Global financial markets started the new trading week on the defensive as trade-related optimism was overweighed by geopolitical concerns. In particular, Libyan militias battling for control of the country’s capital, Tripoli, launched air strikes against one another on Sunday. The US Secretary of State Mike Pompeo said that the US required the Libyan National...
At the start of the week, gold prices tried to recover above the $1,300 handle but failed and since then the bullion has been directionless, oscillating around the $1,290 level. Yesterday, the precious metal briefly touched a one-month low below $1,281 amid dollar recovery but finished the day in the positive territory. Today, the prices are under pressure...
After reaching fresh five-month highs around the $70 psychological mark, Brent retreated slightly yesterday, with the bearish pressure is intensifying on Thursday as the prices are flirting with $69 after data showed a larger-than-expected jump in U.S. crude inventories. According to the EIA report, inventories rose 7.2 million barrels to 449.5 million...
After some hesitation on Tuesday, USDJPY resumed the upside move today, with the pair registered fresh two-week highs above the 200-DMA, at 111.57. The next bullish target now comes at 111.70 which is standing on the way to the key 112.00 handle. The yen demand turned sour amid rising optimism over the US-China trade talks that are resuming today in...
The sentiment surrounding the common currency remains negative, with EURUSD is nursing losses for a sixth day in a row. The pair is flirting with the 1.12 important support for the first time in nearly a month, and a break below this level could open the way towards 2019 lows around 1.1175. Poor inflation figures in the euro area confirmed the slowdown in...
Crude oil prices jumped higher on Monday due to a general improvement in risk sentiment at the start of a new week, month and quarter. Brent opened with a bullish gap and regained the $68 handle which remains in market focus, standing on the way to the key $70 psychological resistance. The market is supported by the latest Baker Hughes data that the number of...
Gold continues to lose ground for a fourth day in a row and head for the biggest monthly fall in eight months. The bullion was rejected from late-February highs around $1325 on Monday and drift lower since then amid a fairly robust dollar demand and growing investor optimism over the US-China trade talks. The two world’s largest economies started a new round...
USDJPY is grinding lower for a second day on Thursday, with the price has slipped to the 110.00 area amid the prevailing risk aversion. Traders continue to closely monitor developments in the bond markets as the yield on the benchmark 10-year Treasury note returned to its lowest level since 2017 on Wednesday. The yen demand is also due to nervous...
Crude oil prices struggle to extend the bullish momentum but the overall bias remains positive on Wednesday. Brent has settled around $67.50 and still struggles to get back above the $68 barrier. Global growth concerns reemerged in the financial markets, which poses a threat for the current upside attempts. Chinese industrial profits contracted 14% y/y in...
The greenback started the week on a downbeat note amid a decline in the US Treasury yields. As a result, EURUSD managed to recover some of the Friday’s steep losses. At the same time, the upside potential was limited amid the risk aversion sparked by renewed fears about the outlook for the global economy as a result of inversion of the 3-month and 10-year...
Gold prices extend gains on Monday, fueled by the risk aversion that has intensified at the start of a new trade week. The bullion is trading not far from the highs of this month, registered on Thursday around $1,320. In the short-term charts, the prices were pushed into overbought territory, which suggests some setbacks could occur in the near term. Investor...
Crude oil prices have broken fresh four-month highs on Thursday, with Brent touched a $68.44 figure and started to retreat, clinging to the $68 figure. The general picture in the market remains bullish as the prices have been rallying for a third week in a row. The latest ascent in Brent was due to a widespread dollar weakness on the aftermath of the Federal...
The dollar outperforms its major rivals on Wednesday as investors await the outcome of the FOMC meeting. The muted upside momentum reflects some corrective flows after the recent drawdown amid positioning ahead of the Fed. EURUSD rally has stalled around a tough local resistance 1.1360, where the 100-DMA lies. Further direction in the pair will depend on the...
As the Federal Reserve meeting looming, market activity is getting dampened, with US Treasury yields is little changed, hovering around 2.60%. the greenback is mostly lower against the majors after a mixed trading on Monday. Traders and analysts are weighting in on what to expect from the upcoming FOMC meeting that concludes on Wednesday. The central bank...
Brent crude gained 2.2% last week and registered fresh four-month highs marginally above the $68 handle. The barrel failed to confirm a break of this level but remains elevated, having settled above the $67 figure on Monday. The general sentiment in the market remains positive due to a combination of factors including OPEC-led supply cuts, US sanctions on...
Gold prices fell sharply on Thursday amid a stronger dollar demand across the board. The bullion retreated from the $1,310 level and closed below $1,300. By the way, it was the worst day for the precious metal since the beginning of this month. However, after a sell-off, the bullion resumed the upside move and tries to settle above the $1,300 psychological...
After four days of gains, EURUSD shows signs of waning upside momentum on Thursday. As a result, the pair has reversed last week’s post-ECB sell-off, when the prices dropped to 21-months lows below the 1.12 handle. The advance was mainly due to a weaker dollar demand as the government bond yields hovering near weekly lows. Hopes for avoiding hard Brexit...
Crude oil prices rose marginally on Tuesday, with Brent made a false break above the $67 handle. After reaching fresh three-week highs around $67.40, prices retreated and settled below $67. Today, the barrel is clinging to the psychological resistance, showing signs of a fading momentum. The API reported that US crude stockpiles fell by 2.6 million barrels...