Dukascopy_Analyst

Dukascopy_Analyst

"We see sufficient uncertainty mixed with the threat of currency intervention and policy disagreements over negative interest rates to buoy gold prices." - HSBC (based on The Bullion Desk) Pair's Outlook Tuesday's trading range of gold prices was very tight, compared to Monday's one. XAU/USD tested the crucial 1,260 mark, namely the weekly R2, but was...

Dukascopy_Analyst

"Given that the market is quite short USD against the EUR and JPY, and with US inflation data also likely to be on the firm side on Thursday, we expect the USD's corrective recovery against the core majors to extend a little further this week." - BNP Paribas (based on Business Recorder) Pair's Outlook The US Dollar managed to outperform the Japanese Yen on...

Dukascopy_Analyst

"We sell GBP/USD at 1.4450, stop 1.4610. Even if the polls break toward more clearly toward "Bremain" ahead of the 23 June referendum it's hard to see GBP forcefully unwinding its Brexit premium until the certainty of the vote is out of the way." - Westpac (based on FXStreet) Pair's Outlook The Cable edged higher on Tuesday, but with gains being limited due...

Dukascopy_Analyst

"The strength in the EUR is unsustainable." - Scotiabank (based on Exchange Rates) Pair's Outlook Eight consecutive days of neither bullish nor bearish advantage has only ended with emergence of a firm uptrend resistance line for the EUR/USD currency pair. It is now connecting the February high with local April peaks at 1.1460. Despite indecisive trading, it...

Dukascopy_Analyst

"There are a number of positive demand catalysts, including steady fundamental demand from China and India, systematic central bank purchases, and U.S. inflows into the physical gold ETFs." - RBC (based on Wall Street Journal) Pair's Outlook Monday trading was finished with sharp gains for gold, as the price closed above the first weekly resistance line at...

Dukascopy_Analyst

"Today we saw people taking profits on their bets for now. But the dollar remains weak and looks likely to fall further in the near future." - a trader at a major Japanese bank (based on Reuters) Pair's Outlook After more than a week of declines the USD/JPY remained almost completely unchanged on Monday, indicating a possible trend reversal. The 18-month low,...

Dukascopy_Analyst

"We're definitely near the end for the dollar bull run if we have not already seen the peak. We're clearly in this topping-out process." - Standish Mellon Asset Management Co. (based on Bloomberg) Pair's Outlook The Sterling set off with a 125-pip rally against the Buck yesterday, unable to climb over the second tough resistance area. Technically, we should...

Dukascopy_Analyst

"The dollar is seeking its direction now." - Mitsubishi UFJ Trust and Banking (based on MarketWatch) Pair's Outlook Since the first day of April the EUR/USD pair has been ending all trading sessions with no material change in its value, while the volume has been in a decline too. On Tuesday morning the conditions are similar, even though the cross is now...

Dukascopy_Analyst

"Although the downside risks have diminished since earlier in the year, I still judge the balance of risks to my inflation and growth outlooks to be tilted slightly to the downside." - New York Fed President William Dudley (based on Reuters) Pair's Outlook EUR/USD was consolidating in a very narrow range last week, which makes the technical setup neutral for...

Dukascopy_Analyst

"Risk appetite waned with renewed concern over the power of monetary policy. A weaker U.S. equity market lent support to global volatility and put gold again at centre stage for investors." - ANZ (based on CNBC) Pair's Outlook Following Thursday's spike in gold prices, this precious metal is now finally awaiting a consolidation above a busy cluster of...

Dukascopy_Analyst

"What (investors) are seeing now is that (Japanese) policymakers aren't providing the support for dollar/yen that they would have expected. That's creating some degree of confusion, and of course, prudent risk management suggests one scales back on short positions." - Credit Suisse (based on Reuters) Pair's Outlook As was anticipated, the USD/JPY currency pair...

Dukascopy_Analyst

"We believe that this will merely delay what we see as renewed pressure on the pound heading into the Referendum." - BAML (based on PoundSterlingLive) Pair's Outlook The British Pound plunged against the US Dollar for the third consecutive day yesterday, amid concerns over ‘Brexit' continuing to weigh on the Sterling. The bottom target is now the monthly S1...

Dukascopy_Analyst

"We believe the strong-dollar trend we've seen over the last couple of years has come to an end." - Pacific Investment Management Co. (based on Bloomberg) Pair's Outlook Since last Friday neither bulls nor bears have managed to take market in hand. Yesterday was a turbulent day, as the spot ranged from 1.1340 to 1.1455. However, ultimately the pair has been...

Dukascopy_Analyst

"The euro should struggle to perform given the risks ahead -- Greece as well as a lingering global growth slowdown." - Credit Agricole (based on Bloomberg) Pair's Outlook With mixed signals coming from the Federal Reserve, the EUR/USD currency pair continued to trade sideways on Wednesday. Intraday losses were extending down to the weekly pivot point at...

Dukascopy_Analyst

"It's quite difficult for the Japanese government to resort to measures directly aiming at reversing yen strength, like FX interventions or BOJ's additional easing, what the Japanese government can do at present is just to proceed with the organization of the fiscal stimulus package." - Citigroup Securities (based on Reuters) Pair's Outlook Risk aversion...

Dukascopy_Analyst

"Given that we've been told that the remain voters are less likely to vote and that the level of undecideds is still very significant, it's perhaps unsurprising that sterling remains very vulnerable." - Rabobank (based on CNBC) Pair's Outlook The British currency experienced a rather sharp sell-off yesterday, edging below the six-week up-trend, with trade...

Dukascopy_Analyst

"The minutes will reveal "a willingness to hike interest rates this year." - Daiwa Capital Markets (based on MarketWatch) Pair's Outlook Yesterday the bears tried to take leadership over the EUR/USD currency pair, but all losses were ultimately eroded by revived bullish strength. Therefore, the cross keeps hovering around the February high at 1.1370, while...

Dukascopy_Analyst

"Gold market participants appear to put more weight on the strength of the US economic data and what that will mean for the Fed's rate decisions." - Commerzbank (based on Sky News) Pair's Outlook Yellow metal hovered predominantly in the red territory on Monday, but the bears were only capable of pushing the price down to the 1,215 mark and not any below it....