy Information Administration (EIA), the number of inventories declined by more than 4.9 million barrels in the previous week. This was the biggest drawdown since March. Analysts were expecting the inventories to rise by 1.1 million
Natural Gas Price: Futures point to shallow pullbacks In light of flash figures for Natural Gas futures markets from CME Group, open interest shrunk for the third day in a row on Wednesday, now by around 18.1K contracts. Volume, in the same direction, reversed two builds in a row and went down by nearly 120K contracts. Natural Gas Prices Forecast Wednesday’s negative price
Crude Oil Futures: Extra upside loses momentum In light of preliminary readings from CME Group for crude oil futures markets, open interest shrunk for the fifth consecutive session on Wednesday, this time by nearly 6.7K contracts. In the same line, volume dropped for the second straight session, now by around 23.2K contracts. WTI faces the next hurdle at $40.00 The recovery in
USD/JPY Price Analysis: Risk-off, fortnight-old support line keep bulls hopeful above 107.50 USD/JPY retreats from intraday high while staying above short-term support line. US-China trade tussle, virus woes renew US dollar buying. 200-HMA adds to the support ahead of previous week’s low. 108.10 becomes key upside barrier beyond immediate resistance line. USD/JPY recedes from the intraday high of 107.76 to 107.63, still up 0.08% on a day,
Gold Futures: Scope for further gains Investors added around 4.5K contracts to their open interest positions in gold futures markets on Wednesday, according to advanced data from CME Group. In the same line, volume extended the choppy activity and increased by more than 10K contracts. Gold keeps looking to $1,800/oz Rising open interest and volume amidst positive price action allow for
Hong Kong stocks fall as China passes new security laws Asian stocks declined today as investors worried about the impact of the communist party meeting. The biggest outcome of the parliamentary session was in Hong Kong, where members voted to increase their security engagement in the autonomous city. This vote risks additional protests in Hong Kong, which is already going through its worst recession in
EUR/USD well-positioned to recover, high target is 1.1041 – Confluence Detector EUR/USD has dropped as the safe-haven dollar gained ground in response to worsening Sino-American relations, now also around Hong Kong. Can the currency pair recover? It seems well-positioned on the charts. The Technical Confluences Indicator is showing that EUR/USD is trading above a cluster of strong support at 1.0922, which includes the Simple Moving Average 5-one-day, the Bollinger
Natural Gas Price: Futures favour extra losses CME Group’s preliminary data for Natural Gas futures markets noted open interest reversed three consecutive daily pullbacks and increased by almost 18K contracts. On the other hand, volume receded for the second day in a row, now by around 125.6K contracts. Natural Gas Prices Forecast The continuation of the downtrend in prices of the MMBtu
Crude Oil Futures: Correction lower in the offing In light of flash readings from CME Group for crude oil futures markets, open interest shrunk for yet another session on Thursday, this time by just 693 contracts. In the same direction, volume reversed two consecutive drops and advanced by around 2.8K contracts. WTI looks capped by $35.00/bbl Thursday’s uptick in prices of the WTI
Gold Futures: A deeper pullback looks unlikely Investors trimmed their open interest position by just 646 contracts on Thursday, reversing two consecutive builds according to advanced figures from CME Group. On the other hand, volume went up for the second straight session, now by nearly 86.3K contracts. Gold faces some consolidation ahead of extra gains Prices off the ounce troy of the
US ECONOMIC DATA SET TO MOVE MARKETS THIS WEEK
US ECONOMIC DATA SET TO MOVE MARKETS THIS WEEK During the upcoming trading week traders and investors look to the releases of high-impacting economic data from the United States economy. Gross Domestic Product data from the United States economy will be highly-anticipated this week, with most economists predicting that economic growth inside the world’s largest economy contracted. The US economy also releases key Inflation,
CRUDE OIL PRICE FALLS AS US RIG COUNT DROPS AGAIN The euro declined slightly as the market reacted to divisions emerging from Europe about financing the recovery process. That is after Austria, Denmark, Netherlands, and Sweden submitted another proposal, risking the one agreed by Merkel and Macron. The four countries said that the emergency fund should be financed by loans only. This puts the previous
GOLD FUTURES: CORRECTION LOWER ON THE CARDS Open interest in gold futures markets shrunk for the second session in a row on Friday, this time by around 2.5K contracts according to preliminary figures from CME Group. in the same line, volume dropped by around 37.5K contracts after two builds in a row. GOLD COULD TEST $1,675/OZ Prices of the ounce troy of the
NATURAL GAS PRICE: FUTURES POINT TO FURTHER CORRECTION lower remains open following Friday’s uptick, all against the backdrop of shrinking open interest and volume. That said, the next support of relevance emerges at the monthly lows in the sub-$1.80 region for the time being. Prices of Natural Gas are now flirting with the 55-day SMA in the $1.86 region amidst the broader bearish
EUR/JPY PRICE ANALYSIS: SUPPORT EMERGES IN THE 117.00 REGION EUR/JPY’s decline appears to have met decent support in the 117.00 neighbourhood so far. The resumption of the upside bias should target the 118.50 region in the short-term horizon. The downside momentum in EUR/JPY lost momentum in the 117.00 area so far, after being rejected from monthly tops in the mid-118.00s. If sellers remain in control, the
KIWI SURGES AFTER NEW ZEALAND SURPLUS HITS RECORD HIGH The New Zealand dollar rose in early trading as the market reacted to April trade data. According to Statistics Canada, the country’s trade surplus surged to a record of more than $1.3 billion. That happened as exports declined by 22% to $4 billion and as imports dropped by 33% to $119 million. The biggest gainers
EUR/JPY PRICE ANALYSIS: INTERIM TARGET IS NOW AT 118.50 EUR/JPY advances to 2-day highs near the 118.00 mark on Tuesday. Immediately to the upside emerges interim target at the 118.50 region. EUR/JPY is extending the bounce off recent lows in the 117.00 neighbourhood and is trading at shouting distance from the key barrier near 118.50 (May 21). If buyers keep pushing higher, then there is
GOLD PRICE ANALYSIS: BATTLE LINES WELL-DEFINED, CAN IT BREAK HIGHER? – CONFLUENCE DETECTOR Gold prices have been edging higher amid an upbeat mood, which seems to favor the precious metal, contrary to past behavior. Can it continue higher? Its technical battle lines are well-defined. The Technical Confluences Indicator is showing that fierce resistance awaits at $1,736, a convergence of lines including the Fibonacci 38.2% one-week, the Simple Moving Average 200-1h,
USD/JPY PRICE ANALYSIS: BULLS KEEP 108.00/10 ON RADARS AMID UPBEAT TRADE SENTIMENT top near 108.60, During the quote’s further rise past-108.60, the previous month’s peak near 109.40 will lure the buyers. Meanwhile, a downside break below the said support line, at 107.53 now, could recall 107.00 rest-point on the chart. However, 23.6% Fibonacci retracement and April 29 low, respectively near 106.80 and 106.35, could please the bears
EURO RISES AHEAD OF KEY SPEECHES BY LAGARDE AND LEYEN Global stocks rallied yesterday as investors remained optimistic about the economy. In the United States, the Dow Jones rose by more than 529 points while the S&P500 and Nasdaq rose by 36 and 15 points respectively. Yesterday, new home sales and consumer confidence data showed that the US economy was recovering. New home sales rose
GOLD PRICE ANALYSIS: PRESSED TO CRITICAL SUPPORT, BREAK OR BOUNCE? – CONFLUENCE DETECTOR Gold has been dropping from the highs amid an upbeat market mood that turned unfavorable for the precious metal. Can it recover? XAU/USD is sitting at critical support. The Technical Confluences Indicator is showing that gold is sitting just above a cluster of the line at $1,706, which includes the Simple Moving Average 5-15m, the previous 4h-low,
NATURAL GAS PRICE: CAUTIOUSLY POSITIVE CME Group’s preliminary data for Natural Gas futures markets noted open interest shrunk for the second session in a row on Tuesday, this time by nearly 7.5K contracts. On the other hand, volume increased by nearly 60K contracts, reversing at the same time three daily pullbacks. NATURAL GAS PRICES FORECAST Prices of the MMBtu of
Gold Futures: Downside seen shallow Open interest in gold futures markets receded for the third consecutive session on Tuesday, this time by around 4.2K contracts according to preliminary figures from CME Group. On the other hand, volume rose sharply by nearly 207K contracts. Gold: Support emerges at $1,680 area The correction lower in prices of the ounce troy of gold
Crude Oil Futures: Look neutral near-term In light of advanced data for crude oil futures markets from CME Group, open interest dropped for yet another session on Tuesday, this time by just 309 contracts. Volume, instead, prolonged the choppy activity and went up by around 81.8K contracts. WTI stays capped by $35.00/bbl Prices of the barrel of WTI are seen extending
Euro rally loses steam ahead of business confidence data The Australian dollar rose today as investors reacted to the relatively mixed news from Australia. The data showed that private new capital expenditure declined by 1.6% in the first quarter. That was slightly better than the previous decline of 2.8%. Building capital expenditure declined by 1.1%, which was also slightly better than the previous decline
Natural Gas Price: Neutral bias in place Traders added just 980 contracts to their open interest positions in Natural Gas futures markets according to advanced readings from CME Group. On the other hand, volume went down by nearly 65.5K contracts, resuming the downside following Tuesday’s build. Natural Gas Prices Forecast Prices of the MMBtu of the commodity failed at the $2.00 level
S&P 500: Path of least resistance is to the upside after topping a major barrier – Confluence Detector The S&P 500 stock index’s gains have been somewhat limited due to tensions between the US and China over Hong Kong. However, hopes for a swift recovery, and plenty of funds from the Federal Reserve are supporting it. And now, futures on America’s most important index has crossed a technical milestone and may continue running
Crude Oil Futures: Extra losses not favoured CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions for yet another session on Wednesday, this time by almost 9.4K contracts. In the same line, volume dropped by almost 55.4K contracts against the backdrop of the persistent choppy activity. WTI stays capped by $35.00/bbl Wednesday’s negative price
Gold Futures: Deeper pullbacks not likely Open interest in gold futures markets shrunk for the fourth consecutive session on Wednesday, this time by nearly 6K contracts according to preliminary figures from CME Group. Volume, in the same line, extended the erratic performance and receded by around 169.5K contracts. Gold remains supported around $1,680/oz Prices of the ounce troy of the precious
Japanese yen gains after positive Tokyo inflation data US stocks erased earlier gains yesterday as investors weighed the risks on trade. In a statement to CNBC, Larry Kudlow, chief economic advisor, said that Hong Kong needed to be treated as China. That is after the National People’s Congress voted on a controversial security bill. This means that the US will start applying tariffs
Natural Gas Price: Room for extra pullbacks Open interest in Natural Gas futures markets increased for the second session in a row on Thursday, this time by around 30.6K contracts. In the same direction, volume went up by around 45.7K contracts, prolonging the erratic performance seen as of late. Natural Gas Prices Forecast Thursday’s negative price action in Natural Gas in combination
AUD/USD Price Analysis: Greenback’s drop accelerates the rise above 0.6600 AUD/USD carries the previous day’s recovery gains to attack 0.6650. US dollar index (DXY) refreshes two-month low under 98.50. Two-day-old symmetrical triangle questions immediate upside. 200-HMA adds to the support below the triangle’s lower line. AUD/USD takes the bids around 0.6658, up 0.20% on a day, during the pre-European session on Friday. The Aussie pair
Crude Oil Futures: Further gains not ruled out According to preliminary readings of crude oil futures markets from CME Group, open interest and volume rose by around 4.6K contracts and by nearly 45.1K contracts, respectively, on Thursday. WTI still looks capped by $35.00/bbl Prices of the WTI are expected to keep the consolidative mood at least in the very near term. Further bullish attempts
Gold Futures: Upside appears limited Open interest in gold futures markets noted investors trimmed their open interest for the fifth consecutive sessions on Thursday, this time by nearly 1.3K contracts according to flash data from CME Group. Volume followed suit and shrunk for the second day in a row, now by around 104K contracts. Gold looks supported around $1,700/oz Thursday’s
May 2020
US Jobs data and ECB rate decision headline the economic calendar During the upcoming trading week market participants look to the monthly jobs report from the US economy and a key interest rate decision from the European Central Bank. The Nonfarm payrolls job report headlines the economic docket this week, with most economists expecting another heavily negative monthly US jobs figure. Traders and investors also look
Australian dollar soars on positive China manufacturing PMI data The Australian dollar rose in the Asian session as the market reacted to positive manufacturing and services activity from China. Data from China Logistics released yesterday showed that the manufacturing PMI remained in expansion territory at 50.6. That was slightly lower than the previous 50.8. Further data from Caixin and Markit showed that the PMI
Natural Gas Price: Near-term rebound in the pipeline? Open interest and volume in Natural Gas futures markets rose by around 19K contracts and by almost 97K contracts, respectively, on Friday, according to flash figures from CME Group. Natural Gas Prices Forecast Friday’s small advance in prices of the commodity was in tandem of rising open interest and volume, which could be supportive of
Crude Oil Futures: Room for extra upside In light of preliminary readings for crude oil futures markets from CME Group, traders added nearly 16.3K contracts to their open interest positions on Friday. in the same line, volume rose for the second session in a row, this time by around 37.8K contracts. WTI now targets $40.00/bbl The recovery in crude oil prices remains
Gold Futures: Upside running out of steam Open interest in gold futures markets shrunk for yet another session on Friday, this time by around 23K contracts according to advanced data from CME Group. In the same line, volume went down by around 33.5K contracts. Gold could re-test 2020 highs Prices of the ounce troy of gold extended the recovery on Friday amidst
Australian dollar steady as RBA leaves rates unchanged The New Zealand dollar rose after the country released its terms of trade data for the first quarter. The data showed that the export prices declined by 0.2% in Q1, which was better than the expected decline of 1%. Export volumes rose by 1.8%, which was better than the previous increase of 1.7% and the
USD/JPY Price Analysis: Set to test 108.20 amid symmetrical triangle breakout on 1H USD/JPY gathering pace for a break above the 108 level. Symmetrical triangle breakout on hourly chart points to extra gains. Hourly RSI also back the case for further upside. USD/JPY is on a steady rise so far this Tuesday, as the bulls look to conquer the 108 handle despite the broad US dollar weakness. The spot appears
Natural Gas Price: Further downside in the pipeline In light of advanced figures from CME Group for Natural Gas futures markets, open interest rose for the fourth consecutive session on Monday, now by nearly 2.6K contracts. Volume, instead, diminished by nearly 20.9K contracts after two builds in a row. Natural Gas Prices Forecast Prices of Natural Gas started the week on a negative
Crude Oil Futures: Upside seen losing momentum CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by nearly 13.5K contracts on Monday. In the same line, volume reversed two consecutive daily builds and decreased by almost 88K contracts. WTI still targets $40.00/bbl Prices of the barrel of WTI edged higher on Monday against the
Gold Futures: Correction looks on the cards Open interest in gold futures markets shrunk for yet another session at the beginning of the week, this time by around 5.2K contracts according to preliminary figures from CME Group. Volume followed suit and went down by around 11.5K contracts. Gold appears limited by 2020 highs The ounce troy of the precious metal extended the
Crude oil momentum continues as global demand rises The price of crude oil rose in overnight trading as investors remained optimistic about global demand as economies reopen. The price of Brent, the international benchmark, rose to more than $40 while West Texas Intermediate (WTI) rose to above $38. Investors are also waiting for an important OPEC+ meeting that will happen in the coming
Natural Gas Price: Recovery could extend further In light of flash prints from CME Group for Natural Gas futures markets, open interest went up for yet another session on Tuesday, this time by nearly 17.3K contracts. On the other hand, volume shrunk for the second straight session, now by nearly 102.2K contracts. Natural Gas Prices Forecast Prices of Natural Gas reversed the
Crude Oil Futures: Waiting for the correction In light of preliminary readings from CME Group for crude oil futures markets, open interest shrunk for the second day in a row on Tuesday, this time by more than 1K contracts. In the same direction, volume went down for the second straight session, now by around 38K contracts. WTI still targets the $40.00 mark
Gold Futures: Pullbacks look shallow Investors trimmed their open interest positions by around 6.3K contracts on Tuesday in light of advanced data from CME Group. On the other hand, volume reversed four consecutive declines and rose by around 31.9K contracts. Gold stays capped by 2020 highs Tuesday’s pullback in the ounce troy of gold was amidst declining open interest, hinting
Gold Price Analysis: XAU/USD prints rounding top on 4-hour chart above $1,700 Gold stays mildly offered after stepping back from $1,745. An ascending trend line from April 21 is on the bears’ radars. May 20 high holds the key to the further upside toward the previous month’s top. Gold prices soften to $1,725.40, down 0.13% on a day, while heading into the European session on Wednesday. Considering
Euro eases ahead of the ECB interest rate decision The Australian dollar eased slightly as the market reacted to the better-than-expected Australian retail sales numbers. According to the bureau of statistics, retail sales declined by a whopping 17.7% in April after rising by 8.5% in the previous month. This decline was better than the expected 17.9%. In the same month, exports declined by 11%
Natural Gas Price: Room for extra gains CME Group’s advanced readings for Natural Gas futures markets noted open interest rose for the sixth session in a row on Wednesday, this time by around 8.1K contracts. On the other hand, volume reversed two consecutive pullbacks and went up by around 113.5K contracts. Natural Gas Prices Forecast The recovery in prices of Natural Gas
Crude Oil Futures: Further correction looks likely Open interest in crude oil futures markets rose for the first time after two consecutive pullbacks on Wednesday, this time by nearly 9.2K contracts in light of advanced data from CME Group. Volume, in the same line, increased significantly by nearly 205K contracts, also following two drops in a row. WTI still targets the $40.00
Gold Futures: Downside looks limited Traders scaled back their open interest positions in gold futures markets for yet another session on Wednesday, this time by almost 2.8K contracts according to preliminary figures from CME Group. on the opposite side, volume increased for the second straight session, now by nearly 92.8K contracts. Gold looks supported around $1,700/oz Gold’s negative price action
Gold Price Analysis: XAU/USD bounces back above $1,700 to keep buyers hopeful Gold prices recover from immediate support line, 50-day SMA. 21-day SMA, 13-day-old resistance line guard immediate upside. Daily closing below 50-day SMA can recall late-March top. Risk reset, cautious mood ahead of the ECB also favors the buyers. Gold prices bounce off the one-month low to $1,704.60 during the early Thursday. The yellow metal’s failure
US DOLLAR EERILY CALM AHEAD OF THE NONFARM PAYROLLS DATA The Japanese yen was little changed in overnight trading as the market reacted to the April household spending data. The numbers showed that spending declined by 6.2% from a month before and by 11.1% on a year on year basis. That was worse than the 4.0% and 6.0% that was reported in March. The April
NATURAL GAS PRICE: POSITIVE STANCE REMAINS UNCHANGED Advanced figures for Natural Gas futures markets from CME Group noted open interest extended the uptrend on Thursday, this time rising by around 5.6K contracts. On the other hand, volume reversed the previous build and shrunk by around 157.6K contracts. NATURAL GAS PRICES FORECAST The recovery in prices of Natural Gas extended the upside momentum
CRUDE OIL FUTURES: CAUTIOUSLY POSITIVE Traders scaled back their open interest positions in crude oil futures markets by almost 9K contracts on Thursday according to preliminary figures from CME Group. In the same line, volume shrunk markedly by around 352.8K contracts. WTI STILL LOOKS TO $40.00/BBL Prices of the WTI advanced within a tight range on Thursday amidst shrinking open interest and
WTI PRICE ANALYSIS: MILDLY BID ABOVE $37.00 INSIDE IMMEDIATE ASCENDING TRIANGLE WTI struggles to keep upside momentum near three-month top. One-week-old ascending trend line, 200-HMA add to the support. An upside clearance of $38.30 will escalate moves to fill the gap below $41.22. WTI portrays another attempt to defy short-term ascending triangle while picking up the bids near $37.64, up 0.32% on a day, during the
GOLD FUTURES: UPSIDE SEEN LOSING TRACTION In light of flash readings from CME Group for gold futures markets, open interest and volume shrunk by nearly 1.5K contracts and by around 66.5K contracts, respectively, on Thursday. GOLD FACES DECENT CONTENTION AROUND $1,700/OZ Prices of the ounce troy of the precious metal rose on Thursday after two consecutive pullbacks. The uptick, however, was
FOMC rate decision headlines the economic calendar Central bank action During the upcoming trading week, traders and investors will be the focus on a key interest rate decisions from the US Federal Open Market Committee. Market experts are predicting that FOMC members will strike a dovish tone towards the United States economic outlook. The FOMC policy decision may see the central bank
Oil price spikes as OPEC+ agree to supply cuts extension The Australian dollar rose even after trade data from China disappointed. According to the statistics office, exports declined by 3.3% in May after rising by 3.5% in the previous month. Imports declined by a whopping 16.7%, which was worse than April’s decline of 14.2%. Analysts polled by Reuters were expecting the imports to decline by
Natural Gas Price: Probable rebound in the near-term Flash data for Natural Gas futures markets from CME Group showed open interest reversed the uptrend at the end of last week and shrunk by around 24.4K contracts. On the opposite direction, volume faded the previous drop and rose by around 240.5K contracts. Natural Gas Prices Forecast The recent knee-jerk in prices of Natural Gas
Crude Oil Futures: Extra gains on the cards Traders increased their open interest positions by around 7.7K contracts on Friday according to advanced figures from CME Group. Volume followed suit and went up by around 334.2K contracts. WTI meets the $40.00 mark Prices of the WTI are already trading around the key $40.00 mark per barrel at the beginning of the week. Further
Gold Futures: Door open for extra downside Open interest in gold futures markets reversed the downtrend in place since May 21 and rose by just 154 contracts on Friday, according to preliminary readings from CME Group. In the same direction, volume went up by around 82.2K contracts. Gold faces interim support at $1,644/oz Prices of the ounce troy of gold could extend
Japanese yen spikes as US and China risks accelerate The Japanese yen rose sharply against the US dollar as investors started to worry about friction between the United States and China. The issue started after it emerged that Trump was considering signing the Uyghur Human Rights Policy Act, which will sanction several Chinese officials. They are also concerned about the new cold war between
Natural Gas Price: Room for a near-term bounce Investors trimmed their open interest positions for the second session in a row on Monday, this time by almost 13K contracts in light of advanced figures from CME Group for Natural Gas futures markets. Volume followed suit and went up by around 16.8K contracts. Natural Gas Prices Forecast Monday’s negative start of the week in
Crude Oil Futures: Scope for further retracement CME Group’s preliminary readings for Crude Oil futures noted open interest rose for the second session in a row at the beginning of the week, now by around 4.3K contracts. On the other hand, volume shrunk by nearly 75.1K contracts. WTI remains focused on $40.00 Prices of the West Texas Intermediate briefly surpassed the key
Gold Futures: Further downside on the cards Open interest in Gold futures markets extended the downside for yet another session on Monday, this time by more than 1k contracts according to flash data from CME Group. in addition, volume prolonged the erratic performance and shrunk for nearly 130.2K contracts. Gold could re-test the 100-day SMA near $1,650/oz Gold prices rose at the
USD/JPY Price Analysis: Bears attack 108.00 amid oversold RSI conditions USD/JPY drops to five-day low while extending Monday’s pullback from a 10-week top. 100-bar SMA, 50% Fibonacci retracement can question immediate downside. A one-month-old support line, 61.8% Fibonacci retracement and 200-bar SMA stand tall to challenge sellers. Buyers may wait for entries beyond 108.85 to question the recent high. USD/JPY prints 0.28% loss on a
US dollar pauses ahead of the FOMC interest rate decision The US dollar eased slightly as the Federal Reserve started its monetary policy meeting. Analysts expect the bank to leave interest rates unchanged and continue with its open-ended quantitative easing program. Some expect the bank to initiate a new tool to support the economy. In this, the bank will place a target on the US
EUR/USD Price Analysis: Resumes the upside and targets 1.1400 EUR/USD reverses the recent pessimism and resumes the upside. Further north emerges the next hurdle at monthly tops near 1.1400. EUR/USD managed to reverse Tuesday’s bearish note and it has now resumed the upside to the 1.1370.75 band. If the buying interest picks up pace, then the monthly peaks in the area just shy of
Natural Gas Price: Downside appears limited CME Group’s flash data for Natural Gas futures markets noted open interest decreased for the third session in a row on Tuesday, this time by around 178K contracts. On the other hand, volume extended the choppy activity and went up by nearly 12.8K contracts. Natural Gas Prices Forecast Tuesday’s drop in prices of Natural Gas
Crude Oil Futures: Near-term top in place? In light of preliminary figures from CME Group for Crude Oil futures markets, open interest and volume shrunk by around 7.3K contracts and by nearly 57.7K contracts, respectively, on Tuesday. WTI faces further consolidation Prices of the WTI appear to have met a strong barrier around the $40.00 mark per barrel. In fact, Tuesday’s inconclusive
Gold Futures: Room for extra upside Traders increased their open interest positions by nearly 6.1K contracts on Tuesday, reversing the downtrend in place since May 21 according to advanced readings from CME Group. Volume, in the same line, went up by almost 34.5K contracts. Gold resumes the upside Tuesday’s positive price action in gold was amidst increasing open interest and volume
US dollar unchanged as Fed commits to low rates The US dollar was little changed in overnight trading as investors reflected on the Fed interest rate decision. As was widely expected, the Federal Reserve left interest rates unchanged and estimated that the rate will remain so at least until 2022. The bank estimates that the economy would contract by 6.5% this year and the
Natural Gas Price: Extra rangebound seems likely CME Group’s flash data for Natural Gas futures markets noted open interest decreased for yet another session on Wednesday, now by nearly 17.5K contracts. On the other hand, volume went up by around 36.6K contracts. Natural Gas Prices Forecast Natural Gas prices edged higher on Wednesday after bottoming out in fresh monthly lows near $1.73
Crude Oil Futures: Extra gains look unlikely In light of advanced readings from CME Group for crude oil futures markets, traders trimmed their open interest positions for the second session in a row on Wednesday, this time by nearly 2.4K contracts. In the same line, volume went down by around 52.6K contracts. WTI remains capped by $40.00 Prices of the barrel of
Gold Price Analysis: Fueled by the Fed and eyeing $1,743 – Confluence Detector Gold has benefitted from the Federal Reserve’s ongoing support to the economy, as Chairman Jerome Powell promised to act “forcefully. aggressively and proactively.” How is the precious metal positioned on the charts? The Technical Confluences Indicator is showing that XAU/USD has significant support at $1,729, which is the convergence of the Bollinger Band 15min-Lower, the Fibonacci 38.2%
Gold Futures: Room for extra upside Open interest in Gold futures markets rose for the second session in a row on Wednesday, this time by nearly 5.2K contracts according to preliminary figures from CME Group. volume, in the same direction, rose by around 16.5K contracts, adding to the previous build. Gold could re-test the 2020 highs Prices of the ounce troy
Global stocks fall as risks of a second coronavirus wave rise US stocks had their worst day since March as investors remained cautious after the Federal Reserve offered a dire assessment of US economic prospects. They were also concerned about a new wave of coronavirus in the United States following weeks of protests. Bank stocks were badly hit after the Fed predicted that rates would stay
Natural Gas Price: Further upside appears on the cards Open interest in Natural Gas futures markets rose by around 9.6K contracts on Thursday in light of advanced readings from CME Group. In the same direction, volume extended the uptrend and increased by around 7.3K contracts. Natural Gas Prices Forecast Thursday’s positive price action in prices of Natural Gas was in tandem with rising open
Gold Futures: Further downside not ruled out CME Group’s flash data for gold futures markets noted open interest rose for the third session in a row on Thursday, this time by nearly 4.1K contracts. In the same line, volume went up by more than 5K contracts, reaching the third build in a row. Gold could re-test the $1,700/oz area Prices of the
Crude Oil Futures: Scope for a deeper correction Traders added nearly 2.8K contracts to their open interest positions on Thursday, according to preliminary figures from CME Group. In the same line, volume reversed three pullbacks in a row and increased markedly by around 441.5K contracts. WTI could slip back to the $31.00/oz area Prices of the barrel of WTI edged lower on Thursday
Gold Price Analysis: XAU/USD bulls to retain control while above 21-DMA Gold defends gains amid tepid risk sentiment, dollar strength. Technical set up on a daily chart favors the XAU bulls. Focus on US data and sentiment on global stocks. Gold prices (XAU/USD) are reversing a temporary pullback seen on Thursday after the rates reached a new weekly high at 1744.75. At the press time, gold trades
Central bank policy decisions dominate the economic calendar Rate focus During the upcoming trading week, traders and investors look to key interest rate decisions for the Bank of Japan, Swiss National Bank and the Bank of England. The Bank of England interest rate decision could generate significant volatility for the British pound currency if the MPC gives a clear indication of whether they
Crude oil and stocks fall on second wave jitters Asian stocks declined as investors began to worry about a second wave of the virus. That is after several cases of the virus were reported in Beijing. On Saturday, the country confirmed 43 new cases followed by 49 new cases confirmed on Sunday. These cases were all traced to the Xinfadi wholesales seafood and vegetable
Natural Gas Price: Decline looks contained Open interest and volume in Natural Gas futures markets went down by just 218 contracts and by around 153.6K contracts, respectively, on Friday, in light of flash readings from CME Group. Natural Gas Prices Forecast Friday’s negative move in prices of Natural Gas was in combination with shrinking open interest and volume, supporting the idea
Gold Futures: Look neutral/bearish near-term Open interest in Gold futures markets rose for the fourth consecutive session on Friday, this time by around 1.5K contracts according to preliminary figures from CME Group. On the other hand, volume reversed three consecutive builds and shrunk by around 61.1K contracts. Gold still looks capped by $1,760/oz Friday’s small uptick in prices of the
Crude Oil Futures: Further losses on the cards In light of advanced data from CME Group, traders trimmed their open interest positions in crude oil futures markets by almost 20K contracts at the end of last week. In the same line, volume resumed the downside and went down by around 315.5K contracts. WTI could slip back to $31.00 Positive price action in prices
Japanese yen falls as BOJ leaves rates unchanged The Japanese yen declined slightly after the Bank of Japan delivered its interest rate decision. As was widely expected, the bank left interest rates unchanged at -0.10%. The bank also left its yield curve control program intact and continued with its aggressive quantitative easing program. On the QE, the bank is acquiring government bonds, corporate
Natural Gas Price: Extra weakness in the pipeline In light of preliminary readings for Natural Gas futures markets from CME Group, open interest went up by around 20.8K contracts at the beginning of the week. In the same direction, volume reversed the previous drop and rose by around 91.4K contracts. Natural Gas Prices Forecast Monday’s continuation of the pessimism around prices of the
Gold Price Analysis: $1735 is the level to beat for XAU/USD bulls Gold off highs as US dollar trims losses, despite risk-on. Technical set up favor XAU bears in the near-term. Cautious Powell, weak US data to help bulls clear $1735? The solid recovery staged by Gold (XAU/USD) from near 1700 levels lost leg once again below the critical resistance at 1735, as the prices look to extend
Crude Oil Futures: Extra rangebound stays on the table CME Group’s advanced figures for crude oil futures markets noted traders reduced their open interest positions for the second session in a row, this time by around 5.3K contracts. Volume, instead, reversed part of the previous sharp drop and advanced by around 26.7K contracts. WTI faces strong resistance around $40.00/bbl Monday’s small uptick in prices
Gold Futures: Further consolidation looks likely Open interest in gold futures markets reversed four consecutive daily builds and shrunk by more than 1K contracts on Monday according to flash data from CME Group. On the other hand, volume increased by nearly 46.2K contracts. Gold remains capped by $1,760/oz The ounce troy of gold briefly tested the 55-day SMA near the $1,700
Yen in holding pattern as Japan’s exports slide to record lows The Japanese yen was little changed today after the statistics office released the May trade numbers. The data showed that the country’s exports and imports declined at a record pace. Exports fell by 28.3% while imports fell by 26.2%. This is after the two declined by 21.9% and 7.1% respectively in April. As a result,
USD/INR Price News: Indian rupee bounces off seven-week low, monthly resistance line in focus USD/INR takes U-turn from two-month-old horizontal resistance. An ascending trend line from June 03 holds the key to further declines toward 50-day EMA. The late-April tops can lure the bulls beyond the immediate upside barrier. USD/INR drops to 76.19, down 0.27% on a day, during the initial hours of Indian trading on Wednesday. In doing
AUD/USD Price Analysis: Bears firming grip below short-term falling trendline AUD/USD recedes from 0.6900 to print two-day losing streak. MACD flirts with the bears, signals 100-bar SMA retest before highlight the key Fibonacci retracements. A falling trend line from June 09 holds the door for the fresh run-up to challenge the monthly top. AUD/USD bounces off intraday low of 0.6852 to 0.6863 during the early
Gold Futures: Further rangebound in the pipeline Open interest in Gold futures markets reversed the previous day’s pullback and rose by around 5.1K contracts on Tuesday according to preliminary figures from CME Group. On the other hand, volume extended the choppy activity and shrunk by around 15.7K contracts. Gold still seen within $1,670-$1,745 Tuesday’s inconclusive price action in the ounce troy of
Gold Price Analysis: $1,730 has emerged as stiff resistance in last 24 hours Gold’s bounce from week lows near $1,700 looks to have stalled.  A strong break above $1,730 is needed to restore the uptrend. Gold’s recovery from the June 15 low of $1,704 looks to have stalled near $1,730. The bulls have repeatedly failed to keep gains above that level in the past 24 hours. The immediate
Swiss franc holds steady ahead of SNB rate decision The New Zealand dollar eased slightly against the USD in overnight trading after the statistics office released the GDP data. The numbers showed that the economy contracted by 1.6% in the first quarter, which was lower than the analysts’ forecast of 1.0%. It contracted by 0.2% on a year-over-year basis. The GDP annual average was
Natural Gas Futures: Further upside not ruled out CME Group’s flash data for Natural Gas futures markets noted open interest rose for the third consecutive session on Wednesday, now by nearly 8K contracts. Volume, on the same line, decreased by almost 28.3K contracts, adding to the previous build. Natural Gas Prices: Support emerged near $1.67/MMBtu Natural Gas prices bounced off multi-week lows near
Crude Oil Futures: Neutral stance remains unchanged In light of advanced figures from CME Group for Crude Oil futures markets, open interest went down for the fourth consecutive session on Wednesday, now by almost 23K contracts. In the same line, volume dropped by around 179.4K contracts following two consecutive daily builds. WTI keeps the narrow range below $40.00/bbl Prices of the barrel
Gold Futures: Scope for extra consolidation Traders increased their open interest positions by around 2.6K contracts on Wednesday, reaching the second build in a row according to preliminary figures from CME Group. Volume, instead, shrunk for the second straight session, this time by nearly 41.8K contracts. Gold: Further rangebound favoured near-term Prices of the ounce troy of the precious metal continue
USD/JPY Price Analysis: Rounding top on 4-hoour chart keeps bears hopeful below 107.00 USD/JPY extends losses below 61.8% Fibonacci retracement of May-June upside. The monthly low can offer an intermediate halt during the fall towards 106.00. 200-bar SMA adds to the resistances for the pair. USD/JPY drops to 106.80, down 0.18% on a day, while heading into the European open on Thursday. The pair extends its pullback from
US stocks fall for the third day as second wave fears mount US stocks declined in overnight trading as investors continued to react to fears of a second wave of the virus. The Dow Jones and the S&P500 declined for the third straight day. These declines came after China announced a series of new measures to limit movement in parts of Beijing as the number of new
Natural Gas Futures: Extra gains appear limited In light of advanced data from CME Group for Natural Gas futures markets, open interest shrunk by around 16.3K contracts on Thursday, following three consecutive daily builds. Volume, too, decreased for the third session in a row, this time. By around 51.5K contracts. Natural Gas Prices: Next resistance emerges near $1,90 Natural Gas prices extended
Gold Price Analysis: Dual support opens door to $1,743 on “quadruple witching” Friday– Confluence Detector Gold has been trading in a narrow range but could ready to break to higher ground as it has strong support. Volatility is set to increase on as options and futures are set to expire on Wall Street on “quadruple witching Friday.” The Technical Confluences Indicator is showing that XAU/USD has significant support at $1,725, which is
Crude Oil Futures: Upside is seen as short-lived CME Group’s preliminary readings for crude oil futures markets noted open interest shrunk for the fifth consecutive session, this time by almost 24.8K contracts. In the same direction, volume went down for the second straight session, now by around 41.7K contracts. WTI targets the $40.00 mark and above The WTI edged higher on Thursday, although
Gold Futures: Scope for further rangebound Traders increased their open interest positions for the second day in a row on Thursday, this time by around 1.2K contracts in light of flash data from CME Group. Volume, in the same line, reversed two consecutive pullbacks and rose by around 16.3K contracts. Gold: Upside limited by $1,740/45 Prices of the ounce troy of
Traders look to global manufacturing data and inflation data During the upcoming trading week market participants look to the release of global manufacturing and inflation data for direction. Traders will be closely watching the release of last month’s manufacturing PMI numbers from the United Kingdom, the United States, and EU economies. Traders will also be looking to key inflation numbers from the Japanese and
Crude oil price inches higher as US oil rigs fall Asian stocks and American futures rose slightly as investors attempted to move on past second coronavirus wave fears. In Japan, the Nikkei 225 was up by 60 points while the Shanghai composite rose by 10 points. In the United States, futures tied to the Dow Jones and Nasdaq rose by 180 and 67 points respectively.
Natural Gas Futures: Scope for further upside In light of advanced readings from CME Group for Natural Gas futures markets, open interest rose by around 4.2K contracts on Friday, reversing the previous drop. Volume followed suit and rose by nearly 30.5K contracts after three builds in a row. Natural Gas Prices: Target is now at the $1,90 region Natural Gas prices extended
Crude Oil Futures: Extra gains not ruled out In light of preliminary figures from CME Group for Crude Oil futures markets, open interest shrunk for yet another session on Friday, this time by around 17.6K contracts. Volume, instead, went up markedly by around 224.6K contracts. WTI could reach the 200-day SMA around $45.00 Prices of the West Texas Intermediate (WTI) edged higher at
Gold Futures: Further upside on the cards Open interest in Gold futures markets rose for the fourth consecutive session on Friday, this time by around 23.7K contracts according to flash data from CME Group. Volume, in the same line, increased for the second straight session, now by almost 33.4K contracts. Gold now targets $1,765/oz Gold extended the recovery on Friday amidst rising
Australian dollar gains as manufacturing and service PMIs improve US stocks ended the day higher as investors remained optimistic about the recovery of the US economy even as the number of coronavirus infections rises. The Dow Jones rose by 153 points while the Nasdaq rose by 110 points. Meanwhile, in Asia, the main indices were positive after the White House clarified a claim by
Gold Price Analysis: XAU/USD bulls to have a bumpy road ahead, $1,765 in focus Gold prices probe two-day winning streak despite recent bounces off $1,747.81. May month high holds the key to further upside towards two-month-old resistance line. Sellers are less likely to enter unless breaking an ascending trend line from March 20. Gold traders recover the latest losses while revisiting the day-start levels around 1,755 during the pre-European
Natural Gas Futures: Correction lower picks up pace In light of advanced prints from CME Group for Natural Gas futures markets, open interest rose for the second straight session on Monday, now by just 192 contracts. Volume, in the same direction, increased by nearly 13.3K contracts for the second session in a row. Natural Gas Prices: Room for a re-test of June’s low
Crude Oil Futures: Correction is long overdue Open interest and volume in Crude Oil futures went down by around 10.1K contracts and around 368.6K contracts, respectively, on Monday according to flash data from CME Group. WTI now targets the 200-day SMA around $45.00/bbl The barrel of WTI advanced further and closed just above the key $40.00 mark at the beginning of the
Gold Futures: Further gains look likely In light of preliminary figures for Gold futures markets from CME Group, traders increased their open interest positions for the fifth consecutive session on Monday, this time by around 6.2K contracts. Volume, in the same line, advanced for the third session in a row, now by around 44.7K contracts. Gold keeps pushing higher Prices of
New Zealand dollar falls after dovish RBNZ decision The New Zealand dollar declined after the Reserve Bank of New Zealand (RBNZ) delivered its interest rate decision. As was expected, the bank left interest rates unchanged at a record low of 0.25% and left its N$60 billion QE target unchanged. In the statement, the bank said that it was ready to do more to
Gold Futures: Door open for extra upside CME Group’s preliminary figures for Gold futures markets noted investors increased their open interest positions for yet another day on Tuesday, this time by around 9.3K contracts. Volume, instead, reversed three consecutive builds and shrunk by almost 39K contracts. Gold climbs to 2020 highs The ounce troy of the precious metal is navigating fresh yearly
Crude Oil Futures: Further gains look limited Traders scaled back their open interest positions by 746 contracts on Tuesday, extending the downtrend prevailing since June 12, according to flash readings from CME Group. On the other hand, volume remains choppy and rose by around 13.1K contracts. WTI keeps gyrating around $40.00 Prices of the barrel of the West Texas Intermediate are navigating
Natural Gas Futures: Further downside on the cards According to advanced figures for Natural Gas futures markets from CME Group, open interest went up for the third session in a row on Tuesday, now by around 5.7K contracts. On the other hand, volume shrunk by nearly 11K contracts following two builds in a row. Natural Gas Prices: Scope for further losses Natural Gas
USD/INR Price News: Indian rupee sellers await upside break of 75.70 USD/INR bounces off two-week low to defy three-day losing streak. Confirmation of a bullish chart pattern, oversold RSI favors further pullback of the pair. 75.30 could lure the short-term sellers ahead of the monthly low. USD/INR rises to 75.60, up 0.10% on a day, ahead of the European session on Wednesday. The pair recently broke
Global stocks fall as US coronavirus cases hit record highs The New Zealand dollar was little changed after the statistics office released May trade numbers. The data showed that the country’s exports increased from the previous $5.29 billion to $5.39 billion. In the same month, imports rose from the previous $3.95 billion to $4.14 billion leading to a trade surplus of more than $1.2 billion.
Gold Price Analysis: Downside correction is not over just yet – Confluence Detector Gold has been on the rise as investors are concerned about the surge in coronavirus cases in the US Sun Belt. Will it resume its attack on $1,800? It may take more time, as technicals are pointing to further losses. The Technical Confluences Indicator is showing that XAU/USD faces fierce resistance around $1,765, which is an area
Natural Gas Futures: Door open for extra losses According to CME Group’s flash data for Natural Gas futures markets, open interest rose for the fourth consecutive session on Wednesday, this time by just 988 contracts. Volume, instead, dropped for the second straight session, now by nearly 19K contracts. Natural Gas Prices: Further retracements in the pipeline Prices of Natural Gas are trading in
Crude Oil Futures: Downside seen limited In light of advanced figures from CME Group, open interest in Crude Oil Futures markets shrunk for yet another session on Wednesday, this time by almost 3K contracts. It is worth mentioning that the downtrend in open interest remains unchanged since June 12. On the flip side, volume went up markedly by around 294.1K contracts.
Gold Futures: Further correction on the cards Traders increased their open interest positions by nearly 5.5K contracts on Wednesday according to preliminary data from CME Group. In the same line, volume reversed the previous drop and rose by around 53.5K contracts. Gold could slip back to $1,718 Following new 2020 peaks near $1,770 per ounce on Wednesday, Gold closed in the negative
Oil gains as satellite images show an uptick in Asian activities US stocks bounced back after falling by more than 1% in the first few hours. The Dow Jones ended the day higher by 300 points while the Nasdaq rose by more than 107 points. The gains ended a two-day losing streak as investors remained cautious about surging coronavirus cases. In the United States, cases continued
S&P 500 Price Analysis: Path of least resistance is up, but only just – Confluence Detector The S&P 500 Index has staged a late rally on Thursday, shrugging off concerns about record coronavirus cases in the US and the Federal Reserve’s dividend and buyout limits. How will stocks close the week? The Technical Confluences Indicator is showing that the S&P index has some support at 3,080, which is the convergence of the Fibonacci
Gold Futures: Bullish with caution Open interest in Gold futures markets increased for yet another session on Thursday, this time by nearly 2.4K contracts, according to advanced readings from CME Group. Volume, instead, extended the choppy activity and shrunk by around 92.7K contracts. Gold still targets the $1,800 level Prices of the ounce troy of the precious metal abandoned the
Natural Gas Futures: Further weakness on the cards Open interest in Natural Gas futures markets rose for the fifth consecutive session on Thursday, this time by nearly 5.7K contracts in light of flash figures from CME Group. Volume followed suit and went sharply by 256K contracts. Natural Gas Prices: On the way to all-time lows Prices of Natural Gas recorded fresh lows in
Crude Oil Futures: Rebound likely very near-term CME Group’s preliminary prints for crude oil futures markets noted traders increased their open interest positions by around 11.1K contracts on Thursday, reversing the downtrend prevailing since June 12. On the other hand, volume reversed two builds in a row and dropped by around 84.5K contracts. WTI: Further upside could test the 200-day SMA Thursday’s
US economy headlines the economic calendar this week During the upcoming trading week the Nonfarm payrolls job report headlines the economic docket alongside the release of the FOMC Meeting Minutes. Most economists are expecting a stronger June job number after last month’s heavily negative monthly US jobs figure. Traders and investors also look to the FOMC Meeting Minutes and key speeches from the
Oil price falls as coronavirus cases rise to risk more lockdowns The price of crude oil declined as traders continued to worry about the rising number of coronavirus cases. Brent, the international benchmark, is trading at $40.16 while West Texas Intermediate (WTI) is trading at $37.67. In Japan, the number of infections rose to the highest level since the state of emergency ended, while in the
Natural Gas Futures: Further upside is not ruled out Open interest in Natural Gas futures markets rose for the sixth consecutive session on Friday, now by just 113 contracts according to advanced figures from CME Group. Volume, instead, resumed the downside and retreated by around 339.1K contracts. Natural Gas Prices: Rebounds from record lows Prices of Natural Gas recorded fresh lows in the $1,53
Crude Oil Futures: Scope for extra losses In light of flash data for crude oil futures markets from CME Group, open interest rose for the second session in a row at the end of last week, this time by almost 7K contracts. On the flip side, volume shrunk for the second day in a row, now by around 164.7K contracts. Crude Oil
Gold Futures: Further gains in the pipeline Traders increased their open interest positions by yet another session on Friday, this time by around 6.7K contracts according to preliminary readings from CME Group. It is worth mentioning that the uptrend is well in place since June 16th. Volume followed suit and went up by nearly 46.8K contracts. Gold: $1,800 is just around the
Australian dollar rises as Chinese manufacturing PMI beat estimates The Australian dollar rose as investors reacted to the latest manufacturing PMI data from China. According to China Logistics, the country’s manufacturing PMI rose to 50.9 in June from the previous 50.6. The non-manufacturing PMI rose from 53.6 to 54.4 in June. These numbers were better than analysts were expecting and are a signal that
S&P 500 Price Analysis: End-of-quarter correction could is limited at 3,302 – Confluence Detector The S&P 500 Index is edging lower according to futures, potentially correction a fraction of its tremendous gains in the second quarter. How is the stock index positioned on the technical charts? The Technical Confluences Indicator is showing that some support awaits the S&P 500 at around 3,040, which is the convergence of two Fibonacci lines –
Natural Gas Futures: Further upside looks unlikely CME Group’s advanced figures for Natural Gas futures markets noted open interest shrunk by almost 2K contracts on Monday following sixth consecutive builds. Volume, instead, extended the erratic performance and increased by around 250.4K contracts. Natural Gas Prices: Strong resistance emerges near $1,90/MMBtu Prices of Natural Gas rose sharply at the beginning of the week.
Crude Oil Futures: Extra gains appear capped Open interest in Crude Oil futures markets reversed two consecutive daily builds and went down by around 6.2K contracts on Monday according to preliminary readings from CME Group. On the other hand, volume ticked higher by around 33.7K contracts following two drops in a row. WTI capped around $40.00/bbl Monday’s uptick in prices of the
Gold Futures: Room for extra upside In light of flash data for Gold futures markets from CME Group, open interest extended the uptrend and rose by around 2.1K contracts. Volume, instead, prolonged the choppy activity and shrunk by around 72.3K contracts. Gold still eyes $1,800 and above Gold prices keep the firm note so far, with the immediate target at the
June 2020
Australian dollar jumps after upbeat manufacturing PMI data The Japanese yen gained against the US dollar as traders reacted to mixed economic data from the country. According to Markit, Japan’s manufacturing PMI rose to 40.1 in June from the previous 37.8. This number implied that manufacturers made some gains in June as the country started to reopen. Another from Tankan presented a mixed
S&P 500 Price Analysis: Downside more appealing after the best quarter since 1998– Confluence Detector The S&P 500 Index has ended the second quarter of 2020 with the strongest gain since 1998. Can it continue higher? Perhaps not on the first day of the third quarter, which is showing that resistance is stronger than support. The Technical Confluences Indicator is showing that fierce resistance awaits the S&P 500 at 3,083, which is
Natural Gas Futures: Looks neutral/bearish near-term Advanced readings from CME Group for Natural Gas futures markets noted open interest rose by around 2.7K contracts on Tuesday, resuming the uptrend. Volume, on the other hand, prolonged the choppiness and shrunk by around 81.5K contracts. Natural Gas Prices: Recovery stalled ahead of $1,80/MMBtu The recovery in prices of Natural Gas runout of team
Crude Oil Futures: Scope for extra consolidation CME Group’s preliminary figures for Crude Oil futures markets saw open interest shrinking for the second session in a row on Tuesday, this time by nearly 2K contracts. On the opposite side, volume went up markedly by around 214.6K contracts. WTI looks side-lined just below $40.00/bbl The barrel of WTI continues to trade within a
Gold Futures: Upside has further legs Traders increased their open interest positions in Gold futures markets by nearly 15K contracts on Tuesday, in light of flash data from CME Group. In the same line, volume reversed Monday’s pullback and rose by around 75.4K contracts. Gold: The $1,800 mark is just around the corner Prices of the ounce troy of the precious
Aussie rises as Australia reported a record trade surplus in May The Australian dollar rose slightly against the US dollar as traders reacted to improving trade numbers. According to the statistics office, the country had a record trade surplus of more than $8 billion in May, which was a $195 million increase from the previous month. This happened as exports fell by 4% while imports fell
Natural Gas Futures: Extra gains now appear likely CME Group’s flash readings for Natural Gas futures markets noted open interest and volume went down by around 3.5K contracts and nearly 28.5K contracts, respectively, on Wednesday. Natural Gas now targets $1,80 and beyond Wednesday’s negative price action around Natural Gas was in tandem with diminishing open interest and volume, leaving the prospects of further
S&P 500 Price Analysis: Levels to watch on Non-Farm Payrolls Thursday – Confluence Detector The S&P 500 Index extended its gains on the first day of the third quarter amid hopes for a vaccine and mixed economic data. Stocks now face a critical test – US Non-Farm Payrolls figures for June, which will likely show an increase in employment. How is the index positioned on the technical charts? The Technical
Crude Oil Futures: Further rangebound in the pipeline CME Group’s preliminary data for Crude Oil futures markets noted open interest shrunk for the third consecutive session on Wednesday, this time by around 11.5K contracts. On the other hand, volume went up for the third straight session, now by almost 65K contracts. WTI still capped by $40.00 Prices of the West Texas Intermediate keep
Gold Futures: Downside expected to be shallow Open interest in Gold futures markets reversed a multi-session uptrend and shrunk by nearly 6.1K contracts on Wednesday, in light of advanced data from CME Group. Volume, instead, rose for the second session in a row, now by around 72.8K contracts. Gold could re-test the 55-day SMA at $1,725/oz Prices of the ounce troy of
Australian dollar gains on upbeat services PMI and retail sales The Australian dollar rose sharply after upbeat services PMI and retail sales numbers from the country. The data showed that the services PMI rose from the previous 26.9 to 53.1. Another number from the Australian Industry Group showed that the construction index rose from 24.9 to 35.5. Meanwhile, numbers from the statistics office showed that
Natural Gas Futures: Extra gains appear limited Flash data from CME Group for Natural Gas futures markets noted open interest and volume extended the downtrend and shrunk by nearly 3.5K contracts and by around 73.5K contracts, respectively, on Thursday. Natural Gas Price: Strong hurdle aligns at the $1,80 region Thursday’s positive price action in Natural Gas came in tandem with shrinking open
USD/JPY Price Analysis: Keeps bouncing off 200-hour EMA below 108.00 USD/JPY fails to extend pullback moves from 107.57. 107.70/72 acts as an additional upside barrier, 107.00 offers extra filter to the south. RSI, MACD suggest no major moves inside the immediate range. USD/JPY keeps the 107.34-72 range, currently around 107.53, during the pre-European session on Friday. In doing so, the pair takes the support of
Gold Futures: Further decline on the cards CME Group’s advanced figures for Gold futures markets noted open interest increased by nearly 2.7K contracts on Thursday, resuming the previous uptrend. Volume, on the other hand, reversed two consecutive builds and shrunk by around 81.7K contracts. Gold could test the 55-day SMA at $1,726 The ounce troy of Gold has receded from recent peaks
Crude Oil Futures: Upside looks capped Traders scaled back their open interest positions by more than 16K contracts on Thursday, reaching the fourth consecutive drop according to advanced readings from CME Group. Volume followed suit and went down sharply by around 231K contracts following three builds in a row. WTI stays focused around $40.00 WTI closed above the critical $40.00 mark
RBA rate decision headlines the economic docket this week During the upcoming trading week the Reserve Bank of Australia interest rate decision headlines the economic calendar. The RBA central bank is expected to keep rates unchanged and give a bleak current assessment of the Australian economy. The Australian dollar could be affected if the RBA express concern about the current strength of the Australian
S&P 500 Price Analysis: Level to watch as China encourages bull market – Confluence Detector The S&P 500 Index is on the rise as Chinese authorities have been encouraging a bull market and despite the increase in US coronavirus cases. After a long weekend, stocks are set to kick off the week on a positive note. How is it positioned on the charts? The Technical Confluences Indicator is showing that the S&P
AUD/JPY Price Analysis: Overbought RSI on 4H signals caution for bulls AUD/JPY’s bulls could face some exhaustion above 75.00. 4-hour chart stays bullish, but signals caution. Will the spot sustain the gains ahead of US data, RBA? AUD/JPY spotted a descending triangle breakout on the four-hour chart this Monday, with the risk-on mood having emerged as the main catalyst supporting the bullish break. The price hit
WTI Price Analysis: Gains over 0.60% in Asia to stay beyond $40.00 WTI stays on recovery mode above $40.00 after Friday’s choppy session. A horizontal area around $40.80 offers immediate resistance. The confluence of 21-day SMA, five-week-old support line becomes the tough nut to crack for sellers. WTI takes the bids to $40.60, up 0.68% on a day, while heading into the European on Monday. The energy
EUR/USD Price Analysis: Upside now looks to the 1.1350 zone EUR/USD is adding to Friday’s gains and approaches the 1.1300 level. The pair stays well supported near 1.1170 in the short-term. EUR/USD is attempting to break above the recent consolidative pattern and looks to break the 1.13 hurdle on a more convincing fashion. That said, there is an interim hurdle in the mid-1.1300s ahead of
USD/INR Price Analysis: Monday’s Doji indicates indecision USD/INR charted a Doji candle on Monday, neutralizing the immediate bearish view.  A close above Monday’s high is needed to confirm a bullish reversal. USD/INR created a Doji candle on Monday, which comprises long wicks and a small body. The wicks represent a two-way business and the small body represents flat close. As a result,
Yen drops after weak Japanese household spending and overtime pay The Japanese yen eased slightly after the statistics office released the household spending data from Japan. The numbers showed that spending declined by 0.1% in May, after falling by 6.2% in the previous month. On an annualized basis, the spending declined by 16.2%. This is mostly because Japan was in a state of emergency in
USD/INR Price Analysis: Monday’s Doji indicates indecision USD/INR charted a Doji candle on Monday, neutralizing the immediate bearish view.  A close above Monday’s high is needed to confirm a bullish reversal. USD/INR created a Doji candle on Monday, which comprises long wicks and a small body. The wicks represent a two-way business and the small body represents flat close. As a result,
Natural Gas Futures: Scope for extra gains CME Group’s advanced figures for Natural Gas futures markets noted open interest reversed two consecutive daily pullbacks and increased by around 13.7K contracts on Monday. In the same line, volume rose sharply by around 265.3K contracts following three pullbacks in a row. Natural Gas now looks to $2.00/MMBtu The positive start of the week for
Crude Oil Futures: Further gains not ruled out In light of preliminary readings from CME Group, traders reversed four consecutive pullbacks and increased their open interest positions by just 339 contracts at the beginning of the week. Volume, too, went up by almost 49.9K contracts. WTI now looks to the 200-day SMA around $44.00/bbl Prices of the WTI are extending the consolidation around
Gold Futures: Further upside in the pipeline Open interest in Gold futures markets increased for the second consecutive session on Monday, this time by nearly 3.2K contracts according to flash data from CME Group. In the same line, volume went up by around 1.4K contracts, partially reversing the previous drop. Gold still targets $1,800/ oz The positive price action in the ounce
US dollar wavers as US coronavirus death rate jumps The Australian dollar is little changed today as the number of new infections in the country rise. Victoria state confirmed about 134 cases and there are more cases in Melbourne. As a result, the government has announced new measures to contain the disease. For example, it has formed three rings of containment in Melbourne and
Natural Gas Futures: Correction lower on the cards According to FX Strategists at UOB Group, open interest in Natural Gas futures markets shrunk by around 10.2K contracts on Tuesday. Volume followed suit and dropped by around 131.1K contracts. Natural Gas faces strong resistance around $2,00/MMBtu The strong rebound in prices of Natural Gas since late June lows seems to have met strong resistance
Crude Oil Futures: Upside looks limited CME Group’s flash figures for Crude Oil futures markets noted open interest shrunk for yet another session on Tuesday, now by around 2.7K contracts. Volume followed suit and went down by nearly 265K contracts offsetting the previous build. WTI struggles to leave $40.00 behind Prices of the barrel of WTI keep navigating the $40.00 region
Gold Futures: Uptrend looks solid Traders increased their open interest positions for the third consecutive session on Tuesday, this time by nearly 15K contracts in light of preliminary data from CME Group. Volume, in the same line, went up by around 45K contracts, reaching the second build in a row. Gold now targets $1,800 and beyond The uptrend in prices
USD/INR Price News: Indian rupee sellers extend losses to attack 75.00 USD/INR again confronts 38.2% Fibonacci retracement after piercing 100-day EMA. The pair’s repeated failures to cross the key Fibonacci retracement level comprising lows marked since April favor the sellers. Bulls will look for entry beyond a descending trend line from June 19. USD/INR takes the bids near 74.96, up 0.08% during the initial hours of
Gold Price Analysis: Next three technical bullish targets after breaking $1,800– Confluence Detector Gold has finally broken above $1,800 and continues its gradual journey higher, buoyed by central banks and coronavirus concerns. How is XAU/USD positioned on the technical charts? The Technical Confluences Indicator is showing that the next upside target is $1,806, which is where the Pivot Point one-week Resistance 2 hits the price. Soft resistance is at $1,812, which
WTI Price Analysis: Trapped between two key barriers ahead of EIA data WTI bull-bear tug-of-war persists while above the 40 barrier. The path of least resistance appears to the upside. EIA crude stocks data to decide the next direction? WTI (August futures on NYMEX) is trading in a tight range around 40.50 so far this Wednesday, with the upside attempts capped near 40.70 while the bulls continue
US dollar falls as US coronavirus cases jump by 62,000 The Japanese yen eased against the US dollar as traders reflected on the country’s machinery orders. Data from the statistics office showed that core machinery orders rose by 1.7% in May, which was better than the previous decline of 12%. Analysts were expecting the orders to have fallen by 5.4%. The orders declined by 16.3%
Crude Oil Futures: Further rangebound in the pipeline Traders increased their open interest positions in Crude Oil futures markets by around 7.3K contracts on Wednesday, in light of flash data from CME Group. Volume followed suit and rose by around 105.2K contracts, reversing the previous drop. WTI seen around the $40.00 mark for the time being The barrel of West Texas Intermediate keep
Gold Futures: Scope for extra gains Open interest in Gold futures markets increased for the fourth consecutive session on Wednesday, this time by around 4.2K contracts according to preliminary figures from CME Group. In the same line, volume went up for the third day in a row, now by around 66.2K contracts. Gold poised to continue the upside Prices of the
Natural Gas Futures Prices: Downside seen limited CME Group’s advanced readings for Natural Gas futures markets showed open interest and volume shrunk by nearly 24.5K contracts and by around 40.1K contracts, respectively, on Wednesday. Natural Gas still targets the $2,00 mark The sharp rebound in prices of Natural Gas since late June lows appears to have met a tough barrier around $1,95
S&P 500 Futures: One clear battle line for the next move up – Confluence Detector The S&P 500 Index has been extending its gains on Wednesday, amid optimism for a swift recovery based on a vaccine or cure to coronavirus. Can the rally continue? S&P 500 futures are edging lower on Thursday and one technical barrier stands out. The Technical Confluences Indicator is showing that the S&P 500 Index is facing fierce
S&P 500 Futures Price Analysis: Upside opening up towards 3,180 amid falling channel S&P 500 futures are seen exposed to upside risks. Technical set up favors bulls, with bullish RSI. A test of 3,180 likely in the coming sessions. S&P 500 futures, the risk barometer, has reversed losses in mid-Europe, indicating a positive Wall Street, in light of turn around in the risk sentiment. The likely upside bias
EUR/USD Price Analysis: Euro is defending 200-hour SMA support EUR/USD’s pullback from 1.1371 to 1.1275 has weakened the immediate bull bias.  The pair, however, is still holding above the 200-hour SMA.  EUR/USD is down but not out. The pair is trading in the red near 1.1275 at press time, having faced rejection at a one-month high of 1.1371 on Thursday. The pair’s failure to
EUR/CHF Price Analysis: Bears set to test 1.0590 key support EUR/CHF looks to test key support on the 4H chart. Technical set up suggests the gains will be short-lived. Upside attempts appear capped near 1.0635. EUR/CHF is holding lower ground just above the 1.0600 level heading into the European open, with risks tilted to the downside in the near-term, as suggested by the technical set
Crude Oil Futures: Scope for extra losses CME Group’s preliminary readings for Crude Oil futures markets showed open interest went up by nearly 2.6K contracts on Thursday. In the same line, volume rose for the second session in a row, now by around 148.8K contracts. WTI seen side-lined near-term Prices of the barrel of WTI inched lower on Thursday on the back
Gold Futures: Pullbacks look contained Traders scaled back their open interest positions in Gold futures markets by almost 2.8K contracts on Thursday in light of advanced data from CME Group. On the other hand, volume rose for the fourth consecutive session, this time by around 22.8K contracts. Gold could recede to $1,760/oz Following fresh 9-year highs beyond the $1,800 mark,
AUD/JPY Price Analysis: Drops 0.40%, breaching three-week bullish trendline AUD/JPY drops below trendline rising from June 21 lows.  Yen draws haven bids on the resurgence of coronavirus cases.  The lockdown fears fueled by the rising number of coronavirus cases in the US and the resulting risk-off in the US and Asian equities are pushing the anti-risk Japanese yen higher across the board. The AUD/JPY
Central bank rate decisions heavily in focus this week Rate decisions During the upcoming trading week market participants look to key interest rate decisions for the Bank of Japan, Bank of Canada, and the European Central Bank. The ECB interest rate decision and policy decision is set to headline the economic calendar this week, as the Governing Council deliver the latest assesement of the
Crude oil price inches downwards ahead of OPEC+ meeting Crude oil price declined slightly during the Asian session as traders reacted to news that OPEC and its allies were considering easing oil supply cuts. According to Wall Street Journal sources, the countries are planning to relax the curbs by 2 million barrels a day to 7.7 million. The report said that Saudi was worried
USD/IDR Price News: 50/200-day EMA confluence challenge Indonesian rupiah sellers USD/IDR registers mild gains after Friday’s failures to cross the key resistance. One-month-old ascending trend line restricts immediate downside. Monthly top, late-May high stand tall to challenge the bulls. USD/IDR prints 0.15% gains to 14,455 during the pre-European session on Monday. The pair defies Friday’s losses but stays below a join of 200-day EMA and
Crude Oil Futures: Further consolidation on the cards CME Group’s advanced prints for Crude Oil futures markets saw traders scaling back their open interest positions by around 8.5K contracts at the end of last week and reversing two consecutive drops. Volume, instead, rose for the third straight session, this time by around 80.7K contracts. WTI expected to extend the rangebound trading Prices of
Asia stocks fall as tensions between the US and China rise The price of crude oil declined during the Asian session as traders refocused on the upcoming OPEC+ meeting. West Texas Intermediate and Brent fell by more than 2% to $39.18 and $41.86, respectively. Traders are paying close attention to the details of the virtual meeting that will happen tomorrow. Most traders expect the cartel and
Gold Price Analysis: $1796 is the level to beat for the XAU bears – Confluence Detector Gold is trying hard to recover ground above the $1800 mark, as the US dollar continues to benefit from broad risk-aversion amid looming coronavirus risks. Let’s see how it is positioned ahead of the critical US CPI release. The Technical Confluences Indicator shows that the yellow metal is likely to face an uphill task to take
Natural Gas Futures: Room for further losses CME Group’s advanced figures for Natural Gas futures markets noted open interest reversed four consecutive daily pullbacks and rose by around 4.4K contracts on Monday. Volume, instead, shrunk for the second session in a row, this time by around 43.6K contracts. Natural Gas prices could recede to the $1,67/MMBtu area Prices of Natural Gas attempted
Crude Oil Futures: Further rangebound in the pipeline In light of preliminary figures from CME Group for Crude Oil futures markets, traders increased their open interest positions by nearly 6.5K contracts on Monday, partially reversing the previous drop. On the other hand, volume shrunk by almost 57K contracts following three consecutive daily builds. WTI faces initial support near $37.00/bbl Crude oil prices ticked
Gold Futures: Further correction on the cards Open interest in Gold futures markets rose by almost 3.6K contracts on Monday, reversing two consecutive daily pullbacks, according to flash data from CME Group. Volume, in the same line, rose by just 80 contracts, marginally offsetting the previous drop. Gold faces some consolidation near-term Prices of the ounce troy of the precious metal managed
Japanese yen little changed after BOJ rate decision The Japanese yen was little changed as traders reacted to the interest rate decision by the Bank of Japan. As was expected, the bank left interest rates unchanged at -0.10% and left other policies intact. By this, it is continuing to guide the 10-year government bond yields at around zero. The members now expect that
Natural Gas Futures: Room for extra upside seen limited CME Group’s flash data for Natural Gas futures markets noted open interest and volume shrunk by around 660 contracts and by more than 21K contracts, respectively, on Tuesday. Natural Gas still faces a probable move to $1,67 Tuesday’s uptick in prices of Natural Gas was in tandem with shrinking open interest and volume, hinting at
Crude Oil Futures: Scope for further upside Traders increased their open interest positions in crude oil futures markets by around 47.2K contracts on Tuesday, in light of advanced figures from CME Group. In the same line, volume reversed the previous drop and rose by around 83.8K contracts. WTI now targets the 200-day SMA near $43.70 The barrel of West Texas Intermediate (WTI)
Gold Futures: Extra gains not ruled out According to preliminary figures from CME Group for Gold futures markets, open interest went up by around 9.6K contracts, reaching the second build in a row. Volume followed suit and resumed the upside by nearly 32K contracts. Gold seen challenging YTD peaks The positive performance of prices of the ounce troy of Gold on Tuesday
USD/INR Price News: Indian rupee recedes from two-week low as 50-day SMA plays its role USD/INR extends weakness from 75.57, snaps four-day winning streak. 11-week-old horizontal support grabs bears’ immediate attention, bulls will have a bumpy road ahead. Normal RSI suggests the pullback to fade momentum once reaching the nearby support. USD/INR drops to 75.28, down 0.05% on a day, ahead of the European session on Wednesday. In doing so,
Australian dollar unfazed by upbeat employment and Chinese data The Australian dollar declined slightly even after some positive numbers this morning. Data from Australia showed that the economy added more than 210,000 jobs in June as the country continued to recover. This number was higher than the 112k that analysts were expecting. The participation rate rose to 64% from 62.9%. However, the unemployment rate
Natural Gas Futures: Extra advances seem unlikely In light of advanced prints from CME Group for Natural Gas futures markets, open interest dropped for the second consecutive session on Wednesday, this time by around 2.7K contracts. Volume followed suit and extended the downtrend for yet another session, now by around 141.3K contracts. Natural Gas prices face resistance near $1,85/MMBtu Prices of Natural
S&P 500 Futures: Path of least resistance is down ahead of retail sales – Confluence Detector S/P 500 futures are on the back foot as investors focus on weak Chinese retail sales rather than upbeat Gross Domestic Product figures. The focus now shifts to US retail sales in June. Did coronavirus hold spending back? Jobless claims could also trigger volatility. How are futures positioned on the technical charts? The Technical Confluences Indicator is
Crude Oil Futures: Further gains still on the cards CME Group’s flash readings for crude oil futures saw open interest advancing for the third sessions in a row on Wednesday, this time by just 135 contracts. On the other hand, volume prolonged the choppy activity and went down by around 43.4K contracts. WTI still targets the 200-day SMA Prices of the WTI keep navigating
Gold Futures: Upside seen somewhat limited Open interest in Gold futures markets shrunk by around 1K contracts after two builds in a row on Wednesday, according to preliminary figures from CME Group. In the same line, volume went down by around 104.6K contracts. Gold stays firm in the $1,800 area Wednesday’s small uptick in prices of the ounce troy of the
Euro wavers ahead of contentious EU recovery talks The euro was little changed during the Asian session as traders reflected on the ECB interest rate decision and the upcoming EU meeting. Yesterday, the ECB, as was widely expected, left interest rates unchanged and called for more fiscal stimulus to help support the economy. Today, the focus will be on recovery fund talks that
Natural Gas Futures: Further downside looks limited In light of advanced readings from CME Group for Natural Gas futures markets, open interest prolonged the downtrend on Thursday, this time shrinking by just 175 contracts. Volume, instead, reversed four consecutive sessions and went up by nearly 96.3K contracts. Natural Gas favours extra consolidation Thursday’s negative performance in Natural Gas markets was accompanied by
S&P 500 Futures: Battle lines drawn as a turbulent week draws to an end – Confluence Detector S/P 500 futures are looking for a new direction in a week that saw hopes for the COVID-19 vaccine push stocks to positive on the year but concerns about the disease weighed on it. How is the index positioned ahead of Friday’s session?  The technical battle lines are drawn. The Technical Confluences Indicator is showing that the S&P
Crude Oil Futures: Extra gains not ruled out CME Group’s flash data for crude oil futures markets noted investors trimmed their open interest positions for the second session in a row on Thursday, this time by around 18.6K contracts. In the same line, volume went down sharply by nearly 305.2K contracts. WTI looks side-lined around $40.00/bbl Prices of the barrel of WTI ticked
Gold Futures: Further losses are likely near-term Open interest and volume in Gold futures markets increased by just 476 contracts and by around 19.5K contracts, respectively, on Thursday according to preliminary figures from CME Group. Gold sees interim support near $1,740/oz Thursday’s price action in Gold was in tandem with rising open interest and volume. That said, the ounce troy of the
RBA rate decision and inflation data headline the economic docket this week Data watch During the upcoming trading week traders and investors look to global Consumer Price Index inflation data, and key interest rate decisions for the Reserve Bank of Australia and the People’s Bank of China. The Reserve Bank of Australia are widely expected to keep interest rates unchanged, and also express concern about the rising
Euro wavers as EU recovery talks hit deadlock The euro is little changed today as traders reflected on the differences among EU leaders on the recovery fund. The talks, which began on Friday, ended without a deal about how to fund the region’s recovery from the coronavirus pandemic. A team of northern countries like Denmark, Austria, and the Netherlands said that they want
Natural Gas Futures: Extra decline stays on the cards In light of preliminary figures from CME Group for Natural Gas futures prices, open interest reversed three consecutive daily pullbacks and rose by almost 6K contracts. Volume, instead, partially reversed the previous build and went down by around 62.2K contracts. Natural Gas could re-test $1,67/MMBtu Prices of Natural Gas are extending the move lower amidst
Crude Oil Futures: Downside seen limited Investors trimmed their open interest positions for the third consecutive session at the end of last week, now by nearly 9.5K contracts according to advanced readings from CME Group. In the same line, volume shrunk for the third session in a row, this time by around 40.6K contracts. WTI still navigates below the 200-day SMA
Gold Futures: Room for extra upside CME Group’s flash data for Gold futures markets noted open interest rose for the second session in a row on Friday, this time by around 8.7K contracts. On the other hand, volume extended the choppy activity and went down by more than 31K contracts. Gold still looks to retests $1,820/oz Prices of the ounce troy
Euro jumps after EU leaders ink a recovery fund deal The euro rose during the Asian session as traders reacted to marathon talks in Brussels about an EU recovery fund. According to the Financial Times, the leaders are close to striking a deal that will see the European Commission borrowing billions for the first time in history. The package will centre on a €390 billion
Natural Gas Futures: Rebound could extend further Open interest in Natural Gas futures markets increased for the second session in a row on Monday, this time by around 16.1K contracts according to advanced readings from CME Group. In the same line, volume rose sharply by almost 179K contracts, offsetting the previous build. Natural Gas met support near $1,64/MMBtu Monday’s drop in Natural
Crude Oil Futures: Further rangebound on the cards In light of preliminary figures from CME Group, traders scaled back their open interest positions for the fourth session in a row on Monday, now by almost 5.3K contracts. Volume, instead, reversed three straight pullbacks and advanced by nearly 40K contracts. WTI still capped by the 200-day SMA Prices of the barrel of WTI are
USD/INR Price News: Indian rupee bulls catch a breather around two-week low under 75.00 USD/INR attempts recovery from 74.72, the lowest since July 07. 38.2% Fibonacci retracement, 100-day EMA can question the bulls amid bearish MACD. Sellers may aim to refresh monthly low during further weakness. USD/INR struggles to extend the previous fall while taking rounds to 74.80 during the initial Indian session. The pair consolidates near the lowest
Gold Futures: Door open for extra gains CME Group’s flash data for Gold futures markets noted open interest rose for the third consecutive session at the beginning of the week, this time by around 4.4K contracts. Volume, in the same line, prolonged the erratic performance and went up by around 14.6K contracts. Gold: Next target emerges above $1,900/oz Prices of the ounce
Euro spikes to 18-month high as funding deal boosts sentiment The euro rallied to an eighteen-month high as traders reacted to the €750 billion deal reached yesterday. The deal, which came after four days of intense negotiations, will help provide immediate relief to countries like Italy and Spain that have been affected significantly by the pandemic. It will achieve this without adding significant debt to
EUR/JPY Price Analysis: Bullish bias remains intact amid symmetrical triangle breakout EUR/JPY off six-week highs, but upside bias still intact. Symmetrical triangle breakout on the daily chart targets 127. Daily RSI lies just under overbought territory, bullish. Despite a quick drop from six-week highs of 123.34, the underlying bullish momentum in EUR/JPY remains intact, as highlighted by the daily technical chart. The cross spotted a symmetrical
Natural Gas Futures: Rebound could extend further Open interest in Natural Gas futures markets went up for the third session in a row on Tuesday, this time by around 4.3K contracts in light of advanced readings from CME Group. On the other hand, volume prolonged the erratic performance and dropped by nearly 116.5K contracts. Natural Gas met support around $1,64/MMBtu Prices of
Crude Oil Futures: Outlook remains cautious CME Group’s preliminary data for Crude Oil futures markets noted open interest shrunk for the fifth straight session on Tuesday, now by around 9.8K contracts. On the other hand, volume rose sharply, this time by around 232.5K contracts. WTI could attempt a move to the 200-day SMA Prices of the WTI keep navigating the upper
Gold Futures: Scope for further upside Investors increased their open interest positions for the fourth consecutive session on Tuesday, this time by around 11.3K contracts according to flash figures from CME Group. Volume followed suit, reaching the second build in a row, now by around 114.6K contracts. Gold now looks to $1,900/oz and above Another day, another yearly tops in the
Nasdaq futures jump after impressive Tesla earnings
Nasdaq futures jump after impressive Tesla earnings The US dollar rose slightly against other currencies as traders focused on rising tensions between the United States and China. In a statement yesterday, the US ordered the country to close its consulate in Houston as China threatened to retaliate. According to Mike Pompeo, the decision was meant to help protect the US intellectual property
Natural Gas Futures: Further rebound in the pipeline In light of advanced readings for Natural Gas futures markets from CME Group, open interest went up for the four consecutive sessions on Wednesday, this time by around 3.8K contracts. In the same line, volume prolonged the choppy activity and rose by more than 4K contracts. Natural Gas: Next hurdle aligns around $1,80/MMBtu After bottoming
Crude Oil Futures: Extra gains not ruled out CME Group’s flash figures for Crude Oil futures markets showed traders added nearly 7.8K contracts to their open interest positions on Wednesday, reversing at the same time five consecutive daily pullbacks. Volume, instead, shrunk sharply by around 235.1K contracts following two daily builds in a row. WTI: Rangebound below the 200-day SMA Prices of WTI
Gold Futures: Uptrend looks unabated Open interest in Gold futures markets increased for yet another session on Wednesday, this time by around 11.8K contracts according to preliminary data from CME Group. Volume, in the same line, went up for the third session in a row, no by around 133.7K contracts. Gold targets $1,900/oz and above The upside momentum in the
USD/INR Price News: Indian rupee sellers cheer inverted hammer above 74.50 USD/INR respected bullish candlestick formation to stay beyond 74.50 the previous day. Nearly oversold RSI, short-term support line offer extra challenges to the sellers. An upside clearance of 75.27 will accelerate the recovery moves, late-March lows will follow the nearby support lines. USD/INR trades around 74.65 as the Indian session opens on Thursday. The pair’s
Gold price notches another high after bullish sentiment from Mobius Gold price rally accelerated in overnight trading as investors reacted to a bullish statement by Mark Mobius. The price soared to $1,905, a few points below its all-time high of $1,920. In a statement, the veteran emerging-markets investor said that the price will continue to rise because of negative real rates, a weaker US dollar,
WTI Price Analysis: 200-HMA regains bears’ attention amid broad risk-off WTI recedes from $41.38 following its pullback from 200-HMA. China retaliates to the US order on Houston Consulate, Asian equities bleed red. An ascending trend line from July 10 adds to the downside support. $41.45 offers near-term key resistance before the monthly top. WTI defies early-Asia gains while declining to $41.05 down 0.10% on a
Crude Oil Futures: Remains neutral/bullish near-term Traders trimmed their open interest positions in Crude Oil futures markets by more than 5K contracts on Thursday, according to advanced readings from CME Group. Volume, instead, reversed the previous drop and rose by around 156.3K contracts. WTI does not rule out a test of $43.00 and above Prices of the barrel of WTI drifted
USD/INR Price News: Indian rupee sellers step back from 100-bar SMA USD/INR eases from 74.96 while flashing a three-day winning streak. Falling wedge formation, bullish MACD keep the pair buyers hopeful. Sellers will have to refresh monthly low for immediate justification of strength. USD/INR recedes from 74.96 to 74.94 during the initial Indian session on Friday. In doing so, the pair takes a U-turn from 100-bar
Gold Futures: Probable correction on the cards CME Group’s flash data for Gold futures markets showed open interest shrunk by just 463 contracts on Thursday after five consecutive daily builds. On the other hand, volume extended the uptrend and rose by around 60.7K contracts. Gold poised to challenge $1,920/oz The ounce troy of Gold printed new yearly highs on Thursday just below
Traders await important US macroeconomic data releases US focus During the upcoming trading week, traders and investors will focus on the release of key macroeconomic data from the United States economy, and a key interest rate decisions from the FOMC. The United States economy releases important Inflation, Consumption, Jobs, and Growth figures this week. Market participants will also be highly anticipating the
Gold spikes to all time high as US-China relations sour The gold price rose to its highest price on record as investors focused on rising tensions between the United States and China. Media reports suggested that the two countries could be headed for a total breakdown of relations and outright conflict within the next few months. In a statement last week, Mike Pompeo called for
Natural Gas Futures: Upside appears limited According to preliminary readings for Natural Gas futures markets from CME Group, open interest shrunk for the second session in a row on Friday, this time by around 9.2K contracts. In the same line, volume reversed tw straight builds and went down by around 109.5K contracts. Natural Gas faces the next hurdle at $1,95/MMBtu Natural
Crude Oil Futures: Neutral outlook still prevails CME Group’s advanced figures for Crude Oil futures markets noted investors added around 13.1K contracts to their open interest positions at the end of last week, reversing the previous drop. Volume, instead, extended the erratic performance and went down by nearly 77.7K contracts. WTI: Further rangebound stays on the cards The WTI is seen prolonging
Gold Futures: Bullish trend unchanged Open interest in Gold futures markets reversed the previous drop and rose by around 1.9K contracts on Friday according to flash data from CME Group. On the other hand, volume shrunk sharply by around 126K contracts after four builds in a row. Gold now targets the key $2,000/oz mark Prices of the ounce troy of
US futures turn positive as Republicans unveil $1 trillion stimulus The US dollar dropped to the lowest level in two years as fears of uneven recovery of the US economy remained. The greenback dropped against all currencies in the developed world and most currencies in the emerging market. Attention now shifts to the Federal Reserve, which will start its monthly meeting today and deliver its
Gold Futures: Door open for extra gains Traders increased their open interest positions in Gold futures markets by around 5.6K contracts at the beginning of the week following two consecutive daily pullbacks, according to flash data from CME Group. Volume, in the same line, went up by around 217.5K contracts. Gold now looks to $2,000/oz The ounce troy of Gold reached fresh
Crude Oil Futures: Extra rangebound likely CME Group’s advanced figures for Crude Oil futures markets noted open interest went up for the second session in a row on Monday, this time by around 12.7K contracts. Volume followed suit and extended the choppy activity, increasing by nearly 75K contracts. WTI remains capped by the 200-day SMA Prices of the barrel of WTI
WTI Price Analysis: Bullish flag on 4H defies weakness under $42.00 WTI remains depressed after taking a U-turn from $41.99. Weekly falling channel follows the run-up from June 21 to portray bullish chart pattern. $40.45 becomes the key support followed by 200-bar SMA. February 2020 lows lure the bulls beyond $42.00. WTI drops to $41.53, down 0.37% on a day, ahead of the European session on
Natural Gas Futures: Downside appears limited According to preliminary prints for Natural Gas futures from CME Group, open interest shrunk for the third session in a row on Monday, now by around 2.9K contracts. In the same line, volume went down for the second straight session, this time by around 14.8K contracts. Natural Gas met resistance near $1,90/MMBtu Monday’s negative price
Aussie stable as Australia sinks into deflation The Australian dollar was little changed today as traders reacted to the country’s inflation data. According to the bureau of statistics, the annual inflation rate turned negative for the first time in 22 years in the second quarter. The headline consumer price index declined by 1.9% in the quarter. That was better than the 2.0%
Natural Gas Futures: Extra gains likely CME Group’s flash data for Natural Gas futures markets noted open interest rose by around 1.1K contracts on Tuesday, reversing at the same time three consecutive daily pullbacks. Volume, in the same line, went up by almost 30K contracts following two drops in a row. Natural Gas now eyes the $2,00/MMBtu mark Prices of Natural
Crude Oil Futures: Further consolidation likely Traders increased their open interest positions for the third session in a row on Wednesday, this time by around 5.7K contracts in light of advanced readings from CME Group. Volume, on the other hand, keeps the choppy activity well and sound and shrunk sharply by around 204.7K contracts. WTI: Extra rangebound in the pipeline Prices
Gold Futures: Correction lower remains on the cards Open interest in Gold futures markets resumed the downside on Wednesday and went down by 5.3K contracts according to preliminary figures from CME Group. Volume, instead, rose for the second session in a row, this time by nearly 33.5K contracts. Gold keeps looking to $2,000/oz Gold clinched fresh all-time highs around $1,980 per ounce on
USD/IDR Price News: Indonesian rupiah sellers sneak in from 50-day SMA after multiple Doji on D1 USD/IDR aims for the upper-end of 14,530-14,650 trading range. Back-to-back Dojis portray traders indecision with strong supports favoring the bulls. MACD turns bearish for the first time in seven weeks, a clear break of 50-day SMA required to please sellers. USD/IDR trades near 14,615, up 0.30% on a day, during the pre-European session on Wednesday.
DOLLAR WAVERS AFTER MILD FED INTEREST RATE DECISION The US dollar was little changed as traders reacted to the Fed interest rate decision yesterday. In its decision, the bank left interest rates unchanged and warned that COVID-19 resurgence threatened the overall economic recovery. The bank also left the open-ended quantitative easing program unchanged and promised to do more to support the economy. It
GOLD FUTURES: EXTRA GAINS NOT RULED OUT CME Group’s advanced readings for Gold futures markets noted investors added nearly 1.5K contracts to their open interest positions on Wednesday extending the erratic performance. Volume, instead, reversed two consecutive builds and shrunk by around 192.3K contracts. GOLD STILL LOOKS TO $2,000/OZ IN THE NEAR-TERM The precious metal clinched fresh all-time highs in the $1,970
NATURAL GAS FUTURES: FURTHER STRENGTH ON THE CARDS Open interest in Natural Gas futures markets rose by around 12.8K contracts on Wednesday in light of advanced figures from CME Group, clinching the second build in a row. Volume, in the same line, increased for the second consecutive day, this time by around 75.2K contracts. NATURAL GAS PRICES NOW TARGETS $2,00/MMBTU Prices of Natural Gas are
S&P 500 FUTURES: PATH OF LEAST RESISTANCE IS UP AFTER THE FED, AHEAD OF GDP– CONFLUENCE DETECTOR convergence of the Simple Moving Average 50-1h, the Fibonacci 61.8% one-week, the SMA 200-15m, the Bollinger Band 1h-Middle, and more. It is backed up by further clusters, with a noteworthy cushion at 3,226, which is where the Pivot Point one-month Resistance 1 and the previous daily low meet the price. Looking up, an initial resistance is
CRUDE OIL FUTURES: FURTHER CONSOLIDATION IN THE PIPELINE PIPELINE In light of flash figures for Crude Oil futures markets from CME Group, open interest and volume went up by around 8K contracts and by around 121.6K contracts, respectively, on Wednesday. WTI POISED TO EXTEND THE SIDE-LINED MOOD Prices of the barrel of the West Texas Intermediate extended the consolidation around the $41.00 mark for yet
US futures and Asian stocks spike after upbeat tech earnings US futures rose sharply overnight as traders reacted to upbeat big tech earnings. In a statement, Apple said that its revenue rose by 11% in the June quarter, pushing its stock to an all-time high of $400. The company made $59.7 billion in revenue versus the estimated decline of $52.1 billion. Its earnings per share
Silver Price Analysis: XAG/USD probes short-term triangle resistance above $23.50 Silver prices extend recoveries from 200-hour EMA to attack a three-day-old resistance line. An upward sloping trend line from July 22 adds to the downside support. Bullish MACD, safe-haven demand of the metal favor the bulls. Silver prices snap three-day losing streak while rising to $23.64, up 0.66% on a day, ahead of Friday’s European
USD/IDR Price News: Indonesian rupiah stays depressed above 14,650 USD/IDR extends recovery moves from 14,511 to again attack the weekly top. Monthly support line, 200-bar SMA restrict immediate downside. The pair bulls will eye the 15,000 threshold during the further rise. USD/IDR trims the early-day losses while picking up the bids near 14,662, down -0.20% on a day, during the pre-European session on Friday.
WTI Price Analysis: $40.85/80 guards immediate upside WTI prints two-day losing streak while keeping downside break of monthly support line and 21-day SMA. 50-day SMA appears next on the bears’ radars. Bulls will have a bumpy road unless refreshing the monthly top. WTI drops to $40.16, down 0.76% on a day, while heading into the European open on Friday. The energy benchmark
Gold Futures: Still room for further upside Open interest and volume in Gold futures markets shrunk by around 11.7K contracts and by nearly 114.5K contracts, respectively, on Thursday, according to preliminary readings from CME Group. Gold remains focused on the $2,000 level Thursday’s negative price action in the precious metal was accompanied by shrinking open interest and volume, hinting at the probability
July 2020
Important week of macroeconomic data points ahead During the upcoming  trading week the release of the US Non-farm payrolls job report, and interest rate decisions from the Reserve Bank of Australia and the Bank of England headline the economic calendar. The July monthly jobs report from the United States economy is expected to show a solid increase in the new US jobs,
Australian dollar turns higher after impressive Australia and China data The Australian dollar rose slightly against the USD as traders reacted to strong economic data from Australia and China. According to AIG, the manufacturing index in the country rose to 53.5 from the previous 51.5. Other data showed that job advertisements in the country rose by 16.7% after rising by 41.4% in the previous month.
GOLD FUTURES: FURTHER UPSIDE LOOKS UNLIKELY Investors trimmed their open interest positions in Gold futures markets for the second straight session on Friday, this time by around 26.1K contracts as per advanced data from CME Group. In the same line, volume shrunk for the third session in a row, now by nearly 23.5K contracts. GOLD: RALLY MIGHT TAKE A BREATHER Friday’s
CRUDE OIL FUTURES: ROOM FOR EXTRA PULLBACKS Open interest in Crude Oil futures markets went down by around 6.8K contracts on Friday following five consecutive builds according to preliminary data from CME Group. Volume followed suit and dropped by around 343.2K contracts, reversing to daily advances in a row. WTI: SUPPORT IS SEEN AT THE 55-DAY SMA AROUND $38.50 Friday’s inconclusive performance
NATURAL GAS FUTURES: REBOUND COULD EXTEND FURTHER CME Group’s flash readings for Natural Gas futures markets noted open interest rose by almost 14.1K contracts on Friday, reversing the previous build. Volume, instead, shrunk for the second session in a row, this time by around 103.3K contracts. NATURAL GAS STILL FOCUSED ON $2.00/MMBTU Friday’s test and rebound from the 100-day SMA near $1.82
Australian dollar wavers after mild RBA interest rate decision The Australian dollar was little changed during the Asian session as traders reacted to the country’s retail sales and the RBA interest rate decision. Data from Australia showed that retail sales rose by 2.7% in June after climbing by 16.9% in the previous month. In total, sales fell by 3.4% in the second quarter. In
USD/CHF PRICE ANALYSIS: BULLS REMAIN CAUTIOUS BEFORE CROSSING FOUR-MONTH-OLD RESISTANCE USD/CHF seesaws in a choppy range between 0.9170 and 0.9185. Overbought RSI favors the pair’s further pullback from the early 2015 lows. A descending trend line from March 27, 21-day SMA probes the bulls. USD/CHF approaches the upper-end of the immediate trading range while taking rounds to 0.9180 during the pre-European session on Tuesday. In
NATURAL GAS FUTURES: UPSIDE COULD LOSE MOMENTUM CME Group’s advanced figures for Natural Gas futures markets noted open interest retreated by almost 3K contracts on Monday, extending the choppy activity seen as of late. Volume, instead, reversed two consecutive daily pullbacks and rose by nearly 602K contracts. NATURAL GAS NOW TARGETS THE 2020 HIGHS Prices of Natural Gas rose more than 15% at the
CRUDE OIL FUTURES: THE SIDE-LINED MOOD IS SEEN UNCHANGED Traders scaled back their open interest positions by just 123 contracts at the beginning of the week, reaching the second drop in a row in light of preliminary readings from CME Group. On the other hand, volume reversed the previous drop and advanced by around 112.5K contracts. WTI EXPECTED TO KEEP NAVIGATING BELOW $43.00/BBL Prices
GOLD FUTURES: FURTHER CONSOLIDATION IN THE PIPELINE Open interest in Gold futures markets shrunk for the third session in a row at the beginning of the week, this time by nearly 2K contracts. Volume, in the same line, went down for the fourth consecutive day, now by 108.1K contracts. GOLD FACES EXTRA RANGEBOUND Prices of the yellow metal charted an inconclusive session
KIWI JUMPS AFTER A SURPRISE FALL IN NEW ZEALAND UNEMPLOYMENT RATE The New Zealand dollar rose during the Asian session as traders reacted to the country’s employment numbers. According to the statistics office, the unemployment rate declined to 4.0% in the second quarter. This number was better than the 5.8% increase that analysts were expecting. In comparison, the unemployment rate in the US and EU is
NATURAL GAS FUTURES: CORRECTION IN THE OFFING? In light of advanced readings for Natural Gas futures markets, open interest shrunk for the second session in a row on Tuesday, this time by around 10.5K contracts. Volume followed suit and went down by around 333.3K contracts. NATURAL GAS TARGETS THE 2020 HIGH Prices of Natural Gas kept advancing on Tuesday, although this time against the
CRUDE OIL FUTURES: FURTHER UPSIDE ON THE CARDS CME Group’s preliminary figures for Crude Oil futures markets noted traders increased their open interest positions by around 30.3K contracts on Tuesday, reaching the largest single-day build since July 14. In the same line, volume went up for the second session in a row, now by more than 259K contracts. WTI APPROACHES THE 200-DAY SMA
GOLD FUTURES: RALLY HAS EXTRA LEGS TO GO Open interest and volume in Gold futures markets increased by around 4.1K contracts and by around 105.2K contracts, respectively, on Tuesday according to flash data from CME Group. GOLD IN ALL-TIME HIGHS Gold finally reached the key $2,000 mark per ounce… and beyond. The uptick was amidst rising open interest and volume, which should be supportive
SILVER PRICE ANALYSIS: XAG/USD BULLS AIM TO REFRESH MULTI-YEAR HIGH ABOVE $26.00 Silver prices pick up the bids following early-Asia pullback from April 2013 high. Bullish MACD, sustained trading beyond $25.00 immediate support favor buyers. Ascending triangle support, 200-bar EMA restrict near-term downside. Silver prices trim initial losses while rising to $26.00, down 0.09% on a day, ahead of the European session on Wednesday. The white metal
GOLD PRICE MOMENTUM ACCELERATES AS THE US DOLLAR SLUMPS The euro resumed the upward trend against the US dollar as investors reacted to the upbeat economic numbers from Europe. According to IHS Markit, the services PMI rose to 54.7 in July as countries in the bloc continued to reopen. The number was slightly lower than the 55.1 that analysts were expecting. It was also
NATURAL GAS FUTURES: PULLBACKS DEEMED AS SHALLOW CME Group’s advanced readings for Natural Gas futures markets showed open interest went down for the third session in a row on Wednesday, this time by nearly 5K contracts. In the same line, volume dropped for the second straight day, now by around 115.2K contracts. NATURAL GAS FACES THE NEXT HURDLE AT $2.50/MMBTU Natural Gas clinched
CRUDE OIL FUTURES: UPSIDE MOMENTUM LOOKS UNCHANGED In light of flash data from CME Group for Crude Oil futures markets, traders increased their open interest positions for the second consecutive session on Wednesday, this time by around 31.2K contracts. Volume, too, rose for the third straight session, now by around 247.8K contracts. WTI FLIRTS WITH THE 200-DAY SMA Prices of the WTI are now
GOLD FUTURES: RALLY SHOWS SIGNS OF EXHAUSTION Open interest in Gold futures markets shrunk by nearly 6.8K contracts on Wednesday, according to preliminary figures from CME Group. On the other hand, volume rose for the second consecutive session, this time by around 100.5K contracts. GOLD: CORRECTIVE DOWNSIDE IS ON THE CARDS The ounce troy of the precious metal keeps pushing higher and
USD/INR PRICE ANALYSIS: SYMMETRICAL TRIANGLE ON DAILY CHART USD/INR has carved out a symmetrical triangle pattern.  A breakout would expose key resistance above 76.00. USD/INR has charted higher lows and lower highs pattern over the last four weeks. In other words, the currency pair has formed a symmetrical triangle on the daily chart. A breakout would imply a bullish reversal and open the
OIL PRICE BREAKS OUT AFTER A SHARP DECLINE OF US INVENTORIES The price of crude oil spiked yesterday as traders reacted to falling US inventories. According to the Energy Information Administration (EIA), oil inventories declined by more than 7 million barrels. That was a bigger decline than the 3 million that analysts were expecting. On Tuesday, data from the American Petroleum Institute (API) showed that inventories
CANADIAN DOLLAR FALLS AS US INTRODUCES NEW ALUMINIUM TARIFFS The Australian dollar fell slightly even after impressive economic data from China. According to the country’s statistics office, exports rose by 7.2% in July from just 0.5% in June. That was the fastest pace of exports since January this year. In the same month, imports declined by 1.4%, leading to a sharp increase in the
USD/CHF PRICE ANALYSIS: BATTLES 13-DAY-OLD RESISTANCE LINE ABOVE 0.9100 USD/CHF eases from intraday high of 0.9134 during the latest pullback. Normal RSI, bullish MACD favor the buyers, sellers will seek entries below 0.9055. A clear break above 0.9240 will buoy the pair optimists. USD/CHF recedes to 0.9121, up 0.26% on a day, during the pre-European session on Friday. The pair dropped to the early-January
GOLD FUTURES: CORRECTION LOWER STAYS ON THE TABLE Open interest and volume in Gold futures markets went down by around 1.1K contracts and by nearly 61.5K contracts on Thursday, according to advanced readings from CME Group. GOLD COULD RETREAT TO THE $1,980/OZ REGION The rally in Gold remains unabated and it has clearly surpassed the key mark at the $2,000 level per ounce in past
CRUDE OIL FUTURES: FURTHER LOSSES LOOK LIKELY CME Group’s preliminary data for Crude Oil futures markets showed traders increased their open interest positions for the third straight session on Thursday, this time by around 4.2K contracts. On the opposite side, volume reversed three builds in a row and shrunk sharply by around 372.2K contracts. WTI REMAINS CAPPED BY $44.00 SO FAR The
NATURAL GAS FUTURES: EXTRA PULLBACKS LIKELY In light of flash prints for Natural Gas futures markets from CME Group, open interest rose by around 4.7K contracts on Thursday following three consecutive daily pullbacks. Volume, instead, shrunk for the third consecutive session, this time by around 33.8K contracts. NATURAL GAS COULD TEST THE 200-DAY SMA Following recent tops near the $2.30 level
Traders await important global macroeconomic data Macro focus During the upcoming trading week traders and investors look to the releaase of top-tier economic data from the United States, European Union,  Australian , New Zealand, and the United Kingdom economies. The United States economic calendar is exceptionally busy this week, as the world’s largest economy releases important Jobs, Inflation, Housing, Confidence, and
US dollar index falls as stimulus divisions in the US grow The Australian dollar declined slightly as investors reacted to the Chinese inflation data. According to the statistics office, the headline consumer price index rose by 2.7% in July, pushed up by a 13% increase in food prices. Analysts polled by Reuters were expecting the CPI to rise by 2.6%. The important pork prices rose by
Natural Gas Futures: Outlook remains positive (with caution) CME Group’s advanced readings for Natural Gas futures prices noted open interest resumed the downside on Friday, this time decreasing by around 20.7K contracts. Volume, instead, reversed three pullbacks in a row and rose by nearly 128.4K contracts. Natural Gas still targets $2.50/MMBtu Friday’s uptick in prices of Natural Gas was amidst declining open interest,
Crude Oil Futures: Rebound picks up pace Traders scaled back their open interest positions in Crude Oil futures markets by around 13.1K contracts following three builds in a row on Friday, in light of flash data from CME Group. In the same line, volume went down for the second session in a row, this time by around 39.2K contracts. WTI still appears
Gold Futures: Further pullbacks look shallow Open interest in Gold futures markets shrunk by almost 1.5K contracts according to preliminary figures from CME Group at the end of last week, reaching the third consecutive session with losses. On the other hand, volume reversed the previous drop and rose by around 97.3K contracts. Gold met resistance near $2,080/oz The July-August rally in
STERLING RISES EVEN AS UK AND JAPAN TRADE TALKS STALL US stocks continued rallying as investors remained optimistic about a new stimulus deal. The Dow Jones rose by 357 points while the S&P 500 closed at a record high of $3,360. The top-performing sectors were energy and industrials with the best-performing companies in the Dow being Caterpillar and Dow Inc. The indices rallied after Trump
CRUDE OIL FUTURES: FURTHER GAINS NOT RULED OUT Open interest in Crude Oil futures markets rose by around 2.8K contracts at the beginning of the week in light of advanced readings from CME Group. Volume, instead, shrunk fo the third session in a row, this time by around 56.5K contracts. WTI LOOKS TO $43.50 NEAR-TERM Monday’s uptick in prices of the WTI was accompanied by
USD/CHF PRICE ANALYSIS: BOUNCES OFF 200-HOUR EMA TO REGAIN 0.9150 USD/CHF recovers from 0.9148 after breaking one-week-old ascending trend channel. Buyers will wait for entries unless stepping back inside the channel formation. The weekly low can offer immediate support ahead of 0.9100 round-figures. USD/CHF trims initial losses while picking up bids near 0.9152 during the pre-European session on Tuesday. The pair broke a four-day-old ascending
GOLD FUTURES: SCOPE FOR A DEEPER CORRECTION – UOB According to preliminary data for Gold futures from CME Group, traders increased their open interest positions by nearly 1.2K contracts on Monday, reversing at the same time three consecutive daily drops. On the other hand, volume extended the choppy activity and went down by around 167.4K contracts. GOLD COULD SLIP BACK TO THE $1,980 AREA
AUD/USD PRICE ANALYSIS: BULLS AGAIN ATTACK 100-HMA TO REGAIN 0.7200 AUD/USD refreshes intraday high while bouncing off 0.7139. Bullish MACD, recovery from 61.8% Fibonacci retracement favor buyers. Multiple upside resistances to challenge the bulls past-0.7200. AUD/USD stays well bid while refreshing the intraday high to 0.7186, currently around 0.7183, during the pre-European session on Tuesday. The aussie pair recently bounced off 61.8% Fibonacci retracement of
GLOBAL STOCKS SPIKE AS RUSSIA APPROVES CORONAVIRUS VACCINE Global stocks rose today as investors reacted to news that Russia had approved the first coronavirus vaccine. In a statement, Russian president, Vladimir Putin, said that the vaccine had passed all regulatory approvals and that it worked. One of his daughters had taken the vaccine. The approval of the vaccine comes at a time when
NATURAL GAS FUTURES: PRICE ACTION APPEARS INCONCLUSIVE CME Group’s advanced figures for Natural Gas futures markets noted open interest and volume went down by around 4.5K contracts and by around 57.3K contracts, respectively, on Tuesday, extending the downtrend seen in the last sessions. NATURAL GAS REMAINS UNDERPINNED BY THE 200-DAY SMA Natural Gas prices seem to have moved into a consolidation phase with
USD/CHF PRICE ANALYSIS: GAINS FOR THE FIFTH DAY WHILE BATTLING 0.9200 USD/CHF rises to one-week high on the break of horizontal line comprising March low. Bullish MACD adds strength to the breakout, 21-day SMA offers immediate resistance. Sellers wait for fresh entries unless the pair drops below 0.9130. USD/CHF takes the bids to 0.9194, up 0.28% on a day, ahead of Wednesday’s European session. In doing
CRUDE OIL FUTURES: FURTHER CONSOLIDATION IN THE PIPELINE Open interest increased for the second session in a row on Tuesday, this time by around 7.6K contracts, according to flash data from CME Group for crude oil futures markets. Volume followed suit and rose by 162.5K contracts. WTI REMAINS CAPPED BY THE 200-DAY SMA Prices of the WTI briefly surpassed the 200-day SMA ($42.39) on Tuesday,
GOLD FUTURES: FURTHER DOWNSIDE ON THE CARDS Traders increased their open interest positions for the second session in a row on Tuesday, this time by around 3.7K contracts in light of preliminary readings from CME Group. In the same line, volume went up markedly by nearly 346.5K contracts. GOLD NOW LOOKS TO $1,825/OZ Gold prices receded sharply on Tuesday amidst rising open interest
ASIAN STOCKS RALLY, TAKING A CUE FROM WALL STREET OPTIMISM Asian stocks surged during the early trading session on Thursday, following a spike in Wall Street indices led by tech stocks on the previous day. Being the primary beneficiaries of the global shift to work- and learn-from-home models, tech stocks have been in focus amid the pandemic. Wall Street was also driven by hopes of
EUR/GBP PRICE ANALYSIS: EASES FROM TWO-WEEK-OLD RESISTANCE LINE TOWARDS 0.9000 EUR/GBP marks third failure to stay strong beyond 0.9050. Bullish MACD questions downside past-0.9000 whereas 0.9080 acts as additional upside barriers. EUR/GBP drops to 0.9040 while heading into Thursday’s European session. In doing so, the Euro cross fails to keep the previous two days’ upside momentum while taking a U-turn from a downward slopping trend
CRUDE OIL FUTURES: UPSIDE SEEN LIMITED CME Group’s preliminary figures for Crude Oil futures markets noted traders trimmed their open interest positions by around 7.7K contracts on Wednesday, reversing two builds in a row at the same time. Volume, instead, went up for the second straight session, this time by around 33.3K contracts. WTI TARGETS MONTHLY PEAKS AT $43.50 Prices of
USD/IDR PRICE NEWS: 100-DAY SMA CHALLENGES INDONESIAN RUPIAH BEARS NEAR ONE-MONTH LOW USD/IDR rises to the highest since July 20. RSI conditions join 100-day SMA to probe the pair bulls. 50-day SMA, two-month-old ascending trend line offer important support. USD/IDR recedes from intraday top to 14,857, up 0.84% on a day, during the pre-European session on Thursday. The pair currently trades around month’s high but 100-day SMA
GOLD FUTURES: FURTHER DECLINE NOT RULED OUT Open interest in Gold futures markets decreased by nearly 1.8K contracts following two consecutive daily builds on Wednesday, in light of flash data from CME Group. In the same line, volume extended the erratic activity as of late and shrunk by around 125.7K contracts. GOLD COULD DROP TO $1,825/OZ The ounce troy of the precious metal tested
NATURAL GAS FUTURES: EXTRA GAINS LOOK LIKELY Traders reversed four consecutive daily pullbacks and increased their open interest positions by nearly 12.3K contracts in Thursday. Volume, instead, resumed the downside and went down by around 35.8K contracts. NATURAL GAS STILL TARGETS $2.30/MMBTU Thursday’s positive price action in prices of Natural Gas was amidst rising open interest, leaving the door open for a potential move
CRUDE OIL FUTURES: NO CHANGE IN THE CONSOLIDATIVE THEME CME Group’s flash data for Crude Oil futures markets saw traders adding around 20.4K contracts to their open interest positions on Thursday, while volume reversed two builds in a row and went down by nearly 157.6K contracts. WTI STILL REMAINS CAPPED BY $44.00/BBL Prices of the West Texas Intermediate are forecasted to extend the multi-week side-line theme
GOLD FUTURES: REBOUND APPEARS SHORT-LIVED In light of preliminary readings from CME Group, open interest in Gold futures markets shrunk by around 5.6K contracts on Thursday, clinching the second drop in a row. Volume followed suit and went down by around 122.4K contracts, adding to the previous daily pullback. GOLD COULD RE-TEST LOWS NEAR $1,860/OZ Prices of the ounce troy
USD/CHF PRICE ANALYSIS: IGNORES OVERSOLD RSI, PREVIOUS WEEK’S DOJI TO BATTLE 0.9100 USD/CHF remains on the backfoot with the latest declines taking place from 0.9105. A falling trend line from September 2018, oversold RSI conditions question the sellers. Bulls will wait for a clear break above 0.9200. USD/CHF stays depressed at 0.9097 ahead of the European session on Friday. The pair dropped during the previous two days
S&P 500 PRICE ANALYSIS: HOURLY CHART SUGGESTS SCOPE FOR PULLBACK S&P 500’s hourly chart indicators suggest scope for a pullback.  The index risks falling to the 50-hour SMA support.  The S&P 500 index looks heavy, as the hourly chart slow stochastic indicator is reporting a bearish divergence. The hourly chart relative strength index has also diverged in favor of the bears. A bearish divergence occurs
TRADERS AWAIT THE RELEASE OF CENTRAL BANK MEETING MINUTES During the upcoming week traders are expected to take direction from the release of the Federal Open Market Committee, and Reserve Bank of Australia Meeting Minutes. Most economists are expecting the FOMC Meeting Minutes to remain hawkish, following mixed US economic data, and rising COVID-19 infection in the United States. The Reserve Bank of Australia
JAPANESE YEN LITTLE CHANGED AFTER WEAK GDP DATA The Japanese yen was little changed after the Japanese statistics office released the second preliminary GDP data. The numbers showed that the country’s economy contracted by 27.8% in the second quarter after dropping by 2.2% in the first quarter. This contraction was worse than the expected 27.2% but better than the US contraction of 32.9%.
CRUDE OIL FUTURES: ROOM FOR EXTRA CONSOLIDATION Traders increased their open interest positions for the second straight session on Friday, this time by nearly 1.5K contracts in light of preliminary readings from CME Group. On the other hand, volume shrunk for the second consecutive day, noy by around 41.2K contracts. WTI SIDE-LINED AROUND THE 200-DAY SMA Prices of the WTI keep trading without a
NATURAL GAS FUTURES: ROOM FOR EXTRA GAINS CME Group’s advanced figures for Natural Gas futures markets noted open interest rose for the second session in a row on Friday, now by around 10.3K contracts. In the same line, volume reversed the previous drop and went up sharply by around 217.6K contracts. NATURAL GAS NOW TARGETS $2.50/MMBTU Prices of Natural Gas rallied on Friday to
GOLD FUTURES: SCOPE FOR FURTHER REBOUND Open interest in Gold futures markets shrunk for the third consecutive session on Friday, this time by around 6.3K contracts according to flash data from CME Group. Volume, in the same time, went down for the third session in a row, now by around 114K contracts. GOLD NOW TARGETS $2,000/OZ Prices of the ounce troy
US FUTURES FALL AS US RAMPS PRESSURE ON HUAWEI The Australian dollar was up slightly during the Asian session as traders react to the Reserve Bank of Australia (RBA) minutes. In the minutes, the bank said that there was no need for further easing since the package was working as expected. Still, they committed to continue assessing the situation and did not rule out
NATURAL GAS FUTURES: EXTRA PULLBACKS APPEAR SHALLOW CME Group’s advanced prints for Natural Gas futures markets saw open interest shrinking by around 6.3K contracts at the beginning of the week after two builds in a row. In addition, volume extended the erratic performance and went down by around 288.3K contracts. NATURAL GAS MET RESISTANCE AROUND $2.40/MMBTU Prices of Natural Gas corrected lower after recording
CRUDE OIL FUTURES: FURTHER UPSIDE LOOKS LIMITED Open interest in Crude Oil futures markets retreated by around 3.3K contracts on Monday following two consecutive builds, in light of preliminary readings from CME Group. In the same line, volume shrunk for the third session in a row, this time by almost 77K contracts. WTI: UPSIDE CAPPED BY $43.50 Monday’s positive performance of prices
GOLD FUTURES: ROOM FOR EXTRA UPSIDE Traders increased their open interest positions in Gold futures markets by almost 3.5K contracts at the beginning of the week, according to flash data from CME Group. Volume, in the same line, reversed three consecutive pullbacks and went up by around 57.4K contracts. GOLD NOW TARGETS THE 2020 TOPS Prices of the ounce troy of
EUR/GBP PRICE ANALYSIS: BULLS CATCH A BREATHER AROUND 0.9050 EUR/GBP snaps five-day winning streak while extending pullback from 0.9070. Break of immediate support line joins bearish MACD to challenge the bulls. 200-HMA, a one-week-old support line can lure the bears. Cautious trading ahead of the key Brexit talks also weighs on the pair. EUR/GBP eases to 0.9054 during the pre-European session on Tuesday. The
S&P 500 CLOSES AT RECORD HIGH AS US DOLLAR PLUNGES The Japanese yen weakened against the US dollar as investors reacted to mixed trade and machinery order numbers from the country. According to the Cabinet Office, the country’s core machinery orders declined by 22.5% on a year-on-year basis in June. That was worse than May’s decline of 16.3% and the consensus estimates of 17.6%. The
WTI PRICE ANALYSIS: FIZZLES UPSIDE MOMENTUM WITH EYES ON OPEC+, EIA DATA WTI takes a U-turn from $42.99 even as MACD teases the bulls. Steady RSI, bearish spinning top favor sellers to attack eight-day-old support line. OPEC+ ministerial meeting may not announce any change in the production cut accord, may praise the participants’ level of compliance. EIA can register another draw in the inventories following the API
CRUDE OIL FUTURES: RANGEBOUND TRADE WELL IN PLACE Open interest in Crude Oil futures markets shrunk by around 6.5K contracts on Wednesday, according to flash data from CME Group. In the same line, volume went down for the fourth session in a row, now by more than 28K contracts. WTI: CONSOLIDATION IS THE NAME OF THE GAME No changes in the outlook for WTI,
USD/CHF PRICE ANALYSIS: BULLS CONFRONT SHORT-TERM RESISTANCE LINE BELOW 0.9050 USD/CHF extends previous day’s recovery moves from 0.9009 to refresh the intraday high. A two-day-old falling trend line precedes weekly resistance line and 100-HMA to guard immediate upside. Sellers will have to smash the 0.9000 psychological magnet to retake control. USD/CHF rises to the intraday high of 0.9040, currently around 0.9038, during the early Wednesday.
EUR/JPY PRICE ANALYSIS: BULLS ON GUARD FOR NEXT UPSIDE IMPULSE EUR/JPY is offering a mixed outlook without any confirmation of a directional bias one way of the other. However, it is a cross that is worth monitoring considering the weakness in the greenback and the euro picking up a strong bid. The US dollar has fallen to a 27-month low leaving EUR/USD RSI into the overbought territory as
CRUDE OIL FUTURES: CONSOLIDATIVE MOOD REMAINS WELL IN PLACE CME Group’s flash data for Crude Oil futures markets noted open interest and volume extended the downtrend for yet another session on Wednesday, shrinking by nearly 7K contracts and by around 18.9K contracts, respectively. WTI STILL CAPPED BY $44.00 There is no change in the broad consolidation theme around prices of the West Texas Intermediate, which
GOLD FUTURES: SCOPE FOR FURTHER PULLBACKS Traders scaled back their open interest positions in Gold futures markets by almost 4K contracts on Wednesday, according to preliminary figures from CME Group. Volume, in the same time, increased for the third session in a row, this time by around 87.5K contracts. GOLD COULD DROP BELOW $1,880/OZ Prices of the ounce troy of Gold receded markedly
NZD/USD PRICE ANALYSIS: BEARS KEEP THE REINS BELOW 0.6600 DESPITE RBNZ-LED BUYING NZD/USD prints mild gains following its bounce off 50% Fibonacci retracement of June-July upside. MACD turns bearish for the first time in a week, falling channel portrays the sentiment weakness. An upside break of 0.6650 will strengthen bulls’ run-up. RBNZ, New Zealand’s Finance Minister Grant Robertson announced measures to combat the coronavirus (COVID-19) economic impact.
AUD/JPY PRICE ANALYSIS: 75.90 BECOMES THE KEY TO BEAR’S ENTRY AUD/JPY stays pressured near one week low after consecutive two-day declines. A confluence of 21-day SMA, support line of the two-month-old rising wedge becomes the tough nut to break for sellers. 50-day SMA adds to the downside filters ahead of 100/200-day SMA joint. AUD/JPY keeps losses flowing near 76.20 after initially declining to 76.11, the
NATURAL GAS FUTURES: PROBABLE CORRECTION LOWER ON THE CARDS Open interest in Natural Gas futures markets shrunk by around 5.2K contracts on Wednesday according to advanced readings from CME Group. In the same line, volume prolonged the choppy performance and went down sharply by around 147.5K contracts. NATURAL GAS STILL TARGETS $2.50/MMBTU The sharp upside momentum in prices of Natural Gas remains well and sound. However,
JAPANESE YEN GAINS AS MANUFACTURING SECTOR MAKES PROGRESS The Australian dollar rose slightly in overnight trading even after relatively weak PMI data from Australia. According to Markit, Australia’s manufacturing PMI declined from the previous 58.2 in July to 53.9 in August. Other data showed that the services PMI declined from 58.2 to 48.1. This decline showed that the recovery that started in May
USD/JPY PRICE ANALYSIS: EXTENDS PULLBACK FROM 21-DAY SMA TOWARDS MONTHLY SUPPORT LINE USD/JPY stays pressured near the intraday low while extending losses from 106.21. MACD parts ways from the bullish territory to suggest further weakness. 50% of Fibonacci retracement, 100-day EMA offers strong resistance. USD/JPY remains depressed around 105.65, down 0.14% on a day, amid the pre-European trading on Friday. In doing so, the yen pair stretches
GOLD FUTURES: FURTHER UPSIDE LIKELY CME Group’s advanced figures for Gold futures markets noted traders increased their open interest for the second session in a row, this time by just 418 contracts. Volume, on the other hand, reversed three consecutive daily builds and went down by around 64.2K contracts. GOLD LOOKS TO REGAIN $2,000/OZ The ounce troy of gold is slowly recovering
CRUDE OIL FUTURES: NEUTRAL/BULLISH NEAR-TERM In light of preliminary prints for Crude Oil futures markets from CME Group, open interest and volume went up by nearly 4.7K contracts and by around 103.5K contracts, respectively, on Thursday. WTI FACES INITIAL HURDLE AT $43.50 Prices of the WTI keep the broad-based side-lined theme unchanged for the time being, Thursday’s bounce of daily lows was
NATURAL GAS FUTURES: DOWNSIDE SEEN LIMITED In light of flash data for Natural Gas futures markets from CME Group, open interest shrunk for the second consecutive session on Thursday, this time by almost 7.4K contracts. Volume, instead, extended the erratic performance and went up by more than 132K contracts. NATURAL GAS PRICES STILL TARGETS $2.50/MMBTU Thursday’s negative price action in Natural Gas was
US ECONOMY HEADLINES THE ECONOMIC DOCKET THIS WEEK During the upcoming trading week traders and investors look to the releases of high-impacting economic data from the United States economy, and a key speech from FED Chair Jerome Powell. Gross Domestic Product data from the United and Durable Goods Numbers are the major data releases to watch this week. Market participants will also be
NZ DOLLAR IN HOLDING PATTERN AFTER WEAK RETAIL SALES DATA The New Zealand dollar was little changed as traders reacted to the weak retail sales numbers from the country. According to the statistics bureau, the headline retail sales dropped by 14.6% in the second quarter after they dropped by 1.2% in the first quarter. This was the sharpest quarterly decline in years. The core retail
SILVER PRICE ANALYSIS: XAG/USD DROPS OVER 1.0% TO RETEST 21-DAY SMA Silver prices fail to keep Friday’s bounce off $26.04. Lower high formation favor sellers inside short-term symmetrical triangle. Break of two-week-old resistance line can trigger fresh buying. Silver remains sluggish around $26.45, down 1.27% on a day, before the European markets open for Monday’s trading. The white metal bounced off 21-day SMA on Friday but
AUD/USD PRICE ANALYSIS: BULLS EYEING A SUSTAINED MOVE BEYOND 0.7200 MARK AUD/USD stages a modest bounce from a one-month-old ascending trend-channel. The set-up favours bullish traders and supports prospects for additional intraday gains. A sustained move back above the 0.7200 mark will reinforce the constructive outlook. The AUD/USD pair attracted some dip-buying near the lower end of a one-month-old ascending channel and has now recovered around
WTI PRICE ANALYSIS: MILDLY BID ABOVE $42.00 IN ASIA EVEN AS BOUNCE OFF 200-BAR SMA FADES WTI stays pressured following its U-turn from $42.76. Bearish MACD, normal RSI conditions and multiple resistances challenge the bulls. Key Fibonacci retracement levels add to the downside support past-200-bar SMA. WTI eases to $42.35 while heading into Monday’s European market open. The oil benchmark earlier bounced off 200-bar SMA at the start of the week.
GLOBAL STOCKS RISE AS US AND CHINA REMAIN OPTIMISTIC ABOUT TRADE Global stocks are rising as investors remain optimistic about the US and China trade relations. The two countries held a review of the first phase trade deal that was signed in January this year. According to Bloomberg, the two sides saw progress in the talks and are committed to its success. In the virtual meeting,
NZD/USD PRICE ANALYSIS: H&S BREAKDOWN ON THE DAILY LINE CHART NZD/USD’s daily chart shows a bearish reversal pattern.  Key indicators are alinged in favor of the bears.  NZD/USD’s daily line chart shows a head-and-shoulders breakdown, a bearish reversal pattern. The breakdown confirmed last week indicates that the rally from the March low of 0.5469 has ended and the bearish have regained control. The pattern has
USD/INR PRICE NEWS: INDIAN RUPEE BULLS PROBED NEAR FIVE-MONTH TOP ABOVE 74.10 USD/INR struggles near a four-month-old support line amid oversold RSI conditions. Bearish MACD signals, failures to cross 50-day SMA keep the sellers hopeful. July lows can question the pullback, further downside can eye March 13 low. USD/INR bounces off intraday low of 74.07 to 74.18 during the initial Indian session on Tuesday. The cross trades
WTI PRICE ANALYSIS: EASES FROM 200-HMA TO STAY BELOW $43.00 WTI trims early-day gains following its U-turn from $42.67. 200-HMA, a falling trend line from August 19 question the bulls. Sellers have immediate support line as the first challenge of the many. WTI drops to $42.60, up 0.24% on a day, during the pre-European session on Tuesday. The black gold recently reversed from 200-HMA while
AUD/USD PRICE ANALYSIS: RECAPTURING 0.7188 IS CRITICAL FOR FURTHER UPSIDE AUD/USD ranges within a symmetrical triangle on the hourly chart. A bunch of healthy resistances await en route 0.7200. Focus remains on US-China trade updates, US data. AUD/USD moves back and forth in a familiar range around 0.7175 region in the European session, unable to benefit from the risk-on market mood induced by the US-China
NEW ZEALAND DOLLAR WAVERS AS TRADE SURPLUS NARROWS The New Zealand dollar was little changed during the Asian session as investors reacted to the mixed trade numbers. According to the Statistics Bureau, exports fell from $5.08 billion in June to $4.9 billion in July. In the same month, imports increased slightly from $4.61 billion to $4.63 billion. As a result, the trade surplus
USD/INR PRICE ANALYSIS: EYES 200-DAY SMA SUPPORT USD/INR’s daily chart shows a descending triangle breakdown.  The bearish pattern has opened the doors for test of 200-day SMA line.  USD/INR looks south with the daily chart reporting a bearish continuation pattern. The pair fell by 1% on Monday – the biggest single-day decline since April 29 – confirming a downside break of a
NATURAL GAS FUTURES: DEEPER PULLBACKS APPEAR UNLIKELY CME Group’s preliminary readings for Natural Gas futures markets noted open interest shrunk by almost 4.5K contracts on Tuesday, reaching the second drop in a row at the same time. Volume, in the same direction, went down for the second consecutive session, now by nearly 44.8K contracts. NATURAL GAS CLINCHED NEW 2020 HIGHS Prices of Natural
CRUDE OIL FUTURES: EXTRA GAINS LIKELY NEAR-TERM Traders increased their open interest positions in Crude Oil futures by around 18.8K contracts on Tuesday, as per advanced figures from CME Group. Volume followed suit and rose by almost 208K contracts, reversing at the same time two consecutive daily pullbacks. WTI NOW LOOKS TO $44.00/BBL Prices of the WTI rose markedly on Tuesday, managing to close
GOLD FUTURES: FURTHER CONSOLIDATION ON THE CARDS Open interest in Gold futures markets shrunk by around 2K contracts on Tuesday following two consecutive builds according to flash data from CME Group. In the same line, volume went down for the fourth consecutive session, this time by around 13.9K contracts. GOLD MET SUPPORT NEAR $1,920/OZ The ounce troy of the precious metal briefly
AUSTRALIAN DOLLAR RISES AFTER STRONG CHINA INDUSTRIAL PROFITS DATA The Australian dollar rose slightly as investors reacted to the disappointing data from Australia and China. In Australia, data from the statistics bureau showed that building capital expenditure dropped by 4.4% in the second quarter. That was a worse decline than in the first quarter’s decline of 1.1%. Building capital expenditure declined by 7.6% while
NATURAL GAS FUTURES: ROOM FOR A REBOUND NEAR-TERM In light of advanced figures from CME Group for Natural Gas futures markets, open interest increased for the third session in a row on Wednesday, this time by nearly 6.6K contracts. On the other hand, volume reversed two consecutive daily pullbacks and went up by almost 17.1K contracts. NATURAL GAS SEEN RETURNING TO THE $2.50
GOLD FUTURES: SCOPE FOR EXTRA GAINS Traders increased their open interest positions by around 1.2K contracts on Wednesday, reversing the previous daily drop, according to flash data from CME Group. In the same line, volume reversed four consecutive pullbacks and rose by around 78.3K contracts. GOLD STILL TARGETS THE $2,000 BARRIER Wednesday’s uptick in Gold prices was amidst rising open interest and volume,
GBP/USD PRICE ANALYSIS: PATH OF LEAST RESISTANCE APPEARS TO THE UPSIDE GBP/USD looks to extend gains above 1.3200.   Upside bias intact while above 21-HMA. Hourly RSI stays bullish ahead of Fed Chair Powell’s speech. GBP/USD extends the Asian consolidative mode into the European session on Thursday, having witnessed a sharp rise to 1.3220 levels in the US last session. The spot ranges in the upper
AUD/USD PRICE ANALYSIS: GOLDEN CROSS ON 1H CHART POINTS TO FURTHER UPSIDE AUD/USD consolidates before the next push higher. Technical set up on the hourly chart favors further upside. All eyes remain on the Fed Chair Powell’s Jackson Hole speech. AUD/USD is trading modestly flat below 0.7250 in early Europe, having hit a fresh six-day high at 0.7251 earlier in the Asian session. The bulls have taken
US DOLLAR SOARS AFTER FED CHANGES MONETARY POLICY STRATEGY The US dollar gained in overnight trading as investors reacted to a statement by Jerome Powell, the Federal Reserve chair. In the statement, he announced that the Fed would start a new policy shift that will allow inflation to run hotter with the goal of supporting the labour market. As a result, the bank will
NATURAL GAS FUTURES: RISING ODDS FOR EXTRA GAINS CME Group’s advanced figures for Natural Gas futures markets noted open interest went up markedly by around 16.6K contracts on Thursday, reversing at the same time three consecutive daily pullbacks. In the same line, volume rose for the second day in a row, now by more than 152K contracts. NATURAL GAS NOW LOOKS TO $2.665
CRUDE OIL FUTURES: SCOPE FOR A MOVE LOWER Open interest and volume in Crude Oil futures markets went up by nearly 6K contracts and by around 50.4K contracts, respectively, on Thursday as per flash data from CME Group. WTI STILL LOOKS TO $44.00/BBL Thursday’s negative performance of prices of the WTI was amidst rising open interest and volume, opening the door to further downside in
USD/CHF PRICE ANALYSIS: 0.9040/35 STAYS ON THE BEARS’ RADAR USD/CHF attempts recovery from intraday low of 0.9064. Pair’s sustained trading below 200-hour EMA, amid bearish MACD, favor the sellers. Bulls need fresh monthly high, sellers may struggle below the 0.9000 threshold. USD/CHF sellers catch a breather around 0.9070 during the pre-European session on Friday. The quote slumped to the intraday low before a few
GOLD FUTURES: FURTHER WEAKNESS ON THE CARDS Investors increased their open interest positions in Gold futures markets by around 1.9K contracts on Thursday, reversing at the same time two daily pullbacks in a row, all according to preliminary readings from CME Group. In the same line, volume rose sharply by around 125.5K contracts. GOLD COULD RE-TEST THE $1,860 REGION The ounce troy of the
US JOBS DATA HEADLINES THE ECONOMIC DOCKET THIS WEEK During the upcoming  trading week the release of the US Non-farm payrolls job report,  and Private sector jobs report headlines the economic calendar. The August Non-farm payrolls jobs report from the United States economy is expected to show a decrease in the amount of new jobs being created from the previous month. Traders also look
AUSTRALIAN DOLLAR WAVERS AS CHINA MANUFACTURING ACTIVITY EASES The Australian dollar was little changed during the Asian session as traders reacted to mixed data from Australia and China. In a statement today, China Logistics said that the country’s manufacturing PMI declined to 51.0 in August. That was lower than last month’s increase to 51.1 and the consensus expectation of 51.2. The non-manufacturing PMI
CRUDE OIL FUTURES: OUTLOOK REMAINS NEUTRAL/BULLISH CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by nearly 4K at the end of last week, reversing three builds in a row. In the same line, volume prolonged the choppy activity and shrunk by around 55.4K contracts. WTI STILL CAPPED BY $44.00/OZ Prices of the
NATURAL GAS FUTURES: CORRECTION IN THE OFFING? Traders reduced their open interest positions by around 4.4K contracts on Friday, reversing the previous build, all in light of advanced data from CME Group. In the same line, volume went down by around 118.6K contracts after two consecutive builds. NATURAL GAS: INITIAL SUPPORT LINES UP AT $2.76/MMBTU The rally in prices of Natural Gas recorded fresh
GOLD FUTURES: EXTRA GAINS ON THE CARDS Open interest in Gold futures markets reversed three consecutive daily pullbacks and rose by nearly 4.3K contracts on Friday, in light of preliminary figures from CME Group. Volume, instead, went down markedly by around 139.8K contracts after two builds in a row. GOLD NOW LOOKS TO $2,000 AND ABOVE Gold prices rose moderately at the end
August 2020
US DOLLAR FALLS AFTER IMPRESSIVE CHINA MANUFACTURING PMI DATA The Australian dollar rose in early trading as investors reacted to mixed economic data from the country. According to Markit, the Australian manufacturing PMI dropped from the previous 54.0 to 53.9. This decline was worse than the 53.9 that analysts polled by Reuters were expecting. It was probably because of the second wave of the
USD/CAD PRICE ANALYSIS: BEARS EYEING A TEST OF CRITICAL SUPPORT AT 1.2950 USD/CAD looks vulnerable amid dollar weakness. Further declines could challenge the key support near 1.2950. A bounce in the near-term cannot be ruled out.  USD/CAD extends its six-day losing streak and breaches the 1.3000 level, as the bears look to test the critical support near 1.2950 amid relentless selling seen in the US dollar across
NATURAL GAS FUTURES: RALLY HAS FURTHER LEGS TO GO CME Group’s advanced readings for Natural Gas futures markets noted open interest and volume increased by around 20.6K contracts and by nearly 77.8K contracts, respectively, at the beginning of the week. NATURAL GAS TARGETS THE $3.00 MARK IN THE LONGER-TERM Prices of Natural Gas remain firm and the upside momentum is also sustained by rising open interest
CRUDE OIL FUTURES: FURTHER CONSOLIDATION LIKELY Traders scaled back their open interest positions for the second session in a row on Monday, this time by more than 1K contracts in light of flash data from CME Group. Volume, too, shrunk for the second straight session, now by around 98K contracts. WTI APPEARS LIMITED BY $44.00 Monday’s inconclusive price action was on
GOLD FUTURES: UPSIDE LOOKS LIMITED Open interest in Gold futures markets shrunk by around 3.5K contracts on Monday, resuming the downside following Friday’s uptick, according to preliminary figures from CME Group. In the same line, volume went down for the second session in a row, this time by around 96.7K contracts. GOLD STILL TARGETS THE $2,000 LEVEL Prices of the
US DOLLAR RISES AFTER STRONG MANUFACTURING PMI DATA The US dollar rose slightly as traders reacted to strong manufacturing PMI data from the United States. According to the Institute of Supply Management (ISM), the manufacturing PMI rose to 56.0 in August from the previous 54.2. That increase was better than the 54.0 that analysts were expecting. Another survey by Markit showed that the
NATURAL GAS FUTURES: ROOM FOR EXTRA GAINS IN THE SHORT-TERM CME Group’s flash prints for Natural Gas futures markets noted open interest and volume extended their uptrend on Tuesday, rising by around 6.1K contracts and by nearly 96.8K contracts, respectively, on Tuesday. NATURAL GAS LOOKS FIRM AND APPROACHES $3.00/MMBTU Prices of Natural Gas rose to fresh yearly tops near $3.84 on Tuesday, albeit losing some momentum soon
USD/CHF PRICE ANALYSIS: PIERCES 0.9100 AFTER BREAKING MONTHLY FALLING TREND LINE USD/CHF attack one-week high following upside clearance of a descending trend line from August 03. Bullish MACD directs the quote towards 200-bar SMA. Sellers may wait for re-entry once the pair slips below 100-SMA. USD/CHF picks up bids near 0.9110, up 0.21% on a day, during the pre-European session on Wednesday. The pair recently broke
CRUDE OIL FUTURES: DOOR OPEN FOR FURTHER GAINS Traders increased their open interest positions in Crude Oil futures markets by 4.6K contracts on Wednesday following two consecutive daily pullbacks and in light of preliminary data from CME Group. Volume, too, rose after two drops in a row, this time by around 178.8K contracts. WTI SEEN EDGING HIGHER Tuesday’s small uptick in prices of
GOLD FUTURES: VERY NEAR-TERM OUTLOOK IS NEUTRAL/BEARISH Open interest in Gold futures markets rose by around 4.1K contracts on Tuesday, according to advanced readings from CME Group. In the same direction, volume reversed two consecutive pullbacks and went up by around 64.8K contracts. GOLD FACES THE NEXT HURDLE AT $2,000/OZ Prices of the ounce troy of gold charted an inconclusive session on Tuesday amidst
CRUDE OIL PRICE DROPS EVEN AS US INVENTORIES CONTINUE TO FALL The dollar strength continued in the Asian session as traders continued to bet on a V-shaped recovery after strong economic data from the United States. Yesterday, data from ADP showed that American firms added more than 428K jobs in August. While that number was below the expected 950k, it was higher than the previous month’s
USD/CHF PRICE ANALYSIS: BATTLES 21-DAY EMA NEAR TWO-WEEK HIGH ABOVE 0.9100 USD/CHF stays well bid after breaking the monthly resistance line on Wednesday. Bullish MACD increases the odds of the pair’s run-up to 50-day EMA. A daily close below 0.9000 will recall the sellers. USD/CHF rises to 0.9127, up 0.23% on a day, during the pre-European session on Thursday. In doing so, the Swiss major prints three-day
GOLD FUTURES: ROOM FOR FURTHER DOWNSIDE According to preliminary data from CME Group, open interest in Gold futures markets rose for the second session in a row on Wednesday, this time by around 2.5K contracts. In the same direction, volume increased for the second straight day, now by around 28.6K contracts. GOLD COULD SLIP BACK TO THE $1,900 AREA Prices of
CRUDE OIL FUTURES: SCOPE FOR EXTRA LOSSES CME Group’s flash data for Crude Oil futures markets noted traders added around 5.5K contracts to their open interest positions on Wednesday, while volume went up for the second session in a row, this time by around 202.7K contracts. WTI MEETS SUPPORT NEAR THE 200-DAY SMA ($41.24) Prices of the barrel of WTI dropped to multi-day lows
NATURAL GAS FUTURES: UPSIDE LOSING MOMENTUM? Open interest in Natural Gas futures markets shrunk by around 13.8K contracts on Wednesday following two consecutive daily builds, in light of advanced readings from CME Group. Volume, instead, extended the uptrend and rose markedly by around 118.2K contracts. NATURAL GAS FACES INITIAL SUPPORT AROUND $2.76 Prices of Natural Gas remain firm and the rally
US STOCKS DECLINE SHARPLY LED BY TECHNOLOGY COMPANIES US stocks declined sharply after weeks of an unstoppable bull run. The Dow Jones lost more than 2.8% of its value while the S&P 500 lost more than 3.5%. The harsh reversal was mostly because of technology companies like Apple, Amazon, and Facebook, that have helped to propel the rally. Some analysts believe that these
GOLD FUTURES: ROOM FOR EXTRA LOSSES Open interest in Gold futures markets rose for the third consecutive session on Thursday, this time by around 4.2K contracts according to preliminary figures from CME Group. Volume, instead, shrunk by around 33.2K contracts after two consecutive builds. GOLD COULD SLIP BACK TO THE $1,900 LEVEL Prices of the ounce troy of the precious metalkept
NATURAL GAS FUTURES: CORRECTION REMAINS ON THE CARDS CME Group’s advanced figures for Natural Gas futures markets saw open interest and volume shrinking by around 6.5K contracts and by around 334.2K contracts, respectively, on Thursday. NATURAL GAS STILL TARGETS $3.00/MMBTU The rally in Natural Gas prices remains unabated so far. However, Thursday’s uptick was in tandem with declining open interest and volume, opening the door
CRUDE OIL FUTURES: FURTHER DECLINE ON THE CARDS In light of preliminary figures for crude oil futures markets, traders reduced their open interest positions by nearly 13K contracts on Thursday, reversing two consecutive daily builds. In the same line, volume shrunk by around 30.2K contracts, also following two builds in a row. WTI FACES INITIAL SUPPORT AROUND $40.00/BBL Prices of the barrel of WTI briefly
EUR/GBP PRICE ANALYSIS: STRUGGLES TO CHEER FALLING WEDGE BREAKOUT ABOVE 0.8900 EUR/GBP keeps the bullish chart pattern confirmation despite stepping back from near-term key EMA. Bullish MACD favors the buyers targeting another confrontation with 200-bar EMA, six-week-old resistance line. The 0.8900 mark acts as immediate support ahead of the three-month low flashed on Thursday. EUR/GBP looks for a firm direction around 0.8925 while heading into the
RATE DECISIONS AND GDP RELEASES HEADLINE THE ECONOMIC CALENDAR Rates and GDP During the upcoming week interest rate decisions from the ECB and Bank of Canada, and the release of global growth data headline the economic docket. The ECB rate decision will be closely watched, following the recent release of improving European data points. Gross Domestic Product releases from the Japanese, European, and the
BRITISH POUND UNCHANGED AS UK PLANS TO UNDERMINE WITHDRAWAL TREATY The British pound was little changed even as risks of a no-deal Brexit emerged. According to the Financial Times, the UK plans new legislation that will override key sections of the withdrawal agreement that was signed in January. The bill, called the internal market bill, will contain sections that will eliminate some sections like state
NATURAL GAS FUTURES: POTENTIAL CORRECTION ON THE CARDS Advanced readings from CME Group for Natural Gas futures markets noted investors increased their open interest positions by almost 12K contracts on Friday. Volume followed suit and partially reversed the previous drop and went up by nearly 72K contracts. NATURAL GAS RECEDES FROM 2020 TOPS Prices of Natural Gas clinched fresh tops around $2.87 MMBtu on Friday
CRUDE OIL FUTURES: FURTHER DOWNSIDE ON THE CARDS Traders increased their open interest positions by more than 6K contracts at the end of last week, in light of preliminary figures from CME Group. Volume, too, went up by almost 45.8K contracts. WTI FACES THE NEXT SUPPORT AT $36.00 The continuation of the correction lower in prices of the barrel of WTI is expected to persist
GOLD FUTURES: EXTRA CONSOLIDATION NOT RULED OUT Open interest in Gold futures markets rose by around 6.2K contracts on Friday according to flash data from CME Group. In the same line, volume went up by nearly 1.7K contracts. GOLD POINTS TO FURTHER RANGEBOUND BELOW $2,000/OZ The price of the ounce troy of the precious metal is seen extending the current consolidative mood below the
US DOLLAR RISES AS TRUMP HINTS AT CHINA DECOUPLING The Japanese yen weakened against the US dollar as traders reacted to mixed economic data from the country. According to the Japan Bureau of statistics, the country’s economy contracted by 28.1% in the second quarter after falling by 2.2% in the second quarter. It had previously declined by 7.4% in the fourth quarter of 2019.
USD/INR PRICE NEWS: INDIAN RUPEE EXTENDS LOSSES BEYOND 73.50 AMID INDIA-CHINA TENSION USD/INR extends Monday’s recovery moves from 73.01 beyond 50-bar SMA. Beijing warns India over latest moves near LAC. The rising wedge’s resistance, 100-bar SMA can question the bulls. Further selling may wait for confirmation of the bearish chart pattern. USD/INR takes the bids near 73.62, up 0.20% on a day, ahead of Tuesday’s European session.
USD/JPY PRICE ANALYSIS: BOUNCES-OFF CRITICAL SUPPORT ON 106.00 USD/JPY closes the hour below 100-HMA for the first since Sept 2. The spot bounces-off key support while within a symmetrical triangle. Sentiment on Wall Street and dollar dynamics eyed for fresh direction. USD/JPY holds the lower ground on the 106 level so far this Tuesday, having bounced-off a drop to the critical support of
WTI PRICE ANALYSIS: OIL HITS TWO-MONTH LOW WTI crude hits the lowest level in two months.  The bearish momentum looks strong, as per technical studies.  West Texas Intermediate (WTI), a North American crude oil benchmark, fell to $38.55 on Tuesday – the lowest since July 10. At the current price of $39, the black gold is down 10.4% from $43.57 – the
NZD/USD PRICE ANALYSIS: CARRIES 10-DAY SMA BREAKDOWN BELOW 0.6700 NZD/USD seesaws around the intraday low of 0.6681. Bullish MACD questions the pair’s downside below near-term key SMA. 0.6715-20 adds to the upside filters, 21-day SMA on sellers’ radar. NZD/USD drops to 0.6687, down 0.05% on a day, during the pre-European session trading on Tuesday. The quote slipped below 10-day SMA by the end of
US DOLLAR RALLY CONTINUES AS ASTRAZENECA PAUSES VACCINE TRIAL US stocks declined sharply as the decline of technology stocks continued. The Dow Jones declined by more than 632 points while the S&P 500 and Nasdaq 100 fell by more than 95 and 465 points, respectively. Among the biggest losers were technology stocks like Apple, Amazon, Tesla, and Facebook. These stocks fell partly because investors
NATURAL GAS FUTURES: EXTRA GAINS LOOK LIMITED In light of flash data from CME Group for Natural Gas futures markets, open interest shrunk by around 12.4K contracts on Tuesday, fading the previous build. Volume, instead, rose for the second session in a row, this time by around 80.6K contracts. NATURAL GAS STILL TARGETS $3.00/MMBTU The rally in prices of Natural Gas clinched fresh tops
CRUDE OIL FUTURES: A DEEPER RETRACEMENT IS NOT FAVOURED CME Group’s advanced readings noted traders trimmed their open interest positions by around 3.2K contracts on Tuesday, partially reversing the previous build. On the other hand, volume almost doubled from the previous session, rising by nearly 742K contracts. WTI MET SUPPORT NEAR $36.00 The sharp sell-off in crude oil prices appears to have met contention
GOLD FUTURES: FURTHER RANGEBOUND ON THE CARDS Open interest in Gold futures markets increased for the second session in a row on Tuesday, this time by around 7.2K contracts according to preliminary figures from CME Group. In the same line, volume went up markedly by around 120.3K contracts. GOLD REMANS SIDE-LINED ABOVE $1,900/OZ Prices of the ounce troy of Gold stick to the consolidative
EUR/CHF PRICE ANALYSIS: EXTENDS BOUNCE OFF 200-HMA TO REFRESH INTRADAY TOP ABOVE 1.0800 EUR/CHF picks up the bids after snapping two-day winning streak the previous day. MACD again turns bullish, suggesting further recovery. Two-week-old ascending trend line adds to the downside support. EUR/CHF rises to 1.0813 during the pre-European session on Wednesday. The pair recently gained upside momentum as 200-HMA beat bears. The pair dropped from the one-week
US STOCKS STAGE AN IMPRESSIVE RELIEF RALLY AS TECH FIRMS LEAD US stocks staged an impressive comeback rally as traders and investors rushed to buy the dips after days of sharp declines. The Nasdaq 100 rose by more than 2.7%, led by companies like Tesla, Apple, and Microsoft. Still, analysts warn yesterday’s relief rally is unlikely to last as risks between the US and China remain.
USD/JPY PRICE ANALYSIS: BULLS STRUGGLE TO REGAIN 106.18 BARRIER USD/JPY attempts a bounce but faces stiff resistance. 50-HMA guards the downside amid risk-on mood. Hourly RSI remains bearish, bounce to remain short-lived? USD/JPY is looking to extend the bounce from a daily low of 106.05, as the bulls cheer the risk-on market environment. With hopes over the coronavirus vaccine still alive and increasing expectations
NATURAL GAS FUTURES: ROOM FOR FURTHER REBOUND CME Group’s flash prints for Natural Gas futures markets noted open interest rose by just 811 contracts on Wednesday, extending the erratic performance. Volume, in the same line, went up for the third straight session, now by around 13.6K contracts. NATURAL GAS: NEXT TARGET IS AT 2020 HIGHS AROUND $2.74 Prices of Natural Gas managed to rebound
CRUDE OIL FUTURES: RECOVERY HAS FURTHER LEGS TO GO In light of preliminary readings from CME Group for crude oil futures markets, open interest went up by around 21.5K contracts on Wednesday, reversing the previous drop. On the other hand, volume decreased by around 506.5K contracts following two builds in a row. WTI: THE $40.00 MARK IS BACK ON THE HORIZON Crude oil prices
GOLD FUTURES: SCOPE FOR EXTRA GAINS Traders increased their open interest positions for the third session in a row on Wednesday, this time by around 8.1K contracts according to advanced figures from CME Group. Volume, instead, reversed two consecutive builds and shrunk by nearly 199K contracts. GOLD STILL TARGETS $2,000/OZ Prices of the ounce troy of gold keep the side-line theme
BRITISH POUND SLIDES AS TRADERS BRACE FOR A NO-DEAL BREXIT The euro rose and then pared back gains after the European Central Bank (ECB) delivered its interest rate decision. In a statement yesterday, the bank left interest rates and the pandemic emergency purchases limit unchanged at 1.35 trillion euros. The bank also pledged to do more to support the economy if needed. In her press
NATURAL GAS FUTURES: SCOPE FOR EXTRA DECLINE CME Group’s advanced readings for Natural Gas futures markets noted traders increased their open interest positions by nearly 6.5K contracts, reaching the second build in a row. Volume, instead, reversed three consecutive pullbacks and went down by nearly 131K contracts. NATURAL GAS FACES THE NEXT SUPPORT NEAR $2.10/MMBTU Prices of Natural Gas dropped to the $2.30 region
CRUDE OIL FUTURES: EXTRA LOSSES NOT RULED OUT According to flash data from CME Group for crude oil futures markets, traders increased their open interest positions for the second session in a row, this time by nearly 21.1K contracts. On the other hand, volume shrunk for the second consecutive session, now by around 198.2K contracts. WTI STAYS SUPPORTED AROUND $36.00/BBL Thursday’s negative price
GOLD FUTURES: FURTHER RANGEBOUND LIKELY Open interest in Gold futures markets increased for the fourth consecutive session on Thursday, now by more than 6K contracts in light of preliminary figures from CME Group. In the same line, volume partially reversed the previous drop and went up by around 47.1K contracts. GOLD FACES EXTRA CONSOLIDATION NEAR-TERM Gold prices keep trading below the
EUR/JPY PRICE ANALYSIS: SELLERS LOOK FOR ENTRY BELOW 61.8% FIBONACCI RETRACEMENT EUR/JPY keeps recovery moves from 200-bar SMA to waver around the intraday high of 125.74. Multiple bounces off the key Fibonacci retracement level, failures to stay under important SMA favor the buyers. Bulls aim for monthly top, sellers can have July 28 peak as additional support. EUR/JPY picks up bids around 125.66, up 0.2% daily,
AUSTRALIAN DOLLAR RISES AFTER IMPRESSIVE CHINESE ECONOMIC DATA
AUSTRALIAN DOLLAR RISES AFTER IMPRESSIVE CHINESE ECONOMIC DATA The Australian dollar rose during the Asian session as traders reacted to strong economic data from China. According to the country’s bureau of statistics, fixed assets declined by 0.3% in August. That was better than the 0.4% decline analysts were expecting. It was also better than the previous month’s decline of 1.6%. Data showed that
GOLD FUTURES: ROOM FOR EXTRA GAINS NEAR-TERM Traders increased their open interest positions by nearly 7.2K contracts at the beginning of the week, resuming the uptrend following Friday’s pullback according to flash data from CME Group. Volume, instead, dropped for the second session in a row, this time by around 5.8K contracts. GOLD STILL LOOKS TO $2,000/OZ Gold prices started the week on
SILVER PRICE ANALYSIS: XAG/USD TARGETS $28 AND BEYOND WHILE ABOVE 21-DMA Silver set to test triangle resistance on the daily chart at $28.26. Daily RSI remains bullish while the bulls recapture critical 21-DMA. XAU/USD now trades above all major daily averages. Silver (XAG/USD) consolidates the rally to eight-day highs of $27.52, extending Monday’s surge amid ongoing sell-off in the US dollar across its main competitors. Despite the
NATURAL GAS FUTURES: OUTLOOK STAYS NEUTRAL/BEARISH In light of advanced readings for Natural Gas futures markets from CME Group, open interest and volume rose by more than 18K contracts and by around 68.5K contracts, respectively, on Monday. NATURAL GAS LOOKS SUPPORTED JUST BELOW $2.25/MMBTU Prices of Natural Gas traded without clear direction at the beginning of the week amidst increasing open interest and
CRUDE OIL FUTURES: FURTHER RANGEBOUND ON THE CARDS CME Group’s preliminary figures for Crude Oil futures markets noted open interest went up for the fourth consecutive session on Monday, this time by almost 11.5K contracts. In the same line, volume rose by around 42.5K contracts after three consecutive daily pullbacks. WTI LOOKS STABILIZED BELOW $40.00/BBL Prices of the WTI charted an inconclusive session at the
CRUDE OIL PRICE RISES AFTER A SURPRISE DROP OF US INVENTORIES The price of crude oil rose in overnight trading as the market reacted to the US inventories data from the American Petroleum Institute (API). The data showed that inventories declined by more than 9 million barrels. That was a surprise because analysts were expecting the data to show that inventories rose by more than 2
EUR/JPY PRICE ANALYSIS: BEARS AGAIN AIM FOR 61.8% FIBONACCI RETRACEMENT EUR/JPY fades pullback from an intraday low of 124.52. Bearish MACD, failures to keep bounces off the key Fibonacci retracement favor sellers. 200-bar EMA, monthly falling trend line challenge buyers. EUR/JPY prints 0.15% intraday losses while easing to 124.73 ahead of Wednesday’s European session. Given the pair’s another downside break of 200-bar EMA, sellers are
USD/CHF PRICE ANALYSIS: EASES FROM 100-HMA TO REMAIN BELOW 0.9100 USD/CHF seesaws around the intraday low of 0.9076, down for the sixth consecutive day. Normal RSI conditions favor the pullback towards the weekly low. The 0.9100 threshold adds to the upside barriers. USD/CHF drops to 0.9078, down 0.05% on a day, ahead of Wednesday’s European session. The Swiss major recently took a U-turn from 100-HMA
GOLD FUTURES: SCOPE FOR FURTHER CONSOLIDATION Traders increased their open interest positions for the second session in a row on Tuesday, this time by around 3.5K contracts according to preliminary readings from CME Group. Volume, in the same line, rose by around 50.1K contracts following two consecutive daily drops. GOLD FACES INTERIM RESISTANCE AROUND $1,992/OZ Prices of the ounce troy of gold closed
CRUDE OIL FUTURES: EXTRA GAINS LOOK LIMITED Open interest in Crude Oil futures markets reversed four straight builds and shrunk by almost 1.7K contracts on Tuesday in light of flash data from CME Group. Volume, instead, went up for the second session in a row, this time by around 110.6K contracts. WTI STILL TARGETS $40.00 AND ABOVE Prices of the barrel of WTI extended
US DOLLAR RISES AS FED SIGNALS NEAR ZERO RATES FOR 3 YEARS The US dollar rose in overnight trading as traders reacted to the latest Federal Reserve interest rate decision. The bank decided to leave interest rates unchanged at the current range of 0.0% and 0.25%, as most analysts were expecting. The members also voted to continue with the ongoing asset purchases, which they believe is necessary
GOLD FUTURES: FURTHER GAINS REMAIN ON THE CARDS Open interest in Gold futures markets increased for the third session in a row on Wednesday, this time by nearly 3.5K contracts according to flash data from CME Group. In the same line, volume advanced for the second straight session, now by around 51.8K contracts. GOLD STILL TARGETS THE $2000 MARK Gold prices are extending the
CRUDE OIL FUTURES: PROBABLE CORRECTION LOWER NEAR-TERM CME Group’s preliminary prints for Crude Oil futures markets noted open interest shrunk by nearly 14.7K contracts on Wednesday following five daily builds in a row. On the other hand, volume went up for the third consecutive session, this time by around 233.6K contracts. WTI LOOKS TO SURPASS THE 200-DAY SMA AT $40.30 Prices of
NATURAL GAS FUTURES: DOOR OPEN TO EXTRA LOSSES Traders increased their open interest positions in Natural Gas futures markets by around 10.7K contracts on Wednesday, prolonging the erratic performance seen as of late and in light of advanced figures from CME Group. Volume, too, went up by around 24.4K contracts, partially reversing the previous pullback. NATURAL GAS COULD RE-TEST THE $2.10/MMBTU AREA Prices
GBP/USD PRICE ANALYSIS: RECOVERY MEETS FRESH SUPPLY AT 21-HMA AHEAD OF BOE GBP/USD bounces-off strong trendline support ahead of BOE. Bulls need to recapture the 21-HMA barrier to extend the recovery. Hourly RSI turned south but remains in the bullish region. GBP/USD staged a solid comeback on the 1.2900 level so far this Thursday, although the bulls now appear to lack follow-through ahead of the Bank of
US EQUITIES FALL AGAIN AFTER WEAK HOUSING DATA US equities ended the day lower as traders reacted to central bank decisions and relatively weaker data from the US. On Wednesday, the Fed decided to leave its policies unchanged. It also signalled that rates would remain that low for at least three more years. And yesterday, data from the US came out weaker than
WTI PRICE ANALYSIS: CLINGS TO 50-DMA ABOVE $41, FOCUS ON FRIDAY’S CLOSE WTI holds on to the recent upside while around 50-DMA. A daily close above 50-DMA at $41.25 needed to extend the rally. RSI remains bullish, $40.75 is critical support. WTI (futures on Nymex) consolidates the three-winning streak above $41 mark on Friday, as the bulls await a fresh catalyst for the next push higher. At
GOLD FUTURES: DOWNSIDE LOOKS LIMITED Traders reduced their open interest positions by around 5.5K contracts on Thursday according to flash data from CME Group, reversing at the same time three consecutive daily builds. In the same line, volume shrunk by around 24.7K contracts following two advances in a row. GOLD STICKS TO THE CONSOLIDATIVE RANGE Prices of the ounce troy
NATURAL GAS FUTURES: EXTRA LOSSES IN THE PIPELINE Open interest in Natural Gas futures prices rose by 8.6K contracts on Thursday in light of advanced figures from CME Group. In the same line, volume went up sharply by nearly 325.8K contracts. NATURAL GAS RISKS FURTHER DOWNSIDE Prices of Natural Gas plummeted below the key $2.00 mark per MMBtu against the backdrop of rising open interest
CRUDE OIL FUTURES: FURTHER GAINS NOT FAVOURED CME Group’s preliminary readings for crude oil futures markets noted open interest and volume diminished by around 28.7K contracts and by nearly 224.8K contracts, respectively, on Thursday. WTI FACES THE NEXT RESISTANCE AT $43.75 Crude oil prices closed above the $40.00 mark per barrel on Thursday, leaving behind at the same time the key 200-day
GLOBAL STOCKS TUMBLE AS POTENTIAL RISKS ESCALATE Global stocks tumbled as investors worried about a new wave of lockdowns. In the United States, the S&P 500 dropped for the fourth consecutive day while the Dow Jones lost more than 500 points. In Asia, most indices are in the red, with the Hang Seng and the Shanghai composite falling by more than 0.50%.
EUR/JPY PRICE ANALYSIS: RISING BETS FOR A DEEPER PULLBACK EUR/JPY remains under heavy pressure below the 123.00 level. Interim support aligns at the 100-day SMA at 122.18. EUR/JPY extends further the downtrend and is flirting with the key contention area in the 122.90/80 band on Tuesday. The bearish impulse remains well in place and forced the cross to record fresh 2-month lows in the mid-122.00s
WTI PRICE ANALYSIS: TRAPPED BETWEEN KEY HOURLY AVERAGES AHEAD OF API DATA WTI stalls the bounce above $40 as hourly RSI turns flat. A firm break above $40.50 is needed for the further upside. 200-HMA guards the downside ahead of the API crude stocks data. WTI (futures on NYMEX) consolidates the bounce above the $40 barrier, having regained the 21-hourly Simple Moving Averages (HMA), currently at $39.75.
NATURAL GAS FUTURES: FURTHER REBOUND APPEARS ON THE CARDS CME Group’s advanced readings for Natural Gas futures markets noted open interest shrunk by around 19.4K contracts on Monday, reversing three builds in a row. Volume, instead, extended the choppy activity and rose by around 218.2K contracts. NATURAL GAS MET DECENT SUPPORT NEAR $1,80/MMBTU Prices of the Natural Gas dropped to new 2-month lows in the $1,80
CRUDE OIL FUTURES: FURTHER DECLINE LOOKS SHALLOW Traders scaled back their open interest positions in crude oil futures markets by around 32.5K contracts on Monday, resuming the downside following Friday’s uptick. On the other hand, volume went up by more than 93K contracts following two daily drops in a row. WTI: SOLID SUPPORT EMERGES AROUND $36.00 The barrel of WTI dropped and tested the
GOLD FUTURES: FURTHER LOSSES APPEAR UNFAVOURED Preliminary figures for Gold futures markets from CME Group noted open interest decreased by nearly 4.7K contracts at the beginning of the week. Volume, instead, reversed two consecutive daily pullbacks and rose sharply by around 226.8K contracts. GOLD REMAINS CAPPED BY THE $1,990 REGION Prices of the ounce troy of gold dropped markedly on Monday, briefly testing
NEW ZEALAND DOLLAR WAVERS AS RBNZ SAYS MORE SUPPORT NECESSARY The New Zealand dollar is unchanged today as traders react to the country’s interest rate decision. The bank left the Official Cash Rate (OCR) unchanged at 025%. It also agreed to continue with its Large Asset Purchase (LSAP) program with a limit of $100 billion. The bank agreed to do more to help steer the
NATURAL GAS FUTURES: POTENTIAL REBOUND ON THE TABLE CME Group’s advanced readings for Natural Gas futures markets showed open interest went up by almost 6K contracts on Tuesday, resuming the uptrend and leaving behind the previous drop. Volume, instead, shrunk by around 251.3K. NATURAL GAS PRICES STAY SUPPORTED NEAR $1,80/MMBTU Tuesday’s positive performance of prices of Natural Gas was in tandem with rising open interest,
CRUDE OIL FUTURES: OUTLOOK REMAINS NEUTRAL/BEARISH Traders increased their open interest positions by around 5.6K contracts on Tuesday, extending the erratic performance seen as of late in light of flash data from CME Group. On the other hand, volume resumed the downside and shrunk by around 182.1K contracts. WTI: FURTHER RANGEBOUND IN THE PIPELINE Prices of the barrel of WTI charted an inconclusive
WTI PRICE ANALYSIS: CONSOLIDATES LOSSES ABOVE $39.00, NO-ENTRY FOR BULLS YET WTI attempts recovery moves from intraday low of $39.33. 50-bar SMA offers immediate support, 200-bar SMA guards upside moves. Two-week-old ascending trend line, Friday’s top add filters to the momentum. WTI picks up bids near $39.57 during the pre-European trading on Wednesday. Though, the black still drops 0.55% intraday by the press time. While 50-bar
GOLD FUTURES: SCOPE FOR EXTRA LOSSES Open interest in gold futures markets rose by around 1.6K contracts on Tuesday according to preliminary figures from CME Group. On the other hand, volume extended the choppiness and went down by around 114.3K contracts. GOLD COULD RECEDE TO THE $1,860 REGION Gold prices extended the downside on Tuesday amidst rising open interest, leaving the door
DOLLAR STRENGTH CONTINUES AS FED OFFICIALS WARN ON NEED FOR STIMULUS US stocks erased earlier gains yesterday as investors reacted to statements by Federal Reserve officials on the need for additional stimulus. The S&P 500 lost 2.4% while the Nasdaq composite lost more than 3%, led by a 10% decline in Tesla shares. In a statement to Congress, Jerome Powell said that congress will need to
NATURAL GAS FUTURES: UPSIDE LOOKS LIMITED Advanced readings for Natural Gas futures markets from CME Group noted open interest extended the erratic performance on Wednesday and shrunk by around 2.6K contracts. Volume, instead, increased by 157.7K contracts, partially fading the previous pullback. NATURAL GAS: FURTHER UPSIDE NOT RULED OUT Natural Gas prices regained the $2.00 mark and beyond per MMBtu on Wednesday,
CRUDE OIL FUTURES: DOOR OPEN FOR EXTRA DOWNSIDE CME Group’s preliminary readings for crude oil futures markets note open interest went up for the second straight session on Wednesday, this time by nearly 11.5K contracts. In the same direction, volume reversed the previous drop and rose by around 27.6K contracts. WTI FACES THE NEXT SUPPORT AROUND $38.70 (100-DAY SMA) Prices of the WTI inched lower
GOLD FUTURES: DOOR OPEN FOR EXTRA DOWNSIDE Traders increased their open interest positions for the second session in a row on Wednesday, this time by nearly 4K contracts in light of flash data from CME Group. In the same line, volume prolonged the choppy performance and rose by 142.2K contracts. GOLD FACES INTERIM SUPPORT AT $1,825/OZ Gold prices remain on the defensive amidst
AUD/USD PRICE ANALYSIS: AUSSIE REFRESHES TWO-MONTH LOW AUD/USD slips to a fresh multi-month low of 0.7052.  The Australian currently has depreciated by over 4% this week.  The daily chart shows bearish sentiment is quite strong.  FX desks continue to offer Australian dollars, pushing AUD/USD to fresh multi-month lows. AUD/USD is now trading at 0.7052, the lowest level since July 21. The previous
US STOCKS SLUMP TAKES A BREATHER BUT POTENTIAL RISKS REMAIN US stocks saw small gains yesterday, as concerns about the economy remained. The S&P 500 and Dow Jones rose by 0.3% and 0.2%, respectively. The gains yesterday were led by technology companies like Microsoft, Apple, and Tesla. Still, investors expect that stocks will remain volatile ahead of the US election. For example, a poll by
NATURAL GAS FUTURES: EXTRA GAINS APPEARS CAPPED Traders trimmed their open interest positions by nearly 9K contracts on Thursday in light of advanced figures from CME Group. Volume followed suit and shrunk by around 138.2K contracts. NATURAL GAS COULD RETEST THE 200-DAY SMA NEAR $1.93/MMBTU Prices of Natural Gas clinched multi-day highs beyond $2.30 per MMBtu on Thursday. The positive performance of prices was
CRUDE OIL FUTURES: FURTHER GAINS ON THE CARDS CME Group’s flash data for crude oil futures markets noted open interest went up for the third session in a row on Thursday, this time by around 5.6K contracts. On the other hand, volume keeps the choppy activity well and sound and went decreased by around 77.3K contracts. WTI NOW LOOKS TO $41.50 VERY NEAR-TERM
GOLD FUTURES: UPSIDE LOOKS LIMITED NEAR-TERM Open interest in Gold futures markets reversed two consecutive daily builds and shrunk by around 17.1K contracts on Thursday according to preliminary data from CME Group. Volume, in the same line, prolonged the erratic performance and dropped by around 68.1K contracts. GOLD STILL LOOKS DOWNWARDS Prices of the ounce troy of the precious metal attempted
SILVER PRICE ANALYSIS: XAG/USD LOOKS TO TEST THE RISING CHANNEL HURDLE AT $23.60 Silver looks to extend the bounce while above critical support. Hourly RSI edges higher above the midline, pointing to more gains. $23.60 is the level to beat for XAG/USD’s bulls. Silver (XAG/USD) buyers are once again in near-term control, as the price continues to find support near 50-hourly Simple Moving Average (HMA), currently at $22.80. At
CRUDE OIL PRICE WAVERS AS US RIG COUNT STARTS TO RISE The price of crude oil is little changed as traders react to the rising oil rig count data from the United States. Numbers released by Baker Hughes showed that total rig count rose by four to 183, which is the highest they have been since August. A rising number of rigs is usually an early
CRUDE OIL FUTURES: NEUTRAL OUTLOOK STILL PREVAILS CME Group’s flash prints for crude oil futures markets showed open interest went down for the fourth consecutive session on Friday, this time by nearly 8K contracts. Volume, instead, shrunk for the second straight session, now by around 31.7K contracts. WTI POISED FOR EXTRA RANGEBOUND Prices of the WTI keep the consolidative mood around the $40.00 mark
EUR/JPY PRICE ANALYSIS: 100-DAY SMA TRYING TO STOP BEARS NEAR 10-WEEK LOW EUR/JPY extends Friday’s losses to refresh multi-day low under 123.00. Bearish MACD keeps the sellers hopeful, bulls need to cross Wednesday’s high for fresh entries. EUR/JPY sellers attack 122.50, down 0.24% intraday, while heading into Monday’s European session. In doing so, the Euro cross tests 100-day SMA amid bearish MACD. As a result, further weakness
GOLD FUTURES: FURTHER RANGEBOUND LIKELY Open interest in Gold futures markets shrunk by nearly 1.6K contracts on Friday, clinching the second drop in a row in light of preliminary figures from CME Group. Volume, in the same line, went down for the second consecutive day, now by almost 127K contracts. GOLD STILL SUPPORTED BY THE 100-DAY SMA Prices of the
USD/INR PRICE NEWS: INDIAN RUPEE BULLS JOSTLE WITH FRIDAY’S DOJI BELOW 74.00 USD/INR eases from the intraday high of 73.69. 200-day SMA probes candlestick suggesting another run-up to one-month high. Fresh selling can wait for breaking Friday’s low. USD/INR drops to 73.59, down 0.15% intraday, during the initial Indian session on Monday. In doing so, the pair defies Friday’s Doji candlestick on the daily chart that suggests
GLOBAL STOCKS RISE AS BANKING GROUPS LEAD RALLY Global stocks had their best day since June yesterday as investors started being optimistic about the global economy. Banks, which are having their worst year in a decade, were the best performers. In the United States, JP Morgan, Bank of America, and Citigroup rose by more than 2%. Similarly, in Europe, banks like Deutsche Bank,
USD/INR PRICE NEWS: INDIAN RUPEE LOOKS SOUTH AMID FALLING WEDGE BREAKOUT USD/INR’s path of least resistance is to the upside. The spot has confirmed a falling wedge breakout on the hourly chart. Bulls head towards the pattern target above 74.00. USD/INR is looking to accelerate its upbeat momentum in Europe this Tuesday, despite the broad US dollar retreat, helped by a bullish technical breakout on the
NATURAL GAS FUTURES: VERY NEAR-TERM OUTLOOK LOOKS INCONCLUSIVE Open interest in Natural Gas futures markets went up by nearly 6K contracts on Monday, reversing three consecutive daily pullbacks according to preliminary prints from CME Group. On the other hand, volume shrunk for the third straight session, this time by around 108.6K contracts. NATURAL GAS: FURTHER DECLINE IS NOT RULED OUT Prices of Natural Gas charted
CRUDE OIL FUTURES: REBOUND COULD EXTEND FURTHER CME Group’s advanced readings noted traders added around 7.1K contracts to their open interest positions in crude oil futures markets on Monday, clinching the fifth consecutive build. Volume, instead, shrunk for the third session in a row, this time by around 79.5K contracts. WTI STILL LOOKS TO $41.50 Crude oil prices started the week on
EUR/CHF PRICE ANALYSIS: RISKS REMAINS SKEWED TO DOWNSIDE AMID BEARISH TECHNICAL SET UP EUR/CHF remains on the offers for the third straight day. Risks further falls amid likely bull pennant on the hourly chart. Hourly RSI points south while within the bearish region. EUR/CHF remains on the back foot on Tuesday, extending its bearish streak into a third straight day. The bulls are likely to see no reprieve,
GOLD FUTURES: FURTHER UPSIDE LIKELY Open interest in Gold futures markets increased by around 3.3K contracts on Monday, reversing two consecutive pullbacks in light of flash data from CME Group. Volume, in the same line, rose by almost 8K contracts, also following two drops in a row. GOLD FACES THE NEXT HURDLE AT $1,920 AREA Prices of the yellow metal
AUSTRALIAN DOLLAR RISES AFTER STRONG CHINA PMI DATA The Japanese yen was little changed during the Asian session as traders reacted to the country’s industrial production data. According to the statistics office, the preliminary industrial production for August rose by 1.7%, which was better than the 1.5% that analysts were expecting. The agency believes that production increased by 5.7% in September and by
NATURAL GAS FUTURES: FURTHER UPSIDE ON THE TABLE Traders increased their open interest positions for the second session in a row on Tuesday, this time by around 18.1K contracts in light of flash prints from CME Group. Volume followed suit and rose by around 160.7K contracts after three consecutive daily drops. NATURAL GAS COULD ATTEMPT A MOVE TO $3.00/MMBTU Prices of Natural Gas clinched new
CRUDE OIL FUTURES: RISING ODDS FOR A DEEPER PULLBACK CME Group’s preliminary readings for crude oil futures markets showed investors increased their open interest positions for the sixth consecutive session on Tuesday, this time by around 20.5K contracts, recording at the same time fresh multi-week tops. In the same line, volume went up sharply by around 343.3K contracts, the largest single day build since
GOLD FUTURES: ROOM FOR EXTRA GAINS Open interest in gold futures markets rose for the second straight session on Tuesday, this time by just 653 contracts, according to advanced figures from CME Group. In the other hand, volume reversed the previous build and drop by around 25.4K contracts. GOLD KEEPS TARGETING THE $1,920 REGION The yellow metal extended the optimism I
EUR/GBP PRICE ANALYSIS: MILDLY BID INSIDE 13-DAY-OLD FALLING CHANNEL EUR/GBP stays on the front foot, eyes weekly high of 0.9145 flashed the previous day. Further upside expected as recovery moves regain 200-bar SMA support amid bullish MACD. Channel’s support, August 31 low also challenge the sellers. EUR/GBP rises to 0.9140, up 0.11% intraday, before the European traders take over Wednesday’s market moves. The pair
September 2020
US STOCKS RISE AS PELOSI AND MNUCHIN CONTINUE STIMULUS TALKS The price of crude oil rose as the market reacted to inventory data from the United States. Data released by the Energy Information Administration (EIA) showed that inventories declined by more than 1.9 million barrels in the previous week. That was a higher drawdown than the previous week’s 1.6 million. It was also a surprise
NATURAL GAS FUTURES: NEUTRAL/BULLISH NEAR-TERM Investors increased their open interest positions for the third straight session on Wednesday, this time by around 7K contracts in light of advanced readings from CME Group. On the opposite side, volume kept the erratic trend and shrunk by nearly 124K contracts. NATURAL GAS COULD RE-TEST $2.80/MMBTU Prices of Natural Gas charted and inconclusive session on Wednesday
CRUDE OIL FUTURES: SCOPE FOR EXTRA UPSIDE CME Group’s flash data for crude oil futures markets showed open interest rose for yet another session, this time by just 688 contracts. In the same line, volume increased for the second session in a row, now by around 43.2K contracts. WTI SET SAILS TO $41.50 Prices of the WTI extended the leg higher and closed above
GOLD FUTURES: PULLBACKS LOOK SHALLOW Open interest in gold futures markets went down by around 5.8K contracts on Wednesday following two consecutive daily pullbacks according to preliminary figures from CME Group. Volume, instead prolonged the choppy activity and rose by around 39.8K contracts. GOLD STILL TARGETS THE $1,920 LEVEL AND ABOVE Wednesday’s negative performance in prices of the precious metal
USD/IDR PRICE NEWS: INDONESIAN RUPIAH IGNORES MIXED INFLATION DATA TO SLIP BELOW 200-HMA USD/IDR drops 0.20% even as Indonesian Inflation data marked contrasting signals in September. Broad US dollar weakness, risk-on mood seems to favor the Asian currency. Immediate falling trend line, downside break of 200-HMA keep sellers hopeful. Buyers may refrain from entries unless crossing weekly resistance line. USD/IDR drops to 14,865, down 0.20% intraday, during the
US DOLLAR STRENGTHENS AHEAD OF NONFARM PAYROLL DATA The US dollar strengthened as traders reacted to mixed economic data from the United States. Data released yesterday showed that initial jobless claims dropped to 837k in the previous week. That was the lowest reading since March. Other data by Markit and ISM showed that the US manufacturing PMI was at 53.2 and 55.4, respectively.
NATURAL GAS FUTURES: FURTHER UPSIDE LIKELY In light of preliminary figures from CME Group for Natural Gas futures markets, open interest rose for the fourth session in a row on Thursday, now by just 351 contracts. In the same direction, volume went up by around 83.2K contracts. NATURAL GAS STILL TARGETS $2.80/MMBTU Prices of Natural Gas look side-lined around the $2.50 region so
USD/JPY PRICE ANALYSIS: BEARS BREAK 200-HMA AS US PRESIDENT TRUMP TESTS POSITIVE FOR COVID-19 USD/JPY slumps over 30 pips following the news challenging the market sentiment. US President Donald Trump and his wife Melania both tested positive and will quarantine in the White House. 50% Fibonacci retracement gains short-term sellers’ attention. USD/JPY drops to 105.17, down 0.30% intraday, after the news of US President tested positive for the coronavirus
CRUDE OIL FUTURES: EXTRA DOWNSIDE STAYS ON THE CARDS CME Group’s flash data for crude oil futures markets noted open interest extended the uptrend for yet another session on Thursday, this time by around 16.6 contracts. Volume followed suit and rose for the third session in a row, now by around 158.8K contracts. WTI RISKS A MOVE TO $36.00 Prices of the barrel of WTI dropped
GOLD FUTURES: SCOPE FOR EXTRA GAINS Traders increased their open interest positions in gold futures markets by nearly 1.5K contracts on Thursday, in light of advanced readings from CME Group. In the same line, volume went up by around 1.9K contracts. GOLD: DOOR OPEN TO A TEST OF $1,920 Prices of the ounce troy of gold managed to close Thursday’s session above the
RBA POLICY MEETING AND FOMC MINUTES HEADLINE THE ECONOMIC DOCKET During the upcoming trading week, traders and investors look to the release of the FOMC meeting minutes and the Reserve Bank of Australia rate decision. The FOMC Meeting Minutes is expected to generate market volatility in the US dollar, bonds, and equity markets as the US central bank releases its latest thoughts on the US
US DOLLAR FALLS, GLOBAL EQUITIES RALLY ON SIGNS OF TRUMP IMPROVEMENTS The Australian dollar is up against peer currencies as traders react to strong data from Australia. According to the Australian Industry Group, the construction index rose from 42.7 in June to 45.2 in August, which is a sign that the economy is improving. Also, data from the National Australian Bank (NAB) showed that business confidence
SILVER PRICE ANALYSIS: XAG/USD PRINTS RISING WEDGE ON HOURLY CHART Silver prices ease from intraday high of $23.97. Dwindling MACD signals, bearish chart pattern keep sellers hopeful. Bulls need to cross last Tuesday’s top for fresh entries. Silver prices drops to $23.85 during Monday’s Asian session. Even so, the white metal prints 0.50% intraday gains while keeping bounce off the support line of a short-term
GOLD PRICE ANALYSIS: XAU/USD’S DEFENDS FRIDAY’S LOW Gold bulls defend support of Friday’s low of $1,897.  The yellow metal is trapped in a descending triangle on the 15-minute chart.  While gold (XAU/USD) has bounced up from Friday’s low of $1,897, the yellow metal is still trapped in a descending channel, as seen on the 15-minute chart. A move above the top end
EUR/USD PRICE ANALYSIS: BATTLING 50-HMA AFTER FALLING WEDGE BREAKOUT EUR/USD bulls await fresh impetus for the next leg up. Falling wedge breakout confirmed on the hourly chart. EUR bulls struggling to extend gains above 50-HMA. EUR/USD is off the highs but remains better bid above 1.1700, as the US dollar remains on the back foot amid the upbeat market mood. The optimism over US
AUSTRALIAN DOLLAR RISES AFTER UPBEAT RBA RATE DECISION US stocks ended the day higher as investors remained optimistic about a new stimulus, positive economic data and Donald Trump’s health. The Dow Jones, S&P 500, and Nasdaq 100 rose by more than 1.70%. The president, who has been improving, left the hospital yesterday to continue treatment at the White House. The stocks also rose
USD/JPY PRICE ANALYSIS: LOOKS NORTH, FOCUS ON TUESDAY’S CLOSE USD/JPY on the verge of a falling wedge breakout on the daily chart. Bulls eyeing a daily closing above 105.74, Powell in focus. Bullish daily RSI keeps the buyers hopeful above 105.50. Having faced stiff resistance once again near 105.80 region, USD/JPY has retreated slightly while trading modestly flat around 105.70 in European trading. Cautious
USD/CHF PRICE ANALYSIS: BEARS ATTACK KEY FIBONACCI RETRACEMENT SUPPORT INSIDE FALLING WEDGE USD/CHF stays heavy after taking a U-turn from 0.9163 the previous day. Bullish chart pattern keeps buyers hopeful unless breaking 0.9135. 100-HMA adds to the upside barriers, September 21 top becomes additional support. USD/CHF remains pressured around 0.9150 during the pre-European session on Tuesday. In doing so, the pair seesaws near 61.8% Fibonacci retracement of
CRUDE OIL FUTURES: RECOVERY HAS FURTHER LEGS TO GO Traders increased their open interest positions for yet another session at the beginning of the week, now by nearly 3.4K contracts according to flash data from CME Group. Volume, too, went up, this time by around 10.3K contracts. WTI TARGETS $40.00 AND ABOVE Monday’s positive performance of the barrel of WTI was on the back of rising
GOLD FUTURES: SCOPE FOR EXTRA GAINS CME Group’s preliminary readings for Gold futures markets noted open interest reversed three consecutive daily drops and rose by nearly 2.7K contracts at the beginning of the week. Volume, on the other hand, shrunk for the second day in a row, this time by around 33.2K contracts. GOLD NOW LOOKS TO $1,940/OZ Prices of the
DOLLAR RISES, GLOBAL EQUITIES FALL AS TRUMP POSTPONES STIMULUS TALKS US and Asian stocks turned lower while the dollar rose after Donald Trump called-off stimulus talks with the Democrats until after the election. The Dow Jones, S&P 500, and Nasdaq 100 declined by more than 1.30% each. The decision means that millions of Americans will go through hardship in the next few months. Also, it
USD/JPY PRICE ANALYSIS: 50-DMA IS A TOUGH NUT TO CRACK, FED MINUTES EYED USD/JPY looks to falling wedge hurdle on the daily chart. US dollar eases as risk sentiment improves on Trump’s tweets. 50-DMA at 105.78 is the level to beat for bulls, Fed minutes eyed. USD/JPY continues to challenge the critical resistance near the 105.80 region, as the sentiment around the major remains mixed amid broad-based US
NATURAL GAS FUTURES: EXTRA LOSSES SEEM SHALLOW Traders scaled back their open interest positions for the first time on Tuesday after six consecutive daily builds, this time by almost 10.5K contracts in light of advanced figures from CME Group. Volume followed suit and rose by around 116.5K contracts following three consecutive daily advances. NATURAL GAS STILL TARGETS $2.80/MMBTU Tuesday’s pullback in prices
CRUDE OIL FUTURES: FURTHER UPSIDE APPEARS LIMITED CME Group’s flash data for crude oil futures markets noted traders reversed the recent uptrend and shrunk by around 3K contracts on Tuesday. On the other hand, volume increased for the second straight session, now by around 92.3K contracts. WTI REMAINS CAPPED BY THE 55-DAY SMA Prices of the WTI keep trading around the $40.00 mark per
GOLD FUTURES: FURTHER CORRECTION ON THE CARDS Open interest in Gold Futures markets rose for the second session in a row on Tuesday, this time by more than 1K contracts according to preliminary readings from CME Group. Volume, in the same line, reversed two drops in a row and went up by around 43K contracts. GOLD STAYS CAPPED BY $1,920/OZ Prices of
BRITISH POUND RISES ON RENEWED HOPES OF A BREXIT BREAKTHROUGH The US dollar was little changed as the market reacted to the minutes of the previous Fed interest rate decision. The minutes showed that the central bank was concerned about the state of the economy now that congress had failed to offer more stimulus. As a result, they deliberated on their other options to support
WTI PRICE ANALYSIS: CLINGS TO 200-BAR SMA AROUND $40.00 IN ASIA WTI struggles to extend recovery moves from $39.48. Falling trend line from September 04 also challenges the oil bulls. Five-week-old horizontal support will lure bears below the $39.00 threshold. WTI picks up bids near $40.23 while heading into Thursday’s European session. In doing so, the black gold confronts 200-bar SMA after its positive performance on
GOLD FUTURES: FURTHER RANGEBOUND ON THE CARDS Open interest and volume in gold futures prices shrunk by around 4.6K contracts and by around 24.6K, respectively, on Wednesday according to flash data from CME Group. GOLD POINTS TO EXTRA CONSOLIDATION Prices of the ounce troy of gold edged higher amidst diminishing open interest and volume on Wednesday, supporting the view that extra gains look somewhat
CRUDE OIL FUTURES: LOOK CAUTIOUS NEAR-TERM Traders trimmed their open interest positions by around 19.3K contracts on Wednesday in light of preliminary readings from CME Group. Volume, instead, went up for the third consecutive session, this time by almost 32K contracts. WTI STILL CAPPED BY $41.50 Prices of the West Texas Intermediate rose for the third straight session on Wednesday. The uptick, however,
NATURAL GAS FUTURES: EXTRA GAINS APPEAR LIMITED CME Group’s advanced prints for Natural Gas futures noted open interest shrunk for the second session in a row on Wednesday, now by nearly 21K contracts. On the other hand, volume reversed the previous drop and rose by around 198.1K contracts. NATURAL GAS REMAINS CAPPED BY $2.80/MMBTU Wednesday’s positive performance of Natural Gas was amidst diminishing open
AMERICAN EQUITIES RISE ON STRONG M&A ACTIVITY American futures are rising as investors reflect on the latest stimulus updates and mergers and acquisition talk. In a statement yesterday, Speaker Nancy Pelosi said that she will not support smaller versions of stimulus as Donald Trump has suggested. Instead, she said that any funding should be part of a bigger package that includes funding
NATURAL GAS FUTURES: RISING ODDS FOR A CORRECTION LOWER CME Group’s advanced prints for natural gas futures markets noted open interest shrunk for the third session in a row on Thursday, this time by nearl7 6.4K contracts. In the same direction, volume decreased by almost 30K contracts, partially eroding the previous sharp build. NATURAL GAS SEEN STRUGGLING NEAR $2.80/MMBTU The recovery in Natural Gas prices appears
USD/JPY PRICE ANALYSIS: BULLS CAN IGNORE PULLBACK FROM 14-WEEK-OLD RESISTANCE LINE USD/JPY prints mild losses while snapping a two-day winning streak, recently recovering from intraday low. Bullish MACD, 14-day-long support line and a sustained break of 50-day SMA favor buyers. USD/JPY trims early-Asia losses while rising to 105.90 ahead of Friday’s European session. The yen pair took a U-turn from a multi-day-old resistance line the previous
CRUDE OIL FUTURES: FURTHER UPSIDE SEEN LIMITED CME Group’s preliminary data for crude oil futures markets noted traders scaled back their open interest positions for the third session in a row on Thursday, this time by around 40.3K contracts. On the other hand, volume went up sharply by around 185.3K contracts, reaching at the same time the fourth consecutive build. WTI STRUGGLES
GOLD FUTURES: UPSIDE LOOKS UNCONVINCING Open interest and volume in gold futures markets shrunk for the second session in a row on Thursday, this time by almost 2.7K contracts and by nearly 2K contracts, respectively. GOLD: CORRECTION IN THE OFFING? Prices of the ounce troy of gold extend the recovery in the second half of the week and flirt with the $1,900
BREXIT AND US POLITICS SET TO DRIVE FINANCIAL MARKETS THIS WEEK Macro focus During the upcoming trading week traders and investors look to the second US Presidential debate, and a key European Council Meeting concerning the terms of the United Kingdom leaving the EU. The Presidential debate is set to take place towards the end of the trading week, and comes at a time when Presidential
US FUTURES WAVER ON STIMULUS IMPASSE AND UPCOMING EARNINGS SEASON US futures are little changed as investors reacted to the stimulus impasse in the United States. Over the weekend, divisions about the next stimulus package continued after the White House extended its offer to $1.8 trillion. Republicans criticised it for being too big while Democrats said that the funding was not enough. This means that
GOLD FUTURES: EXTRA GAINS ON THE CARDS Traders reversed two consecutive daily pullbacks and increased their open interest positions by around 11K on Friday, according to flash data from CME Group. In the same line, volume went up by around 45.6K contracts, also following two drops in a row. GOLD NOW LOOKS TO $1,940/OZ Friday’s positive performance in gold prices was amidst rising open
NATURAL GAS FUTURES: CORRECTION LOWER LIKELY NEAR-TERM Traders trimmed their open interest positions in Natural Gas futures markerts for the fourth consecutive day on Friday, this time by nearly 9.8K contracts in light of advanced prints from CME Group. On the opposite side, volume extended the choppy activity and went up by almost 59K contracts. NATURAL GAS PRICES NOW TARGET $3.00/MMBTU Prices
CRUDE OIL FUTURES: EXTRA DECLINE LOOKS SHALLOW CME Group’s preliminary readings for crude oil futures markets noted open interest shrunk for the fourth consecutive session on Friday, this time by more than 9K contracts. Volume reversed four straight builds and diminished by around 362.8K contracts. WTI MEETS RESISTANCE NEAR $41.50 Prices of the WTI run out of steam in the vicinity of the key
WALL STREET RALLIES AS POLLING POINTS TO A JOE BIDEN WIN US stocks rallied yesterday as fears of the upcoming US elections started to wane after polls showed a strong lead for Joe Biden. The Nasdaq 100 index rose by 2.6% while the S&P 500 gained 1.6%. Apple shares rose by 6% ahead of the company’s 5G phone launch while Amazon added 4.8% ahead of its
CRUDE OIL FUTURES: FURTHER DECLINE NOT RULED OUT CME Group’s preliminary readings for crude oil futures markets noted open interest went up by nearly 18K contracts on Monday, reversing four consecutive daily pullbacks. Volume, instead, shrunk for the second straight session, now by around 28.4K contracts. WTI COULD DROP TO THE 200-DAY SMA Prices of the barrel of the West Texas Intermediate (WTI)
GOLD FUTURES: DOWNSIDE APPEARS LIMITED Traders reduced their open interest positions by just 486 contracts at the beginning of the week according to flash data from CME Group. Volume, too, shrunk by 80.7K contracts, extending the erratic performance seen as of late. GOLD REMAINS CAPPED BY THE $1,940 REGION Gold’s negative performance on Monday was on the back of diminishing
USD/CHF PRICE ANALYSIS: PRINTS FALLING WEDGE ON HOURLY CHART USD/CHF slips below 0.9100 after failing to keep Monday’s recovery moves from 0.9087. A bullish chart pattern can take clues from an upbeat MACD histogram. Bears may target the mid-September bottom ahead of the August low. USD/CHF eases the upside momentum while declining to 0.9093 during the pre-European trading on Tuesday. Even so, bullish MACD
USD/IDR PRICE NEWS: RUPIAH SELLERS PROBE 50-DAY SMA AHEAD OF BANK INDONESIA RATE DECISION USD/IDR keeps bounces off 200-day SMA, nears one week high of 14,795 flashed recently. BI is likely to keep 7-day reverse repo at 4.0% for the fourth consecutive time. 13-day-old resistance line joins 50-day SMA to challenge the bulls. The key Fibonacci retracements can lure sellers below 200-day SMA. USD/IDR eases from the intraday high, also
US STOCKS FALL AFTER TWO COVID-19 VACCINE TRIALS HALTED US stocks declined yesterday as the market reacted to the latest Apple iPhone event, corporate earnings, and vaccine news. In a virtual event yesterday, Apple unveiled its latest gadgets, including the new 5G-enabled iPhones, Homepod Mini, and Magsafe, among others. The firm’s shares fell by 2% during the event. The market also reacted to bank
NATURAL GAS FUTURES: DOWNSIDE IS SEEN SHORT-LIVED In light of advanced prints from CME Group for Natural Gas futures markets, open interest resumed the downside on Tuesday, this time by around 3.8K contracts. Volume followed suit and retreated for the second straight session, now by almost 32K contracts. NATURAL GAS STILL LOOKS TO $3.00/MMBTU Tuesday’s negative performance in the commodity came in
CRUDE OIL FUTURES: ROOM FOR EXTRA GAINS CME Group’s preliminary readings for crude oil futures markets noted traders increased their open interest positions for the second session in a row on Tuesday, now by around 3.8K contracts. In the same line, volume reversed two consecutive pullbacks and went up by nearly 179.5K contracts. WTI RE-SHIFTS THE ATTENTION TO $41.50 Prices of the WTI managed
GOLD FUTURES: FURTHER DECLINE LOOKS UNFAVOURED Open interest in gold futures markets shrunk for the second session in a row on Tuesday, this time by around 4.6K contracts, according to flash data from CME Group. On the other hand, volume extended the erratic performance and rose sharply by around 116.6K contracts. GOLD LOOKS SUPPORTED BY THE 100-DAY SMA Gold prices started the
USD/INR PRICE NEWS: INDIAN RUPEE BUYERS LURK AROUND 73.40/50 KEY UPSIDE HURDLE USD/INR prints mild losses below 73.50 after stepping back from a three-week-old resistance line, a confluence of 100 and 200-bar SMA. Normal RSI suggests further weakness, bulls will have the key Fibonacci retracement as additional filters to the north. USD/INR declines to 73.34, down 0.09% intraday, during the initial hour of Wednesday’s Indian trading session.
AUSTRALIAN DOLLAR FALLS AS GOVERNOR LOWE PLEDGES MORE EASING The Australian dollar declined against major peers as the market reacted to the latest Australian jobs numbers. According to the Bureau of Statistics, the country’s unemployment rate rose from 6.8% to 6.9% in September while the participation rate remained unchanged at 64.8%. Further, the country lost more than 29,000 jobs during the month after it
NATURAL GAS FUTURES: SCOPE FOR FURTHER DECLINE Advanced figures for natural gas futures markets from CME Group noted open interest went up by almost 10K contracts on Wednesday. On the opposite side, volume dropped for the third straight session, this time by around 27.3K contracts. NATURAL GAS LOOKS SUPPORTED AROUND $2.60/MMBTU Prices of Natural Gas tested and rebounded from the $2.60 level per MMBtu
GOLD FUTURES: UPSIDE LACKS CONVICTION Traders reduced their open interest positions in gold futures markets for the third session in a row on Wednesday, this time by around 2.6K contracts and according to preliminary readings from CME Group. In the same direction, volume shrunk by around 88.7K contracts amidst the prevailing erratic trend. GOLD LOOKS CONSOLIDATIVE BETWEEN THE 55-/100-DAY SMAS Prices
USD/CHF PRICE ANALYSIS: WEDNESDAY’S HANGING MAN, MONTHLY RESISTANCE LINE HIGHLIGHT 0.9100 FOR BEARS USD/CHF directs the previous day’s failure to cross 0.9150 towards 0.9100 round-figure. 50-day SMA, 61.8% Fibonacci retracement offer immediate supports amid bearish MACD. Bulls can target 0.9200 after the trendline break. USD/CHF drops to 0.9131, down 0.05%, while heading into the European session on Thursday. In doing so, the pair respects the previous day’s pullback
US DOLLAR RETREATS AHEAD OF THE SEPTEMBER RETAIL SALES RELEASE The US dollar declined in overnight trading as the market reacted to rising jobless claims data. According to the Bureau of Labour Statistics (BLS), close to 900k Americans applied for initial jobless claims last week. That was higher than the previous week’s increase of 845k. It was also the highest reading since mid-August. The continuing
NATURAL GAS FUTURES: UPSIDE SEEN LIMITED CME Group’s preliminary readings for natural gas futures noted open interest and volume shrunk by around 17.2K contracts and by around 88.8 contracts, respectively, on Thursday. NATURAL GAS REMAINS FOCUSED ON $3.00/MMBTU Prices of Natural Gas managed to surpass the $2.82 level on Thursday, although they ended up closing near $2.77 per MMBtu amidst diminishing open interest
GOLD FUTURES: EXTRA GAINS LOOK LIKELY Open Interest in gold futures markets rose by almost 8K contracts on Thursday after three consecutive daily drops in light of advanced figures from CME Group. In the same line, volume went up by around 31.2K contracts, prolonging the choppy activity seen as of late. GOLD NOW LOOKS TO $1,918/OZ Gold prices advanced further and closed
CRUDE OIL FUTURES: FURTHER RETRACEMENT LOOKS SHALLOW Investors trimmed their open interest positions by around 6.1K contracts on Thursday, reversing at the same time three consecutive daily pullbacks in light of flash data from CME Group. Volume, too, extended the downside and receded by around 38.6K contracts. WTI STAYS LIMITED BY $41.50 Prices of the barrel of WTI keep the side-lined theme around the
AUSTRALIAN DOLLAR RISES AFTER IMPRESSIVE CHINA GDP DATA The Australian dollar is up today as the market reacts to impressive Chinese growth. According to the statistics bureau, the country expanded by 4.9% in the third quarter after rising by 3.2% in the second quarter. That makes it the only major country to recover for two straight quarters. The impressive growth was spread across
GLOBAL GROWTH AND INFLATION DATA HEADLINES THE ECONOMIC DOCKET During the upcoming trading week, the release of Chinese growth figures and EU Consumer Price Index and Producer Price Index inflation data is likely to set the tone for financial markets. Traders and investors will also be closely monitoring the ongoing United States coronavirus stimulus package negotiations, and also reacting to British PM Boris Johnson’s
NATURAL GAS FUTURES: NEUTRAL/BEARISH OUTLOOK REMAINS UNCHANGED Investors reduced their open interest positions for the second consecutive session on Friday, now by around 2.3K contracts according to advanced figures from CME Group. Volume, instead, reversed four consecutive sessions and rose by nearly 37.2K contracts. NATURAL GAS FACES FURTHER CONSOLIDATION Prices of Natural Gas charted and inconclusive session on Friday amidst shrinking open interest and
CRUDE OIL FUTURES: EXTRA DOWNSIDE APPEARS SHALLOW CME Group’s flash data for Crude Oil futures markets noted open interest shrunk for the second session in a row on Friday, this time by nearly 7K contracts. In the same direction, volume went down for the third session in a row, now by around 292.2K contracts. WTI: UPSIDE STILL FACES RESISTANCE AROUND $41.50 Prices
GOLD FUTURES: FURTHER PULLBACKS NOT RULED OUT Open interest in Gold futures markets rose by round 1.8K contracts at the end of last week, clinching the second build in a row in light of preliminary readings from CME Group. On the other hand, volume extended the choppy performance and shrunk by around 72K contracts. GOLD STAYS IMMERSED INTO A CONSOLIDATIVE THEME Friday’s
US EQUITIES FALL AHEAD OF NANCY PELOSI’S STIMULUS DEADLINE US equities declined yesterday as traders remained concerned about the rising number of Covid-19 cases in the United States and the looming deadline for stimulus. The S&P 500 declined by 1.6% while the Nasdaq 100 index fell by 1.7%. Yesterday, health officials confirmed more than 57,000 new cases, in line with last week’s average. With
NATURAL GAS FUTURES: UPSIDE LOOKS LIMITED Traders reduced their open interest positions for the third session in a row on Monday, this time by around 2.8K contracts in light of advanced figures from CME Group. In the meantime, volume went down by around 11.8K contracts, partially reversing the previous build. NATURAL GAS: A MOVE TO $3.00/MMBTU IS NOT RULED OUT Short
CRUDE OIL FUTURES: FURTHER CONSOLIDATION REMAINS IN PLACE CME Group’s flash data for Crude Oil futures markets noted open interest shrunk for the third straight session at the beginning of the week, now by around 35.8K contracts. On the other hand, volume reversed three daily drops in a row and increased by almost 86K contracts. WTI STILL LOOKS TO $41.50 Prices of the
GOLD FUTURES: FURTHER RANGEBOUND ON THE CARDS Open interest in Gold futures markets rose for the third consecutive session on Monday, this time by nearly 4.4K contracts according to preliminary readings from CME Group. In the same line, volume prolonged the choppy performance and went up by around 17.3K contracts. GOLD LOOKS SIDE-LINED AROUND $1,900/OZ Gold prices extend the consolidative mood around the
USD/CHF PRICE ANALYSIS: 0.9085 HOLDS THE KEY TO FURTHER DOWNSIDE USD/CHF remains on the back foot below 61.8% Fibonacci retracement of the late August-September upside. Lows marked since September 21 restricts the pair’s immediate downside. 200-bar SMA, a seven-week-old ascending trend line challenge the bulls. USD/CHF sellers attack 0.9100 round-figures ahead of Tuesday’s European session. In doing so, the pair fades bounces off a one-month-long
US FUTURES RISE AS THE MARKET REMAINS OPTIMISTIC ABOUT STIMULUS US futures are rising as traders reflect on the ongoing corporate earnings and stimulus talks. According to Mark Meadows, the White House chief of staff, Nancy Pelosi and Steve Mnuchin are still making progress on the talks even as wide differences remain. Also, in a letter to Democrats, Pelosi said that she remains positive that
GBP/USD PRICE ANALYSIS: RECAPTURING 50-DMA CRITICAL TO UNLEASH FURTHER UPSIDE GBP/USD primed for a technical breakout on the daily chart.   RSI stays bullish but 50-DMA is a tough nut to crack. Brexit stand-off extends, as focus shift to a new US stimulus aid. With the stand-off between the European Union (EU) and the UK extending on a Brexit trade deal, GBP/USD is lacking the
NATURAL GAS FUTURES: UPSIDE COULD RUN OUT OF STEAM Open interest in Natural Gas futures markets shrunk for yet another session on Tuesday, this time by nearly 4K contracts in light of advanced prints from CME Group. Volume followed suit and dropped for the second session in a row, this time by around 47.1K contracts. NATURAL GAS: THE $3.00 MARK IS JUST AROUND THE
CRUDE OIL FUTURES: FURTHER UPSIDE LACKS CONVICTION CME Group’s flash data for Crude Oil futures markets noted open interest shrunk by nearly 4.1K contracts on Tuesday, clinching the fourth consecutive daily drop. Volume, instead, went up for the second straight session, now by around 44.2K contracts. WTI NOW LOOKS TO $42.00 Prices of the barrel of WTI briefly tested the vicinity of the $42.00
GOLD FUTURES: SCOPE FOR EXTRA GAINS Traders increased their open interest positions for the fourth consecutive session on Tuesday, this time by just 723 contracts according to preliminary readings from CME Group. Volume, in the same line, rose by around 1.5K contracts, reaching the second consecutive daily build. GOLD NOW LOOKS TO $1,933/OZ Gold prices extend the march north amidst rising open
US FUTURES DROP ON STIMULUS AND ELECTION FEARS ere concerned about a Covid-19 vaccine after a Brazilian participant in a trial by AstraZeneca died. That risks delaying a vaccine even as the number of cases continues to rise. Also, traders are concerned that the US will not have a stimulus package before the upcoming election. The Canadian dollar fell against the US dollar
CRUDE OIL FUTURES: SCOPE FOR FURTHER DOWNSIDE Open interest in Crude Oil futures markets rose by around 19.6K contracts on Wednesday, reversing at the same time four consecutive daily drops, as per advanced figures from CME Group. Volume followed suit and went up for the third day in a row, this time by almost 1.5K contracts. WTI EYES A TEST OF $39.00
EUR/CHF PRICE ANALYSIS: STEPS BACK FROM WEEKLY CHANNEL RESISTANCE TOWARDS 1.0700 EUR/CHF eases after refreshing one-week high with 1.0741 level. Pullback from immediate resistance highlights 200-HMA for sellers. Bulls will have multiple upside barriers beyond the mentioned channel’s upper line. EUR/CHF seesaws around 1.0740, following its run-up to the highest since October 14, during the pre-European trading on Thursday. The pair’s latest consolidation could be traced
GOLD FUTURES: ROOM FOR EXTRA GAINS NEAR-TERM According to advanced data for Gold futures markets from CME Group noted traders increased their open interest positions for the fifth consecutive session, this time by around 9.5K contracts on Wednesday. Volume, in the same line, rose for the third straight session, now by more than 40K contracts. GOLD NOW LOOKS TO $1,992/OZ Prices of
NATURAL GAS FUTURES: CORRECTION LOWER IS OVERDUE CME Group’s preliminary readings for Natural Gas futures markets noted open interest extended the downtrend for yet another session on Wednesday and shrunk by nearly 14.5K contracts. In the same line, volume reversed two consecutive sessions and increased by around 75.3K contracts. NATURAL GAS CLINCHES FRESH 2020 HIGHS Prices of the Natural Gas finally reached the key
NEW ZEALAND DOLLAR WAVERS AFTER DISAPPOINTING INFLATION DATA The New Zealand dollar is little changed as the market reacts to New Zealand’s consumer price index. According to the statistics bureau, the country’s inflation rose by 0.7% in the third quarter after dropping by 0.5% in the second quarter. That increase was less than the 0.7% analysts polled by Reuters were expecting. On an
NATURAL GAS FUTURES: CORRECTION DEEMED AS SHORT-LIVED Investors trimmed their open interest positions in Natural Gas futures markets for yet another session on Thursday, this time by nearly 12K contracts according to advanced prints from CME Group. In the same line, activity in volume remained choppy and also went down by almost 99K contracts. NATURAL GAS EXPECTED TO RE-VISIT $3.00 AND ABOVE
CRUDE OIL FUTURES: EXTRA RANGEBOUND IN THE PIPELINE CME Group’s flash data for crude oil futures markets noted open interest prolonged the erratic activity and went down by more than 15K contracts on Thursday. Volume followed suit and decreased sharply by around 142.6K contracts following three consecutive daily builds. WTI FACES FURTHER CONSOLIDATION Prices of the WTI meets contention near the $39.80 region so far
GOLD FUTURES: DOWNSIDE LOOKS SHALLOW Open interest in Gold futures markets shrunk by more than 11K contracts on Thursday, reversing at the same time five consecutive daily builds in light of preliminary readings from CME Group. On the opposite direction, volume extended the uptrend and rose by around 16.8K contracts. GOLD POISED TO EXTEND THE CONSOLIDATION Prices of the ounce
CENTRAL BANK RATE DECISIONS AND US ELECTIONS TO SET THE MARKET TONE Rates and polls During the upcoming week key interest rate decisions from the European Central Bank, Swiss National Bank, Bank of Japan, and Bank of Canada headline the economic docket. The European Central Bank rate decision is set to be the highlight of the week for traders and investors, as market participants await the ECB
EURO FALLS AS SPAIN AND ITALY UNVEIL SWEEPING CIRCUIT-BREAKER RULES The euro declined in early trading as traders focused on the rising Covid-19 cases in European countries and measures implemented by Italy and Spain to deal with it. In a statement, the Italian government said that it would introduce the toughest health restrictions since the end of the first wave in May. It unveiled these
GOLD FUTURES: DOWNSIDE APPEARS CONTAINED Open interest in Gold futures markets decreased for the second session in a row on Friday, this time by around 3.2K contracts according to flash data from CME Group. In the same line, volume shrunk by around 48.6K contracts following four daily builds in a row. GOLD NAVIGATES BETWEEN $1,880/$1,920 Friday’s inconclusive price action in gold was
NATURAL GAS FUTURES: DOWNSIDE APPEARS SHALLOW Traders reduced their open interest positions by around 6.1K contracts on Friday and extended the downtrend prevailing since October 15th, all in light of FX Strategists at UOB Group. Volume followed suit and went down for the second session in a row, this time by around 15.3K contracts. NATURAL GAS: A MOVE BACK TO $3.00
CRUDE OIL FUTURES: EXTRA RANGEBOUND ON THE TABLE CME Group’s preliminary readings for crude oil futures markets noted open interest and volume went down by around 1.3K contracts and by around 66.5K contracts, respectively, at the end of last week. WTI RISKS A MOVE TO $37.50/BBL Prices of the WTI add to Friday’s losses amidst diminishing open interest and volume, leaving the prospects of further
US FUTURES POINT UPWARDS AFTER THE WORST DAY IN 2 MONTHS US equities nosedived as traders remained concerned about the rising number of coronavirus cases in the United States and around the world. They were also concerned about the lack of stimulus in the US. In the US, the number of coronavirus cases continued to rise, with hospitalisations rising to the highest level since August. Also,
CRUDE OIL FUTURES: SCOPE FOR FURTHER DOWNSIDE Open interest in crude oil futures markets reversed two consecutive daily drops and gained nearly 8.6K contracts on Monday in light of preliminary readings from CME Group. Volume followed suit and rose sharply by around 174.2K contracts, also following two pullbacks in a row. WTI LOOKS SUPPORTED BY THE 200-DAY SMA NEAR $37.50 Prices of
GOLD FUTURES: FURTHER UPSIDE STAYS ON THE CARDS Traders increased their open interest positions by just 178 contracts on Monday following two daily pullbacks in a row, according to flash figures from CME Group. On the other hand, volume shrunk for the second session in a row, this time by nearly 7.1K contracts. GOLD FACES THE NEXT HURDLE AT $1,933/OZ Prices of the
USD/JPY PRICE ANALYSIS: TEASING RISING WEDGE BREAKDOWN, EYES ON 104.00 USD/JPY eyes a break below 104.50 as the US dollar retreats.  The spot on the verge of a rising wedge breakdown on the hourly chart. RSI points south while within the bearish territory. Having failed to close Monday above the critical barrier at 104.95, USD/JPY drops back in the red zone in Tuesday’s Asian hours,
GBP/USD PRICE ANALYSIS: BULLS COULD EMERGE AGAIN ON TEST OF 1.3080 GBP/USD has completed a Fibonacci retracement on the daily time frame to structure. Bulls are waiting for bullish conditions to be confirmed.  The 1.32 area is compelling on a test of 1.3080.  GBP/USD is possibly on the verge of a continuation bullish impulse and the bulls are encouraged by the amount of structure supporting the
EURO GAINS AHEAD OF ECB INTEREST RATE DECISION US futures bounced back as traders waited for third quarter earnings from the biggest companies in the world, including Facebook, Amazon, Alphabet, and Apple. These firms have a market cap of more than $5 trillion and are the biggest constituents of the S&P 500 and Nasdaq 100. Recent reports suggest that these companies will report
NATURAL GAS FUTURES: REBOUND SEEMS LIKELY In light of flash data for Natural Gas futures markets from CME Group, open interest rose marginally by 16 contracts on Wednesday amidst the prevailing downtrend in place since October 15. Volume, on the other hand, shrunk by around 172.2K contracts, fading the previous build. NATURAL GAS LOOKS NEUTRAL/BULLISH Wednesday’s negative price action in prices
CRUDE OIL FUTURES: EXTRA LOSSES NOT RULED OUT CME Group’s preliminary readings for Crude Oil future markets noted open interest extended the choppy activity and rose by just 831 contracts on Wednesday. In the same line, volume reversed the previous drop and rose by around 374K contracts. WTI NOW LOOKS TO $36.00/BBL Prices of the barrel of the West Texas Intermediate dropped to fresh lows
GOLD FUTURES: DOWNSIDE APPEARS CAPPED Investors trimmed their open interest positions in Gold futures markets by around 10.5K contracts on Wednesday, according to advanced figures from CME Group. Volume, instead, went up sharply by around 144.3K contracts, reversing three consecutive daily pullbacks. GOLD COULD EXTEND THE DROP TO $1,850/OZ Wednesday’s downtick in Gold prices was on the back of shrinking open interest,
NZD/USD PRICE ANALYSIS: BUYERS REMAINS HOPEFUL WHILE ABOVE 21-DMA NZD/USD holds onto critical 21-DMA support. Daily RSI remains in the bullish region,   All eyes on US Q3 GDP and Jobless Claims. The recovery momentum in NZD/USD remains intact in early Europe, as the buyers remain hopeful amid a 1% rebound in the S&P 500 futures and broad-based US dollar retreat. The dollar bulls
October 2020
US ELECTION RESULT SET TO GENERATE MAJOR MARKET VOLATILITY During the upcoming trading week, traders and investors look to US Presidential result for direction, with the outcome set to generate significant market volatility across a broad spectrum of financial asset classes. Traders also have to contend with high-impacting central bank interest rate decisions from the Reserve Bank of Australia, the Federal Reserve, and the
BRITISH POUND IN A TIGHT RANGE AS ENGLAND STARTS NEW LOCKDOWN The British pound is little changed as traders reacted to the new lockdown in the United Kingdom. In a statement yesterday, Boris Johnson announced that England will start a four-week lockdown as the number of Covid-19 cases increased. The decision came after the UK passed the 1 million cases milestone during the weekend. In the
NATURAL GAS FUTURES: POTENTIAL CORRECTION NEAR-TERM Traders increased their open interest positions by around 7.5K contracts at the end of last week, halting a downtrend in place since October 15 in light of flash data from CME Group. On the other hand, volume went down by around 51.7K contracts, partially reversing the previous sharp increase. NATURAL GAS MET RESISTANCE NEAR $3.40/MMBTU
GOLD FUTURES: REBOUND SEEN SHORT-LIVED Open interest and volume in Gold futures markets shrunk by around 3.1K contracts and by around 9.3K contracts, respectively, according to preliminary figures from CME Group at the end of last week. GOLD REMAINS CAPPED NEAR $1,930/OZ Prices of the ounce troy of the precious metal edged higher on Friday although the drop in open
CRUDE OIL FUTURES: SCOPE FOR EXTRA PULLBACKS CME Group’s advanced prints for Crude Oil futures markets noted traders increased their open interest positions by around 14.6K contracts on Friday, reversing the previous build. Volume, instead, went down sharply by around 386.3K contracts following two builds in a row. WTI FACES THE NEXT SUPPORT BELOW $30.00/BBL Prices of the barrel of WTI remain under pressure.
US STOCKS RISE AHEAD OF TODAY’S USA ELECTION US stocks are rising in the futures market ahead of the US election. The Dow Jones and S&P 500 futures are up by almost 1%. The market is optimistic that, regardless of who wins the election, they will get clarity about US policies. They also hope that they will get a stimulus deal in the
CRUDE OIL FUTURES: SCOPE FOR EXTRA GAINS CME Group’s flash data for crude oil futures markets noted open interest rose for the second session in a row at the beginning of the week, this time by around 16.5K contracts. Volume followed suit and went up by around 260.2K contracts. WTI NOW LOOKS TO $40.00 MARK WTI prices rallied nearly 4% on Monday on
GOLD FUTURES: FURTHER UPSIDE APPEARS LIMITED Open interest in Gold futures markets extended the downtrend for yet another session on Monday, this time by just 114 contracts in light of preliminary readings from CME Group. Volume, in the same line, decreased for the third consecutive session, now by around 48.3K contracts. GOLD MET SUPPORT AROUND $1,860/OZ The positive performance of Gold prices at
EUR/GBP PRICE ANALYSIS: BULLS CHEER INVERTED HAMMER ON D1 ABOVE 0.9000 EUR/GBP takes the bids near intraday high around 0.9020. Bearish MACD highlights 100-day EMA as immediate resistance. Multiple levels below 0.9000 test bears amid normal RSI conditions. EUR/GBP rises to 0.9018, up 0.09% intraday, during the pre-European trading on Tuesday. The pair rises for the second day while taking clues from the previous day’s bullish
NATURAL GAS FUTURES: LEG LOWER HAS FURTHER ROOM TO GO According to advanced prints for Natural Gas futures markets from CME Group, open interest rose for the second straight sessions, this time by around 8.5K contracts. In the same direction, volume reversed the previous’ day drop and increased by nearly 2.3K contracts. NATURAL GAS EASES FROM 2020 HIGHS AROUND $3.40/MMBTU Prices of Natural Gas shed further ground
US DOLLAR SINKS AS US ELECTION RESULTS STREAM-IN The US dollar is up sharply as the market reacts to the streaming results from the United States. The dollar index is up by more than 0.90%, which is a sign that the market is getting cautious over the results. Similarly, equities have erased some of yesterday’s gains, with the Dow Jones futures down by
NATURAL GAS FUTURES: ROOM FOR EXTRA DOWNSIDE In light of advanced prints for Natural Gas futures markets, open interest and volume extended the recent uptrend and rose by around 4.3K contracts and by around 153.1K contracts, respectively, on Tuesday. NATURAL GAS COULD BREAK BELOW $3.00/MMBTU Prices of Natural Gas continued its corrective downside from 2020 peaks on Tuesday. The move was accompanied by rising
CRUDE OIL FUTURES: UPSIDE APPEARS SHORT-LIVED Open interest in Crude Oil futures markets shrunk by nearly 22K contracts on Tuesday following two straight daily builds, according to preliminary figures from CME Group. Volume followed suit and dropped by 874.1K contracts, extended the erratic performance. WTI FACES DOWNSIDE PRESSURE Short covering fuelled Tuesday’s uptick in prices of the WTI to the boundaries of the
USD/CAD PRICE ANALYSIS: CLINGS TO STRONG INTRADAY RECOVERY GAINS, JUST BELOW MID-1.3200S Resurgent USD demand assisted USD/CAD to rebound swiftly from an ascending trend-line support. Technical indicators on hourly charts favour bullish traders and support prospects for further gains. Neutral oscillators on the daily chart warrant some caution before placing aggressive bullish bets. Having shown some resilience below the 1.3100 mark, the USD/CAD pair rallied over 180
GOLD FUTURES: FURTHER GAINS LOOK LIKELY CME Group’s flash readings for Gold futures markets noted traders increased their open interest positions by nearly 5K contracts on Tuesday, reversing at the same time four consecutive daily pullbacks. In the same direction, volume went up by around 10.8K contracts after three drops in a row. GOLD MET RESISTANCE AT THE 55-DAY SMA Tuesday’s
US DOLLAR FALLS AS TRADERS PREDICT GRIDLOCK IN WASHINGTON The Australian dollar is up slightly against the US dollar as traders react to the country’s export and import data. According to the bureau of statistics, Australia exports bounced back in September even as the country dealt with its second wave. In total, exports rose by 4% after slipping 4% in the previous month. However,
NZD/USD PRICE ANALYSIS: GYRATES NEAR SIX-WEEK-OLD ASCENDING CHANNEL RESISTANCE NZD/USD fails to extend recovery from 0.6614 well beyond 0.6700. Bullish MACD, price-positive chart pattern keeps buyers hopeful. 100-day EMA adds strength to the channel support. Having marked another failure to cross 0.6710, NZD/USD eases to 0.6692, down 0.05% intraday, ahead of Thursday’s European session. Even so, the pair stays inside a bullish chart pattern,
USD/INR PRICE ANALYSIS: RISKS SKEWED TO THE DOWNSIDE USD/INR looks south after rejection at a multi-month descending trendline.  Failure to beat the technical hurdle is backed by a bearish outside day candle. USD/INR is currently trading largely unchanged on the day near 74.23. On Wednesday, the pair failed to take out resistance of the trendline falling from April 21 and June 16 highs
GOLD FUTURES: CAUTIOUS TRADE LOOKS LIKELY Traders increased their open interest positions in Gold futures markets for the second session in a row on Wednesday, this time by nearly 4.6K contracts according to advanced figures from CME Group. In the same line, volume rose sharply by around 134.5K contracts. GOLD FACES POTENTIAL CONSOLIDATION Gold prices charted an inconclusive session on Wednesday amidst
CRUDE OIL FUTURES: CORRECTION LOWER IN THE OFFING CME Group’s flash data for crude oil futures markets noted open interest dropped for the second straight session on Wednesday, now by more than 3K contracts. In the same line, volume shrunk for the second session in a row, this time by nearly 31.5K contracts. WTI RISKS A MOVE TO THE 200-DAY SMA Wednesday’s positive
US ELECTION UNCERTAINTY SPARKS MAJOR MARKET MOVES Financial markets experienced a strong bout of volatility this week, as the United States election result proved much closer than early polling had suggested. The US dollar index started to strengthen as the election race tightened but later gave background as the Biden Campaign started to gain ground. Global equity markets also incurred significant volatility
GLOBAL EQUITIES RETREAT AS JOE BIDEN EXTENDS LEAD Global stocks retreated today as traders continued to watch the streaming election results from the United States. In Europe, the DAX index, Stoxx 50, and CAC 40 declined by more than 1.40%. Similarly, in the United States, futures linked to the Dow Jones and S&P 500 dropped by more than 0.87% and 1%, respectively. Results
EUR/GBP PRICE ANALYSIS: FADES BOUNCES OFF 200-DAY EMA BELOW TWO-MONTH-OLD RESISTANCE LINE EUR/GBP trims intraday losses while bouncing off 0.9014. Momentum dwindles inside a multi-day-old symmetrical triangle. EUR/GBP picks up bids to 0.9022, down 0.10% on a day, during the pre-European trading on Monday. The pair dropped to the lowest in two months the last Wednesday before recovering from 200-day EMA. However, upside momentum fizzled below a
USD/INR PRICE NEWS: 200-BAR EMA PROBES INDIAN RUPEE BUYERS BELOW MONTHLY SUPPORT LINE USD/INR prints mild losses below an ascending trend line from October 09 amid bearish MACD. Eight-day-old horizontal resistance adds to the upside barriers. USD/INR drops to re-test 200-bar EMA while declining to 73.88, down 0.15% intraday, during the early Monday. The pair bounced off the key EMA during the last week but failed to rise
USD/CHF PRICE ANALYSIS: BEARS KEEP THE REINS AROUND MULTI-MONTH LOW USD/CHF wavers around the lowest levels since January 2015. Three-day-old resistance line, 200-HMA restrict immediate upside. Highs marked during early July 2014 offer nearby support below 0.8982. USD/CHF stays mildly offered near 0.8996 during early Monday. The pair dropped to the lowest since January 27, 2015, on Friday before the oversold RSI conditions trigger its
GLOBAL STOCKS RALLY AS INVESTORS CHEER VACCINE BREAKTHROUGH Global stocks rallied as traders reacted to the US election victory and hopes of a Covid-19 vaccine. In a statement yesterday, Pfizer and BioNTech revealed that their vaccine was 90% effective. It was also unveiled that many countries, including the US and those in Europe had already booked the shots. These shots will start being
CRUDE OIL FUTURES: FURTHER GAINS STAY ON THE CARDS CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions by around 9.5K contracts on Monday, reaching the second build in a row. In the same direction, volume rose markedly by around 644.1K contracts. WTI NOW LOOKS TO $42.00/BBL Prices of the barrel of WTI moved beyond the $41.00 mark on
GOLD FUTURES: EXTRA DOWNSIDE LOOKS UNLIKELY Open interest in Gold futures markets shrunk by around 10.8K contracts at the beginning of the week following four consecutive daily builds according to preliminary figures from CME Group. Volume, instead, reversed the previous drop and went up sharply by around 321.3K contracts, the largest single day advance since mid-August. GOLD SEEN RESUMING THE UPSIDE
USD/CHF PRICE ANALYSIS: BULLISH FLAG JOSTLES WITH BEARISH MACD ABOVE 0.9100 USD/CHF trims intraday losses inside a bullish chart formation. Sustained trading beyond 200-candle SMA favor buyers, bears can aim for 0.9000 below the key SMA. USD/CHF fades the bounce off 0.9115 while easing to 0.9125, down 0.15% intraday, ahead of Tuesday’s European session. While bearish MACD conditions keep sellers hopeful, the bullish flag on the
USD/INR PRICE NEWS: INDIAN RUPEE BOUNCES OFF 50-DAY SMA, TWO-WEEK TOP TO REGAIN 74.00 USD/INR refreshes intraday high while eyeing 100-day SMA resistance. Normal RSI conditions favor further consolidation of the pair’s losses. Monthly high, 61.8% Fibonacci retracement add to the upside barriers. USD/INR takes the bids near 74.08, up 0.19% intraday, while heading into Tuesday’s European session. The quote refreshed two-week low the on Monday but failed to
NEW ZEALAND DOLLAR TURNS HIGHER AFTER RBNZ DECISION The New Zealand dollar rose to the highest level since March after the country’s central bank delivered its interest rate decision. The bank left interest rates unchanged at 0.25% and hinted that the rate will remain at this level in the first quarter of 2021. It also said that it was prepared to reduce the
USD/JPY PRICE ANALYSIS: LOOKS NORTH, TEASING TRIANGLE BREAKOUT ON 1H CHART USD/JPY bulls look to extend the upside towards 106.00 Symmetrical triangle breakout likely on the hourly chart. The spot has regained 21-HMA amid bullish RSI. USD/JPY is tracking the bounce in the US dollar across the board as the vaccine optimism appears overshadowed by the surging coronavirus cases in the US. The resurgent haven demand for
NATURAL GAS FUTURES: ROOM FOR EXTRA REBOUND CME Group’s advanced data for Natural Gas futures markets noted open interest increased for the fourth consecutive session on Tuesday, now by around 4.2K contracts. Volume followed suit and increased by around 46.7K contracts, partially reversing the previous daily drop. NATURAL GAS RE-TARGETS THE $3.00 MARK AND ABOVE Prices of Natural Gas edged higher on Tuesday amidst
CRUDE OIL FUTURES: FURTHER UPSIDE ON THE TABLE Open interest in crude oil futures markets went up for the third session in a row on Tuesday, this time by around 23.2K contracts in light of preliminary figures from CME Group. On the other hand, volume dropped by nearly 400K contracts after two consecutive builds. WTI NOW LOOKS TO $43.75 WTI prices keep the upbeat
GOLD FUTURES: EXTRA GAINS LACK CONVICTION Traders reduced their open interest positions for the second session in a row on Tuesday, this time by around 8.2K contracts according to flash readings from CME Group. Volume, in the same line, shrunk by around 283.1K contracts, extending the erratic performance. GOLD: A DEEPER CORRECTION IS NOT RULED OUT Tuesday’s positive performance in Gold prices was
BRITISH POUND LITTLE CHANGED AHEAD OF Q3 GDP ESTIMATES The Japanese yen strengthened against the US dollar in overnight trading as traders reacted to the September machinery orders. According to the statistics bureau, the core machinery orders declined by an annual rate of 11.5% in September. That was better than expected and the previous month’s decline of 11.6% and 15.2%, respectively. Further data showed
GBP/JPY PRICE ANALYSIS: FADES UPSIDE BREAK OF 50-DAY SMA, EYES UK GDP GBP/JPY extends pullback from nine-week high, refreshes intraday low. Consolidation takes clues from RSI conditions, October high on the bears’ radar. UK Q3 GDP could reverse the previous -19.8% figures with +15.8% growth. GBP/JPY drops to the day’s low of 138.94, currently down 0.25% around 138.97, during pre-London open trading on Thursday. The Pound cross
GOLD FUTURES: LOOKS NEUTRAL/BEARISH NEAR-TERM Open interest in gold futures markets reversed two straight drops and rose by around 1.7K contracts on Wednesday according to preliminary data from CME Group. On the other hand, volume shrunk for the second session in a row, this time by nearly 59K contracts. GOLD POISED FOR EXTRA RANGEBOUND Gold prices appears to have embarked on
CRUDE OIL FUTURES: FURTHER DOWNSIDE STAYS ON THE CARDS CME Group’s flash readings for crude oil futures markets noted open interest increased for the fourth consecutive session on Wednesday, now by 40.3K contracts. Volume, instead, shrunk by around 41.3K contracts, reaching the second drop in a row. WTI LOOKS CAPPED BY $43.00/BBL Prices of the barrel of WTI corrects lower following Wednesday’s multi-week tops around the
NATURAL GAS FUTURES: SCOPE FOR FURTHER GAINS Traders increased their open interest positions for the fifth consecutive session on Wednesday, this time by around 8.8K contracts in light of advanced prints from CME Group. Volume, on the other hand, extended the erratic activity as of late and went down by nearly 47.1K contracts. NATURAL GAS REGAINS THE UPSIDE PAST $3.00/MMBTU Natural Gas prices
CRUDE OIL PRICE RETREATS AFTER A SUDDEN JUMP IN US INVENTORIES The euro is little changed today as traders wait for the official second reading of GDP data from the Eurozone. The data, which will come out at 10:00 GMT, is expected to show that the economy expanded by 12.7% in the third quarter. That will be a record recovery coming out from a low base
USD/JPY PRICE ANALYSIS: ATTEMPTS A BOUNCE ON 105.00 AMID FAVORABLE TECHNICALS USD/JPY bounces-off lows, re-takes 105.00 in Europe. Falling wedge breakout confirmed on a 15-minutes chart. RSI remains well within the bullish territory. USD/JPY is trying hard to extend the bounce above the 105 level, having hit daily lows at 104.86 in the Asian trades. The technical set up in the immediate term has turned in
NATURAL GAS FUTURES: EXTRA DOWNSIDE LIKELY Open interest in Natural Gas futures markets rose for the sixth session in a row on Thursday, this time by just 421 contracts in light of advanced figures from CME Group. On the other hand, volume decreased for the second session in a row, now by almost 29K contracts. NATURAL GAS FACES STRONG SUPPORT AROUND
CRUDE OIL FUTURES: SCOPE FOR FURTHER RETRACEMENTS CME Group’s flash prints for crude oil futures markets noted traders increased their open interest positions for the fifth consecutive session on Thursday, now by around 26.8K contracts. On the other hand, volume went down for the third session in a row, this time by around 212.5K contracts. WTI NOW LOOKS TO THE 55-DAY SMA
GOLD FUTURES: EXTRA GAINS NOT RULED OUT Open interest I Gold futures markets went up for the second session in a row on Thursday, this time by almost 6.5K contracts according to preliminary readings from CME Group. Volume, instead, shrunk for the third straight session, now by around 7.7K contracts. GOLD COULD RETAKE $1,900 AND ABOVE Gold prices edged higher on Thursday and
GLOBAL STOCK RALLY ACCELERATES AFTER POSITIVE MODERNA VACCINE RESULTS Global stocks rallied yesterday as the market reacted to the latest news on Covid vaccine. In a statement yesterday, Moderna said that its vaccine was 94% effective in preliminary tests. That was a better result compared to Pfizer and BioNTech’s vaccines announced last week. Traders now believe that vaccine shots will start being administered in
USD/JPY PRICE ANALYSIS: BEARS HOPEFUL WHILE BELOW CRITICAL 104.60 RESISTANCE USD/JPY consolidates in a potential falling wedge on 4H chart. 50, 100-HMAs confluence limits the upside attempts.   Bearish hourly RSI keeps the spot vulnerable.   USD/JPY is posting small losses around 104.50, looking to extend the previous decline after witnessing good two-way businesses on Monday. Technically, the major remains vulnerable to further losses as
NATURAL GAS FUTURES: DOOR OPEN FOR EXTRA DOWNSIDE Open interest in Natural Gas futures markets extended the uptrend in place since November 5 and rose sharply by nearly 25.4K contracts on Monday. In the same line, volume went up by around 318.7K contracts after three pullbacks in a row. NATURAL GAS RISKS FURTHER DECLINE Prices of Natural Gas breached the key $2.80 level per MMBtu
CRUDE OIL FUTURES: UPSIDE APPEARS LIMITED CME Group’s advanced figures for Crude oil futures markets noted traders reduced their open interest positions by around 16.7K contracts on Monday, reversing at the same time six consecutive daily builds. Volume, instead, increased by around 118.5K contracts after four straight drops. WTI DOES NOT RULE OUT A MOVE TO $43.00 Monday’s uptick in prices
GOLD FUTURES: EXTRA RANGEBOUND LIKELY Open interest in gold futures markets shrunk by more than 1K contracts after three consecutive daily pullbacks on Monday, according to flash data from CME Group. On the other hand, volume went up by around 74K contracts following four daily drops in a row. GOLD SEEN WITHIN $1,960-$1,850 Gold charted an inconclusive session at the beginning
CRUDE OIL PRICE RETREATS AS US INVENTORIES RISE The US dollar pared back some of its losses as traders reacted to statements by Fed officials, including Jerome Powell. Powell reiterated his earlier statements that the US urgently needed another fiscal stimulus. He also said that the bank will continue with its emergency programs, including its corporate bond acquisitions. He made these statements a
EUR/JPY PRICE ANALYSIS: EURO TRADES IN A BEARISH CHANNEL FOR 7TH STRAIGHT DAY EUR/JPY has carved out a falling channel on the hourly chart.  A breakout would signal a continuation of the rally from the Oct. 30 lows.  EUR/JPY is locked in a bearish channel represented by trendlines connecting Nov. 9 and Nov. 16 highs and Nov. 10 and Nov. 12 lows for the seventh-straight day. The channel
GOLD FUTURES: EXTRA LOSSES ON THE TABLE Traders added around 3.2K contracts to their open interest positions on Tuesday, in light of advanced figures from CME Group. On the other hand, volume resumed the downside and shrunk by around 70.1K contracts. GOLD COULD SLIP BACK TO $1,850/OZ Tuesday’s negative price action in gold prices was in tandem with rising open interest, opening the door
CRUDE OIL FUTURES: UPSIDE STILL LOOKS LIMITED Open interest in crude oil futures markets shrunk for the second session in a row on Tuesday, this time by almost 20K contracts according to flash data from CME Group. In the same line, volume resumed the downside and dropped sharply by around 213.5K contracts. WTI NOW LOOKS TO THE $40.00 MARK Tuesday’s drop to
NATURAL GAS FUTURES: REBOUND IN THE OFFING? CME Group’s preliminary readings for natural gas futures prices noted open interest shrunk for the first time since November 5, this time by around 2.4K contracts. Volume followed suit and partially reversed the previous build, dropping by around 281.5K contracts. NATURAL GAS APPEARS SUPPORTED AROUND $2.65 Prices of Natural Gas met support in the $2.65 mark per
AUSSIE WAVERS AFTER BETTER AUSTRALIAN JOBS DATA The price of crude oil was little changed in the American and Asian session after the Energy Information Administration (EIA) released the oil inventories data. The number of inventories in the US rose by more than 768k last week. That was a smaller increase than the previous week’s increase of 4.27 million barrels. It was
CRUDE OIL FUTURES: EXTRA GAINS LIKELY VERY NEAR-TERM CME Group’s flash data for crude oil futures markets rose by around 8.7K contracts following two consecutive daily pullbacks on Wednesday, while volume retreated for the second session in a row, this time by around 8.8K contracts. WTI REMAINS CAPPED BY $43.00/BBL Wednesday’s uptick in WTI was amidst rising open interest, opening the door to a potential
GBP/USD PRICE ANALYSIS: ATTEMPTS A TEPID BOUNCE AFTER ASCENDING TRIANGLE BREAKDOWN ON 4H GBP/USD stalls the decline, not out of the woods yet. Ascending triangle breakdown confirmed on the 4H chart.  Bullish RSI points north keeping buyers hopeful. GBP/USD attempts a bounce in European trading, looking to regain 1.3250 amid a minor recovery in the risk sentiment on fresh vaccine news from AstraZeneca and Oxford University. AstraZeneca and
GOLD FUTURES: LOOKS NEUTRAL/BEARISH NEAR-TERM Open interest in Gold futures markets shrunk by nearly 4.1K contracts according to advanced readings from CME Group on Wednesday. Volume, instead, extended the erratic performance and went up by around 72K contracts. GOLD COULD RETREAT TO THE $1,850 LEVEL Gold prices extended the downtrend on Wednesday amidst shrinking open interest, warning against the probability of
EUR/CHF PRICE ANALYSIS: DROPS BELOW 1.08, EYES NOV. 13 LOW EUR/CHF’s daily chart shows bull fatigue above 1.0820. The pair risk falling to support at 1.0774. EUR/CHF is currently trading in the red at 1.0793, having clocked a high of 1.0807 during the early Asian trading hours. The multiple daily candles with long upper wicks created in the past seven trading days suggest buyer fatigue
MARKETS ATTENTION TURNS TO EU PMI NUMBERS AND FOMC MINUTES During the upcoming trading week, traders and investors look to the release of EU PMI Manufacturing data and the release of the FOMC meeting minutes. The euro currency is likely to react to the release of the highly important preliminary German, French and EU Manufacturing numbers for the month of November. The FOMC Meeting Minutes
NEW ZEALAND DOLLAR RISES AFTER STRONG Q3 RETAIL SALES Cryptocurrencies rallied during the weekend as interest in alternative assets continued to rise. The price of Bitcoin rose to a high of $18,950 while Ethereum and Ripple rose to $580 and $0.45 respectively. This strong performance makes these digital currencies the best performing asset class this year. Year-to-date, Bitcoin has risen by 148% while ETH
GOLD FUTURES: FURTHER GAINS LIKELY Open interest in gold futures markets rose for the second session in a row on Friday, this time by nearly 4.9K contracts in light of flash data from CME Group. On the other hand, volume reversed two straight builds and shrunk by almost 30.5K contracts. GOLD NOW TARGETS $1,900/OZ Friday’s uptick in gold prices was amidst rising
NATURAL GAS FUTURES: FURTHER UPSIDE LOOKS LIMITED CME Group’s advanced prints for Natural Gas futures markets showed open interest went down for the second consecutive session on Friday, now by around 16.4K contracts. In the same line, volume reversed the previous build and diminished by nearly 376.5K contracts. NATURAL GAS: EXTRA DECLINE NOT RULED OUT Friday’s uptick in prices of Natural Gas was in
CRUDE OIL FUTURES: ROOM FOR EXTRA UPSIDE Traders added nearly 12K contracts to their open interest positions on Friday, according to preliminary readings from CME Group. Volume, instead, shrunk for the fourth consecutive session, now by nearly 54.5K contracts. WTI NOW LOOKS TO THE $43.00 MARK AND ABOVE Prices of the WTI edged higher at the end of last week amidst increasing open interest,
TRADERS WATCH DOLLAR FALL ON VACCINE AND US NEWS The US dollar continued falling during the Asian session as traders continued to focus on vaccine and US politics news. On the vaccine, several countries, including the United States, Germany, and the UK have announced plans to start vaccinations before the end of the year. This happened after positive results from companies like Moderna, AstraZeneca,
NATURAL GAS FUTURES: EXTRA RANGEBOUND LOOKS LIKELY Traders trimmed their open interest positions in Natural Gas futures markets for the third straight session at the beginning of the week, this time by around 2K contracts. In the same direction, volume shrunk for the second consecutive session, now by around 76.1K contracts. NATURAL GAS COULD ATTEMPT SOME CONSOLIDATION Prices of Natural Gas charted and inconclusive
CRUDE OIL FUTURES: DOOR OPEN FOR EXTRA GAINS CME Group’s advanced readings for crude oil futures markets noted traders added nearly 10K contracts to their open interest positions at the beginning of the week. Volume followed suit and went up by around 108.5K contracts after four consecutive daily drops. WTI EXPECTED TO EDGE HIGHER Prices of the barrel of WTI extended the rally on Monday
GOLD FUTURES: ROOM FOR EXTRA LOSSES Open interest in Gold futures markets rose for the third session in a row on Monday, this time by around 6.2K contracts according to preliminary figures from CME Group. In the same line, volume resumed the uptrend and increased sharply by nearly 201.8K contracts. GOLD COULD RECEDE TO $1,800/OZ The leg lower in gold prices extended for
US STOCKS SOAR AS TRANSITION AND VACCINE BOOST SENTIMENT US equities climbed to a record high as traders reacted to the latest news on vaccine and political transition. The Dow Jones rose by more than 1.5% and closed above the $30,000 mark while the S&P 500 closed at a record high of $3,635. This increase was driven, in part, by a move to value
NZD/USD PRICE ANALYSIS: CHALLENGES 50-HMA SUPPORT AFTER TRIANGLE BREAKDOWN NZD/USD spotted a symmetrical triangle breakdown on the 1H chart. Hourly RSI pierces through the midline, in the bearish region. 50-HMA support offers a reprieve to the NZD bulls. Having faced rejection just below 0.7000, NZD/USD witnessed a fresh leg down over the last hours amid what looks like a chart-driven drop. The kiwi charted a
NATURAL GAS FUTURES: EXTRA GAINS LACK CONVICTION Investors trimmed their open interest positions for the fourth consecutive session on Tuesday, now by nearly 20K contracts in light of preliminary readings from CME Group. Volume, instead, reversed two drops in a row and rose by almost 34K contracts.   NATURAL GAS POINTS TO FURTHER CONSOLIDATION NEAR-TERM   Tuesday’s uptick in prices of Natural
CRUDE OIL FUTURES: RALLY HAS FURTHER LEGS TO GO CME Group’s advanced figures for Crude Oil futures markets noted open interest rose for the third session in a row on Tuesday, now by around 16.3K contracts. In the same line, volume went up by around 402.5K contracts, the largest single day build since November 10. WTI REACHES 8-MONTH HIGHS BEYOND $45.00 The rally in
GOLD FUTURES: EXTRA PULLBACKS LOOK SHALLOW Open interest in Gold futures markets shrunk by around 6.3K contracts on Tuesday after three consecutive daily builds, according to flash data from CME Group. On the other hand, volume increased for the second consecutive session, this time by almost 75.4K contracts. GOLD LOOKS SUPPORTED NEAR $1,800 The moderate decline in Gold prices met occasional support just
CRUDE OIL PRICE RALLY ACCELERATES AFTER A DROP OF US INVENTORIES Crude oil rally continued overnight after relatively positive inventories data from the United States. In a report yesterday, the Energy Information Administration (EIA) said that oil stocks dropped by 754k barrels last week. That was a surprise reading considering investors were expecting the stocks to jump by more than 127k. Also, on Tuesday, data from
GOLD FUTURES: EXTRA DOWNSIDE SEEN LIMITED Open interest in Gold futures markets shrunk for the second session in a row on Wednesday, this time by around 9.4K contracts according to preliminary readings from CME Group. Volume, in the same line, increased by around 168.9K after two consecutive daily builds. GOLD REMAINS SUPPORTED AROUND $1,800/OZ The leg lower in prices of gold met solid
WTI PRICE ANALYSIS: WOBBLES NEAR $46.00, PRINTS BULLISH PENNANT ON HOURLY CHART WTI prints mild gains while staying around the early March high. The immediate megaphone resistance adds to the upside filters. Bearish MACD challenges the bulls but sellers await a break of weekly support line. WTI crosses $46.00, up 0.45% intraday, during the pre-European session on Thursday. The energy benchmark forms a bullish pennant on the
EUR/CHF PRICE ANALYSIS: EXTENDS WEDNESDAY’S PULLBACK FROM 12-WEEK TOP TOWARDS 1.0800 EUR/CHF takes offers for the second consecutive day, refreshes intraday low. Two-week-old ascending trend line offers immediate support, bulls need a closing break beyond nearly six-month-long resistance line. EUR/CHF declines to 1.0815, down 0.09% intraday, ahead of Thursday’s European session. The pair surged to the highest since September 01 the previous day, before reversing from
USD/CHF PRICE ANALYSIS: DROPS TO FRESH 13-DAY LOW UNDER 0.9100 USD/CHF teases weekly support line, stays pressured near intraday low. Bearish MACD, absence of oversold RSI favor sellers. USD/CHF declines to the lowest since November 09 during early Thursday. However, a falling trend line from November 17 restricts the pair’s further downside around the intraday bottom of 0.9070. It should, however, be noted that bearish
CENTRAL BANKS AND US JOBS REPORT HEADLINE THE ECONOMIC DOCKET During the upcoming trading week, traders and investors look to a key testimony from Federal Reserve Chair Jerome Powell, and the United States monthly jobs. Economists are predicting that the US economy created fewer jobs in November than the previous month. European Central Bank President Christine Lagarde is set to deliver a scheduled speech to
CRUDE OIL PRICES DROP AHEAD OF THE OPEC+ MEETING The Australian dollar declined slightly in early trading even after strong economic data from Australia and China. In Australia, economic numbers showed that company pre-tax profits increased by 25.8% in the third quarter, a significant increase from the previous increase of 6.3%. Housing credit increased by 0.3% while the inflation gauge increased by 0.3%. In
CRUDE OIL FUTURES: FURTHER UPSIDE ON THE CARDS CME Group’s preliminary readings for crude oil futures markets noted open interest went up for the fifth consecutive session on Friday, this time by around 10.7K contracts. On the other hand, volume shrunk for the second session in a row, now by around 408.8K contracts. WTI NOW RE-TARGETS $46.00 AND BEYOND Friday’s positive price action
GOLD FUTURES: EXTRA LOSSES ON THE CARDS Traders increased their open interest positions by almost 1.7K contracts on Friday after two consecutive daily pullbacks, according to flash data from CME Group. In the same line, volume reversed the previous drop and rose by around 22.1K contracts. GOLD: THE $1,670 LEVEL EMERGES ON THE HORIZON The leg lower in gold prices has accelerated following the
GBP/JPY PRICE ANALYSIS: TEASES THREE-WEEK-OLD SUPPORT LINE, 100-BAR SMA GBP/JPY trims early-day gains while staying near short-term key supports. Normal RSI conditions suggest pullback, descending trend line from November 11 becomes the key. GBP/JPY fails to keep the week-start gap-up while easing to 138.55, up 0.14% intraday, during the pre-London open trading on Monday. Even so, 100-bar SMA and an ascending trend line from
November 2020
US STOCKS REACH RECORDS AS VACCINE AND CONSOLIDATION EVENTS RISE The Canadian dollar was little changed in overnight trading as traders reacted to the relatively strong Canadian third-quarter GDP data. According to the country’s statistics office, the country’s economy bounced back by 40.5 in the third quarter after falling by 38.1% in Q2. On a QoQ basis, the economy expanded by 8.9% after contracting by
USD/TRY PRICE ANALYSIS: RISING WEDGE BREAKDOWN, DEATH CROSS ON 1H POINT TO MORE LOSSES USD/TRY stalls downside but not out of the woods yet. 1H chart spots death cross and rising wedge breakdown. Hourly RSI remains in the bearish region, below 50.00. USD/TRY is consolidating its slide below all the major hourly moving average (HMA), as the bears gather pace for the next push lower. The price charted a rising
GOLD FUTURES: UPSIDE SEEMS LIMITED Open interest in gold futures markets shrunk for the second session in a row on Tuesday, this time by almost 3.7K contracts in light of preliminary readings from CME Group. In the same line, volume went down for the second straight session, now by around 39.2K contracts. GOLD REGAINED THE $1,800 MARK Tuesday’s uptick in gold prices
CRUDE OIL FUTURES: DOWNSIDE LOSING MOMENTUM? CME Group’s flash data for crude oil futures markets noted traders extended the uptrend in open interest for yet another session on Tuesday, although now by just 921 contracts. Volume, instead, diminished by nearly 64K contracts, partially reversing the previous build. WTI LOOKS SUPPORTED AROUND $43.00 The leg lower in prices of the WTI could be running
NATURAL GAS FUTURES: SCOPE FOR EXTRA LOSSES According to advanced figures for Natural Gas futures markets, open interest extended the recent erratic performance and went up by nearly 9.2K contracts on Tuesday. On the other hand, volume partially reversed the previous build and dropped by nearly 37K contracts. NATURAL GAS LOOKS CAPPED AROUND $3.00/MMBTU Tuesday’s drop in prices of Natural Gas was amidst rising
TECHNICAL ANALYSIS TECHNICAL ANALYSIS Technical analysis is a method of price forecasting that involves pattern recognition on a chart. Analysts employ various tools to identify levels of support and resistance, breakouts and breakdowns, trends and trading ranges. Knowing the strategies basics, one can likely find oneself able to implement some of the key elements into a self-designed
AUSSIE RALLIES AFTER STRONG CHINA AND AUSTRALIA DATA The Australian dollar rally continued during the Asian session after strong Chinese services PMIs. In a report, Caixin and Markit said that the country’s services PMI increased from 56.8 in October to 57.8 in November. That was better than the expected 56.5 and the biggest increase since July this year. The numbers are an indication
GOLD FUTURES: ROOM FOR EXTRA GAINS According to flash data for gold futures markets from CME Group, open interest rose by more than 5K contracts on Wednesday after two consecutive daily drops. On the other hand, volume extended the downtrend and shrunk by around 15.6K contracts. GOLD NOW LOOKS TO $1,850/OZ Prices of the ounce troy of gold edged higher on Wednesday, extending
CRUDE OIL FUTURES: FURTHER UPSIDE IN THE PIPELINE CME Group’s preliminary readings for crude oil futures markets noted traders increased their open interest positions by around 15.4K contracts on Wednesday, resuming the upside following Tuesday’s pullback. Volume followed suit and went up by around 138K contracts. WTI LOOKS TO REGAIN $46.00 AND BEYOND Prices of the barrel of WTI reversed two session with losses on
NATURAL GAS FUTURES: DOOR OPEN FOR EXTRA DECLINE Open interest in Natural Gas futures markets rose for the second session in a row on Wednesday, this time by around 5.5K contracts, in light of advanced prints from CME Group. In the same direction, volume went up by more than 12K contracts and reversed at the same time the previous drop. NATURAL GAS STILL
USD/INR PRICE NEWS: INDIAN RUPEE TESTS 200-HMA SUPPORT AFTER TWO-DAY SELL-OFF Rupee bears take a breather despite the DXY weakness. USD/INR set for additional upside looks to regain 74.00. The hourly chart appears constructive, 200-HMA key barrier. USD/INR stalls its recovery from six-week lows of 73.41 just shy of the 74 level, as the bulls struggle to find acceptance above the critical 200-hourly moving average (HMA)
EURO BREAKOUT REACHES THE HIGHEST LEVEL SINCE APRIL 2018 Euro breakout The euro currency reached its highest trading level since April 2018 against the US dollar this week, after the pair broke past the psychological 1.2100 resistance level. The EURUSD pair received a strong boost after Republican and Democrat party officials in the United States announced that we’re moving closer to approving a bipartisan
BRITISH POUND BOUNCES BACK AS BREXIT TALKS RESUME The British pound erased earlier losses as traders reacted to the latest developments on Brexit. Over the weekend, Boris Johnson and Ursula von der Leyen agreed to restart the talks as key issues remained. While the two sides have made progress in the past few days, there are a few outstanding issues. For example, France
GOLD FUTURES: UPSIDE REMAINS CAPPED Traders reduced their open interest position in gold futures markets by just 597 contracts on Friday, in light of flash data from CME Group. In the same line, volume extended the downtrend for yet another session and shrunk by nearly 7K contracts. GOLD STAYS LIMITED BY $1,850/OZ Friday’s inconclusive price action in gold was amidst shrinking open
NATURAL GAS FUTURES: REBOUND LIKELY NEAR-TERM Open interest in natural gas futures markets rose for yet another session on Friday albeit by just 621 contracts, in light of advanced prints from CME Group. On the other hand, volume reversed two builds in a row and went down sharply by around 415.7K contracts. NATURAL GAS STILL LOOKS TO $3.00 Natural Gas prices attempted
CRUDE OIL FUTURES: SCOPE FOR THE CONTINUATION OF THE UPTREND CME Group’s preliminary readings for crude oil futures markets noted open interest increased for the third consecutive session on Friday, now by almost 10K contracts. Volume, instead, dropped for the second straight session, this time by more than 4K contracts. WTI STILL TARGETS $50.00 Prices of the WTI clinched fresh tops near the $47.00 mark on Friday.
BRITISH POUND ON EDGE AHEAD OF JOHNSON’S TRIP TO BRUSSELS The British pound pared some of the losses made yesterday as Boris Johnson prepared to travel to Brussels for make-or-break talks with Ursula von der Leyen. The talks will happen as the two sides failed to reach agreements on key areas like fishing rights and fair trading practices. Media reports yesterday suggested that Johnson was
EUR/GBP PRICE ANALYSIS: UPSIDE MOMENTUM EYES 0.9100 EUR/GBP stays positive above 200-bar SMA, inside weekly ascending channel. Multiple upside barriers challenge the bulls beyond 0.9100. EUR/GBP prints 0.20% intraday gains while trading around 0.9070 ahead of Tuesday’s European session. In doing so, the pair keeps its run-up beyond 200-bar SMA, as portrayed by the one-week-old ascending trend channel formation. The mood also
GOLD FUTURES: EXTRA UPSIDE IN THE PIPELINE Traders added nearly 9K contracts to their open interest position in gold futures markets on Monday, reversing the previous drop, according to preliminary readings from CME Group. Volume, in the same line, went up by more than 43K contracts following five consecutive daily pullbacks. GOLD FOCUSED ON $1,900 Monday’s uptick in prices of the ounce
CRUDE OIL FUTURES: DOWNSIDE LOOKS LIMITED CME Group’s flash data for crude oil futures markets noted open interest reversed three builds in a row and shrunk by nearly 28.3K contracts. Volume, instead, rose by around 64.2K contracts after two straight drops. WTI LOOKS SUPPORTED AROUND $44.00/BBL Prices of the WTI receded from recent tops beyond the $46.00 mark against the backdrop of shrinking
NATURAL GAS FUTURES: REBOUND LOOKS OVERDUE Open interest in natural gas futures markets shrunk by around 7.4K contracts at the beginning of the week after four consecutive daily builds, all in light of advanced prints from CME Group. Volume, on the opposite direction, partially offset the previous relevant drop and increased by around 254.7K contracts. NATURAL GAS LOOKS CONTAINED NEAR $2.40/MMBTU
CANADIAN DOLLAR WAVERS AHEAD OF THE BOC INTEREST RATE DECISION The price of crude oil is wavering today after the American Petroleum Institute (API) released last week’s inventories data. The report said that US inventories rose by 1.4 million barrels after rising by 4.16 million in the previous week. Economists polled by Reuters were expecting the data to show that the inventories fell by more
AUD/USD PRICE ANALYSIS: CHEERS BOUNCE OFF 50-BAR SMA TO PRINT THE BIGGEST GAINS OF THE WEEK AUD/USD snaps three-day downtrend, wavers around intraday high. Strong RSI, sustained trading beyond 50-bar SMA keeps buyers hopeful. Having recently refreshed intraday high to 0.7443, AUD/USD eases to 0.7438 while heading into Wednesday’s European session. Even so, the aussie pair prints the biggest gains since last Thursday while also reversing the course of the previous
GOLD FUTURES: SCOPE FOR FURTHER GAINS Traders increased their open interest positions for the second session in a row on Tuesday, this time by around 2.5K contracts according to preliminary readings from CME Group. On the other hand, volume resumed the downtrend and shrunk by around 64.5K contracts. GOLD LOOKS TO $1,900/OZ Gold prices edged higher on Tuesday, faltering just ahead of
CRUDE OIL FUTURES: OUTLOOK LOOKS NEUTRAL CME Group’s flash data for crude oil futures markets noted open interest went down for the second session in a row on Tuesday, now by just 724 contracts. In the same line, volume reversed the previous build and dropped by more than 102K contracts. WTI POISED FOR SOME CONSOLIDATION WTI charted an inconclusive session on Tuesday
NATURAL GAS FUTURES: FURTHER DOWNSIDE LOOKS OUT OF FAVOUR Open interest in natural gas futures markets shrunk for the second session in a row on Tuesday, this time by nearly 9K contracts in light of advanced figures from CME Group. Volume, in the same line, extended the erratic activity and decreased by almost 148K contracts. NATURAL GAS REMAINS SUPPORTED AROUND $2.40/MMBTU Prices of natural gas tested
BRITISH POUND WAVERS AFTER FRUITLESS BORIS-LEYEN MEETING The British pound is little changed as traders reacted to last night’s meeting between Boris Johnson and Ursula von der Leyen. The meeting revealed key differences between the two sides, which increased the possibility of a no-deal Brexit. The two then gave the negotiators four more days to come up with an agreement. Therefore, focus
USD/CAD PRICE ANALYSIS: HOLDING ONTO CRITICAL SUPPORT OF 1.2760 AMID OVERSOLD CONDITIONS USD/CAD in bearish consolidation around 1.2800. Oversold conditions on the 1D chart warrant caution for bears. Downside more compelling with 1.2760 support likely at risk. USD/CAD has halted its three-day recovery attempts, as the sellers return this Thursday, looking to attack the four-month-old descending trendline support at 1.2760. The downside appears more compelling, despite the 14-day
NZD/USD PRICE ANALYSIS: 10-DAY EMA DEFENDS BULLS ABOVE 0.7000 NZD/USD refreshes intraday high while resisting the previous day’s downtrend. Monthly resistance line, previous support, adds extra upside filters to the 0.7100 threshold. NZD/USD prints mild gains while taking the bids near the intraday high of 0.7035 during early Thursday. The kiwi pair marked the weekly heaviest losses on Wednesday after taking a U-turn from
USD/JPY PRICE ANALYSIS: BREAKS MONTHLY RESISTANCE TO REFRESH WEEKLY TOP ABOVE 104.00 USD/JPY eases from intraday high, keeps trend line breakout. Bullish MACD, sustained break of previous resistance eyes 50-day SMA. Three-week-old horizontal support restricts short-term downside. USD/JPY cools down from a weekly high of 104.50 to 104.40, still up 0.18% intraday, during the pre-European open trading on Thursday. The pair recently pierced a downward sloping trend
USD/INR PRICE NEWS: INDIAN RUPEE BUYERS LOOK TO YEARLY SUPPORT LINE DURING FOURTH WEEKLY DROP USD/INR fails to keep bounces off the multi-day-old support line. Downbeat MACD signals also direct sellers toward 61.8% of Fibonacci retracement. Bulls can look for entries beyond the bi-annual resistance line. USD/INR stays depressed near the intraday low of 73.64, down 0.15% on a day, amid the initial Indian session on Thursday. In doing so,
GOLD PRICE ANALYSIS: THE $1850 HURDLE IS THE LEVEL TO BEAT FOR XAU/USD BULLS
GLOBAL STOCKS RISE AS FDA GIVES CLEARANCE TO PFIZER VACCINE The euro remained firm in overnight trading as traders continued to react to the final interest rate decision by the European Central Bank (ECB). The bank did as most analysts were expecting. It left all interest rates unchanged and sounded a bit dovish. The members also decided to boost their asset purchases by another 500
AUD/JPY PRICE ANALYSIS: PROBES MAY 2019 HIGH AMID OVERBOUGHT RSI AUD/JPY bulls catch a breather around multi-month high. Overbought RSI conditions suggest a pullback to August month top. Further upside will eye late-April 2019 peak, yearly resistance line. AUD/JPY seesaws around 19-month high while taking rounds to 78.60, up 0.08% intraday, during early Friday. The pair recently surged to the multi-month high after extending the
USD/CHF PRICE ANALYSIS: DEPRESSED NEAR FRESH LOW SINCE JANUARY 2015, WEEKLY FALLING CHANNEL IN FOCUS USD/CHF wavers around the lowest since January 2015. Nearly overbought RSI conditions suggest pullback inside bearish chart pattern. May 2014 low can lure the bears during further downside. Following its drop to the fresh multi-month low of 0.8851, USD/CHF seesaws near 0.8855, down 0.15% intraday, ahead of Friday’s European session. In doing so, the quote
IMPORTANT WEEK OF CENTRAL RATE AND POLICY DECISION AHEAD During the upcoming week, the Federal Open Market Committee interest rate decision headlines the economic docket. Most economists are expecting that the Federal Reserve will keep interest rates unchanged, and talk down the economic prospects for the United States economy next. Market participants will also be closely following the Bank of England, Bank of Japan,
BRITISH POUND RISES AS UK AND EU EXTENDS BREXIT TALKS The British pound rose in early trading as the market reflected on the decision by the European Union and the United Kingdom to continue deliberations on Brexit even as both sides warned that a no-deal was likely. By continuing the negotiations, the two sides removed the initial likelihood of having a no-deal. Sunday became the
USD/TRY PRICE ANALYSIS: KEEPS RECOVERY FROM 23.6% FIBONACCI RETRACEMENT, 100-BAR SMA USD/TRY consolidates Friday’s losses while bouncing off key technical levels. 200-bar SMA, 50% Fibonacci retracement challenge the bulls. USD/TRY prints mild gains, up 0.30% intraday, while taking rounds to 7.8645/50 during the pre-European session on Monday. In doing so, the quote keeps its recovery moves from 23.6% Fibonacci retracement of November’s downside move as well
USD/CHF PRICE ANALYSIS: BEARS LOOK TO PREVIOUS RESISTANCE LINE BELOW 0.8900 USD/CHF fades bounce off intraday low, stays above one-week-old support line. 200-HMA, Friday’s high guard immediate upside, bears target mid-0.8800s. USD/CHF drops to 0.8888, down 0.05% intraday, ahead of Monday’s European session. In doing so, the quote fails to keep the recent recovery moves while keeping the upside break of a falling trend line from
USD/INR PRICE NEWS: INDIAN RUPEE BULLS DOMINATE INSIDE FIVE-WEEK-OLD FALLING WEDGE USD/INR stays mildly offered below 10-day SMA, inside a bullish chart pattern. Short-term falling trend line adds filters to the upside. Bears eyeing October lows have multiple barriers to conquer. USD/INR struggles to fill the downside gap on the week’s start ahead of Monday’s Indian session. The quote began the week around 73.65, down from
AUSTRALIAN DOLLAR WAVERS AS RBA COMMITS TO LOW RATES FOR LONGER The Australian dollar is little changed today as the market reacted to the latest minutes by the Australian central bank. The minutes showed that the bank was optimistic about the economy as the number of cases fell. They expect the unemployment rate to fall faster than anticipated. Still, they believe that more fiscal and monetary
EUR/USD PRICE ANALYSIS: 1.2177 IS THE LEVEL TO BEAT FOR BULLS EUR/USD’s has faced rejection at 1.2177 two times this month.  The 4-hour chart shows a double top pattern. EUR/USD is trading just above 1.2150 at press time, having faced rejection at the Dec. 4 high of 1.2177 on Monday. On the 4-hour chart, a double top at 12177 has been confirmed with the neckline support
AUD/USD PRICE ANALYSIS: PULLBACK RISKS MOUNT AUD/USD’s daily chart shows signs of bull fatigue.  A pullback to the 10-day SMA could be seen. AUD/USD is now trading largely unchanged on the day near 0.7532, having printed a high of 0.7546 early today. The long upper wicks attached to the previous two daily candles indicate uptrend exhaustion and add credence to the
USD/IDR PRICE NEWS: INDONESIAN RUPIAH BOUNCES OFF EIGHT-DAY LOW ON UPBEAT TRADE NUMBERS USD/IDR battles 21-day SMA since early December. Indonesian Exports jump 9.54%, Imports recover to -17.46% YoY in November. Five-week-old support line restricts short-term downside. USD/IDR eases from the highest since December 03 to currently around 14,185 during the early Tuesday. The quote’s recent weakness takes clues from Indonesia’s upbeat trade numbers for November. While the
EUR/GBP PRICE ANALYSIS: FADES RECOVERY MOVES ABOVE 0.9100 AHEAD OF UK JOBS REPORT EUR/GBP eases inside the choppy range between 0.9120 and 0.9100. Three-week-old rising trend line, 200-bar SMA probe bears. UK employment figures for November likely to portray another challenge for the Pound bulls. EUR/GBP drops to 0.9112 during the pre-London open on Tuesday. Even so, the quote keeps the 20-pips range established above the 0.9100 since
US DOLLAR UNDER PRESSURE AHEAD OF THE FED